Preamble
Generally everyone aged between 18 and 65 commencing a new job after 1 July 2007 is to be automatically enrolled into a KiwiSaver scheme. Other employees, not already enrolled, can also "opt in" after that date.
Employers may chose a preferred KiwiSaver scheme into which employees who do not choose a scheme themselves will be automatically enrolled.
Professionals Group Holdings Limited, as trustee of the PSBG KiwiSaver Scheme, has been appointed as preferred provider subject to the terms and conditions outlined below.
Terms and Conditions
1. The Employer agrees to appoint PSBG KiwiSaver as the Employer's chosen KiwiSaver scheme.
2. Professionals Group Holdings Limited agrees that all new permanent employees of the Employer shall be eligible to be members of the scheme, and will provide access to the scheme for all the employees of the Employer.
3. The Employer authorises Professionals Group Holdings Limited to give notice to the Commissioner of Inland Revenue that the Employer has chosen PSBG KiwiSaver for its employees. The Employer agrees to supply all necessary information for provision of notice (as prescribed by section 47 of the KiwiSaver Act, "when employer choice of KiwiSaver scheme is effective").
4. At no cost to the Employer, Professionals Group Holdings Limited will provide the option of a simplified new employee enrolment mechanism for the preferred KiwiSaver scheme. Should the Employer elect to use the mechanism, Professionals Group Holdings Limited agrees to fulfil the Employer's obligations to provide information to the Commissioner (as prescribed by section 23 of the KiwiSaver Act). The Employer must notify Professionals Group Holdings Limited in writing if the Employer elects to use the mechanism. The Employer agrees to provide Professionals Group Holdings Limited with the information necessary to fulfil the obligations in a timely manner.
5. Professionals Group Holdings Limited accepts no responsibility for the accuracy of information provided by the Employer.
6. Professionals Group Holdings Limited will not charge the Employer any fee or subscription for the appointment of the Employer's preferred scheme.
7. A separate written agreement will be required if any additional services are required.
8. The Employer shall not give financial advice about the scheme or other products of Professionals Group Holdings Limited. Professionals Group Holdings Limited accepts no responsibility or liability for any advice given by the Employer.
9. No securities shall be allotted or money received unless the subscriber has received an investment statement.
10. This agreement will remain in force until terminated in writing by either the Employer or Professionals Group Holdings Limited.
