Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698831685105.pdf (New Zealand)
New Zealand Superannuation and Retirement Income Act 2001 Public Act Date of assent 2001 No 84 11 October 2001 The title of this Act was amended, as from 21 April 2005, by section 5(1) New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42) by inserting the words “and Retirement Income” after the word “Superannuation”.
Contents Title Commencement Purpose Interpretation of Part 1 and Schedule 1 Interpretation of Parts 2 and 3 and Schedule 3 Interpretation of Part 4 and Schedule 6 Act binds the Crown Part 1 Entitlements to New Zealand superannuation Standard New Zealand superannuation entitlements Age qualiﬁcation for New Zealand superannuation Residential qualiﬁcation for New Zealand superannuation Periods of absence that are not counted Periods of absence as missionary also not counted Commencement of New Zealand superannuation Standard rates of New Zealand superannuation Living alone payments Living alone payments Commencement of living alone payments Annual adjustment of New Zealand superannuation Annual adjustment of standard rates of New Zealand superannuation Annual adjustment of New Zealand superannuation: relationship to net average wage Page 5 5 6 6 7 8 8 9 9 10 10 11 5A Note This Act is administered in the Department of Work and Income and the Treasury.
1 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 26 27 28 29 30 31 32 33 34 35 Non­standard New Zealand superannuation entitlements Entitlement to beneﬁts for spouses or partners of persons in long­term residential care in hospital or rest home Living alone rate of payment for spouses or partners of persons in long­term residential care in hospital or rest home Hospital rates of New Zealand superannuation Special disability allowance Payment overseas of New Zealand superannuation Effect of absence from New Zealand on New Zealand superannuation First 26 weeks of certain temporary absences Absences up to 2 years for medical treatment Absences up to 156 weeks with aid agencies Date absence commences Payment overseas of New Zealand superannuation Applications after leaving New Zealand Date of commencement of payment overseas Relationship with other beneﬁt provisions Speciﬁed Paciﬁc country Entitlement to be paid New Zealand superannuation in speciﬁed Paciﬁc country Rates of payment of New Zealand superannuation payable to people resident in speciﬁed Paciﬁc countries Commencement and termination of payments Effect on other beneﬁts Application of this Act and Social Security Act 1964 Part 2 New Zealand Superannuation Fund 36 Outline of Part New Zealand Superannuation Fund Establishment of New Zealand Superannuation Fund Property of Fund Crown Bank Account Ownership of Fund Payments out of Fund Required capital contributions to Fund Process for
 calculating capital contributions to Fund Amount of required annual capital contribution Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 44 Lesser amounts of annual capital contribution Other contributions to Fund 45 46 Annual expense payments Additional contributions to Fund 47 Withdrawals from Fund after 2020 Withdrawals from Fund Guardians of New Zealand
 Superannuation 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Establishment of Guardians of New Zealand Superannuation Body corporate status and powers Borrowing Functions Expenses of Guardians Board of Guardians Role of board [Repealed] Membership of board Members’ appointments Criteria for appointments Nominating committee Further provisions applying to board Investment of Fund Investment of Fund No controlling interests Establishment of investment policies, standards, and procedures Contents of statements of investment policies, standards, and procedures Investment management Custodianship of Fund Ministerial directions 64 Ministerial directions Accountability 65 66 67 68 Statement of intent Financial statements of Fund Auditor­General is auditor of Fund Annual report 33 34 34 34 34 35 35 35 36 36 36 36 36 37 37 37 38 38 39 40 40 41 41 42 42 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 69 70 Reporting by Guardians on Fund Auditor­General to be auditor of Guardians [Repealed] 71 Performance reviews Performance reviews Part 3 Miscellaneous provisions Political commitment to New Zealand superannuation 72 73 74 75 Political commitment Amendments to Act Amendments to other Acts Amendment to Ombudsmen Act 1975 [Repealed] Amendments to Public Finance Act 1989 [Repealed] 76 Taxation of Fund and Guardians Taxation Consequential amendments and revocation Consequential amendments to other Acts Consequential revocation
 Transitional and savings provision Transitional provision for existing New Zealand superannuation entitlements Part 4 Retirement Commissioner Purpose of this Part Interpretation of this Part and Schedule 6 77 78 79 80 81 Provisions relating to constitution and appointment of Retirement Commissioner 82 Retirement Commissioner Functions, powers, and duties of Commissioner Functions Periodic reviews Discretion in relation to performance and exercise of functions and powers Provisions applying to Commissioner 83 84
 85 86 4 43 43 43 44 45 45 46 46 46 47 47 47 47 48 48 49 50 50 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Transitional and miscellaneous provisions 87 88 89 Continuation of ofﬁce, appointment of Commissioner, and employment of employees Application of this Part to matters commenced under Retirement Income Act 1993 or Retirement Villages Act 2003 References to New Zealand Superannuation Act 2001 Schedule 1 New Zealand superannuation entitlements Schedule 2 Speciﬁed Paciﬁc countries Schedule 3 Further provisions relating to Board of Guardians of New Zealand Superannuation Schedule 4 Political parties in agreement with Act Schedule 5 Consequential amendments to other Acts Schedule 6 Provisions applying to Retirement Commissioner s 2 50 51 51 52 54 55 65 66 72 The Parliament of New Zealand enacts as follows: 1 Title This Act is the New Zealand Superannuation and Retirement Income Act 2001.
Section 1 was amended, as from 21 April 2005, by section 5(2) New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42) by inserting the words “and Retirement Income” after the word “Superannuation”.

2 (1) Commencement This Act comes into force on the day after the date on which it receives the Royal assent.
5 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Sections 42 to 45 (capital and other contributions to the Fund) apply in relation to the ﬁnancial year commencing on 1 July 2001 and every subsequent ﬁnancial year.
Purpose The purpose of this Act is— (a) to continue current entitlements to New Zealand super­ annuation: to establish a New Zealand Superannuation Fund with sufﬁcient resources to meet the present and future cost of New Zealand superannuation: to provide for Government contributions to the Fund: to establish a Crown entity to manage and administer the Fund called the Guardians of New Zealand Super­ annuation: to establish a process for signalling political agreement on the parameters for New Zealand superannuation en­ titlements and funding: to bring together in 1 Act all of the provisions for each of those matters.
(b) (c) (d) (e) (f) Interpretation of Part 1 and Schedule 1 In Part 1 and Schedule 1, unless the context otherwise requires,— chief executive means the chief executive of the department department means the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of Part 1 New Zealand superannuation means the entitlements under Part 1, including both the standard and non­standard entitlements.
In this Act, unless the context otherwise requires, any expression used in Part 1 or Schedule 1 but not deﬁned in this Act has the same meaning as it has in the Social Security Act 1964. s 3 (2) 3 4 (1) (2) 6 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 s 5 5 (1) Interpretation of Parts 2 and 3 and Schedule 3 In Parts 2 and 3 and Schedule 3, unless the context otherwise requires,— board means the Guardians of New Zealand Superannuation board board: this deﬁnition was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by omitting the words “referred to in section 53”.
board member means a member of the Guardians of New Zealand Superannuation board capital contribution means any money referred to in section 43 or section 44 or section 46 custodian means a person appointed under section 63(1) to act as custodian of the Fund, or any part of the Fund entity means any person, whether corporate or unincorporate Fund means the New Zealand Superannuation Fund established under section 37 Guardians means the entity called the Guardians of New Zealand Superannuation established under section 48 invest means to carry on any activity, do any act, or enter into any transaction that the Guardians consider to be for the purpose, directly or indirectly, of— (a) enhancing or protecting the value of the Fund: (b) managing, or enabling the management of, the Fund Minister means the Minister of Finance, or other Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of Parts 2 and 3 or particular provisions of this Act is the cost of New Zealand superannuation net cost entitlements net of any tax deduction made or required to be made under the PAYE rules in the Income Tax Act 2004 net cost: this deﬁnition was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting the words “Income Tax Act 2004” for the words “Income Tax Act 1994”.
New Zealand superannuation— (a) means the entitlements to New Zealand superannuation including both the standard and under Part 1, non­standard entitlements; and 7 s 5A New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 (b) for the avoidance of doubt in Part includes, 2 and Schedule 3, entitlements to New Zealand superannuation under Part 1 as modiﬁed under section 19 of the Social Welfare (Transitional Provisions) Act 1990 (adoption of reciprocity agreement with other countries) required annual capital contribution has the same meaning as in section 43 subsidiary— (a) means a subsidiary within the meaning of sections 5 to (b) 8 of the Companies Act 1993; and includes an entity that is classiﬁed as a subsidiary in any relevant approved ﬁnancial reporting standard (within the meaning of section 2(1) of the Financial Reporting Act 1993).
In this Act, unless the context otherwise requires, the terms, Crown, Crown Bank Account, expenses, ﬁnancial year, Government, public money, and Treasury have the meanings given to them by section 2(1) of the Public Finance Act 1989.

Subsection (2) was amended, as from 25 January 2005, by section 37(1) Public Finance Amendment Act 2004 (2004 No 113) by omitting the words “contingent liability,”.
(2) 5A Interpretation of Part 4 and Schedule 6 the ofﬁce of the Retirement In Part 4 and in Schedule 6, unless the context otherwise requires,— Commissioner means Commissioner continued by this Part Government means the Executive Government of New Zealand Minister means the Minister of the Crown who is, with the authority of the Prime Minister, responsible for the administration of Part 4 Section 5A was inserted, as from 21 April 2005, by section 6 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
Act binds the Crown This Act binds the Crown.

6 8 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 8 Part 1 Entitlements to New Zealand superannuation Standard New Zealand superannuation entitlements 7 (1) Age qualiﬁcation for New Zealand superannuation Every person is entitled to receive New Zealand superannu­ ation who attains the age of 65 years.
(2) However, a person is not entitled to receive New Zealand superannuation in respect of any period for which he or she has made an election under any of clause 52 or clause 68 or clause 72 of Schedule 1 of the Injury Prevention, Rehabilitation, and Compensation Act 2001 to be entitled to weekly compensation under that Act rather than to New Zealand superannuation.

Subsection (1) applies subject to the provisions of this Part and of the Social Security Act 1964.
Compare: 1990 No 26 s 3 (3) Subsection (2) was amended, as from 11 May 2005, by section 63(1) Injury Pre­ vention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 (2005 No 45) by substituting the words “clause 52 or clause 68 or clause 72 of Sched­ ule 1 of the Injury Prevention, Rehabilitation, and Compensation Act 2001” for the words “clauses 25, 68, or 72 of Schedule 1 of the Accident Insurance Act 1998”.
8 Residential qualiﬁcation for New Zealand superannuation No person is entitled to New Zealand superannuation unless the person— (a) is ordinarily resident in New Zealand on the date of application for New Zealand superannuation; and has been both resident and present in New Zealand for a period or periods aggregating not less than 10 years since attaining the age of 20 years; and has also been both resident and present in New Zealand for a period or periods aggregating not less than 5 years since attaining the age of 50 years.
(b) (c) Compare: 1990 No 26 s 4(1) 9 Part 1 s 9 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Periods of absence that are not counted In determining the period an applicant has been present in New Zealand, no account is taken of,— (a) in the case of any applicant, any period of absence for the purpose of obtaining any special medical or surgical treatment or vocational training if the chief executive is satisﬁed that there were good and sufﬁcient reasons for the person leaving New Zealand to obtain that special treatment or training: in the case of a mariner, any period of absence while serving on board any ship registered or owned in New Zealand and engaged in trading to and from New Zealand: in the case of any applicant, any period of absence while serving in any capacity as a member of any naval, mili­ tary, or air force of any Commonwealth country or serv­ ing in connection with any war in which New Zealand forces were involved as a member of any organisation attached to any of those forces: in the case of any applicant, any period of absence while serving in any capacity as an accredited volunteer ap­ pointed by Volunteer Service Abroad Incorporated.
(b) (c) (d) Subsection (1) applies only if the chief executive is satisﬁed that during the absence of the applicant he or she remained ordinarily resident in New Zealand.
Compare: 1990 No 26 s 4(2)(a)­(d) Periods of absence as missionary also not counted In determining the period an applicant has been present in New Zealand, no account is taken of any period of absence while engaged in missionary work outside New Zealand as a mem­ ber of, or on behalf of, any religious body or, as the case may be, during any period that the applicant was absent from New Zealand with his or her spouse or partner while that spouse or partner was engaged in that missionary work.
Subsection (1) applies only if the chief executive is satisﬁed that the applicant was either born in New Zealand or was or­ dinarily resident in New Zealand immediately before leaving 9 (1) (2) 10 (1) (2) 10 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 12 New Zealand to engage in the missionary work or, as the case may be, to accompany or join his or her spouse or partner.
(3) Unless otherwise expressly provided in the agreement, the pro­ visions of subsection (1) are not modiﬁed by the provisions of any agreement entered into by the Government of New Zealand with the Government of any other country, whether before or after the commencement of this section, providing for reciprocity in social security beneﬁts between their respect­ ive countries or the provisions of any Act or Order in Council giving effect to the agreement.
In this section, missionary work includes the advancement of religion or education and the maintenance, care, or relief, of orphans, or the aged, inﬁrm, sick, or needy.

Compare: 1990 No 26 s 4(2)(e), (3), (4) (4) Subsections (1) and (2) were amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting the words “or partner” after the word “spouse” wherever it appears.
11 12 (1) Commencement of New Zealand superannuation New Zealand superannuation commences on the date on which the applicant becomes entitled to receive it or the date on which the application for it is received by the department, whichever is the later date.

Compare: 1990 No 26 s 5 Standard rates of New Zealand superannuation The rate of New Zealand superannuation payable to any per­ son is the appropriate rate stated in clause 1 or clause 2 of Schedule 1.
(2) A person who is married or in a civil union or in a de facto rela­ tionship and whose spouse or partner is not entitled to receive New Zealand superannuation may elect to receive the appro­ priate rate stated in either clause 1 or clause 2 of that schedule.
(3) However, an election to receive New Zealand superannuation under clause 2 of Schedule 1 does not take effect until the employment has ceased in a case where— (a) that person’s spouse or partner is or was in employment under a contract of service; and 11 Part 1 s 13 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 (b) the combined income of the person and his or her spouse or partner, during that employment, is or was enough to prevent receipt of New Zealand superannuation under clause 2 of that schedule.
(4) A person who has made an election under subsection (2) may at any time change that election.

Compare: 1990 No 26 s 6 Subsection (2) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “person who is married or in a civil union and” for “married person”.

Subsection (2) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or partner” after “spouse”.
Subsection (2) was amended, as from 1 April 2007, by section 4 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or in a de facto relationship” after “union”.

Subsection (3)(a) and (b) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by omitting “mar­ ried”.
Subsection (3)(a) and (b) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or partner” after “spouse”.

Living alone payments Living alone payments 13 (1) Any single person who receives New Zealand superannuation and who is living alone in his or her principal place of resi­ dence is entitled to receive a living alone payment.

The living alone payment is included in the appropriate rate stated in clause 1(a) of Schedule 1.
(2) (a) (b) (3) A person is considered to be living alone only if he or she— occupies a principal place of residence that is referred to in subsection (4); and does not share that residence with any person of or over the age of 18 years other than— (i) (ii) a dependent child of or over that age; or a temporary visitor who stays less than 13 weeks in any period of 26 weeks.
The places referred to in this subsection are— (a) (b) a house or ﬂat; or a boat or craft moored within— (4) 12 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 14 (i) (ii) the territorial sea of New Zealand or any internal waters of New Zealand; or any waters within New Zealand, being any lake, estuary, lagoon, river, stream, creek, or other waters,— whether or not it is from time to time travelling within that sea or any of those waters; or a hotel room, motel unit, a room in a licensed boarding­ house, or a unit of accommodation in a caravan park.
(c) (5) In this section, territorial sea of New Zealand and inter­ nal waters have the same meanings as in the Territorial Sea, Contiguous Zone, and Exclusive Economic Zone Act 1977.

Compare: 1990 No 26 s 18A Subsection (1) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting the word “single” for the word “unmarried”.
Subsection (3)(b) was amended, as from 1 July 2006, by section 4 New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31) by omitting the words “or household expenses (including accommodation ex­ penses)”.

14 (1) Commencement of living alone payments Every living alone payment commences on the later of— (a) the date on which the applicant becomes entitled to re­ ceive it; or the date on which the application is received.
(b) (2) However, if an application for a living alone payment is made as a result of the death of the spouse or partner of the applicant, the living alone payment commences on— (a) the date on which the applicant becomes entitled to re­ ceive it if the application is received within 28 days after the date of entitlement; or the date on which the application is received if it is re­ ceived 28 days or more after the date of entitlement.
(b) Compare: 1990 No 26 s 18B Subsection (2) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting the words “or partner” after the word “spouse”.
13 Part 1 s 15 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Annual adjustment of New Zealand superannuation Annual adjustment of standard rates of New Zealand superannuation In this section,— CPI means the consumers price index­all groups published by the Department of Statistics earner premium[Repealed] earner premium: this deﬁnition was repealed, as from 11 May 2005, by sec­ tion 63(2) Injury Prevention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 (2005 No 45).
[Repealed] standard tax means the amount of tax reckoned on a weekly basis that would be deductible in accordance with the tax code “M” stated in section NC 8 of the Income Tax Act 2004. standard tax: this deﬁnition was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting the words “Income Tax Act 2004” for the words “Income Tax Act 1994”.
Subject to subsection (3), the rates of New Zealand superannu­ ation stated in paragraphs (a), (b), and (c) of clause 1 and para­ graph (b) of clause 2 of Schedule 1 must be adjusted, by Order in Council, as at 1 April each year so that in each case the new rate (after the deduction of standard tax) is the rate at that date (after the deduction of standard tax and before the adjustment under this section is made) adjusted by any percentage move­ ment upwards in the CPI between the CPI for the quarter ended with 31 December 1 year before the immediately preceding 31 December and the CPI for the quarter ended with the immedi­ ately preceding 31 December.
Every Order in Council made under subsection (2) must adjust the rates of New Zealand superannuation, subject to subsection (4),— (a) so that the weekly amounts referred to in section 16 are set in accordance with that section; and so that the rate of New Zealand superannuation stated in paragraph (b) of clause 2 of Schedule 1 preserves its proportional relationship (after the deduction of stan­ dard tax) to the rates stated in paragraphs (a), (b), and (c) of clause 1 of that schedule.
(b) 15 (1) (2) (3) 14 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 16 (4) An adjustment under this section must not reduce the weekly amounts payable under this section.

Subsections (3) to (6) of section 61H of the Social Security Act 1964 apply to every Order in Council made under subsection (2) as if that Order in Council were made under that section.
Every Order in Council made under subsection (2) comes into force or is considered to come into force on 1 April of the calendar year in which it is made, and applies to New Zealand superannuation payable on and after that date.
Compare: 1990 No 26 s 13A(1), (2), (3)(d), (3A), (4), (5) (5) (6) 16 (1) Annual adjustment of New Zealand superannuation: relationship to net average wage The annual adjustment of New Zealand superannuation under section 15 must ensure that— (a) the standard weekly amount of New Zealand super­ annuation (after the deduction of standard tax) payable to a couple who are married or in a civil union or in a de facto relationship, both of whom are qualiﬁed to receive New Zealand superannuation, is not less than 65% or more than 72.5% of the average ordinary time weekly earnings (males and females combined) as de­ termined by the last Quarterly Employment Survey of wages published by the Department of Statistics before 1 March in each year (after the deduction of standard tax and the earner levies payable on those earnings): the standard weekly amount of New Zealand super­ annuation (after the deduction of standard tax) payable to a single person who has been granted a living alone payment is 65% of the weekly amount of New Zealand superannuation (after the deduction of standard tax) payable to a couple who are married or in a civil union, both of whom are qualiﬁed to receive New Zealand superannuation: the standard weekly amount of New Zealand super­ annuation (after the deduction of standard tax) payable to a single person who has not been granted a living alone payment is 60% of the weekly amount of New Zealand superannuation (after the deduction of stan­ (b) (c) 15 Part 1 s 17 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 dard tax) payable to a couple who are married or in a civil union, both of whom are qualiﬁed to receive New Zealand superannuation.
(2) In this section, earner levies means the levies payable under section 219(1) and (2) of the Injury Prevention, Rehabilitation, and Compensation Act 2001.

Compare: 1990 No 26 s 13A(3)(a)­(c) Paragraphs (a) to (c) were amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “couple who are married or in a civil union” for “married couple”.
Paragraph (a) was amended, as from 11 May 2005, by section 63(3) Injury Pre­ vention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 (2005 No 45) by substituting “earner levies” for “earner premium”.

Subsection (1)(a) was amended, as from 1 April 2007, by section 4 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or in a de facto relationship” after “union” wherever it appears.
Subsection (2) was inserted, as from 11 May 2005, by section 63(4) Injury Pre­ vention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 (2005 No 45).
Non­standard New Zealand superannuation entitlements Entitlement to beneﬁts for spouses or partners of persons in long­term residential care in hospital or rest home This section applies to any person who is not in long­term residential care and whose spouse or partner is in long­term residential care in a hospital or rest home, whether or not the spouse or partner is a resident assessed as requiring care (within the meaning of section 136 of the Social Security Act 1964).
Every person to whom this section applies is entitled to re­ ceive— (a) New Zealand superannuation at the appropriate rate payable to a person who is single, in any case where that person is entitled to receive New Zealand super­ annuation in his or her own right; or (b) New Zealand superannuation at the appropriate rate payable to a person who is single, in any case where— that person is not entitled to New Zealand super­ (i) annuation in his or her own right; but 17 (1) (2) 16 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 17 (ii) his or her spouse or partner is entitled to New Zealand superannuation and was entitled to make and had made an election under section 6(2) or section 11(2) of the Social Welfare (Transitional Provisions) Act 1990 before 1 October 1991; or an emergency beneﬁt under section 61 of the Social Security Act 1964 at the appropriate rate of an invalid’s beneﬁt payable to a person who is single or is single with 1 or more dependent children, as the case may be, in any other case.
(c) (3) Any beneﬁt payable to a person to whom this section applies is not subject to abatement in respect of any income of the person that has been included in a means assessment of the person’s spouse or partner under Part 4 of that Act.

Compare: SR 1993/250 cl 3 The heading to section 17 was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by insert­ ing the words “or partners” after the word “spouses”.
The heading to section 17 was amended, as from 1 July 2006, by section 5(1) New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31) by substituting the words “in long­term residential care in hospital or rest home” for the words “receiving means­tested residential disability services”.

Subsection (1)(a) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting the words “or partner” after the word “spouse”.
Subsection (1)(b) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting the words “ﬁnancial means of the spouse or partner” for the words “spouse’s ﬁnancial means”.

Subsection (1)(c) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting the words “or partner” after the word “spouse”.
Subsection (1) was substituted, as from 1 July 2005, by section 12(1) Social Security (Long­term Residential Care) Amendment Act 2004 (2004 No 101).

Subsection (1) was substituted, as from 1 July 2006, by section 5(2) New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31).

Subsection (2) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting the word “single” for the word “unmarried” wherever it appears.
Subsections (2)(b)(ii) and (3) were amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by insert­ ing the words “or partner” after the word “spouse”.

17 Part 1 s 18 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Subsection (3) was substituted, as from 1 July 2005, by section 12(2) Social Security (Long­term Residential Care) Amendment Act 2004 (2004 No 101).
Living alone rate of payment for spouses or partners of persons in long­term residential care in hospital or rest home However, every person to whom section 17(2)(a) or (b) ap­ plies is entitled to receive New Zealand superannuation at the appropriate rate stated in clause 1(a) of Schedule 1 if the per­ son has been granted a living alone payment under section 13.
Compare: SR 1993/250 cl 4 The heading to section 18 was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by insert­ ing the words “or partners” after the word “spouses”.
The heading to section 18 was amended, as from 1 July 2006, by section 6 New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31) by substituting the words “in long­term residential care in hospital or rest home” for the words “receiving means­tested residential disability services”.
Hospital rates of New Zealand superannuation For the purposes of this section, hospital means a hospital provided by a District Health Board within the meaning of the New Zealand Public Health and Disability Act 2000; and includes a psychiatric security institution within the meaning of the Mental Health (Compulsory Assessment and Treatment) Act 1992.
This section applies to a person who is married or in a civil union or in a de facto relationship and who has no dependent children, and a single person who receives New Zealand super­ annuation, or who becomes entitled to receive New Zealand superannuation.

The rate of New Zealand superannuation payable to a person who is a patient in a hospital for a period of 13 weeks or less is not affected.
The rate of New Zealand superannuation payable to a person who is a patient in a hospital for more than 13 weeks is, on and after the commencement of the 14th week of hospitalisation, the rate stated in clause 3 of Schedule 1.
Subsection (3) does not apply to a resident assessed as requir­ ing care (as deﬁned in section 136 of the Social Security Act 18 19 (1) (2) (3) (4) (5) 18 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 19 1964) who is a patient in a hospital and in respect of whom a funder (as deﬁned in that section) is paying some or all of the cost of contracted care services (as deﬁned in that section) under section 141 or section 142 of that Act.
(6) However, the chief executive may, at the chief executive’s dis­ cretion,— (a) (b) pay to any patient to whom subsection (3) applies a higher rate than the rate stated in clause 3 of Schedule 1 after having regard to the patient’s personal ﬁnancial circumstances; or pay to any of those patients a lower rate than the rate so stated after having regard to the patient’s capacity to appreciate the payments.
(7) (8) (9) If, after 13 weeks’ hospitalisation, the New Zealand super­ annuation of a person who is married or in a civil union or in a de facto relationship is reduced under subsection (4) or sub­ section (5), and that person’s spouse or partner is either not in hospital or has been in hospital for less than 13 weeks, any New Zealand superannuation payable to or for the spouse or partner must be increased, on the same date as the effective date of that reduction, by an amount equal to the difference between— (a) the maximum rate of New Zealand superannuation payable to a single person; and the maximum rate of New Zealand superannuation payable to a person who is married or in a civil union or in a de facto relationship and whose spouse or partner is receiving New Zealand superannuation.
(b) In any case where the rate of New Zealand superannuation has been reduced in accordance with this section and the super­ annuitant in hospital is absent from the hospital for not more than 28 days, the rate of New Zealand superannuation payable on return to hospital must be determined as if that absence has not occurred.
This section does not entitle a single person or a couple who are married or in a civil union or in a de facto relationship to receive a greater amount of New Zealand superannuation, as a result of hospitalisation, than would otherwise have been payable.
19 Part 1 s 20 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 (10) This section applies despite anything to the contrary in the Social Security Act 1964 or in the Social Welfare (Transitional Provisions) Act 1990.
Compare: 1964 No 136 s 75 Subsection (2) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “person who is married or in a civil union and who has no dependent children, and a single” for “married person with no dependent children and an unmarried”.

Subsection (2) was amended, as from 1 April 2007, by section 4 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or in a de facto relationship” after “union”.
Subsection (5) was substituted, as from 1 July 2005, by section 12(3) Social Security (Long­term Residential Care) Amendment Act 2004 (2004 No 101).

Subsection (7) was substituted, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Subsection (7) was amended, as from 1 April 2007, by section 4 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or in a de facto relationship” after “union” in both places it appears.
Subsection (9) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “a single person or a couple who are married or in a civil union” for “an unmarried person or a married couple”.

Subsection (9) was amended, as from 1 April 2007, by section 4 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or in a de facto relationship” after “union”.
20 (1) Special disability allowance This section applies if— (a) (b) a person receives New Zealand superannuation; and the person’s spouse or partner is either— (i) (ii) a patient in a hospital as deﬁned in section 19; or a resident assessed as requiring care (as deﬁned in section 136 of the Social Security Act 1964) in respect of whom a funder (as deﬁned in that section) is paying some or all of the cost of con­ tracted care services (as deﬁned in that section) under section 141 or section 142 of that Act; and that spouse or partner receives a reduced beneﬁt under section 19(4) or (5).
(c) (2) The chief executive must grant a special disability allowance at the rate stated in clause 4 of Schedule 1, for the purpose 20 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 22 (3) 21 22 of defraying expenses arising from the spouse’s or partner’s hospitalisation.

This section applies despite anything in section 69C of the Social Security Act 1964 but subject to section 68A of that Act.
Compare: 1964 No 136 s 69C(5) Subsection (1)(b) and (c) were amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by insert­ ing the words “or partner” after the word “spouse”.

Subsection (1)(b)(ii) was substituted, as from 1 July 2005, by section 12(4) So­ cial Security (Long­term Residential Care) Amendment Act 2004 (2004 No 101).
Subsection (2) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting the words “or partner’s” after the word “spouse’s”.
Payment overseas of New Zealand superannuation Effect of absence from New Zealand on New Zealand superannuation A person is not entitled to New Zealand superannuation while that person is absent from New Zealand except as provided in sections 22 to 29 or in any agreement or convention adopted under section 19 of the Social Welfare (Transitional Provisions) Act 1990.
Compare: 1990 No 26 s 17A(1) First 26 weeks of certain temporary absences New Zealand superannuation that would otherwise be payable to a person is payable in respect of the ﬁrst 26 weeks of any absence from New Zealand if— (a) (b) the person’s absence does not exceed 30 weeks; or the person’s absence exceeds 30 weeks and the chief executive is satisﬁed that the absence beyond 30 weeks is due to circumstances beyond that person’s control that he or she could not reasonably have foreseen before departure.
Compare: 1990 No 26 s 17A(2) 21 Part 1 s 23 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Absences up to 2 years for medical treatment The chief executive may pay New Zealand superannuation to any person who would otherwise be entitled to receive it, but who is absent from New Zealand for any period or periods not exceeding 2 years in total because that person or his or her spouse or partner, dependent child, or sibling is receiving medical treatment overseas for which the Ministry of Health is granting assistance.
Compare: 1990 No 26 s 17A(3) Section 23 was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting the words “or partner” after the word “spouse”.
Absences up to 156 weeks with aid agencies The chief executive may pay New Zealand superannuation to any person who— (a) (b) is otherwise entitled to receive it; and is absent from New Zealand for a period not exceeding 156 weeks; and is engaged, while absent from New Zealand, in full­time voluntary and unpaid humanitarian work for a recog­ nised aid agency that— (i) (c) has, as its principal function, the giving of aid and assistance to less advantaged communities in 1 or more other countries; and has not deprived another person of paid employ­ ment to engage the person to do that work on an unpaid basis.
(ii) The chief executive of the Ministry of Foreign Affairs and Trade must determine any question that arises as to whether an aid agency fulﬁls the qualiﬁcations set out in subsection (1).

Compare: 1990 No 26 s 17A(3A), (3B) The heading to section 24 was amended, as from 1 July 2006, by section 7(1) New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31) by substituting the expression “156” for the expression “52”.
Subsection (1)(b) was amended, as from 1 July 2006, by section 7(2) New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31) by substituting the expression “156” for the expression “52”.
23 24 (1) (2) 22 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 26 25 Date absence commences If a person who is absent from New Zealand would have be­ come entitled to New Zealand superannuation during his or her absence but for section 21, the person’s absence is to be regarded as having commenced on the day he or she would have become entitled to New Zealand superannuation.
Compare: 1990 No 26 s 17A(4) 26 Payment overseas of New Zealand superannuation (1) A person who is entitled to receive New Zealand superannu­ ation and who leaves New Zealand to reside in a country with which New Zealand has no agreement relating to reciprocity of social security monetary beneﬁts is entitled, while residing in that country, to be paid 50% of the gross rate of New Zealand superannuation (excluding any living alone payment), as the case may be, that he or she would be entitled to receive if he or she resided in New Zealand.
(2) However, if a person who is married or in a civil union or in a de facto relationship and whose spouse or partner is not entitled to receive New Zealand superannuation has made or is entitled to make an election under section 12, that person who is married or in a civil union or in a de facto relationship is only entitled to be paid under this section 50% of the gross rate payable under clause 1(c) of Schedule 1.
(3) A person is not entitled to receive payment overseas under this section unless,— (a) on the date of application for the payment, he or she is ordinarily resident and present in New Zealand and is on that date entitled to receive New Zealand superannu­ ation or will be so entitled before leaving New Zealand; and the applicant intends to reside for more than 26 weeks in the overseas country to which the application relates, being a country with which New Zealand has no agree­ ment relating to reciprocity of social security monetary beneﬁts.
(b) Compare: 1990 No 26 s 17(1), (2) Subsection (2) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “person 23 Part 1 s 27 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 who is married or in a civil union and” for “married person” in the ﬁrst place it appears.
Subsection (2) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or partner” after “spouse”.

Subsection (2) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “person who is married or in a civil union” for “married person” in the second place it appears.
Subsection (9) was amended, as from 1 April 2007, by section 4 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or in a de facto relationship” after “union” in both places it appears.

Applications after leaving New Zealand This section applies if a person did not make an application for payment under section 26 while ordinarily resident and present in New Zealand because he or she left New Zealand intending to be absent for 26 weeks or less.
The chief executive may accept an application for payment in accordance with section 26 if satisﬁed that the absence for more than 26 weeks is or was due to circumstances beyond the applicant’s control that could not reasonably have been foreseen before leaving New Zealand.
If the chief executive has accepted an application under sub­ section (2) and, after the applicant left New Zealand, the ap­ plicant has been paid any instalment of New Zealand super­ annuation in accordance with sections 21 to 25, no liability to repay any of those instalments arises merely because the appli­ cant fails to return to New Zealand within the period allowed for by those sections.
Compare: 1990 No 26 s 17(3), (4) 27 (1) (2) (3) 28 (1) Date of commencement of payment overseas The date of commencement of payment overseas of New Zealand superannuation under section 26 is the ﬁrst pay day after the date of the applicant’s departure from New Zealand.

(2) However, in the case of an application under section 27, the date of commencement is the ﬁrst pay day after the date on which the application was received by the department.
Compare: 1990 No 26 s 17(4) 24 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 30 29 (1) Relationship with other beneﬁt provisions If New Zealand superannuation payable overseas in accord­ ance with section 26 is directly reduced under section 70 of the Social Security Act 1964, the amount payable is 50% of the reduced gross rate that would be payable in New Zealand.
(2) A person who is receiving New Zealand superannuation over­ seas under section 26 is not entitled to receive any supplemen­ tary or special beneﬁt, temporary additional support, lump sum payment, or any other assistance under the Social Security Act 1964 or under any welfare programme approved under section 124(1)(d) of that Act.
(4) (3) Despite the provisions of section 80 of the Social Security Act 1964, on the death of a person who receives New Zealand superannuation overseas under section 26, the beneﬁt termin­ ates on a date to be determined by the chief executive, being a date not more than 4 weeks after the date of death.

Except as otherwise provided in this section, the provisions of the Social Security Act 1964 (other than sections 75, 75A, and 76) apply to New Zealand superannuation being paid overseas under section 26.
This section and sections 26 to 28 apply despite sections 74(a) and 77 of the Social Security Act 1964, but subject to the provisions of this section and of sections 26 to 28 and 30 to 35.

Compare: 1990 No 26 s 17(1), (6)­(9) (5) Subsection (2) was amended, as from 1 April 2006, by section 21 Social Secur­ ity (Working for Families) Amendment Act 2004 (2004 No 51) by inserting the words “temporary additional support,” after the words “special beneﬁt,”.
See sections 23 to 25 of that Act as to the transitional provisions.

30 (1) Speciﬁed Paciﬁc country In sections 31 to 35, speciﬁed Paciﬁc country means a coun­ try or territory— (a) (b) that is listed in Schedule 2; and that is not a country with which New Zealand has a reciprocal agreement in force under section 19 of the Social Welfare (Transitional Provisions) Act 1990, which relates to the portability of New Zealand super­ annuation.
25 Part 1 s 31 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 (2) (3) (4) (5) The Governor­General may from time to time, by Order in Council, amend Schedule 2 by— (a) (b) adding the name of any Paciﬁc country or territory; or omitting the former name of a country or territory and substituting its new name.

The Order in Council must state the date on which it takes effect, which may be a date before the date on which it is made.
The Order in Council applies to payments of New Zealand superannuation under section 31 payable on or after the date on which the order takes effect.

Section 61H(3) to (6) of the Social Security Act 1964 applies to every Order in Council made under subsection (2)(a) as if it had been made under that section.
Compare: 1990 No 26 s 17B 31 Entitlement to be paid New Zealand superannuation in speciﬁed Paciﬁc country (2) (1) A person entitled to receive New Zealand superannuation is entitled to be paid the beneﬁt in a speciﬁed Paciﬁc country at a rate calculated under section 32 if subsection (2) or subsection (3) applies to the person.
This subsection applies to a person— (a) who intends to leave New Zealand to reside for more than 52 weeks in a speciﬁed Paciﬁc country; and (b) who is resident and present in New Zealand on the date of his or her application to be paid New Zealand super­ annuation in a speciﬁed Paciﬁc country; and who— (i) is entitled to receive New Zealand superannu­ ation on the date of the application; or (c) (ii) will be entitled to receive New Zealand super­ annuation before leaving New Zealand; and (d) who is resident in a speciﬁed Paciﬁc country when each payment of New Zealand superannuation is due to be made to him or her.
(3) This subsection applies to a person— (a) who— 26 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 32 (i) was being paid New Zealand superannuation while resident in a speciﬁed Paciﬁc country immediately before 1 October 1999 under sec­ tion 17 of the Social Welfare (Transitional Provisions) Act 1990; or (ii) was being paid New Zealand superannuation while resident in the Cook Islands, Niue, or Toke­ lau immediately before 1 October 1999 under section 17B of the Social Welfare (Transitional Provisions) Act 1990 as it was immediately before that date; and (b) who is resident in a speciﬁed Paciﬁc country when each payment of New Zealand superannuation is due to be made to him or her.
Compare: 1990 No 26 s 17BA 32 (1) Rates of payment of New Zealand superannuation payable to people resident in speciﬁed Paciﬁc countries The rate of New Zealand superannuation payable under sec­ tion 31 is,— (a) in the case of a person who has resided in New Zealand for 20 or more years since turning 20 years, the base rate: in the case of a person who has resided in New Zealand for 10 or more years but fewer than 20 years since turn­ ing 20 years, an amount calculated using the following formula: where— a b is the base rate is the whole number of years the person has resided in New Zealand since turning 20 years: in the case of a person who is resident in a speciﬁed Paciﬁc country and was being paid New Zealand superannuation immediately before 1 October 1999 under section 17 or section 17B of the Social Welfare (Transitional Provisions) Act 1990 as it was immedi­ ately before that date, the higher of— 27 (b) (c) Part 1 s 33 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 (i) (ii) the amount he or she was being paid immediately before that date; and the appropriate amount payable under paragraph (a) or paragraph (b).
(2) For the purposes of this section, the base rate is,— (a) in the case of a single person, the amount stated in clause (1)(b) of Schedule 1; and in the case of a person who is married or in a civil union or in a de facto relationship, the amount stated in clause (1)(c) of that schedule.

(b) (3) However, if section 70 of the Social Security Act 1964 ap­ plies, that amount must be reduced by the amount deducted in accordance with that section.
Compare: 1990 No 26 s 17C Subsection (2)(b) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “person who is married or in a civil union” for “married person”.

Subsection (2)(b) was amended, as from 1 April 2007, by section 4 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or in a de facto relationship” after “union”.
33 (1) Commencement and termination of payments The commencement date of payment of a beneﬁt under section 31 is the ﬁrst pay day after the date of the person’s departure from New Zealand.

(2) When a person being paid a beneﬁt under section 31 dies, the beneﬁt terminates on a date to be determined by the chief ex­ ecutive, being a date not more than 4 weeks after the date of death.
Compare: 1990 No 26 s 17D Effect on other beneﬁts A person being paid a beneﬁt under section 31 is not entitled to receive— (a) temporary any supplementary or special beneﬁt, additional support, lump sum payment, payment under a welfare programme approved under section 124(1)(d) of the Social Security Act 1964, or any other assistance under that Act; or 34 28 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 37 35 (1) (2) 36 a living alone payment under section 13.
(b) Compare: 1990 No 26 s 17E Paragraph (a) was amended, as from 1 April 2006, by section 21 Social Security (Working for Families) Amendment Act 2004 (2004 No 51) by inserting the words “temporary additional support,” after the words “special beneﬁt,”.

See sections 23 to 25 of that Act as to the transitional provisions.

Application of this Act and Social Security Act 1964 Sections 21 to 29 do not apply in respect of New Zealand superannuation being paid in a speciﬁed Paciﬁc country under section 31.
The Social Security Act 1964 (except sections 74(a), 75, 75A, 76, 77, and 80) applies to New Zealand superannuation being paid in a speciﬁed Paciﬁc country under section 31.
Compare: 1990 No 26 s 17F Part 2 New Zealand Superannuation Fund Outline of Part This Part— (a) (b) (c) establishes the New Zealand Superannuation Fund: provides for payments into and out of the Fund: establishes the Guardians of New Zealand Superannu­ ation to manage and administer the Fund: requires the Guardians to invest the Fund on a prudent, commercial basis: to give directions to the empowers the Minister Guardians regarding the Government’s expectations as to the Fund’s performance, and requires the Guardians to have regard to those directions: provides for other matters relating to the Fund and the Guardians.
(d) (e) (g) New Zealand Superannuation Fund 37 Establishment of New Zealand Superannuation Fund This section establishes the New Zealand Superannuation Fund (the Fund).
29 Part 2 s 38 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 38 Property of Fund The Fund consists of— (a) the capital contributions payable under this Act: (b) money payable under section 45 to cover the expected net cost of New Zealand superannuation entitlements that are payable in the current year: Fund investments: (c) (d) money accruing from the investment of the Fund: (e) any other money that may be lawfully payable into the Fund: money in the Crown Bank Account opened under sec­ tion 39.
(f) 39 (1) (2) Crown Bank Account The Treasury must open a Crown Bank Account for the Fund at any bank or banks that the Minister may direct.

The Guardians must maintain and operate the accounts in accordance with any directions given by the Minister or the Treasury.

(2A) Sections 114 and 115 of the Crown Entities Act 2004 do not (3) (4) apply to a direction under subsection (2).

The Guardians must ensure that the accounts are not over­ drawn at any time.
The Public Finance Act 1989 (except sections 65I, 65J, 79, and 80) applies to the accounts with necessary modiﬁcations.

(5) Money in the accounts is public money for the purpose of the Public Finance Act 1989.

Other Fund money is not public money for that purpose.

Subsection (2A) was inserted, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Subsection (4) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by omitting the expression “24, 25,”.

Subsection (4) was amended, as from 25 January 2005, by section 37(1) Public Finance Amendment Act 2004 (2004 No 113) by substituting the words “sec­ tions 65I, 65J, 79, and 80” for the words “sections 23, 24, 25, 79, and 80”.

The expression “24, 25,” had already been omitted, see above.

Ownership of Fund The Fund is the property of the Crown.
40 30 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 42 41 (1) (2) Payments out of Fund The Fund must be held for the purpose of paying New Zealand superannuation.
In addition, money may be paid out of the Fund— (a) to pay any fee that is payable to an investment manager or custodian in respect of the Fund: to meet any other obligation that is directly related to the operation of the Fund: to pay the taxation liabilities arising in respect of the Fund: to meet any capital withdrawal under section 47.

(b) (c) (d) (3) No payment may be made out of the Fund except in accord­ ance with subsection (1) or subsection (2) and unless it has been authorised by the Guardians.
42 (1) (2) (3) Required capital contributions to Fund Process for calculating capital contributions to Fund The Treasury must, each ﬁnancial year, calculate the amount of the annual capital contribution to the Fund required under section 43.
The Treasury must include, in the economic and ﬁscal update prepared under section 26O of the Public Finance Act 1989,— the amount of the required annual capital contribution (a) so calculated for the ﬁnancial year; and a statement of the assumptions and judgments on which the calculations are based.
(b) Part 2 of the Public Finance Act 1989 (including, without limi­ tation, section 26W) applies to the matters that are included in the economic and ﬁscal update under this section as if they were required to be included under that Act.

Subsection (2) was amended, as from 25 January 2005, by section 37(1) Public Finance Amendment Act 2004 (2004 No 113) by substituting the words “sec­ tion 26O of the Public Finance Act 1989” for the words “section 8(1) of the Fiscal Responsibility Act 1994”.
Subsection (3) was amended, as from 25 January 2005, by section 37(1) Public Finance Amendment Act 2004 (2004 No 113) by substituting the words “Part 2 of the Public Finance Act 1989 (including, without limitation, section 26W)” for the words “The Fiscal Responsibility Act 1994 (including, without limita­ tion, section 12)”.
31 Part 2 s 43 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 43 Amount of required annual capital contribution The required annual capital contribution for each ﬁnancial year is— is the percentage of that year’s GDP that, if the same percentage of the GDP that is pro­ jected for each of the next 40 years were con­ tributed (by way of either or both of annual required capital contributions and annual ex­ pense payments under section 45) each year for the next 40 years, would be just sufﬁcient, taking into account the Fund balance at the start of that year and projected Fund invest­ ment income over the next 40 years, to en­ able the Fund to meet the expected net cost of the New Zealand superannuation entitle­ ments payable out of the Fund over the next 40 years is the projected annual gross domestic prod­ uct of New Zealand is the expected net cost of the New Zealand superannuation entitlements payable out of the Fund in the year where— a GDP b 32 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 44 net cost next 40 years is the cost of New Zealand superannuation entitlements net of any tax deduction made or required to be made under the PAYE rules in the Income Tax Act 2004 means the ﬁnancial year for which the re­ quired annual capital contribution is being calculated plus each of the following 39 ﬁ­ nancial years.
net cost: this deﬁnition was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting the words “Income Tax Act 2004” for the words “Income Tax Act 1994”.
44 (1) (2) (c) (b) Lesser amounts of annual capital contribution If the Government intends to pay less into the Fund in any ﬁnancial year than the required annual capital contribution, the Minister must include, in the ﬁscal strategy report prepared under Part 2 of the Public Finance Act 1989,— (a) the amount of the required annual capital contribution stated in the economic and ﬁscal update under section 42 in respect of the ﬁnancial year; and a statement of the amount of annual capital contribution actually to be paid into the Fund in that year; and a statement of the reasons for the Government’s depar­ ture from the required annual capital contribution; and a statement of the Government’s intentions regarding future contributions to the Fund; and a statement of the approach the Government intends to take to ensure that the Fund will be sufﬁcient to meet the payments of New Zealand superannuation entitlements expected to be made over the next 40­year period.
The requirements of this section do not apply if the required annual capital contribution is less than zero.

Subsection (1) was amended, as from 25 January 2005, by section 37(1) Public Finance Amendment Act 2004 (2004 No 113) by substituting the words “Part (d) (e) 33 Part 2 s 45 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 2 of the Public Finance Act 1989” for the words “section 7 of the Fiscal Re­ sponsibility Act 1994”.
45 (1) (2) 46 Other contributions to Fund Annual expense payments The Minister must ensure that sufﬁcient money is transferred into the Fund in each ﬁnancial year to meet the net cost of the New Zealand superannuation entitlements that are payable out of the Fund during that year.

The requirement in subsection (1) is additional to, and separate from, the obligation to make required annual capital contribu­ tions.
Additional contributions to Fund The Minister may pay any money into the Fund that is addi­ tional to that required under this Act.

Withdrawals from Fund 47 Withdrawals from Fund after 2020 (1) If the required annual capital contribution is less than zero, the Minister may require a capital withdrawal to be made from the Fund up to that amount and paid into the Crown Bank Account.

(2) However, no capital withdrawal is allowed from the Fund in any ﬁnancial year commencing before 1 July 2020.
Guardians of New Zealand Superannuation Establishment of Guardians of New Zealand Superannuation This section establishes the Guardians of New Zealand Super­ annuation (the Guardians).

The Guardians are a Crown entity for the purposes of the sec­ tion 7 of the Crown Entities Act 2004.

The Crown Entities Act 2004 applies to the Guardians except to the extent that this Act provides otherwise.
Subsection (2) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by substituting the words “section 7 of the Crown Entities Act 2004” for the expression “Public Finance Act 1989”.

48 (1) (2) (3) 34 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 51 49 (1) (2) (3) (4) (5) 50 (1) (2) Subsection (3) was inserted, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Body corporate status and powers Sections 100 and 160 to 164 of the Crown Entities Act 2004 do not apply to the Guardians in relation to the Fund.

There are no restrictions on the Guardians’ power to invest the Fund, other than as provided by sections 58, 59, and 64.

This section is subject to section 50 (borrowing).

Compare: 1993 No 105 s 16(1) Subsections (1) and (2) were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Subsection (3) was substituted, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Subsection (4) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by substituting the words “power to invest the Fund” for the words “investment powers”.
borrow money ( in respect of the Fund); nor Borrowing The Guardians may not, except with the approval of the Min­ ister of Finance,— (a) (b) mortgage or charge any of the real or personal property of the Fund, whether present or future, as security; nor hold any ﬁnancial instrument that places or may place a liability or a contingent liability on the Fund, or the Crown.

(c) The Minister’s approval may be given for any class of trans­ actions in subsection (1)(a) to (c).
Subsection (1)(a) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by omitting the words “neither on behalf of the Guardians nor”.

Subsection (1)(c) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by omitting the words “the Guardians,”.

51 (1) Functions The functions of the Guardians are to manage and administer the Fund in accordance with this Act.
35 Part 2 s 52 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 (2) 52 53 The Guardians are not a trustee, or a constructive trustee, in relation to the exercise of their functions or any other matter.

Expenses of Guardians The expenses of the Guardians must be met out of money ap­ propriated by Parliament for the purpose.
Board of Guardians Role of board [Repealed] Section 53 was repealed, as from 25 January 2005, by section 200 Crown En­ tities Act 2004 (2004 No 115).

54 Membership of board (1) The board must consist of at least 5, but not more than 7, board members appointed by the Governor­General on the recom­ mendation of the Minister.

This section applies despite section 28(1)(a) of the Crown Entities Act 2004.
Subsection (2) was inserted, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Members’ appointments Criteria for appointments The Minister must only recommend a person for appointment as a board member who,— (a) in the Minister’s opinion, has substantial experience, training, and expertise in the management of ﬁnancial investments; and (b) has been nominated by the nominating committee.

This section applies in addition to section 29 of the Crown Entities Act 2004.
Subsection (2) was inserted, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Nominating committee The Minister must establish a committee to nominate candi­ dates to the Minister for appointment as members of the board.
(2) 55 (1) (2) 56 (1) 36 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 59 (2) (3) (4) (5) The nominating committee must comprise not less than 4 persons with proven skills or relevant work experience that will enable them to identify candidates for appointment to the board who are suitably qualiﬁed.

The expenses of the nominating committee must be met out of money appropriated by Parliament for the purpose.
The Minister must notify the nominating committee of persons who the Minister considers to have an interest in appointments to the board, and the nominating committee must consult with those persons or representatives of those persons.

Subsection (4) does not limit consultation or the calling for expressions of interest in appointments.
(6) After receiving nominations for appointment from the nom­ inating committee, the Minister must consult with represen­ tatives of other political parties in Parliament before recom­ mending that the Governor­General appoints a person to the board.

57 Further provisions applying to board Schedule 3 applies to the board and its members.

58 (1) (2) 59 (1) Investment of Fund Investment of Fund The Guardians are responsible for investing the Fund.
The Guardians must invest the Fund on a prudent, commercial basis and, in doing so, must manage and administer the Fund in a manner consistent with— (a) (b) maximising return without undue risk to the Fund as a best­practice portfolio management; and (c) whole; and avoiding prejudice to New Zealand’s reputation as a re­ sponsible member of the world community.
No controlling interests The Guardians must use their best endeavours to ensure that the Fund does not control any other entity or hold a percentage of the voting rights in any other entity that would require it to seek control of that entity.
37 Part 2 s 60 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 If a contravention of subsection (1) arises (through inadver­ tence or otherwise), the Guardians must take all reasonable steps to remedy the default as soon as practicable.
For the purposes of this Act, an entity is controlled by the Fund if— (a) (b) the entity is a subsidiary of the Fund; or the Fund controls the entity within the meaning of any relevant approved ﬁnancial reporting standard (within the meaning of section 2(1) of the Financial Reporting Act 1993); or the Fund can control directly or indirectly the compo­ sition of the board of the entity within the meaning of sections 7 and 8 of the Companies Act 1993 (which, for the purposes of this paragraph, are to be read with all necessary modiﬁcations).
(c) This section does not prevent the board establishing a Crown entity subsidiary of the Guardians (within the meaning of sec­ tion 8 of the Crown Entities Act 2004).

Subsection (4) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by substituting the words “Crown entity sub­ sidiary of the Guardians (within the meaning of section 8 of the Crown Entities Act 2004)” for the words “subsidiary of the Guardians”.
Establishment of investment policies, standards, and procedures The Guardians must establish, and adhere to, investment poli­ cies, standards, and procedures for the Fund that are consistent with their duty to invest the Fund on a prudent, commercial basis, in accordance with section 58.

The Guardians must review those investment policies, stan­ dards, and procedures for the Fund at least annually.
Contents of statements of investment policies, standards, and procedures A statement of investment policies, standards, and procedures must cover (but is not limited to)— (a) the classes of investments in which the Fund is to be in­ vested and the selection criteria for investments within those classes; and (2) (3) (4) 60 (1) (2) 61 38 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 62 (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) the determination of benchmarks or standards against which the performance of the Fund as a whole, and classes of investments and individual investments, will be assessed; and standards for reporting the investment performance of the Fund; and ethical investment, including policies, standards, or procedures for avoiding prejudice to New Zealand’s reputation as a responsible member of the world com­ munity; and the balance between risk and return in the overall Fund portfolio; and the fund management structure; and the use of options, futures, and other derivative ﬁnancial instruments; and the management of credit, liquidity, operational, cur­ rency, market, and other ﬁnancial risks; and the retention, exercise, or delegation of voting rights acquired through investments; and the method of, and basis for, valuation of investments that are not regularly traded at a public exchange; and prohibited or restricted investments or any investment constraints or limits.
62 (1) Investment management The Guardians may appoint, on any terms and conditions that the Guardians think ﬁt, 1 or more persons (including any de­ partment) to undertake the investment of any part of the Fund.

(2) Different persons may be appointed for different parts of the (3) (4) Fund.
The Guardians must state, in each instrument of appointment, the powers and rights of the person appointed (including, with­ out limitation, the extent of that person’s power to delegate any of those powers and rights).

This section does not limit section 49 of this Act or section 17 of the Crown Entities Act 2004.

Subsection (4) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by inserting the words “of this Act or section 17 of the Crown Entities Act 2004”.
39 Part 2 s 63 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 63 (1) Custodianship of Fund The Guardians may appoint a person or persons (including any department) to act as custodian of the Fund, or any part of the Fund.

(2) A custodian so appointed must hold the property of the Fund, or that part of the property of the Fund for which they have been appointed, in their name or, if the Guardians authorise it, in the name of 1 or more nominees.
(3) An appointment may be on any terms and conditions that the (4) (5) Guardians think ﬁt.

The Guardians must specify, in each instrument of ap­ pointment, the powers and rights of the person or persons appointed (including, without limitation, the extent of that person’s powers to delegate any of those powers and rights).

This section does not limit section 49 of this Act or section 17 of the Crown Entities Act 2004.
Subsection (5) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by inserting the words “of this Act or section 17 of the Crown Entities Act 2004”.

Ministerial directions 64 Ministerial directions (1) The Minister may, after consultation with the Guardians, give directions to the Guardians regarding the Government’s ex­ pectations as to the Fund’s performance, including the Gov­ ernment’s expectations as to risk and return.
The Minister must not give a direction that is inconsistent with the Guardians’ duty to invest the Fund on a prudent, commer­ cial basis, in accordance with section 58.

(2) (3) Despite section 104 of the Crown Entities Act 2004 the Minis­ ter may not give a direction to the Guardians in respect of the Fund except in accordance with this section.

The Guardians must notify the Minister of how the entity pro­ poses to have regard to any direction.
(4) (5) (6) 40 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 66 (7) 65 The Guardians’ annual report must include a statement of how the entity is having regard, or has had regard, during the year to any Ministerial directions given under this section.

Subsection (3) was substituted, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Subsections (4) and (5) were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Accountability Statement of intent The statement of intent of the Guardians prepared each ﬁnan­ cial year under Part 4 of the Crown Entities Act 2004 must include (in addition to any other requirements)— (a) a statement of the board’s expectations about the per­ formance of the Fund over the next ﬁnancial year, in sufﬁcient detail to enable meaningful assessment against those expectations after the end of that ﬁnancial year; and a statement of the key risks to the performance of the Fund over the coming year and the actions being taken by the board to manage those risks; and forecast ﬁnancial statements of the Fund for the next ﬁ­ nancial year, including a statement of accounting poli­ cies.
(b) (c) Section 65 was amended, as from 25 January 2005, by section 200 Crown En­ tities Act 2004 (2004 No 115) by substituting the words “Part 4 of the Crown Entities Act 2004” for the words “Part 5 of the Public Finance Act 1989”.

66 (1) (2) Financial statements of Fund The Guardians must ensure that ﬁnancial statements for the Fund are prepared for each ﬁnancial year.
The annual ﬁnancial statements must be prepared in accord­ ance with generally accepted accounting practice (as deﬁned in section 3 of the Financial Reporting Act 1993) as if the Fund were a reporting entity.
41 Part 2 s 67 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Auditor­General is auditor of Fund The Fund is to be treated as if it were a public entity as deﬁned in section 4 of the Public Audit Act 2001 and, in accordance with that Act, the Auditor­General is its auditor.

The Guardians must, not later than 90 days after the end of the ﬁnancial year, forward the annual ﬁnancial statements of the Fund to the Auditor­General.
The Auditor­General must issue an audit opinion within 30 days of receipt of the annual ﬁnancial statements and must return the annual ﬁnancial statements, with the audit report attached, to the Guardians.
Annual report The annual report of the Guardians prepared each ﬁnancial year under Part 4 of the Crown Entities Act 2004 must include (in addition to any other requirements, such as the entity’s own ﬁnancial statements)— (a) the ﬁnancial statements of the Fund for that ﬁnancial year prepared under section 66; and a statement of responsibility for the ﬁnancial statements of the Fund, signed by the chairperson of the board and the chief executive of the Guardians (if any), and com­ prising the same statements that are required by section 155 of the Crown Entities Act 2004 as if the Fund were a Crown entity; and the audit report on the ﬁnancial statements; and an analysis and explanation of the performance of the Fund over that ﬁnancial year, including a comparison with the Guardians’ expectations about the performance of the Fund that were set out in the statement of intent relating to that ﬁnancial year; and a statement of the investment policies, standards, and procedures for the Fund established by the Guardians under section 60; and a statement signed by the chairperson of the board and the chief executive of the Guardians (if any) certify­ ing whether or not the investment policies, standards, and procedures for the Fund have been complied with throughout that ﬁnancial year; and (b) (c) (d) (e) (f) 67 (1) (2) (3) 68 42 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 71 (g) a schedule of the investment managers and custodians used by the Guardians during that ﬁnancial year and the classes of investments for which each was responsible.
Section 68 was amended, as from 25 January 2005, by section 200 Crown En­ tities Act 2004 (2004 No 115) by substituting the words “Part 4 of the Crown Entities Act 2004” for the words “Part 5 of the Public Finance Act 1989”.

Paragraph (b) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by substituting the words “section 155 of the Crown Entities Act 2004” for the words “section 42(2) of the Public Finance Act 1989”.
Reporting by Guardians on Fund The Guardians must report to the Minister on the Fund at those intervals that the Minister may require.

The Guardians’ report must include any information that the Minister may require.

Auditor­General to be auditor of Guardians [Repealed] Section 70 was repealed, as from 25 January 2005, by section 200 Crown En­ tities Act 2004 (2004 No 115).
Performance reviews Performance reviews From time to time, there must be conducted a review of how effectively and efﬁciently the Guardians are performing their functions.

The ﬁrst performance review must be conducted as soon as practicable after 1 July 2003.

Subsequent performance reviews must be conducted at inter­ vals that are no more than 5 years apart (to be set by the Min­ ister) after that.
The Minister must set the terms of reference for the review, which must include (without limitation) requirements that the reviewer form an opinion about— (a) whether or not the investment policies, standards, and procedures, established by the Guardians are appropri­ ate to the Fund; and 69 (1) (2) 70 71 (1) (2) (3) (4) 43 Part 3 s 72 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 (5) (6) (b) whether or not the investment policies, standards, and procedures, established by the Guardians have been complied with in all material respects; and the investment performance of the Fund.
(c) Every performance review must be conducted by an independ­ ent person appointed by the Minister.

Every person who conducts a performance review must, as soon as practicable after conducting it,— (a) prepare a written report on the conclusions reached and recommendations formulated as a result of conducting it; and give copies of the report Guardians.
to the Minister and the (b) (7) (8) The Minister must present a copy of the report to the House of Representatives as soon as practicable after receiving it.

The costs of conducting a performance review must be met out of money appropriated by Parliament for the purpose.
Part 3 Miscellaneous provisions Political commitment to New Zealand superannuation Political commitment 72 (1) A leader of a political party represented in Parliament may notify the Minister, in writing,— (a) of the party’s agreement to either Part 1 or Part 2 (or both); or of the withdrawal of that party’s agreement to either Part 1 or Part 2 (or both).
(b) The Minister must, as soon as practicable after receiving a notiﬁcation, make a recommendation to the Governor­General for an Order in Council to add or omit the name of the party to or from the relevant part or parts of Schedule 4, as the case may be.
The Minister must also make a recommendation to the Gov­ ernor­General for an Order in Council to omit the name of a (2) (3) 44 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 3 s 74 (4) 73 (1) (2) (3) political party from Schedule 4 if the party is no longer repre­ sented in Parliament.
The Governor­General may, by Order in Council made on the recommendation of the Minister under subsection (2) or sub­ section (3), add names to, and omit names from, Schedule 4 in accordance with this section.

Amendments to Act The Minister must, on the introduction into the House of Rep­ resentatives of a Government Bill that proposes an amendment to this Act, bring to the attention of the House the consultation process that was followed in the formulation of the proposed amendment.
That statement must include (without limitation)— (a) whether consultation has taken place with the parties that are in agreement with the Part proposed to be amended (as listed in Schedule 4): (b) whether consultation has taken place with the Guardians (to the extent that the amendment relates to Part 2): the results of the consultation.
(c) If the House of Representatives resolves that the balance in the Fund should be allocated to individual retirement accounts for all eligible contributors, the Guardians must report to the Minister and the Minister of Social Services and Employment, within 12 months of the date of the resolution, on the best means of allocating that balance to residents aged 18 or more having regard to the income tax paid by those individuals since 1 July 2001.
Amendments to other Acts 74 Amendment to Ombudsmen Act 1975 [Repealed] Sections 74 and 75 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

45 Part 3 s 75 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Amendments to Public Finance Act 1989 [Repealed] Sections 74 and 75 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Taxation Taxation of Fund and Guardians The Fund is subject to income tax on any income derived from the Fund’s investments, and that income is to be treated as income of the Fund under the Income Tax Act 2004.

The Fund may claim deductions under section BD 2 of the Income Tax Act 2004.

The Fund is treated as if it were a body corporate for tax pur­ poses.

The Fund is not required to establish and maintain an imput­ ation credit account under section ME 1 of the Income Tax Act 2004.
Subsection (1) was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting the words “income of the Fund under the Income Tax Act 2004” for the words “gross income of the Fund under the Income Tax Act 1994”.
Subsection (2) was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting the words “deductions under section BD 2 of the Income Tax Act 2004” for the words “allowable deductions under section BD 2 of the Income Tax Act 1994”.

Subsection (4) was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting the words “Income Tax Act 2004” for the words “Income Tax Act 1994”.
Subsections (5) and (6) were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Consequential amendments and revocation Consequential amendments to other Acts The Acts speciﬁed in Schedule 5 are consequentially amended in the manner set out in that schedule.
75 76 (1) (2) (3) (4) (5) (6) 77 46 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 4 s 81 78 79 80 81 Consequential revocation The Social Security (Disability Services) Regulations 1993 (SR 1993/250) are consequentially revoked.
Transitional and savings provision Transitional provision for existing New Zealand superannuation entitlements Every person who, immediately before the commencement of this section, was entitled to receive New Zealand superannu­ ation entitlements under the Social Security Act 1964 or the Social Welfare (Transitional Provisions) Act 1990 or the So­ cial Security (Disability Services) Regulations 1993 is entitled to receive the corresponding New Zealand superannuation en­ titlements under Part 1.
Compare: 1990 No 26 s 7 Part 4 Retirement Commissioner Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).

Purpose of this Part The purpose of this Part is to continue the ofﬁce of the Retire­ ment Commissioner and to set out the Commissioner’s func­ tions, powers, and duties.
Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).

Interpretation of this Part and Schedule 6 In this Part and in Schedule 6, the terms Commissioner, Gov­ ernment, and Minister have the meanings set out in section 5A.

Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
47 Part 4 s 82 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Provisions relating to constitution and appointment of Retirement Commissioner Retirement Commissioner There continues to be a Commissioner called the Retirement Commissioner.

The Commissioner continues to be a corporation sole.

The Commissioner is a Crown entity for the purposes of sec­ tion 7 of the Crown Entities Act 2004.
The Crown Entities Act 2004 applies to the Commissioner ex­ cept to the extent that this Act expressly applies otherwise.

The Commissioner is the board for the purposes of section 10 of that Act.

Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
Functions, powers, and duties of Commissioner Functions The functions of the Commissioner are as follows: (a) to develop and promote methods of improving the effectiveness of the retirement income policies from time to time implemented by the Government of New Zealand, including the promotion of education about retirement income issues and the publication of infor­ mation about those issues: to monitor the effects of retirement income policies that are being implemented in New Zealand: to review the retirement income policies being imple­ mented by the Government and to report to the Minister by 31 December 2007 and at 3­yearly intervals there­ after, in accordance with section 84: to advise on retirement income issues, when requested to do so by the Minister: to monitor the effectiveness of persons (whether re­ ferred to as ombudsmen or by any other term) who have been appointed (other than under statutory authority) to consider complaints and disputes about savings and in­ vestments; and to consider any issues addressed to the (b) (c) (d) (e) 82 (1) (2) (3) (4) (5) 83 48 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 4 s 84 Commissioner by any such person and, if appropriate, to make recommendations to any person: to collect and publish information for the purpose of enabling the fulﬁlment of any of the functions referred to in this section: to perform such other functions as are conferred on the Commissioner by this Act or any other enactment.
(f) (g) Compare: 1993 No 148 s 6 Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
Periodic reviews For each review to be conducted under section 83(c), the Min­ ister must, not later than 12 months before the date on which the review is required to be completed, specify, by notice in writing addressed to the Commissioner,— (a) the aspects of retirement income policies being imple­ mented by the Government of New Zealand that the re­ view is required to address; and (b) the topics to be discussed in the Commissioner’s report.
Before giving a notice under subsection (1) the Minister must consult with the Commissioner about the matters to be in­ cluded in it.

The Minister must, as soon as practicable after giving a notice under subsection (1), present a copy of that notice to the House of Representatives.
Each review conducted under section 83(c) must address the aspects of retirement income policy required to be addressed by the notice relating to that review and the report must discuss the topics required to be discussed by that notice.

The Minister must, as soon as practicable after receiving a report under section 83(c), present a copy of the report to the House of Representatives.
Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
84 (1) (2) (3) (4) (5) 49 Part 4 s 85 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 85 (1) Discretion in relation to performance and exercise of functions and powers Subject to the provisions of this Part and of any other enact­ ment, the Commissioner has complete discretion in the per­ formance or exercise, and the manner of the performance or exercise, of any function or power of the Commissioner.
(2) Without limiting subsection (1), the Commissioner may at any time, if he or she considers it appropriate,— (a) comment publicly on any matter relating to his or her functions; or deliver to the Minister a report in writing on any retire­ ment income issues that he or she considers the Minister should be advised of.

(b) (3) 86 87 (1) The Minister must, as soon as practicable after receiving a report under subsection (2)(b), present a copy of that report to the House of Representatives.
Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).

Provisions applying to Commissioner The provisions in Schedule 6 apply to the Commissioner.

Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
Transitional and miscellaneous provisions Continuation of ofﬁce, appointment of Commissioner, and employment of employees The ofﬁce continued by section 82 is the ofﬁce of Retirement Commissioner established by section 5 of the Retirement In­ come Act 1993, and, accordingly, every reference to the Re­ tirement Commissioner in an enactment or document made be­ fore the commencement of this Part is a reference to the Re­ tirement Commissioner continued by section 82.
(2) On the commencement of this Part, the person who, imme­ diately before that commencement, held ofﬁce as Retirement Commissioner under the Retirement Income Act 1993 is to be 50 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Part 4 s 89 (3) 88 (1) (2) 89 taken to have been appointed as Commissioner under section 28 of the Crown Entities Act 2004— (a) (b) for a term that expires on 16 January 2010; and subject to the determination under the Remuneration Authority Act 1977 that applied to the person immedi­ ately before that commencement.
This Part does not affect the employment of any person who, immediately before the commencement of this Part, was an employee of the Retirement Commissioner.

Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
Application of this Part to matters commenced under Retirement Income Act 1993 or Retirement Villages Act 2003 The Commissioner may continue or complete any act, mat­ ter, or thing commenced by the Commissioner under the Retirement Income Act 1993 or the Retirement Villages Act 2003 but not completed on the commencement of this Part.

The provisions of this Part apply with all necessary modiﬁca­ tions to the continuation or completion of any act, matter, or thing referred to in subsection (1).
Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
References to New Zealand Superannuation Act 2001 Unless the context otherwise requires, any reference to the New Zealand Superannuation Act 2001 in any enactment, rule, order, agreement, deed, or document of any other kind in force on the commencement of this section must be read as a refer­ ence to the New Zealand Superannuation and Retirement In­ come Act 2001.
Part 4 (comprising sections 80 to 89) was inserted, as from 21 April 2005, by section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
51 Schedule 1 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Schedule 1 New Zealand superannuation entitlements ss 12, 19, 20, 26, 32 The following rates are before deduction of tax: $ 1 (a) to a single person who has been granted a living alone payment under section 13 $336.65 a week (b) (c) to a single person who has not been granted a living alone payment under section 13 $309.66 a week to a person who is married or in a civil union or in a de facto relationship $255.70 a week 2 Alternative rate for a person who is married or in a civil union or in a de facto relationship and whose spouse or partner is not entitled to receive New Zealand superannuation or a veteran’s pension (a) to a person who is married or in a civil union or in a de facto relationship and who was receiving, or had applied for and was entitled to receive, New Zealand superannuation or a veteran’s pension at the alternative rate before 1 October 1991 $511.40 a week subject to Income Test 3, or the rate for the time being stated in paragraph (b) of this clause, whichever is the greater (b) to any other person who is married or in a civil union or in a de facto relationship $486.56 a week, subject to Income Test 3 52 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Schedule 1 3 Hospital rate payable under section 19 to a person who is married or in a civil union or in a de facto relationship and who has no dependent children, or a single person, who receives
 New Zealand superannuation An amount that, after income tax is deducted under tax code M (as stated in section NC 8 of the Income Tax Act 2004) is equal to $32.69 a week 4 Rate of special disability allowance under section 20 $32.69 a week Schedule 1: clauses 1(a), 1(b), 1(c), 2(a), 2(b), 3, and 4 were amended, as from 1 April 2002, by clause 6 Social Security (Rates of Beneﬁts and Allowances) Order 2002 (SR 2002/53) by substituting “288.31”, “264.90”, “218.50”, “437.00”, “415.28”, and “28.30” for “282781”, “260.12”, “214.38”, “428.76”, “407.34”, and “28.30”, re­ spectively.
Schedule 1: clauses 1(a), 1(b), 1(c), 2(a), 2(b), 3, and 4 were amended, as from 1 April 2003, by 6 Social Security (Rates of Beneﬁts and Allowances) Order 2003 (SR 2003/44) by substituting “296.49”, “272.58”, “224.76”, “449.52”, “427.34”, “29.60”, and “29.60” for “288.31”, “264.90”, “218.50”, “437.00”, “415.28”, “28.82”, and “28.82”, respectively.
Schedule 1: clauses 1(a), 1(b), 1(c), 2(a), 2(b), 3, and 4 were amended, as from 1 April 2004, by clause 6 Social Security (Rates of Beneﬁts and Allowances) Order 2004 (SR 2004/52) by substituting “301.33”, “277.13”, “228.52”, “457.04”, “434.60”, “30.06”, and “30.06” for “296.49”, “272.58”, “224.76”, “449.52”, “427.34”, “29.60”, and “29.60”, respectively.
Schedule 1: clause 3 was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting “Income Tax Act 2004” for “Income Tax Act 1994”.
Schedule 1: clauses 1(a), 1(b), 1(c), 2(a), 2(b), 3, and 4 were amended, as from 1 April 2005, by clause 4 Social Security (Rates of Beneﬁts and Allowances) Order 2005 (SR 2005/42) by substituting “309.73”, “285.02”, “235.16”, “470.32”, “447.00”, “30.87”, and “30.87” for “301.33”, “277.13”, “228.52”, “457.04”, “434.60”, “30.06”, and “30.06”, respectively.
Schedule 1: clause 1(a) and (b) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “a single” for “an unmarried”.

Schedule 1: clause 1(c) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “person who is married or in a civil union” for “married person”.
Schedule 1: clause 2 was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “person who is married or in a civil union and” for “married person” in the ﬁrst place it appears.
53 Schedule 2 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Schedule 1: clause 2 was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or partner” after “spouse” in the ﬁrst place it appears.
Schedule 1: clause 2(a) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “person who is married or in a civil union and” for “married person”.

Schedule 1: clause 2(b) was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “person who is married or in a civil union” for “married person”.
Schedule 1: clause 3 was amended, as from 26 April 2005, by section 3 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by substituting “person who is married or in a civil union and who has no dependent children, or a single” for “married person with no dependent children, or an unmarried”.
Schedule 1: clauses 1(a), (1)(b), (1)(c), 2(a), 2(b), 3, and 4 were amended, as from 1 April 2006, by clause 5 Social Security (Rates of Beneﬁts and Allowances) Order 2006 (SR 2006/44) by substituting “320.13”, “294.37”, “243.06”, “486.12”, “462.22”, “31.85”, and “31.85” for “309.73”, “285.02”, “235.16”, “470.32”, “447.00”, “30.87”, and “30.87”, respectively.
Schedule 1: clauses 1(a), (1)(b), (1)(c), 2(a), 2(b), 3, and 4 were amended, as from 1 April 2007, by clause 5 Social Security (Rates of Beneﬁts and Allowances) Order 2007 (SR 2007/60) by substituting “331.40”, “304.74”, “251.63”, “503.26”, “478.72”, “32.69”, and “32.69” for “320.13”, “294.37”, “243.06”, “486.12”, “462.22”, “31.85”, and “31.85”, respectively.
Schedule 1: clauses 1(a), (1)(b), (1)(c), 2(a), and 2(b) were amended, as from 1 April 2007, by clause 6(3) and 6(4) Social Security (Rates of Beneﬁts and Allowances) Order 2007 (SR 2007/60) by substituting “336.65”, “309.66”, “255.70”, “511.40”, and “486.56” for “331.40”, “304.74”, “251.63”, “503.26”, and “478.72”, respectively.
Schedule 1: clauses (1)(c), 2, and 3 were amended, as from 1 April 2007, by section 4 New Zealand Superannuation Amendment Act 2005 (2005 No 17) by inserting “or in a de facto relationship” after “union” wherever it appears.
Schedule 2 Speciﬁed Paciﬁc countries s 30 American Samoa Cook Islands Federated States of Micronesia Fiji French Polynesia Guam Kiribati 54 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Schedule 3 Marshall Islands Nauru New Caledonia Niue Northern Mariana Islands Palau Papua New Guinea Pitcairn Island Samoa Solomon Islands Tokelau Tonga Tuvalu Vanuatu Wallis and Futuna Schedule 3 Further provisions relating to Board of Guardians of New Zealand Superannuation s 57 Application This schedule applies to the board and its members.
Interpretation [Repealed] Clause 2 was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

1 2 3 (1) Method of appointment The Governor­General appoints a member, despite section 28(1)(a) of the Crown Entities Act 2004.

55 Schedule 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 (2) Section 28(2) and (3) of that Act apply.
Clause 3 was substituted, as from 25 January 2005, by section 200 Crown En­ tities Act 2004 (2004 No 115).

4 5 When appointment takes effect [Repealed] Clause 4 was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Position where concurrent ofﬁce [Repealed] Clause 5 was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Term of ofﬁce 6 Term of ofﬁce A member holds ofﬁce for 5 years or any shorter period stated in the notice of appointment, despite section 32(1) of the Crown Entities Act 2004.

Clause 6 was substituted, as from 25 January 2005, by section 200 Crown En­ tities Act 2004 (2004 No 115).

Duties of board members [Repealed] This heading was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
7 Duties of members [Repealed] Clauses 7 to 9 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Liability of members [Repealed] This heading was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
56 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Schedule 3 8 Liability of members and committee members [Repealed] Clauses 7 to 9 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Resignation and removal of members [Repealed] This heading was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Resignation [Repealed] Clauses 7 to 9 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Removal from ofﬁce The Governor­General may, on the advice of the Minister, re­ move a member from ofﬁce for a reason that in the Minister’s opinion justiﬁes the removal.

Subclause (1) applies despite section 37 of the Crown Entities Act 2004.

The Governor­General removes a member by sending written notice to the member and a copy to the entity.
9 10 (1) (2) (3) (4) (5) (6) Subclause (2) was substituted, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Subclauses (4) to (6) were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Vacancies in the entity’s membership 11 Effect of vacancy in membership [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
57 Schedule 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Remuneration 12 Remuneration [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Chairperson and deputy chairperson 13 14 15 16 Appointment [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Term of ofﬁce [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Resignation [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Exercise of chairperson’s functions, duties, and powers during vacancy, etc [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Acts not to be called into question Acts not to be called into question [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

17 58 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Schedule 3 18 Validity of members’ acts [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Disclosure of interest 19 Obligation to disclose interest [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

20 Meaning of interested [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

21 22 Disclosure of interest [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Consequences of disclosure [Repealed] Clauses 11 to 22 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

23 Matters to be delegated to committee The board must delegate a deliberation or decision to a com­ mittee if the effect of section 66 of the Crown Entities Act 2004 is that there is not a quorum of members able to take part in the deliberation or decision, or to form a quorum.
Clause 23 was amended, as from 25 January 2005, by section 200 Crown En­ tities Act 2004 (2004 No 115) by substituting the words “section 66 of the Crown Entities Act 2004” for the expression “clause 22”.
24 Members of committee to which matters delegated (1) A committee to which a deliberation or decision is delegated under clause 23 must consist of a majority of persons— who are not interested in the transaction; and (a) 59 Schedule 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 (2) 25 (b) in the case of members of the committee who are not members of the board, who are appointed by the board with the agreement of the Minister.
This clause is an exception to clause 14 of Schedule 5 of the Crown Entities Act 2004.

Subclause (2) was inserted, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Effect of non­compliance [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Use of information 26 Restrictions on disclosure or use of entity’s information [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

27 When member may rely on certain information and advice [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
28 When clause 27 applies [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Procedure of board: general Procedure generally [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
29 60 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Schedule 3 Procedure of board: meetings 30 31 Ordinary meetings [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Special meetings [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
32 Methods of holding meetings [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

33 Quorum [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

34 Who presides at meetings [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
35 36 Voting at meetings [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Resolutions [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
61 Schedule 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 37 Method of contracting [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

38 Attorneys [Repealed] Clauses 25 to 38 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Delegations 39 Additional persons to whom delegations can be made The board may delegate any of the functions or powers of the board or the entity to all or any of the following, despite section 73(1)(d) of the Crown Entities Act 2004: (a) a person appointed to undertake the investment of any part of the Fund under section 62: a custodian.

(b) Clause 39 was substituted, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
40 (1) Certain powers must not be delegated The board must not delegate any of the following powers: (b) (c) (a) the power to grant a power of attorney: the power to appoint an investment manager in section 62: (d) the power to appoint a custodian in terms of section 63.

This clause does not limit sections 62 and 63 of this Act or clause 23 or clause 24 of this schedule or section 73(4) of the Crown Entities Act 2004.
Subclause (1)(a) was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Subclause (2) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by inserting the words “or section 73(4) of the Crown Entities Act 2004.”.
(2) 62 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Schedule 3 41 42 43 Effect of delegation [Repealed] Clauses 41 to 49 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Presumption of acting in accordance with delegation [Repealed] Clauses 41 to 49 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Other matters relating to delegation [Repealed] Clauses 41 to 49 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Subsidiaries [Repealed] This heading was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

44 Subsidiaries [Repealed] Clauses 41 to 49 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Committees [Repealed] This heading was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

45 Committees [Repealed] Clauses 41 to 49 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Employees [Repealed] This heading was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
63 Schedule 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 46 47 48 49 50 51 52 Appointment of chief executive ofﬁcer [Repealed] Clauses 41 to 49 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Appointment of other employees [Repealed] Clauses 41 to 49 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Personnel policy [Repealed] Clauses 41 to 49 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Equal employment opportunities [Repealed] Clauses 41 to 49 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Choice of procedure [Repealed] Clause 50 was repealed, as from 1 December 2004, by section 72 Employment Relations Amendment Act (No 2) 2004 (2004 No 86).

See section 73 of that Act for the transitional provisions.
Superannuation or retiring allowances [Repealed] Clauses 51 and 52 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).

Application of certain Acts to members and employees [Repealed] Clauses 51 and 52 were repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115).
Existing Government Superannuation Fund members 53 (1) Despite clause 52, a person who, immediately before becom­ ing an employee of the board, was a contributor to the Gov­ ernment Superannuation Fund under Part 2 or Part 2A of the 64 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Schedule 4 Government Superannuation Fund Act 1956 is, for the pur­ poses of that Act, considered to be employed in the Govern­ ment service so long as that person continues to be an em­ ployee of the board; and that Act applies to that person in all respects as if that person’s service as an employee of the board were Government service.
(2) Nothing in subclause (1) entitles a person to become a con­ tributor to the Government Superannuation Fund after that per­ son has once ceased to be a contributor.

For the purposes of applying the Government Superannuation Fund Act 1956 in accordance with subclause (1), controlling authority, for that employee, means the board.
(3) Schedule 4 Political parties in agreement with Act s 72 1 The Green Party New Zealand Labour Party New Zealand National Party Progressive Coalition Party United Future New Zealand Political parties that are in agreement with Part 1 of Act • • • • • The items relating to the Green Party and the New Zealand Labour Party were inserted, as from 20 November 2003, by clause 3 New Zealand Superannuation (Political Com­ mittee) Order 2003 (SR 2003/278).
The item relating to the New Zealand National Party was inserted, as from 13 January 2005, by clause 3 New Zealand Superannuation (Political Committee) Order 2004 (SR 2004/431).

The items relating to the Progressive Coalition Party and United Future New Zealand were inserted, as from 20 November 2003, by clause 3 New Zealand Superannuation (Political Committee) Order 2003 (SR 2003/278).
2 Political parties that are in agreement with Part 2 of Act • • New Zealand Labour Party New Zealand National Party 65 Schedule 5 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 2—continued Progressive Coalition Party United Future New Zealand • • The item relating to the New Zealand Labour Party was inserted, as from 20 Novem­ ber 2003, by clause 4 New Zealand Superannuation (Political Committee) Order 2003 (2003/278).
The item relating to the New Zealand National Party was inserted, as from 13 January 2005, by clause 4 New Zealand Superannuation (Political Committee) Order 2004 (SR 2004/431).

The items relating to the Progressive Coalition Party and United Future New Zealand were inserted, as from 20 November 2003, by clause 4 New Zealand Superannuation (Political Committee) Order 2003 (2003/278).
Schedule 5 Consequential amendments to other Acts s 77 Accident Insurance Act 1998 (1998 No 114) Repeal the deﬁnition of New Zealand superannuation qualiﬁca­ tion age in section 13 and substitute: “New Zealand superannuation qualiﬁcation age,— “(a) for a person born before 1 April 1936, means the appropriate age set out in section 3 of the Social Welfare (Transitional Provisions) Act 1990 (before its repeal): for any other person, means the age speciﬁed in section 7 of the New Zealand Superannuation Act 2001,— “(b) irrespective of whether or not the particular person qualiﬁes for New Zealand superannuation at that or any other age.” Repeal so much of Schedule 7 as relates to section 3(1A) of the Social Welfare (Transitional Provisions) Act 1990.
Child Support Act 1991 (1991 No 142) Insert in section 131, after the words “or under the Social Welfare (Transitional Provisions) Act 1990”, the words “or the New Zealand Superannuation Act 2001” Insert in section 240(2)(d), after the words “or the Social Welfare (Transitional Provisions) Act 1990”, the words “or the New Zealand Superannuation Act 2001” 66 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Schedule 5 Insert in section 263(2)(b)(iii), after the words “or the Social Welfare (Transitional Provisions) Act 1990”, the words “or the New Zealand Superannuation Act 2001” Employment Services and Income Support (Integrated Administration) Act 1998 (1998 No 96) Repeal so much of the Schedule as relates to section 4 of the Social Welfare (Transitional Provisions) Act 1990.
Family Proceedings Act 1980 (1980 No 94) Insert in section 101A (as saved by section 259 of the Child Support Act 1991), after the words “or the Social Welfare (Transitional Pro­ visions) Act 1990”, the words “or the New Zealand Superannuation Act 2001”.

Housing Restructuring Act 1992 (1992 No 76) Insert in section 46(6), after the expression “Social Welfare (Transi­ tional Provisions) Act 1990”, the words “and the New Zealand Super­ annuation Act 2001”.
Omit from clause 2(a) of Schedule 2 the expression “clause 1(a) of the First Schedule of the Social Welfare (Transitional Provisions) Act 1990” and substitute the expression “clause 1(a) of Schedule 1 of the New Zealand Superannuation Act 2001”.

Omit from clause 2(b) of Schedule 2 the expression “clause 1(c) of the First Schedule of the Social Welfare (Transitional Provisions) Act 1990” and substitute the expression “clause 1(c) of Schedule 1 of the New Zealand Superannuation Act 2001”.
Repeal clause 9(a)(ii) of Schedule 2 and substitute: “(ii) New Zealand superannuation under the New Zealand Super­ annuation Act 2001 or a veteran’s pension under the Social Welfare (Transitional Provisions) Act 1990; or.” Human Rights Act 1993 (1993 No 82) Omit from section 21(1)(i)(i) the words “under section 3 of the Social Welfare (Transitional Provisions) Act 1990” and substitute the words “under section 7 of the New Zealand Superannuation Act 2001”.
67 Schedule 5 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Omit from section 70(5)(d) the words “under section 3 of the Social Welfare (Transitional Provisions) Act 1990” and substitute the words “under section 7 of the New Zealand Superannuation Act 2001”.

Income Tax Act 1994 (1994 No 164) [Repealed] The item relating to the Income Tax Act 1994 was repealed, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35).
Injury Prevention, Rehabilitation, and Compensation Act 2001 (2001 No 49) Repeal the deﬁnition of New Zealand superannuation qualiﬁca­ tion age in section 6 and substitute: “New Zealand superannuation qualiﬁcation age,— “(a) for a person born before 1 April 1936, means the appropriate age set out in section 3 of the Social Welfare (Transitional Provisions) Act 1990 (before its repeal): for any other person, means the age speciﬁed in section 7 of the New Zealand Superannuation Act 2001,— “(b) irrespective of whether or not the particular person qualiﬁes for New Zealand superannuation at that or any other age.” Repeal so much of Schedule 6 as relates to section 3(1A) of the Social Welfare (Transitional Provisions) Act 1990.
Social Security Act 1964 (1964 No 136) Add to paragraph (b)(i) of the deﬁnition of beneﬁt in section 3(1) the words “and New Zealand superannuation payable under the New Zealand Superannuation Act 2001”.

Add to paragraph (b)(ii) of the deﬁnition of beneﬁt in section 3(1) the words “and a living alone payment payable under the New Zealand Superannuation Act 2001”.
Insert in paragraph (f)(i) of the deﬁnition of income in section 3(1), after the expression “Social Welfare (Transitional Provisions) Act 1990”, the words “or the New Zealand Superannuation Act 2001”.

68 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Schedule 5 Add to paragraph (f) of the deﬁnition of income­tested beneﬁt in section 3(1) the words “or at the rate in clause 2 of Schedule 1 of the New Zealand Superannuation Act 2001”.
Repeal the deﬁnition of New Zealand superannuation in section 3(1) and substitute: “New Zealand superannuation means New Zealand superannu­ ation payable under the New Zealand Superannuation Act 2001.” Insert in section 3(3), after the expression “Social Welfare (Transi­ tional Provisions) Act 1990” the ﬁrst time that it appears, the words “or the New Zealand Superannuation Act 2001”.
Repeal section 3(3)(a) and substitute: “(a) meets the residential qualiﬁcation for New Zealand super­ annuation set out in the New Zealand Superannuation Act 2001; and.” Insert in section 5(1), after the expression “Social Welfare (Transi­ tional Provisions) Act 1990”, the words “or the New Zealand Super­ annuation Act 2001”.

Insert in section 11(2)(a), after the expression “Social Welfare (Tran­ sitional Provisions) Act 1990”, the words “or under the New Zealand Superannuation Act 2001”.
Insert in section 11(2)(f), after the expression “Social Welfare (Tran­ sitional Provisions) Act 1990”, the words “or under the New Zealand Superannuation Act 2001”.

Insert in section 12J(1), after paragraph (c): “(ca) Part 1 of the New Zealand Superannuation Act 2001; or.” Insert in section 61G(1), after the expression “Social Welfare (Tran­ sitional Provisions) Act 1990” in both places where it appears, the words “or the New Zealand Superannuation Act 2001”.
Insert in section 61H(1), after paragraph (c): “(ca) amend Schedule 1 of the New Zealand Superannuation Act 2001; and.” Insert in section 64(1), after the expression “Social Welfare (Tran­ sitional Provisions) Act 1990”, the words “or in the New Zealand Superannuation Act 2001”.
69 Schedule 5 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Insert in section 64(2A), after the expression “Social Welfare (Tran­ sitional Provisions) Act 1990”, the words “or in the New Zealand Superannuation Act 2001”.

Omit from section 66(1) the words “under section 16 of this Act”.
Insert in paragraph (a)(i) of the deﬁnition of income in section 69FA, after the expression “Social Welfare (Transitional Provisions) Act 1990”, the words “or the New Zealand Superannuation Act 2001”.

Insert in section 69G(1), (2)(a) to (d), and (3)(a) and (b), after the expression “Social Welfare (Transitional Provisions) Act 1990”, the words “or under the New Zealand Superannuation Act 2001”.
Insert in section 69H(1) and (3), after the expression “Social Welfare (Transitional Provisions) Act 1990”, the words “or under the New Zealand Superannuation Act 2001”.

Insert in section 70(1), (1)(a) and (b), (3)(a) and (b), and (4)(a), after the expression “Social Welfare (Transitional Provisions) Act 1990”, the words “or under the New Zealand Superannuation Act 2001”.
Insert in section 70, after subsection (3B), the following subsection: “(3C) If the beneﬁt referred to in an arrangement made under subsec­ tion (3)(a) is New Zealand superannuation, the chief executive must pay any amount received from the overseas pensioner under the arrangement into the New Zealand Superannuation Fund established under the New Zealand Superannuation Act 2001, in accordance with arrangements made from time to time by the chief executive with the Guardians of New Zealand Superannuation.” Insert in section 71(1), after the expression “Social Welfare (Transi­ tional Provisions) Act 1990”, the words “or the New Zealand Super­ annuation Act 2001”.
Insert in section 74, after the expression “Social Welfare (Transitional Provisions) Act 1990”, the words “or the New Zealand Superannu­ ation Act 2001”.

Insert in section 74A(2), after the expression “Social Welfare (Transi­ tional Provisions) Act 1990”, the words “or the New Zealand Super­ annuation Act 2001”.
70 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 Schedule 5 Add to section 75: “(8) Nothing in this section applies to New Zealand superannuation under the New Zealand Superannuation Act 2001.” Insert in section 77(1), after the expression “Social Welfare (Transi­ tional Provisions) Act 1990”, the words “or in sections 21 to 29 of the New Zealand Superannuation Act 2001”.
Insert in section 80(1), after the expression “Social Welfare (Transi­ tional Provisions) Act 1990”, the words “or the New Zealand Super­ annuation Act 2001”.

Insert in section 86(2), after the expression “Social Welfare (Transi­ tional Provisions) Act 1990”, the words “or under the New Zealand Superannuation Act 2001”.

Insert in section 127(a), after the expression “Social Welfare (Transi­ tional Provisions) Act 1990”, the words “or the New Zealand Super­ annuation Act 2001”.
Insert in section 132B(2)(c), after the expression “Social Welfare (Transitional Provisions) Act 1990”, the words “or of the New Zealand Superannuation Act 2001”.

Social Security Amendment Act 1998 (1998 No 19) Repeal so much of Part A of Schedule 1 as relates to the Social Welfare (Transitional Provisions) Act 1990.

Social Welfare (Transitional Provisions) Act 1990 (1990 No 26) Repeal sections 3 to 7.
Omit from sections 13A, 17 to 17C, and 18A the words “New Zealand superannuation or” in every place that they appear.

Omit from sections 13A, 17 to 17C, and 17F the words “New Zealand superannuation and” in every place that they appear.

Amend section 19(1)(b) by inserting, after the expression “Social Security Act 1964”, the words “and of Part 1 of the New Zealand Superannuation Act 2001”.
71 Schedule 6 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 3 September 2007 Social Welfare (Transitional Provisions) Amendment Act (No 2) 1990 (1990 No 133) Repeal section 2.

Social Welfare (Transitional Provisions) Amendment Act (No 2) 1991 (1991 No 77) Repeal section 3.

Social Welfare (Transitional Provisions) Amendment Act 1993 (1993 No 58) Repeal section 2.

Taxation (Remedial Provisions) Act 1996 (1996 No 159) Repeal section 30(1)(j) and (k).
Schedule 6 Provisions applying to Retirement Commissioner s 86 Schedule 6 was inserted, as from 21 April 2005, by section 8 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
1 (1) Superannuation or retiring allowances For the purpose of providing a superannuation fund or retiring allowance for the Commissioner, sums by way of subsidy or contribution may be paid into any superannuation scheme that is registered under the Superannuation Schemes Act 1989 and approved by the Minister of Finance for the purposes of this clause.
(2) Despite anything in this clause, any person who, immediately before being appointed as the Commissioner or as an em­ ployee of the Commissioner, is a contributor to the Govern­ ment Superannuation Fund under Part 2 or Part 2A of the Government Superannuation Fund Act 1956 is considered, for the purposes of that Act, to be employed in the Government service so long as that person continues to hold ofﬁce as the 72 Reprinted as at 3 September 2007 New Zealand Superannuation and Retirement Income Act 2001 (3) (4) Commissioner or as an employee of the Commissioner, and that Act applies to that person in all respects as if service as or for the Commissioner were Government service.
Subject to the Government Superannuation Fund Act 1956, nothing in subclause (2) entitles a person to become a contribu­ tor to the Government Superannuation Fund after the person has ceased to be a contributor.
For the purposes of applying the Government Superannuation Fund Act 1956, in accordance with subclause (2), to a person who holds ofﬁce as the Commissioner or as an employee of the Commissioner and is a contributor to the Government Super­ annuation Fund, the term controlling authority, in relation to any such person, means the Commissioner.
Delegations 2 Ability to delegate Despite section 73 of the Crown Entities Act 2004, the Com­ missioner must not delegate the power to appoint an attorney under section 129 of the Crown Entities Act 2004 without the prior written consent of the Minister.
28 November 2000 13 December 2000 12 June 2001 24 July 2001 1, 28 August, 4, 5, 11 September, 3 October 2001 10 October 2001 11 October 2001 Legislative history Introduction (Bill 89­1) First reading and referral to Finance and Expenditure Committee Reported from Finance and Expenditure Committee (Bill 89­2) Second reading Committee of the whole House (Bill 89­3) Third reading Royal assent 73