KEY POINTS:
The Government is making changes to the KiwiSaver legislation which is before Parliament.
In a joint statement, Finance Minister Michael Cullen and Revenue Minister Peter Dunne said the changes were included in a supplementary order paper amending the Taxation (Annual Rates, Business Taxation, KiwiSaver, and Remedial Matters) Bill.
Key changes were:
* Extending the ability to allow employees who contribute to KiwiSaver schemes to phase in their minimum 4 per cent contribution, to members of complying superannuation schemes as well.
* Adding a requirement for complying superannuation funds to ensure that their fees were reasonable -- a requirement that already exists for KiwiSaver schemes. The Government Actuary would be empowered to monitor any fee changes.
* Introduction of a public register of complying superannuation funds, so that people can determine whether membership in a specific scheme will attract the relevant KiwiSaver benefits.
The ministers said the changes came out of public interest and submissions and discussions between employers and the superannuation industry.
- NZPA
