Anyone offering a KiwiSaver scheme must comply with their obligations under the KiwiSaver Act 2006 (the Act) until they transition to the new regime.
KiwiSaver providers must also comply with any obligations they have as issuers.
There are currently nine default KiwiSaver providers.
On 28 March 2014, then Commerce Minister Craig Foss announced the selection of nine KiwiSaver default providers for a seven year term starting 1 July 2014. For more information read the Minister's announcement.
When an employee starts a new job, if they do not already belong to KiwiSaver and are eligible to join, they will be automatically enrolled in KiwiSaver, unless their employer is exempt from KiwiSaver automatic enrolments. If the employer has not chosen a preferred KiwiSaver provider, the employee will be allocated to a default provider. Default providers operate under special-purpose terms and conditions covered in the documents that were used to appoint them, which are known as Instruments of Appointment.
Click on each link below to see the new Instruments of Appointment for each provider that came into force on 1 July 2014.