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As a KiwiSaver scheme provider you will have a working relationship with Inland Revenue and the Financial Markets Authority.
Working with Inland Revenue
All scheme providers sign a scheme provider agreement (SPA) with Inland Revenue. The SPA was developed in consultation with the industry. The agreement:
- defines the relationship between Inland Revenue and scheme providers
- establishes mutual legal obligations
- describes reciprocal expectations on customer service.
The SPA covers:
- roles of parties
- exchange of information and contributions
- privacy, confidentiality and use of information
- technical interface requirements
- business continuity and disaster recovery
- system support requirements
- brand guidelines and obligations
- regular review meetings
- disputes resolution process
- term of agreement and review.
A copy of the SPA documentation can be obtained by emailing firstname.lastname@example.org
Working with the Financial Markets Authority
The Financial Markets Authority is responsible for:
- registering and regulating KiwiSaver schemes
- registering and regulating registered superannuation schemes
- monitoring compliance with the Superannuation Schemes Act 1989 and the KiwiSaver Act 2006.
Even if an organisation already provides a registered superannuation scheme, they will still have to work with the Financial Markets Authority to continue the existing scheme and set up a new KiwiSaver scheme.