Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698750926357.pdf (New Zealand)
New Zealand Superannuation and Retirement Income Amendment Bill Government Bill As reported from the committee of the whole House This Bill was formerly part of the New Zealand Superannuation and Retirement In- come Amendment Bill as reported from the Finance and Expenditure Committee.
The committee of the whole House has further amended the Bill and divided it into the following Bills: • • this Bill comprising clauses 1 and 2, and Part 1 the Taxation (New Zealand Superannuation and Retirement Income) Bill com- prising Part 2.
166—3 New Zealand Superannuation and Retirement Income Amendment Bill Key to symbols used in reprinted bill As reported from the committee of the whole House text deleted Hon Bill English New Zealand Superannuation and Retirement Income Amendment Bill Government Bill Contents Title Commencement Principal Act Section 38 amended (Property of Fund) New section 49A inserted (Saving of certain transactions) Saving of certain transactions 49A Section 59 amended (No controlling interests) New section 59A inserted (Fund investment vehicles) 59A Section 61 amended (Contents of statements of investment policies, standards, and procedures) Schedule 3 amended Fund investment vehicles · · · · · Page 1 1 2 2 2 2 2 2 3 3 3 The Parliament of New Zealand enacts as follows: 1 2 Title This Act is the New Zealand Superannuation and Retirement Income Amend- ment Act 2015.
Commencement 5 This Act comes into force on the day after the date on which it receives the Royal assent.

166—3 1 cl 3 3 4 New Zealand Superannuation and Retirement Income Amendment Bill Principal Act This Act amends the New Zealand Superannuation and Retirement Income Act 2001 (the principal Act).

Section 38 amended (Property of Fund) In section 38, insert as subsections (2) and (3): (2) The Fund is not an entity separate from the Crown.

(3) However, subsection (2) does not limit section 66(2) or 67(1).
5 New section 49A inserted (Saving of certain transactions) After section 49, insert: 49A Saving of certain transactions (1) A failure by the Guardians to comply with any provision of this Act or the Crown Entities Act 2004 does not affect the validity or enforceability of any deed, agreement, right, or obligation that is entered into, obtained, or incurred by— (a) (b) (c) the Guardians; or a Fund investment vehicle referred to in section 59A; or a Crown entity subsidiary of the Guardians.
(2) (3) This section applies only to the extent that the deed, agreement, right, or obli- gation is entered into, obtained, or incurred for the purpose of performing the functions of the Guardians.

This section applies despite anything to the contrary in this Act or the Crown Entities Act 2004 or any other enactment or rule of law.
Compare: 1986 No 124 s 21 6 Section 59 amended (No controlling interests) After section 59(4), insert: (5) This section— (a) (b) does not apply to a Fund investment vehicle referred to in section 59A; but does apply to an entity in which a Fund investment vehicle has an inter- est, as if the investments of the Fund that are held, facilitated, or man- aged by the Fund investment vehicle were held directly by the Guardians as manager and administrator of the Fund.
7 New section 59A inserted (Fund investment vehicles) After section 59, insert: 2 New Zealand Superannuation and Retirement Income Amendment Bill cl 9 59A Fund investment vehicles (1) All or any of the investments of the Fund may be held in an entity that is formed or controlled by the Guardians for the purpose of holding, facilitating, or managing the investments of the Fund (a Fund investment vehicle).
(1A) The Guardians may exercise the power in subsection (1) in respect of— 5 (a) passive holding entities (being entities that only hold financial products within the meaning of the Financial Markets Conduct Act 2013); or (b) any other entities only with the approval of the Minister of Finance.
(1B) The Minister’s approval under subsection (1A)(b)— (a) may be given for any class or classes of investments or entities; and 10 (b) may set conditions as to the governance framework for the implementa- tion and operation of the entities and as to the application of this Act to the entities.

(2) A Fund investment vehicle is not a Crown entity subsidiary for the purposes of section 7(1)(c) of the Crown Entities Act 2004.
(3) Interests in Fund investment vehicles are Fund investments and part of the Fund.

(3A) To avoid doubt, the Official Information Act 1982 and the Ombudsmen Act 1975 do not apply to Fund investment vehicles, but the Official Information Act 1982 applies to the Guardians in respect of information held by the Guardi- ans about Fund investment vehicles.

15 20 (4) 8 9 (1) Subsection (1) applies despite anything to the contrary in the Crown Entities Act 2004, this Act, or any other enactment.
Section 61 amended (Contents of statements of investment policies, stand- ards, and procedures) 25 After section 61(f), insert: (fa) the governance framework for the implementation and operation of Fund investment vehicles referred to in section 59A; and Schedule 3 amended In Schedule 3, after clause 39(b), insert: 30 (c) a Fund investment vehicle that is formed or controlled under section 59A.

(2) In Schedule 3, repeal clause 40.
· · · · · 3 New Zealand Superannuation and Retirement Income Amendment Bill 5 November 2013 19 March 2014 30 July 2014 7 May 2015 30 June 2015 Legislative history Introduction (Bill 166–1) First reading and referral to Finance and Expenditure Committee Reported from Finance and Expenditure Committee (Bill 166–2) Second reading Committee of the whole House (Divided from Bill 166–2 as Bill 166–3) Wellington, New Zealand: Published under the authority of the House of Representatives—2015 4