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Employers' KiwiSaver obligations clarified

Revenue Minister Peter Dunne has re-emphasized employers' obligations under the KiwiSaver superannuation scheme, following concern expressed in a letter to the editor in today's DominionPost. Press Release

Thursday, July 5th 2007, 1:47PM
In the letter, the writer says he is a job seeker who was told by a reputable retailer that KiwiSaver is a voluntary scheme but the company's staff had no spare energy to administer it and recommended the job seeker consider starting his own retirement scheme.

Dunne said, "If the facts are as outlined, then that's not good enough.

"Employers are required to automatically enrol new employees, make deductions from their first pay day and forward those on to Inland Revenue along with PAYE, child support deductions etc.

"The employer must provide a new employee with a KiwiSaver information pack within 7 days of starting employment.

"Employers must also provide information packs to existing employees who request one. If the employee wants to opt-in to KiwiSaver the employer must start making deductions as above."

« KiwiSaver a 3-4.5 billion dollar tax cut by any other nameAbsolute return funds will have a place in KiwiSaver portfolios. »

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China Construction Bank Special - 2.65 2.65 2.80
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HSBC Premier LVR > 80% - - - -
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HSBC Special - ▲2.25 - -
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Kiwibank Special 3.40 2.35 2.65 2.65
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