New Zealand Legislation: Regulations

15 Scheme provider agreement may be reviewed every 7 years

• (1) The Commissioner must, at least 6 months before a review date, give notice to a provider who is a party to a scheme provider agreement stating whether or not the Commissioner intends to review the agreement.

  (2) If the Commissioner does not give a notice under subclause (1), no review is required under this regulation for that review date.

  (3) If the Commissioner gives a notice under subclause (1) stating that a review is intended, the Commissioner must complete the review and give notice to the provider of his or her decisions under the review on or before the review date.

  (4) In this regulation, review date is (unless made earlier or later under subclause (5)) the date that is—

  • (a) 7 years after the registration of a scheme as a KiwiSaver scheme; and then

  • (b) 7 years after the last review date.

  (5) The review date may be—

  • (a) made later if, at least 1 month before the review date that would otherwise apply under subclause (4), the Commissioner gives notice to the provider of the later review date; or

  • (b) made earlier or later by agreement between the parties (but an earlier review date does not invalidate any notice already given under subclause (1)).

  (6) Nothing in this regulation prevents either party reviewing the agreement either separately or together at any time.