What the official record says
This Act is the KiwiFund Act . This Act comes into force on the day after the date on which it receives the Royal assent. The purpose of this Act is to establish a working group to investigate the feasibility of establishing a government-owned and operated KiwiSaver provider, to be called KiwiFund. This Act binds the Crown. The working group will, from the day after the date of its first meeting, have 12 months of make their recommendations to the Minister. The working group consists of 5 members The members of the working group must include— at least 1 person with experience in banking: at least 1 person with experience in savings: at least 1 person with experience in retirement issues. The primary objective of the working group is— to examine the accountability requirements of current Ki