Have Your Say: Retirement savings in bankruptcy

The Ministry of Business, Innovation and Employment (MBIE) is considering how a bankrupt person’s retirement savings should be treated and whether those funds should be made available to repay creditors. The discussion document is now live on the MBIE website(external link).

Under the current situation, some bankrupts can retain their retirement savings whilst others cannot. The uneven treatment of retirement savings in bankruptcy is a result of the interaction of the KiwiSaver Act 2006, the Insolvency Act 2006, individual retirement schemes’ trust deeds and the outcome of two court cases. MBIE is proposing to create a uniform approach to the treatment of bankrupt persons’ retirement savings.

How to Make a Submission

Visit MBIE's website(external link) to view the discussion document.

The discussion document is intended to set-out the issue, current context and proposed policy options in order to get feedback from interested parties. MBIE seeks written submissions on the questions raised in this document by 5pm on Friday 30 September 2016.