Media release

Inland Revenue transfers first KiwiSaver funds to scheme providers

4 October 2007

Inland Revenue began sending the first KiwiSaver funds to scheme providers this week.

Colin MacDonald, Deputy Commissioner, Inland Revenue, said the funds transfer was a milestone for the KiwiSaver programme.

"We received our first enrolments and contributions on 2 July 2007, and three months later, as planned, we have sent the first contributions to scheme providers, together with the interest, the $1,000 kick-start, and half the $40 fee subsidy.

"We forecast that more than $41 million will be paid to providers in October, including $32 million in Crown contributions," Mr MacDonald said.

"The sum does not include the $20 per week member tax credit, which will be paid directly to providers to go into KiwiSaver accounts from the end of June 2008."

Mr MacDonald said the funds are being transferred progressively, as planned, with the timing reflecting factors such as when people joined KiwiSaver and the schedule of when employers pass on members' contributions to Inland Revenue.

Date published: 10 Oct 2007
Back to top