New Zealand Legislation: Regulations

27 What scheme provider must do to participate in mortgage diversion facility

• A provider of a KiwiSaver scheme who receives the information referred to in regulation 26 must, if the provider agrees to participate in the mortgage diversion facility in respect of the member of the KiwiSaver scheme,—

  • (a) ensure that the member meets the criterion in section 229(2)(c) of the Act (which requires a 12-month minimum period before KiwiSaver contributions can be diverted); and

  • (b) ensure that each amount forwarded to the member’s mortgagee complies with section 229(2)(i) and (ia) of the Act; and

  • (c) ensure that employer contributions are not diverted; and

  • (d) forward the diverted amount to the mortgagee as soon as practicable after receiving the amount.

  Regulation 27: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

  Regulation 27(b): amended (with effect on 1 July 2008), on 6 October 2009, by section 868 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

  Regulation 27(b): amended, on 19 December 2007, by section 117 of the Taxation (KiwiSaver) Act 2007 (2007 No 110).