The actions that you need to take to wind up a KiwiSaver scheme are set out in the KiwiSaver Act 2006 (sections 173-175).
These actions are additional to the normal responsibilities associated with winding up a superannuation scheme, and are unique to KiwiSaver schemes.
Additional wind-up responsibilities may be outlined:
- in the scheme's trust deed
- in other legislation, or
- as specified by the Financial Markets Authority.
KiwiSaver is different from other super schemes in that you must:
- notify all stakeholders of the wind-up within 14 days, including the Financial Markets Authority and Inland Revenue
- produce final accounts as at the wind-up date
- determine the payout approach and send it to the Financial Markets Authority and to members with final accounts
- transfer any remaining money to the new KiwiSaver accounts of people who were members as at the wind-up date
- notify the Financial Markets Authority of the date distribution of assets was completed.
Date published: 02 May 2011
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