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KiwiSaver for scheme providers
Poua he Oranga mō ngā rōpū whakarato kaupapa

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 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.