As a KiwiSaver scheme provider you'll perform all the usual functions of a superannuation scheme provider and administrator, including:
- administering enrolments and withdrawals
- allocating contributions
- investing members' contributions
- meeting reporting requirements
- working with us
- promoting your own schemes
- having the primary relationship with KiwiSaver members.
KiwiSaver is different to other superannuation schemes because:
- we administer the collection of contributions from the employer
- we forward members' contributions to their KiwiSaver scheme provider
- there are technical requirements for working with us
- there may be different trust deed rules as different legislation applies
- if your scheme is a default scheme or an employer-chosen scheme, you're required to accept all members allocated to you by default.
Working with other providers
You work with other scheme providers when members change from one provider to another. You pass your member's accumulated savings to the new scheme provider, along with the following information:
- the date of their first contribution
- whether they've had a housing withdrawal
- whether they've received a kick-start
- whether they're on a savings suspension
- the amount of contributions saved.
If you require more information from a member's previous scheme you can make that request directly to the "old" scheme provider.