ARTICLE · 28 MARCH 2006

Financial Services Update: KiwiSaver Bill Released

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Draft legislation for the new KiwiSaver regime was released at the end of last month. The KiwiSaver Bill has important implications for employers. We are currently reviewing the Bill to assess its implications for employers, and will produce a more detailed update setting out our analysis shortly. In the meantime, we highlight a few key features.

New ZealandEmployment and HR

Article by Tracey Cross and Alasdair McBeth

Draft legislation for the new KiwiSaver regime was released at the end of last month. The KiwiSaver Bill has important implications for employers. We are currently reviewing the Bill to assess its implications for employers, and will produce a more detailed update setting out our analysis shortly. In the meantime, we highlight a few key features.

Employees

All employees over 18 years of age, when starting a new job with an employer that is not an exempt employer, are automatically enrolled in a KiwiSaver scheme. The Bill provides for certain exceptions.

Any person subject to the automatic enrolment provisions, unless they validly opt out, will become liable to automatic deduction of contributions and must become a member of a KiwiSaver scheme.

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