KiwiSaver Act 2006

The KiwiSaver Bill was introduced into Parliament on 28 February 2006. It received its first reading on 2 March 2006, its second reading on 24 August 2006, and its third reading on 30 August. The KiwiSaver Act 2006 resulted. The Act received Royal assent on 6 September 2006.

Introduction

The KiwiSaver Bill was introduced into Parliament on 28 February 2006, the KiwiSaver Act 2006 resulted and received Royal assent on 6 September 2006.

Part 1 - Preliminary provisions

The Act aims to increase individuals' wellbeing and financial independence and to provide retirement benefits.

Part 2 - Membersip of Kiwisaver

This section is made up of Subpart 1, 2 and 3.

Part 3 - KiwiSaver contributions

This section is made up of Subpart 1, 2, 3 and 4.

Part 4 - KiwiSaver schemes

This part establishes the rules for KiwiSaver schemes and their registration.

Part 5 - General provisions

One or more KiwiSaver default providers can be appointed by the Minister.

Schedule 1 - KiwiSaver scheme rules

Schedule 1 sets out the KiwiSaver rules that are to be implied in the trust deed of a KiwiSaver scheme.

Schedule 2 - Matters to be specified in application for registration as a KiwiSaver scheme

Schedule 2 specifies the matters that are to be contained in any application for registration as a KiwiSaver scheme.

Schedule 3 - Amendments to other Acts

Schedule 3 makes amendments to other Acts.

Examples

Examples of various contribution rates, and their calculations.

Date published: 05 Oct 2004

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