Winding up a scheme

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 Government Actuary.

KiwiSaver is different from other super schemes in that you must:

• notify all stakeholders of the wind-up within 14 days, including the Government Actuary and Inland Revenue
• produce final accounts as at the wind-up date
• determine the payout approach and send it to the Government Actuary 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 Government Actuary of the date distribution of assets was completed.

Date published: 27 Mar 2007

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