Kiwisaver

The Government has undertaken a number of reforms in relation to KiwiSaver. These include improving governance and disclosure, and a review of default providers.

Improvements to KiwiSaver annual statements

Every KiwiSaver investor receives an annual statement with information about their savings. Regulations are now in force changing the requirements of these annual statements.

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Changes to Kiwisaver first home withdrawal rules

Amendments to the KiwiSaver first home withdrawal rules allow members to access more of their savings and provide clarification on the operation of the rules.

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Periodic disclosure requirements

New disclosure rules for retail KiwiSaver schemes to report on funds in a standardised manner have been announced.

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Changes to Kiwisaver governance requirements

Managers are now primarily responsible for the accuracy of their prospectus, investment statement, and advertisements.

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Kiwisaver annual reporting obligations

New annual reporting requirements better reflect the structure of KiwiSaver Schemes.

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Default provider arrangements

The Government has selected nine KiwiSaver default providers for a seven year term starting 1 July 2014.

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Retirement savings in bankruptcy

The Ministry of Business, Innovation and Employment (MBIE) is considering how a bankrupt person’s retirement savings should be treated and whether those funds should be made available to repay creditors.

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