The core obligations of KiwiSaver providers are set out in the KiwiSaver Act 2006 (the Act).
In summary, these obligations include the need to:
- register the scheme under the Act and lodge a copy of the trust deed and other documents with the FMA, as set out in the Schedule 2 to the Act. See the checklist for registration of a new KiwiSaver scheme. (Note, begin the registration process by obtaining a scheme provider agreement through the Inland Revenue website. You will then prepare annual reports and summary accounts, lodge these with FMA and distribute them to members (section 123)).
- prepare annual reports and summary accounts, lodge these with FMA and distribute them to members (section 123)
- prepare statistics-based annual returns and lodge these with FMA (section 125)
- provide members with annual personalised statements of contributions and balances (section 125A)
- lodge copies of amendments to the trust deed within 14 days of execution (section 129)
- when they wind up a scheme, follow the processes in the Act (sections 173-176).
Quarterly and annual disclosure statements
The KiwiSaver (Periodic Disclosure) Regulations 2013 (Regulations) are designed to facilitate access to information and promote transparency and comparability of KiwiSaver schemes. They came into force on 1 July 2013.
The Regulations require KiwiSaver scheme managers to produce Quarterly Disclosure Statements (QDS) and Annual Disclosure Statements (ADS) for each KiwiSaver fund (as defined in the Regulations) within a non-restricted KiwiSaver scheme. These statements must be made publicly available on the KiwiSaver scheme manager’s website with a hyperlink to an electronic Comma Separated Values (CSV) data file.
QDS, ADS and related data files must also be submitted to FMA, within 15 working days of the respective quarter end for a QDS, and 60 working days of the respective year end for an ADS. The first of these disclosure statements are due for the quarter ended 30 September 2013.
FMA has developed a process guide to help managers of non-restricted KiwiSaver schemes complete disclosure statements.
The process guide:
- clarifies aspects of the Regulations that affect how QDS, ADS and related data files must be prepared
- outlines file format and data requirements that you will need to consider when preparing a QDS or ADS and related data files
- details the options available to you for filing your disclosure statements and data files with FMA.
See the process guide.
Other information about obligations
All KiwiSaver schemes (other than certain employer and restricted-entry schemes) must have:
- a manager who is the issuer for the purposes of the Securities Act 1978
- a licensed external trustee whose main function is to supervise the manager.
Providers must also comply with obligations that apply to all issuers. This includes the need for most KiwiSaver schemes to have a registered prospectus. The only exceptions are certain existing employer schemes that are exempted under the Securities Act (Employer Superannuation Schemes) Exemption Notice 2004.
See How to comply - issuers for more information.
Find out how FMA interprets KiwiSaver obligations in our section on guidance notes.