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Financial Markets Conduct Act 2013

Governance of financial products - Governance of managed investment products - Scheme participant transfer rules for KiwiSaver, superannuation, and workplace savings schemes

178: Application of scheme participant transfer rules

You could also call this:

"Rules for switching KiwiSaver schemes"

Illustration for Financial Markets Conduct Act 2013

When you move from one KiwiSaver scheme to another, some rules apply. These rules are in sections 179 to 182. They apply when you move to a different scheme or to a different part of the same scheme.

If you are moving, you are called a proposed transferee. The scheme you are leaving is called the old scheme. The scheme you are joining is called the new scheme.

These rules do not apply if you are moving under a different law, like subpart 3 of Part 2 of the KiwiSaver Act 2006.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091179.

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"Managers and supervisors must still follow the rules and do their job properly."

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179: Methods of transfer of scheme participants to another scheme or another section of scheme, or

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Part 4Governance of financial products
Governance of managed investment products: Scheme participant transfer rules for KiwiSaver, superannuation, and workplace savings schemes

178Application of scheme participant transfer rules

  1. Sections 179 to 182 apply to both of the following types of transfer (a transfer):

  2. the transfer of a scheme participant from one KiwiSaver scheme or superannuation scheme or workplace savings scheme to another KiwiSaver scheme or superannuation scheme or workplace savings scheme:
    1. the transfer of a scheme participant from one section of a KiwiSaver scheme to another section of the same scheme:
      1. the transfer of a scheme participant from one section of a superannuation scheme or workplace savings scheme to another section of the same scheme (but only if the scheme is registered as a superannuation scheme or workplace savings scheme in respect of both sections).

        1. In sections 179 to 182,—

        2. a person proposed to be transferred is a proposed transferee:
          1. the scheme, or section of the scheme, from which the person is proposed to be transferred is the old scheme:
            1. the scheme, or section of the scheme, into which the person is proposed to be transferred is the new scheme.

              1. Sections 179 to 182 do not apply to transfers to which subpart 3 of Part 2 of the KiwiSaver Act 2006, or any other power to transfer scheme participants under an enactment, applies.

              Compare
              Notes
              • Section 178(1)(c): amended, on , by section 60 of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).