The Government has undertaken a number of reforms in relation to KiwiSaver. These include improving governance and disclosure, and a review of default providers.
Every KiwiSaver investor receives an annual statement with information about their savings. In December 2016 Cabinet agreed to change the requirements for the information that must be given to investors in these annual statements.
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.
New disclosure rules for retail KiwiSaver schemes to report on funds in a standardised manner have been announced.
Managers are now primarily responsible for the accuracy of their prospectus, investment statement, and advertisements.
New annual reporting requirements better reflect the structure of KiwiSaver Schemes.
The Government has selected nine KiwiSaver default providers for a seven year term starting 1 July 2014.
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.