Do Employers Have to give Financial Advice?
No. The IRD will provide KiwiSaver information packs and if an employer has chosen a preferred scheme, the provider of that scheme will supply investment statements. These will give employees an outline of how KiwiSaver and (if applicable) the relevant preferred scheme works.
If employers are merely acting as a conduit or passing on information about KiwiSaver to employees, or selecting a preferred KiwiSaver scheme for employees, they will not be liable as an investment adviser or promoter under investment advisers and securities legislation.