An update to Kiwisaver legislation has also been passed.
“A change to the KiwiSaver law allows families of members who die to have quick access to funds in the dead member’s account. With effect from 1 July 2007, up to $15,000 from a dead member’s account can be paid out directly to nominated persons, without their having to await probate if the member left a will, or letters of administration if the member died intestate,” Mr Dunne said.
