We are responsible for administering certain aspects of the KiwiSaver Act 2006.
- Part 4 of the Act which contains governance provisions relating to KiwiSaver schemes
- Schedule 1 which contains the KiwiSaver scheme rules that apply to all KiwiSaver schemes.
In this section
After 1 December, KiwiSaver default members will be securely transferred to new default funds, where they can benefit from changes including lower fees, potentially higher returns, and engagement from their providers at key points in their KiwiSaver journey.
On Friday 14 May 2021, the Minister of Finance and the Minister of Commerce and Consumer Affairs announced the six KiwiSaver providers who will offer default fund services from 1 December 2021.
We are reviwing the arrangements for providers of default KiwiSaver schemes to ensure they are delivering the best outcomes for default members.
The Government has introduced changes to improve the annual statements for KiwiSaver investors to enable them to make positive decisions about their retirement savings.
The majority of New Zealanders are able to withdraw their KiwiSaver savings at the time they qualify for NZ Superannuation (65 years old). The Government has made it easier for people born with a condition that shortens their life expectancy below this age to withdraw their KiwiSaver balances.
The Government selected 9 KiwiSaver default providers for a 7-year term that started 1 July 2014.