Parliament has passed a major omnibus tax bill into law which clears up rules around payouts to the estates of deceased KiwiSaver members.

The issue hit the headlines earlier this year with media reports about how KiwiSaver managers were unable to make payments to estates due to complications with the law.

The Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill, was passed last week and now provides some clarity around this issue.

One is a change to the KiwiSaver law allowing families of members who die to have quick access to funds in the dead member’s account.

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.

Huljich Wealth Management has confirmed that it has sacked a number of advisers selling its KiwiSaver funds due to their selling practices.

As first reported on Good Returns last week the Securities Commission is investigating complaints of illegal house-to-house marketing of KiwiSaver schemes.

“A number of accredited distributors have been terminated for distributing the Huljich KiwiSaver Scheme contrary to our brand and our values,” Huljich managing director Peter Huljich says.

“We will always operate within the law, in keeping with the KiwiSaver brand and in the best interest of our clients and potential clients.

“If any accredited distributor is found to be distributing the Huljich KiwiSaver Scheme door-to-door or breaching any other conditions of (their) distribution agreement, therefore bringing the NZF and Huljich brands into disrepute, they will be terminated immediately.”

Huljich sells its KiwiSaver funds through distribution agreements with NZF and Mike Pero Mortgages.

Last week it announced it had also formalised a distribution deal with Dorchester.

The Huljich KiwiSaver Scheme now has 50,000 members, making it one of the biggest non-default schemes, beating the likes of Gareth Morgan, Fisher Funds and Milford Asset Management.

It says its unit prices across all three KiwiSaver Funds are at all time highs, with the Conservative Diversified KiwiSaver Fund at $1.21, the Balanced Diversified KiwiSaver Fund at $1.14, and the Growth Diversified KiwiSaver Fund at $1.12.

Auckland mayor John Banks and former Reserve Bank governor Don Brash are director of the Huljich business.

Huljich Wealth Management has finalised another distribution deal to sell its KwiSaver funds to the public.

It has formed a strategic sales alliance with financial services company, DorchesterLife to sell its funds.

Huljich already sells its funds through distribution deals with NZF Money and Mike Pero Mortgages.

Currently Huljich has around 45,000 KiwiSaver members and more than $60 million in funds under management.

DorchesterLife has a team of nationwide sales agents which will sell Huljich KiwiSaver alongside the DorchesterLife range of insurance and savings products.

“We recognised the growing acceptance of the KiwiSaver concept amongst our target market, and wanted to align ourselves with the best scheme provider out there,” DorchesterLife chief executive, Henry Lynch says.

Huljich managing director Peter Huljich says “a sales relationship with such an established and experienced financial services company like DorchesterLife is key to the success of our KiwiSaver product, and we believe they will open up a whole new market for us.”