KiwiSaver and superannuation
03 August 2010
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Chapman Tripp comments on superannuation in New Zealand, including KiwiSaver.
30 November 2011
This Brief Counsel provides an overview of the key components of the Financial Markets Conduct Bill (Bill) and assists you to navigate the detail. Chapman Tripp has produced other commentaries on the Bill available here. An outline map to the Bill is available here.
22 November 2011
The Financial Markets Authority (FMA) has issued draft guidelines to give KiwiSaver managers and trustees a basis for determining that performance fees meet the “not unreasonable” requirement under the KiwiSaver Scheme Rules.
The FMA is seeking comments before finalising and formally publishing the Guidance Note.
The consultation window is tight, with submissions due by Friday 2 December 2011.
15 September 2011
Trustees of debt securities, KiwiSaver schemes and unit trusts will have greater powers, and greater obligations, from 1 October 2011 under regulations passed last month.
Issuers and providers will need to amend their trust deeds to reflect the new provisions.
Also in prospect, through the draft Financial Markets Conduct Bill, are moves to impose an express standard of care on trustees and to limit trustee indemnities.
19 May 2011
The Government had to walk a knife edge in the preparation of this year’s Budget - demonstrating a credible path back to budget surpluses to keep the ratings agencies at bay while not sinking the National Party’s chances of re-election. The Budget will probably deliver on both these objectives. But there is little to lift New Zealand’s long-run economic performance or to stimulate economic innovation.
19 May 2011
The KiwiSaver changes in the Budget will make the scheme more sustainable and – from 1 April 2013 – will leave employed KiwiSavers only modestly worse off in terms of their overall savings incentives. KiwiSaver will also have a stronger workplace focus.
11 May 2011
The Prime Minister today provided a little more detail on the KiwiSaver changes which will be announced in next week’s budget.
Importantly for scheme providers, these will not be made until after the election – giving the public an opportunity to vote on them and industry time to adjust.
This Brief Counsel speculates upon the likely content of the new round of KiwiSaver amendments.
09 March 2011
The KiwiSaver provisions in the Financial Markets (Regulators and KiwiSaver) Bill have emerged from the select committee more workable, clearer and much better integrated into the existing legislation. This Brief Counsel comments on the changes in detail. It is a companion piece to our earlier commentary on the financial market components of the Bill.
01 March 2011
Those retail KiwiSaver scheme providers and trustees who have yet to submit on the Ministry of Economic Development Discussion Paper - Periodic Reporting Regulations for Retail KiwiSaver Schemes – should consider doing so now.
The closing date for submissions is 11 March 2011.
This Brief Counsel canvasses some of the potential issues with the proposed regime.
04 February 2011
Raising participation in KiwiSaver is central to the Savings Working Group (SWG) strategy to increase New Zealand’s savings rate. We expect a number of the enrolment-related and benefit design recommendations to find favour with policymakers, though most will need to be carefully implemented if adopted.
This Brief Counsel complements a companion Brief Counsel earlier this week on the SWG’s tax proposals.
03 August 2010
For KiwiSaver change is, it seems, the only constant. This Brief Counsel comments on the latest round of proposed KiwiSaver changes. We also report on a bombshell suggestion, tucked within the 200-page Securities Law Review discussion document, to grandfather existing employer provided superannuation schemes. Lastly we provide a brief potpourri of legislative updates.
05 February 2010
Chapman Tripp has prepared a submission outlining our concerns with the trans-Tasman retirement savings portability provisions and KiwiSaver amendments in the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Bill. This Brief Counsel summarises the key proposals and sets out our views.
08 June 2009
On 1 June 2009, changes to the KiwiSaver Regulations 2006 to close new participation in mortgage diversion facilities came into force. The legislation provides that certain non-compliance with securities-related law as a result of these amendments will be ignored.
25 March 2009
From 24 to 25 March, Chapman Tripp ran a Hothouse seminar: "KiwiSaver & employment law – where are we at now?" The seminar explained the latest KiwiSaver legislative changes and covered some recent developments in employment law.
16 December 2008
The KiwiSaver reforms were passed under urgency last week as part of the Government’s first 100 days package. The changes to KiwiSaver itself will take effect on 1 April 2009
13 November 2008
Significant changes will be made to KiwiSaver by the incoming government though the basic structure of the regime will remain intact. Additionally, a major change is proposed for the New Zealand Superannuation Fund, also known as the "Cullen Fund".
11 September 2008
The “total remuneration” approach to KiwiSaver has been effectively banned in legislation rushed through Parliament under urgency last week. The change was flagged by the Government in July.
08 September 2008
The “total remuneration” approach to KiwiSaver has been effectively banned in legislation rushed through Parliament under urgency last week.
23 November 2007
The Taxation (Annual Rates, Business Taxation, KiwiSaver, and Remedial Matters) Bill was reported back from the Finance and Expenditure Committee. The reported-back Bill introduces some refinements and new measures related to the changes to the KiwiSaver and complying superannuation fund regimes introduced in Budget 2007.