Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698751301929.pdf (New Zealand)
Reprint as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Public Act 2001 No 84 Date of assent 11 October 2001 Commencement see section 2 Act name: amended, on 21 April 2005, by section 5(1) of the New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
Contents Title Commencement Purpose Interpretation of Part 1 and Schedule 1 Meaning of living alone Interpretation of Parts 2 and 3 and Schedule 3 Interpretation of Part 4 and Schedule 6 Transitional, savings, and related provisions 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 Page 5 6 6 4A 5 5A 5B 6 7 8 9 Note Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.
Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Social Development and the Treasury.
1 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Periods of absence as missionary also not counted Commencement of New Zealand superannuation Standard rates of New Zealand superannuation Living alone payments [Repealed] Living alone payments [Repealed] Commencement of living alone payments [Repealed] Annual adjustment of New Zealand superannuation Annual adjustment of standard rates of New Zealand superannuation Orders are confirmable instruments Annual adjustment of New Zealand superannuation: relationship to net average wage Non-standard New Zealand superannuation entitlements Entitlement to benefits for spouses or partners of persons in long- term residential care in hospital or rest home Single living alone rate for spouses or partners of persons in long- term 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 Calculation of amount of New Zealand superannuation payable overseas Entitlement Applications after leaving New Zealand Date of commencement of payment overseas Relationship with other benefit provisions Specified Pacific country Orders are confirmable instruments 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 15A 26 26A 26B 27 28 29 30 30A 31 32 33 34 2 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 35 Application of
 this Act and Social Security Act 2018 Part 2 New Zealand Superannuation Fund and Guardians of New Zealand Superannuation 36 Outline of Part 37 38 39 40 41 41A 42 43 44 45 46 47 48 49 49A 50 51 52 53 54 55 56 57 New Zealand Superannuation Fund Establishment of New Zealand Superannuation Fund Property of Fund Crown Bank Account Ownership of Fund Payments out of Fund Guardians may apportion obligations Required capital contributions to Fund Process for calculating capital contributions to Fund Amount of required annual capital contribution Lesser amounts of annual capital contribution Other contributions to Fund Annual expense payments Additional contributions to Fund Withdrawals from Fund Withdrawals from Fund after 2020 Guardians of New Zealand Superannuation Establishment of Guardians of New Zealand Superannuation Body corporate status and powers Saving of certain transactions 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 58 59 59A Investment of Fund No controlling interests Fund investment vehicles 30 31 31 31 32 32 32 33 33 34 34 35 35 35 35 36 36 37 37 37 37 37 38 38 38 38 39 40 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Fund investment vehicles not required to prepare statements or annual reports Establishment of investment policies, standards, and procedures Contents of statements of investment policies, standards, and procedures Investment management Custodianship of Fund Ministerial directions Ministerial directions Accountability Statement of performance expectations Financial statements of Fund Auditor-General is auditor of Fund Annual report Reporting by Guardians on Fund Auditor-General to be auditor of Guardians [Repealed] Performance reviews Performance reviews Part 3 Miscellaneous provisions Political commitment to New
 Zealand superannuation Political commitment Amendments to Act Amendments to other Acts [Repealed] Amendment to Ombudsmen Act 1975 [Repealed] Amendments to Public Finance Act 1989 [Repealed] Taxation [Repealed] Taxation of Fund and Guardians [Repealed] Consequential amendments and revocation Consequential amendments to other Acts Consequential revocation Transitional and savings provision Transitional provision for existing New Zealand superannuation entitlements References to Volunteer Service Abroad Incorporated 40 40 41 41 42 42 43 43 43 44 44 45 45 46 46 47 47 47 47 48 48 48 59B 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 79A 4 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 80 81 82 83 84 85 86 87 88 89 Part 4 Retirement Commissioner Purpose of this Part Interpretation of this Part and Schedule 6 Provisions relating to constitution and appointment of Retirement Commissioner 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 Transitional and miscellaneous provisions 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 1AA Transitional, savings, and related provisions 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 1 48 49 49 49 50 51 51 51 52 52 53 54 56 57 66 67 69 1 Title This Act is the New Zealand Superannuation and Retirement Income Act 2001.
5 s 2 2 (1) (2) New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Section 1: amended, on 21 April 2005, by section 5(2) of the New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).

Commencement This Act comes into force on the day after the date on which it receives the Royal assent.
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 finan- cial year.
3 Purpose The purpose of this Act is— (a) (b) (c) (d) (e) (f) to continue current entitlements to New Zealand superannuation: to establish a New Zealand Superannuation Fund (the Fund) with suffi- cient 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 called the Guardians of New Zealand Super- annuation, which will manage and administer the Fund and the Venture Capital Fund established under the Venture Capital Fund Act 2019: to establish a process for signalling political agreement on the parame- ters for New Zealand superannuation entitlements and funding: to bring together in one Act all of the provisions for each of those mat- ters.
Section 3(b): amended, on 14 December 2019, by section 4(1) of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).

Section 3(d): replaced, on 14 December 2019, by section 4(2) of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
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 living alone, in relation to a single person, has the meaning given to it by sec- tion 4A New Zealand superannuation means the entitlements under Part 1, including both the standard and non-standard entitlements single living alone rate means the rate of New Zealand superannuation speci- fied in clause 1(a) of Schedule 1 that is payable to a single person who is living alone 4 (1) 6 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 s 4A single sharing accommodation rate means the rate of New Zealand super- annuation specified in clause 1(b) of Schedule 1 that is payable to a single per- son who is not living alone.
(2) 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 2018 or the Residential Care and Disability Support Ser- vices Act 2018.

Section 4(1) living alone: inserted, on 2 September 2013, by section 4 of the Social Assistance (Liv- ing Alone Payments) Amendment Act 2013 (2013 No 11).
Section 4(1) single living alone rate: inserted, on 2 September 2013, by section 4 of the Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11).

Section 4(1) single sharing accommodation rate: inserted, on 2 September 2013, by section 4 of the Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11).

Section 4(2): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
4A Meaning of living alone (1) A single person (person A) is living alone only if he or she meets the 2 condi- tions specified in subsections (2) and (3).

(2) (3) The first condition is that person A occupies a principal place of residence of a kind described in subsection (6).

The second condition is that person A does not share that residence with any person 18 years old or older, except a person to whom subsection (4) or (5) applies.
(4) This subsection applies to person A’s dependent child— (a) who— (i) (ii) (iii) is 18 years old (despite the definition of child in Schedule 2 of the Social Security Act 2018); and is not financially independent; and is attending a school or a tertiary educational establishment; but (b) only until the close of 31 December in the year in which the child turns 18 years old.
(5) This subsection applies to a temporary visitor to person A’s residence who stays there less than 13 weeks in any period of 26 weeks.
(6) The place of residence referred to in subsection (2) is— (a) (b) a house or flat; or a boat or craft moored within any of the following sea or waters, whether or not it is from time to time travelling within that sea or any of those waters: (i) the territorial sea of New Zealand or any internal waters of New Zealand; or 7 s 5 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (ii) any waters within New Zealand, being any lake, estuary, lagoon, river, stream, creek, or other waters; or (c) a hotel room, motel unit, a room in a boarding house, or a unit of accom- modation in a caravan park.
(7) In this section,— boarding house has the same meaning as in section 66B of the Residential Tenancies Act 1986 territorial sea of New Zealand and internal waters have the same meanings as in the Territorial Sea, Contiguous Zone, and Exclusive Economic Zone Act 1977.

Section 4A: inserted, on 2 September 2013, by section 5 of the Social Assistance (Living Alone Pay- ments) Amendment Act 2013 (2013 No 11).
Section 4A(4)(a)(i): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
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 member means a member of the Guardians of New Zealand Superannu- ation 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 Superannu- ation 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 par- ticular provisions of this Act net cost is the cost of New Zealand superannuation entitlements net of any amount of tax deducted or withheld, or required to be deducted or withheld under the PAYE rules in the Income Tax Act 2007 5 (1) 8 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 s 5A New Zealand superannuation— (a) means the entitlements to New Zealand superannuation under Part 1, including both the standard and non-standard entitlements; and (b) includes, for the avoidance of doubt in Part 2 and Schedule 3, entitle- ments to New Zealand superannuation under Part 1 as modified under section 380 (orders adopting reciprocity agreements) of the Social Secur- ity Act 2018 required annual capital contribution has the same meaning as in section 43 subsidiary— (a) means a subsidiary
 within the meaning of sections 5 to 8 of the Compan- ies Act 1993; and (b) includes an entity that is classified as a subsidiary in any relevant finan- cial reporting standard (within the meaning of section 5 of the Financial Reporting Act 2013) VCF means the Venture Capital Fund established under section 8 of the Ven- ture Capital Fund Act 2019.
(2) 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.

Section 5(1) board: amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
Section 5(1) net cost: amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).

Section 5(1) New Zealand superannuation paragraph (b): amended, on 26 November 2018, by sec- tion 459 of the Social Security Act 2018 (2018 No 32).
Section 5(1) subsidiary paragraph (b): amended, on 1 April 2014, by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 5(1) subsidiary paragraph (b): amended, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22).

Section 5(1) VCF: inserted, on 14 December 2019, by section 5 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
Section 5(2): amended, on 25 January 2005, by section 37(1) of the Public Finance Amendment Act 2004 (2004 No 113).

5A Interpretation of Part 4 and Schedule 6 In Part 4 and in Schedule 6, unless the context otherwise requires,— Commissioner means the office of the Retirement 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.
9 s 5B New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Section 5A: inserted, on 21 April 2005, by section 6 of the New Zealand Superannuation and Retire- ment Income Amendment Act 2005 (2005 No 42).

5B Transitional, savings, and related provisions The transitional, savings, and related provisions set out in Schedule 1AA have effect according to their terms.
Section 5B: inserted, on 21 January 2019, by section 4 of the Social Assistance (Residency Qualifica- tion) Legislation Act 2018 (2018 No 45).

6 Act binds the Crown This Act binds the Crown.

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 superannuation who attains the age of 65 years.
(2) However, a person is not entitled to receive New Zealand superannuation in respect of the period for which the person has made an election, as contempla- ted by any of the following provisions, to be entitled to weekly compensation rather than to New Zealand superannuation: (a) clauses 5(4) and 6(4) of Schedule 1AA of the Accident Compensation Act 2001: (b) clause 16(3) or 17(3) of Schedule 1 of the Veterans’ Support Act 2014.
(3) Subsection (1) applies subject to the provisions of this Part and of the Social Security Act 2018 or the Residential Care and Disability Support Services Act 2018.

Compare: 1990 No 26 s 3 Section 7(2): replaced, on 1 July 2019, by section 11(2) of the Accident Compensation Amendment Act 2019 (2019 No 10).

Section 7(3): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
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, unless section 31(4) of this Act or section 191(4) of the Veterans’ Support Act 2014 applies; and 10 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 9 (b) (c) 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 for a period or periods aggregat- ing not less than 5 years since attaining the age of 50 years in any 1 or more of— (i) (ii) New Zealand: the Cook Islands: (iii) Niue: (iv) Tokelau.
Compare: 1990 No 26 s 4(1) 9 (1) Section 8(a): replaced, on 1 July 2015, by section 5 of the Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 (2015 No 61).

Section 8(c): replaced, on 21 January 2019, by section 5 of the Social Assistance (Residency Qualifi- cation) Legislation Act 2018 (2018 No 45).
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) (b) (c) (d) 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 rea- sons 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, military, or air force of any Com- monwealth country or serving 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 appointed by Volunteer Service Abroad Incorporated.
(2) (3) 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 Zea- land.
The reference in subsection (1)(d) to “Volunteer Service Abroad Incorporated” must for all purposes relating to the operation of subsection (1)(d) on or after its commencement on 12 October 2001, and despite any later changes to that 11 Part 1 s 10 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 body’s name, be read as a reference to the body incorporated under the Incorp- orated Societies Act 1908 on 8 April 1963 as “Volunteer Service Abroad Inc”.
Compare: 1990 No 26 s 4(2)(a)–(d) Section 9(3): inserted, on 25 February 2012, by section 4 of the New Zealand Superannuation and Retirement Income Amendment Act 2012 (2012 No 16).
10 (1) (2) 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 member 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 ordinarily resident in New Zealand immediately before leaving 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 provisions of sub- section (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 reci- procity in social security benefits between their respective countries or the pro- visions of any Act or Order in Council giving effect to the agreement.
(4) In this section, missionary work includes the advancement of religion or edu- cation 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) Section 10(1): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).

Section 10(2): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).
11 Commencement of New Zealand superannuation (1) 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.

(2) This section is subject to section 317 of the Social Security Act 2018.

Compare: 1990 No 26 s 5 Section 11(2): added, on 2 July 2007, by section 12(2) of the Social Security Amendment Act 2007 (2007 No 20).
Section 11(2): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

12 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 14 12 (1) Standard rates of New Zealand superannuation The rate of New Zealand superannuation payable to any person is the appropri- ate 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 relationship and whose spouse or partner is not entitled to receive New Zealand superannuation may elect to receive the appropriate 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) (b) that person’s spouse or partner is or was in employment under a contract of service; and the combined income of the person and his or her spouse or partner, dur- ing that employment, is or was enough to prevent receipt of New Zea- land 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 Section 12(2): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).

Section 12(2): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).

Section 12(3)(a): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).
Section 12(3)(b): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Living alone payments [Repealed] Heading: repealed, on 2 September 2013, by section 6 of the Social Assistance (Living Alone Pay- ments) Amendment Act 2013 (2013 No 11).

13 Living alone payments [Repealed] Section 13: repealed, on 2 September 2013, by section 6 of the Social Assistance (Living Alone Pay- ments) Amendment Act 2013 (2013 No 11).
14 Commencement of living alone payments [Repealed] Section 14: repealed, on 2 September 2013, by section 6 of the Social Assistance (Living Alone Pay- ments) Amendment Act 2013 (2013 No 11).
13 Part 1 s 15 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Annual adjustment of New Zealand superannuation 15 (1) (2) Annual adjustment of standard rates of New Zealand superannuation In this section,— CPI means the consumers price index-all groups published by Statistics New Zealand 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 schedule 5, part A, clause 4, table row 1 of the Tax Administration Act 1994.
Subject to subsection (3), the rates of New Zealand superannuation stated in paragraphs (a), (b), and (c) of clause 1 and paragraph (b) of clause 2 of Sched- ule 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 movement upwards in the CPI between the CPI for the quarter ended with 31 December one year before the immediately preceding 31 December and the CPI for the quarter ended with the immediately preceding 31 December.
(2A) The adjustments (by any percentage movement upwards in the CPI) required under subsection (2) as at 1 April in any year from 2011 to 2021 (inclusive) must, despite subsections (1) and (2), be calculated,— (a) (b) if, and insofar as, they relate to movements during quarters that end before 29 April 2010, using index numbers for those quarters of the con- sumers price index-all groups published by Statistics New Zealand; and if, and insofar as, they relate to movements during quarters that end after 28 April 2010, using index numbers for those quarters of the consumers price index-all groups excluding cigarettes and other tobacco products published by Statistics New Zealand.
(3) Every Order in Council made under subsection (2) must adjust the rates of New Zealand superannuation, subject to subsection (4),— (a) (b) so that the weekly amounts referred to in section 16 are set in accord- ance 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 standard tax) to the rates stated in paragraphs (a), (b), and (c) of clause 1 of that schedule.
(4) An adjustment under this section must not reduce the weekly amounts payable under this section.

(5) Every Order in Council made under subsection (2) has the force of law as if it was enacted by this Act.
14 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 16 (6) Every Order in Council made under subsection (2) comes into force or is con- sidered 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) Section 15(1) CPI: amended (with effect on 20 May 2010), on 28 May 2010, by section 3(1) of the New Zealand Superannuation and Retirement Income Amendment Act 2010 (2010 No 32).

Section 15(1) earner premium: repealed, on 11 May 2005, by section 63(2) of the Injury Prevention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 (2005 No 45).
Section 15(1) standard tax: amended, on 1 April 2019, by section 259 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).

Section 15(1) standard tax: amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Section 15(2A): inserted (with effect on 20 May 2010), on 28 May 2010, by section 3(2) of the New Zealand Superannuation and Retirement Income Amendment Act 2010 (2010 No 32).

Section 15(2A): amended, on 31 May 2016, by section 9 of the Customs and Excise (Tobacco Prod- ucts—Budget Measures) Amendment Act 2016 (2016 No 25).

Section 15(2A): amended, on 24 October 2012, by section 3 of the New Zealand Superannuation and Retirement Income (Indexation—Budget Measures) Amendment Act 2012 (2012 No 81).
Section 15(5): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
15A Orders are confirmable instruments The explanatory note of an Order in Council made under section 15(2) must indicate that— (a) (b) (c) it is a confirmable instrument, and an annual confirmable instrument, under section 47B of the Legislation Act 2012; and it is revoked, or taken to have been invalid for past operation, at a time stated in the note, unless earlier confirmed by an Act of Parliament; and the stated time is the applicable deadline under section 47C(1)(a) or (b) of that Act.
Section 15A: inserted, on 1 January 2016, by section 14 of the Legislation (Confirmable Instruments) Amendment Act 2015 (2015 No 120).
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 superannuation (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 determined by the last Quarterly Employment Survey of wages published by the Department of Statistics before 1 March in each 15 Part 1 s 17 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (b) (c) year (after the deduction of standard tax and the earner levies payable on those earnings): the standard weekly amount of New Zealand superannuation (after the deduction of standard tax) payable to a single person who is living alone 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 super- annuation: the standard weekly amount of New Zealand superannuation (after the deduction of standard tax) payable to a single person who is not living alone is 60% 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.
(2) In this section, earner levies means the levies payable under section 219(1) of the Injury Prevention, Rehabilitation, and Compensation Act 2001.

Compare: 1990 No 26 s 13A(3)(a)–(c) Section 16(1)(a): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 16(1)(a): amended, on 11 May 2005, by section 63(3) of the Injury Prevention, Rehabilita- tion, and Compensation Amendment Act (No 2) 2005 (2005 No 45).
Section 16(1)(a): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 16(1)(b): amended, on 2 September 2013, by section 7(1) of the Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11).

Section 16(1)(b): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).
Section 16(1)(c): amended, on 2 September 2013, by section 7(2) of the Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11).

Section 16(1)(c): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 16(2): added, on 11 May 2005, by section 63(4) of the Injury Prevention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 (2005 No 45).
Section 16(2): amended, on 3 March 2010, by section 49 of the Accident Compensation Amendment Act 2010 (2010 No 1).
Non-standard New Zealand superannuation entitlements Entitlement to benefits for spouses or partners of persons in long-term residential care in hospital or rest home This section applies to any person who is not in long-term residential care and whose spouse or partner is in long-term residential care in a hospital or rest home, whether or not the spouse or partner is a resident assessed as requiring care (as defined in section 5 of the Residential Care and Disability Support Ser- vices Act 2018).
17 (1) 16 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 17 (2) Every person to whom this section applies is entitled to receive— (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 superannuation 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— (i) (ii) that person is not entitled to New Zealand superannuation in his or her own right; but his or her spouse or partner is entitled to New Zealand superannu- ation 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 (c) an emergency benefit under section 63 of the Social Security Act 2018 at the appropriate rate of a supported living payment 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.
(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 under the Residential Care and Disa- bility Support Services Act 2018.

Compare: SR 1993/250 cl 3 Section 17 heading: amended, on 1 July 2006, by section 5(1) of the New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31).
Section 17 heading: amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 17(1): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Section 17(2)(a): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 17(2)(b): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).
Section 17(2)(b)(ii): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 17(2)(c): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Section 17(2)(c): amended, on 15 July 2013, by section 97 of the Social Security (Benefit Categories and Work Focus) Amendment Act 2013 (2013 No 13).
Section 17(2)(c): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 17(3): substituted, on 1 July 2005, by section 12(2) of the Social Security (Long-term Resi- dential Care) Amendment Act 2004 (2004 No 101).

Section 17(3): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
17 Part 1 s 18 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 18 Single living alone rate for spouses or partners of persons in long-term residential care in hospital or rest home However, every person to whom section 17(2)(a) or (b) applies is entitled to receive New Zealand superannuation at the single living alone rate if the per- son is living alone.
Compare: SR 1993/250 cl 4 Section 18 heading: amended, on 2 September 2013, by section 8(1) of the Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11).

Section 18 heading: amended, on 1 July 2006, by section 6 of the New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31).

Section 18 heading: amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).
Section 18: amended, on 2 September 2013, by section 8(2) of the Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11).

Hospital rates of New Zealand superannuation For the purposes of this section, hospital means a hospital provided by a Dis- trict 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 superannuation, 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 (4) does not apply to a resident assessed as requiring care (as defined in section 5 of the Residential Care and Disability Support Services Act 2018) 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 ser- vices (as defined in section 11 of that Act) under section 18, 22(2), 26, 54, or 55 of that Act.
19 (1) (2) (3) (4) (5) (6) However, the chief executive may, at the chief executive’s discretion,— (a) pay to any patient to whom subsection (4) applies a higher rate than the rate stated in clause 3 of Schedule 1 after having regard to the patient’s personal financial circumstances.
(b) [Repealed] 18 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 19 (7) (8) (9) If, after 13 weeks’ hospitalisation, the New Zealand superannuation of a person who is married or in a civil union or in a de facto relationship is reduced under subsection (4) or subsection (6)(b), 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) (b) 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.
In any case where the rate of New Zealand superannuation has been reduced in accordance with this section and the superannuitant 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.

(10) This section applies despite anything to the contrary in the Social Security Act 2018 or in the Residential Care and Disability Support Services Act 2018.
Compare: 1964 No 136 s 75 Section 19(2): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).

Section 19(2): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).

Section 19(5): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
Section 19(6)(a): amended, on 10 September 2008, by section 13(2) of the Disability (United Nations Convention on the Rights of Persons with Disabilities) Act 2008 (2008 No 64).

Section 19(6)(a): amended, on 20 September 2007, by section 4(2) of the New Zealand Superannu- ation and Retirement Income Amendment Act 2007 (2007 No 70).
Section 19(6)(b): repealed, on 10 September 2008, by section 13(3) of the Disability (United Nations Convention on the Rights of Persons with Disabilities) Act 2008 (2008 No 64).

Section 19(7): substituted, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 19(7): amended, on 20 September 2007, by section 4(3) of the New Zealand Superannuation and Retirement Income Amendment Act 2007 (2007 No 70).
Section 19(7): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).

Section 19(7)(b): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

19 Part 1 s 20 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Section 19(9): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).
Section 19(9): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).

Section 19(10): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
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(1)) who is in receipt of a reduced benefit under section 19(4) or (6); or a resident assessed as requiring care (as defined in section 5 of the Residential Care and Disability Support Services Act 2018), 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 section 11 of that Act) under section 18, 22(2), 26, 54, or 55 of that Act.
(c) [Repealed] (2) (3) The chief executive must grant a special disability allowance at the rate stated in clause 4 of Schedule 1, for the purpose of defraying expenses arising from the spouse’s or partner’s hospitalisation.

This section applies despite anything in subpart 14 of Part 2 of the Social Security Act 2018 (disability allowance) but subject to sections 186 and 310 and clause 19 of Schedule 3 of that Act (which relate to insurance payments).
Compare: 1964 No 136 s 69C(5) Section 20(1)(b): substituted, on 7 July 2010, by section 4 of the New Zealand Superannuation and Retirement Income Amendment Act (No 2) 2010 (2010 No 75).

Section 20(1)(b)(ii): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Section 20(1)(c): repealed, on 7 July 2010, by section 4 of the New Zealand Superannuation and Retirement Income Amendment Act (No 2) 2010 (2010 No 75).
Section 20(2): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).

Section 20(3): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
Payment overseas of New Zealand superannuation 21 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 35 or in any 20 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 24 reciprocity agreement adopted under section 380 of the Social Security Act 2018.
Compare: 1990 No 26 s 17A(1) Section 21: amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Section 21: amended, on 5 January 2010, by section 4 of the New Zealand Superannuation and Retirement Income Amendment Act 2009 (2009 No 40).
22 First 26 weeks of certain temporary absences New Zealand superannuation that would otherwise be payable to a person (other than a person who is receiving New Zealand superannuation overseas under section 26) 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 satis- fied 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) Section 22: amended, on 5 January 2010, by section 5 of the New Zealand Superannuation and Retirement Income Amendment Act 2009 (2009 No 40).
23 Absences up to 2 years for medical treatment 24 (1) 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: amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amend- ment Act 2005 (2005 No 17).
Absences up to 156 weeks with aid agencies The chief executive may pay New Zealand superannuation to any person who— (a) (b) (c) 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 full-time voluntary and unpaid humanitarian work for a recognised aid agency that— (i) (ii) 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 employment to engage the person to do that work on an unpaid basis.
21 Part 1 s 25 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (2) The chief executive of the Ministry of Foreign Affairs and Trade must deter- mine any question that arises as to whether an aid agency fulfils the qualifica- tions set out in subsection (1).

Compare: 1990 No 26 s 17A(3A), (3B) Section 24 heading: amended, on 1 July 2006, by section 7(1) of the New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31).
Section 24(1)(b): amended, on 1 July 2006, by section 7(2) of the New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31).

25 Date absence commences If a person who is absent from New Zealand would have become 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 (1) Payment overseas of New Zealand superannuation This subsection— (a) applies to a country if it is not a country with whose government New Zealand has a reciprocity agreement in force under section 380 of the Social Security Act 2018, that relates to New Zealand superannuation; and (b) applies to a person if he or she has left New Zealand at a time when he or she was— (i) intending to reside for a period longer than 26 weeks in a country (or any 2 or more countries) to which this subsection applies, but not intending to reside for a period longer than 52 weeks in a spe- cified Pacific country (within the meaning of section 30(1)); or (ii) intending to travel for a period longer than 26 weeks, but not intending to reside in any country other than New Zealand.
(2) A person to whom subsection (1) applies is entitled to be paid New Zealand superannuation at the appropriate rate specified in subsection (6)— (a) in the case of a person who has left New Zealand at a time when he or she was intending to reside for a period longer than 26 weeks in a coun- try (or any 2 or more countries) to which subsection (1) applies, but not intending to reside for a period longer than 52 weeks in a specified Pacific country (within the meaning of section 30(1)), until he or she— (i) (ii) (iii) begins to reside in a country that is not a country to which subsec- tion (1) applies; or begins to reside in New Zealand again; or begins to receive New Zealand superannuation otherwise than under this section; and 22 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 26A (b) in the case of a person who has left New Zealand at a time when he or she was intending to travel for a period longer than 26 weeks, but not intending to reside in any country other than New Zealand, until he or she— (i) begins to reside in a country that is not a country to which subsec- tion (1) applies; or (ii) returns to New Zealand.
(3) For the purposes only of subsection (2)(b)(ii), a person does not return to New Zealand if— (a) he or she— (i) interrupts his or her overseas travel, and travels to and stays briefly in New Zealand, in order to attend an event (for example, a wedding or funeral) or to visit a person (for example, a sick or injured family member); and then (ii) resumes his or her overseas travel; and (b) he or she does not while in New Zealand begin to receive New Zealand superannuation otherwise than under this section.
Except to the extent provided by paragraphs (a)(i) and (b)(i) of subsection (2), a person does not cease to be entitled to be paid New Zealand superannuation under that subsection by reason only of changing his or her intentions after leaving New Zealand.

Subsection (4) is for the avoidance of doubt.


The rates referred to in subsection (2) are,— (4) (5) (6) (a) (b) for a single person, a rate that is a proportion (calculated under section 26A(1)) of the amount stated in clause 1(b) of Schedule 1: for a person who is married or in a civil union or in a de facto relation- ship, a rate that is a proportion (calculated under section 26A(1)) of the amount stated in clause 1(c) of that schedule.

(7) This section is subject to section 26B.


Section 26: substituted, on 5 January 2010, by section 6 of the New Zealand Superannuation and Retirement Income Amendment Act 2009 (2009 No 40).

Section 26(1)(a): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
26A Calculation of amount of New Zealand superannuation payable overseas (1) The proportion referred to in section 26(6) is to be calculated by— (a) treating each period during which the person concerned has resided in New Zealand while aged 20 or more and less than 65 as whole calendar months and (where applicable) additional days; and 23 Part 1 s 26A New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (b) (c) adding the number of additional days (if any), dividing the total by 30, and disregarding any remainder; and adding the number of calendar months and the quotient calculated under paragraph (b); and (d) dividing by 540 the total calculated under paragraph (c).
(2) In the determination for the purposes of subsection (1) of the periods during which a person has resided in New Zealand, no account is to be taken of— (a) any period of absence from New Zealand of a kind described in section 9(1); or (b) any period of absence from New Zealand— (c) (d) (i) while the person was engaged in missionary work as a member of, or on behalf of, any religious body; or (ii) while the person’s spouse or partner was engaged in missionary work as a member of, or on behalf of, any religious body, and the person was with his or her spouse or partner; or any period of absence from New Zealand while the person was treated under section 79(3)(a) of the Social Security Act 1964 or regulations made under section 421 of the Social Security Act 2018 as being resi- dent and present in New Zealand; or any period of absence from New Zealand while, as the spouse or partner of a person treated under section 79(3)(a) of the Social Security Act 1964 or regulations made under section 421 of the Social Security Act 2018 as being resident and present in New Zealand, the person was also (by virtue of section 79(3)(b) of the Social Security Act 1964) treated as being resident and present in New Zealand.
(3) (4) Subsection (2) applies to a period of absence only if the chief executive is satis- fied that during it the person concerned remained ordinarily resident in New Zealand.
Subsection (2)(b) applies to a period of absence only if the chief executive is satisfied that the person concerned either was born in New Zealand or— (a) (b) in the case of a person to whom subsection (2)(b)(i) applies, was ordinar- ily resident in New Zealand immediately before leaving New Zealand to engage in the missionary work concerned: in the case of a person to whom subsection (2)(b)(ii) applies, was ordin- arily resident in New Zealand immediately before leaving New Zealand to accompany or join his or her spouse or partner.
Section 26A: inserted, on 5 January 2010, by section 6 of the New Zealand Superannuation and Retirement Income Amendment Act 2009 (2009 No 40).

Section 26A(2)(c): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

24 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 28 Section 26A(2)(c): amended, on 10 April 2015, by section 12 of the Social Security Amendment Act 2015 (2015 No 41).
Section 26A(2)(d): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Section 26A(2)(d): amended, on 10 April 2015, by section 12 of the Social Security Amendment Act 2015 (2015 No 41).
26B Entitlement A person is not entitled to be paid New Zealand superannuation under section 26 unless he or she— (a) has made an application for the payment of New Zealand superannuation under that section stating either (as the case may be)— (i) (ii) the country or countries in which he or she intends to reside and the period for which he or she intends to reside there; or the country or countries to and in which he or she intends to travel; and (b) is ordinarily resident and present in New Zealand on the day he or she makes the application, and— (i) is entitled to receive New Zealand superannuation on that day; or (ii) will become entitled to receive New Zealand superannuation before he or she leaves New Zealand.
Section 26B: inserted, on 5 January 2010, by section 6 of the New Zealand Superannuation and Retirement Income Amendment Act 2009 (2009 No 40).

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 subsection (2) and, after the applicant left New Zealand, the applicant has been paid any instalment of New Zealand superannuation in accordance with sections 21 to 25, no liabil- ity to repay any of those instalments arises merely because the applicant fails to return to New Zealand within the period allowed for by those sections.
Compare: 1990 No 26 s 17(3), (4) Date of commencement of payment overseas The date of commencement of payment overseas of New Zealand superannu- ation under section 26 is the first pay day after the date of the applicant’s depar- ture from New Zealand.
25 27 (1) (2) (3) 28 (1) Part 1 s 29 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (2) However, in the case of an application under section 27, the date of commence- ment is the first pay day after the date on which the application was received by the department.

(3) Subsection (2) is subject to section 317 of the Social Security Act 2018.
Compare: 1990 No 26 s 17(4) Section 28(3): added, on 2 July 2007, by section 12(2) of the Social Security Amendment Act 2007 (2007 No 20).

Section 28(3): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
29 (1) Relationship with other benefit provisions [Repealed] (2) A person who is receiving New Zealand superannuation overseas under sec- tion 26 is not entitled to receive any assistance under the Social Security Act 2018 or under a programme approved under section 100 or 101 of that Act.
(3) When a person who receives New Zealand superannuation overseas under sec- tion 26 dies, the benefit terminates (despite sections 325 to 330 of the Social Security Act 2018) on a date— (a) (b) to be determined by the chief executive; and that must be not more than 4 weeks after the person’s date of death.
(4) [Repealed] (4A) The Social Security Act 2018 applies to New Zealand superannuation being paid under section 26, but— (a) (b) sections 111, 114, 173 to 196, 204, and 206 to 219 of that Act do not apply to that New Zealand superannuation; and the rest of that Act applies to that New Zealand superannuation except as provided in this section.
(5) [Repealed] Compare: 1990 No 26 s 17(1), (6)–(9) Section 29(1): repealed, on 5 January 2010, by section 7(1) of the New Zealand Superannuation and Retirement Income Amendment Act 2009 (2009 No 40).

Section 29(2): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Section 29(3): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
Section 29(4): repealed, on 5 January 2010, by section 7(3) of the New Zealand Superannuation and Retirement Income Amendment Act 2009 (2009 No 40).

Section 29(4A): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Section 29(5): repealed, on 5 January 2010, by section 7(3) of the New Zealand Superannuation and Retirement Income Amendment Act 2009 (2009 No 40).
26 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 31 30 (1) Specified Pacific country In sections 31 to 35, specified Pacific country means a country or territory— (a) (b) that is listed in Schedule 2; and that is not a country with which New Zealand has a reciprocity agree- ment in force under section 380 of the Social Security Act 2018, which relates to the portability of New Zealand superannuation.
(2) The Governor-General 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.

(3) (4) (5) 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.

Every Order in Council made under subsection (2)(a) has the force of law as if it was enacted by this Act.

Compare: 1990 No 26 s 17B Section 30(1)(b): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Section 30(5): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
30A Orders are confirmable instruments The explanatory note of an Order in Council made under section 30(2) must indicate that— (a) (b) (c) it is a confirmable instrument, and an annual confirmable instrument, under section 47B of the Legislation Act 2012; and it is revoked, or taken to have been invalid for past operation, at a time stated in the note, unless earlier confirmed by an Act of Parliament; and the stated time is the applicable deadline under section 47C(1)(a) or (b) of that Act.
Section 30A: inserted, on 1 January 2016, by section 14 of the Legislation (Confirmable Instruments) Amendment Act 2015 (2015 No 120).

31 Entitlement to be paid New Zealand superannuation in specified Pacific country (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) or subsection (4) applies to the person.
(2) This subsection applies to a person— 27 Part 1 s 31 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (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 superannuation in a specified Pacific country; and (c) who— (i) is entitled to receive New Zealand superannuation on the date of the application; or (ii) will be entitled to receive New Zealand superannuation 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— (i) was being paid New Zealand superannuation while resident in a specified Pacific country immediately before 1 October 1999 under section 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 Tokelau immediately before 1 October 1999 under section 17B of the Social Welfare (Transitional Provi- sions) 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.
(4) This subsection applies to a person— (a) who, on or after the date this subsection comes into force, makes an application to be paid New Zealand superannuation in a specified Pacific country; and (b) who is resident in the Cook Islands, Niue, or Tokelau on the date of the application; and (c) who has met the residential qualifications for New Zealand superannu- ation set out in section 8(b) and (c); and (d) who is resident in a specified Pacific country when each payment of New Zealand superannuation is due to be paid to him or her.
If subsection (4) applies, an application to be paid New Zealand superannu- ation in a specified Pacific country must be made in addition to an application to be paid New Zealand superannuation under section 297 (and regulations made under section 438) of the Social Security Act 2018.
The applications referred to in subsection (5) may be made together or separ- ately, and may be made— (5) (6) 28 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 1 s 32 (a) before an applicant meets the age qualification for New Zealand super- annuation in section 7, in anticipation of becoming entitled to be paid that benefit on reaching the qualifying age; or (b) when or after the applicant meets the age qualification.
Compare: 1990 No 26 s 17BA Section 31(1): amended, on 1 July 2015, by section 6(1) of the Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 (2015 No 61).

Section 31(4): inserted, on 1 July 2015, by section 6(2) of the Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 (2015 No 61).

Section 31(4)(c): amended, on 21 January 2019, by section 6 of the Social Assistance (Residency Qualification) Legislation Act 2018 (2018 No 45).
Section 31(5): inserted, on 1 July 2015, by section 6(2) of the Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 (2015 No 61).

Section 31(5): amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Section 31(6): inserted, on 1 July 2015, by section 6(2) of the Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 (2015 No 61).
32 Rates of payment of New Zealand superannuation payable to people resident in specified Pacific countries (1) The rate of New Zealand superannuation payable under section 31 is,— (a) (b) (c) 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 turning 20 years, an amount calcula- ted using the following formula: where— a × b ÷ 20 a b is the base rate is the whole number of years the person has resided in New Zea- land 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 immediately before that date, the higher of— (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,— 29 Part 1 s 33 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (a) (b) 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.
(3) However, if sections 187 to 191 of the Social Security Act 2018 apply, that amount must be reduced by the amount deducted in accordance with those sec- tions.

Compare: 1990 No 26 s 17C Section 32(2)(b): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 32(2)(b): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).
Section 32(3): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

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, unless sub- section (1A) applies.
(1A) The commencement date of payment of a benefit to a person to whom section 31(4) applies is the later of— (a) the date that the person meets the age qualification for New Zealand superannuation in section 7; and (b) the date that the application referred to in section 31(4) is made.

(2) When a person being paid a benefit under section 31 dies, 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.
Compare: 1990 No 26 s 17D Section 33(1): replaced, on 1 July 2015, by section 7(1) of the Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 (2015 No 61).

Section 33(1A): inserted, on 1 July 2015, by section 7(2) of the Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 (2015 No 61).
34 Effect on other benefits A person being paid a benefit under section 31 is not entitled to receive any assistance under the Social Security Act 2018 or under a programme approved under section 100 or 101 of that Act.

Section 34: replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Application of this Act and Social Security Act 2018 Sections 22 to 29 do not apply in respect of New Zealand superannuation being paid in a specified Pacific country under section 31.
35 (1) 30 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 38 (2) The Social Security Act 2018 (except sections 204, 206 to 208, 217 to 219, 311, and 313 to 315) applies to New Zealand superannuation being paid in a specified Pacific country under section 31.

Compare: 1990 No 26 s 17F Section 35 heading: amended, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).
Section 35(1): amended, on 5 January 2010, by section 8 of the New Zealand Superannuation and Retirement Income Amendment Act 2009 (2009 No 40).

Section 35(2): replaced, on 26 November 2018, by section 459 of the Social Security Act 2018 (2018 No 32).

Part 2 New Zealand Superannuation Fund and Guardians of New Zealand Superannuation Part 2 heading: amended, on 14 December 2019, by section 6 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
36 Outline of Part This Part— (a) (b) (c) (d) (e) (g) establishes the New Zealand Superannuation Fund: provides for payments into and out of the Fund: establishes the Guardians of New Zealand Superannuation to manage and administer the Fund and the VCF: requires the Guardians to invest the Fund on a prudent, commercial basis: empowers the Minister to give directions to the 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, the VCF, and the Guardi- ans.
Section 36(c): amended, on 14 December 2019, by section 7(1) of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).

Section 36(g): amended, on 14 December 2019, by section 7(2) of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).

New Zealand Superannuation Fund 37 Establishment of New Zealand Superannuation Fund This section establishes the New Zealand Superannuation Fund (the Fund).
38 (1) Property of Fund The Fund consists of— (a) the capital contributions payable under this Act: 31 Part 2 s 39 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (b) money payable under section 45 to cover the expected net cost of New Zealand superannuation entitlements that are payable in the current year: (c) Fund investments: (d) money accruing from the investment of the Fund: (e) (f) any other money that may be lawfully payable into the Fund: money in a Crown Bank Account opened under section 39.
(2) The Fund is not an entity separate from the Crown.

(3) However, subsection (2) does not limit section 66(2) or 67(1).

Section 38(1)(f): amended, on 25 January 2005, pursuant to section 65R(3) of the Public Finance Act 1989 (1989 No 44).

Section 38(2): inserted, on 23 October 2015, by section 4 of the New Zealand Superannuation and Retirement Income Amendment Act 2015 (2015 No 93).
Section 38(3): inserted, on 23 October 2015, by section 4 of the New Zealand Superannuation and Retirement Income Amendment Act 2015 (2015 No 93).

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 apply to a direc- tion under subsection (2).

(3) (4) The Guardians must ensure that the accounts are not overdrawn at any time.

The Public Finance Act 1989 (except sections 65I, 65ZH(1)(g) and (h), 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.
Section 39(2A): inserted, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 39(4): amended, on 18 July 2013, by section 57 of the Public Finance Amendment Act 2013 (2013 No 50).

Section 39(4): amended, on 25 January 2005, by section 37(1) of the Public Finance Amendment Act 2004 (2004 No 113).

40 Ownership of Fund The Fund is the property of the Crown.

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: 41 (1) (2) 32 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 42 (b) (c) (d) 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.
(3) No payment may be made out of the Fund except in accordance with subsec- tion (1) or subsection (2) and unless it has been authorised by the Guardians.

41A Guardians may apportion obligations (1) (2) This section applies if the Guardians reasonably consider that an expense or other obligation is related to the operation of both the Fund and the VCF.
The Guardians may apportion the obligation in the manner that the Guardians consider reasonable so as to determine— (a) (b) the part of the obligation that is to be met out of the Fund under section 41(2)(b); and the part of the obligation that is to be met out of the VCF under section 12(1)(b) of the Venture Capital Fund Act 2019.
(3) The part of the obligation determined in relation to the Fund or the VCF must be treated as an obligation that is directly related to the operation of the Fund or the VCF (as the case may be).

Section 41A: inserted, on 14 December 2019, by section 8 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
Required capital contributions to Fund 42 (1) (2) Process for calculating capital contributions to Fund The Treasury must, each financial year, calculate the amount of the annual cap- ital 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,— (a) (b) the amount of the required annual capital contribution so calculated for the financial year; and a statement of the assumptions and judgments on which the calculations are based.
(3) Part 2 of the Public Finance Act 1989 (including, without limitation, 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.

Section 42(2): amended, on 25 January 2005, by section 37(1) of the Public Finance Amendment Act 2004 (2004 No 113).

Section 42(3): amended, on 25 January 2005, by section 37(1) of the Public Finance Amendment Act 2004 (2004 No 113).
33 Part 2 s 43 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 43 Amount of required annual capital contribution The required annual capital contribution for each financial year is— a ÷ 100 × that year’s GDP − b where— a is the percentage of that year’s GDP that, if the same percentage of the GDP that is projected for each of the next 40 years were contributed (by way of either or both of annual required capital contributions and annual expense 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 investment income over the next 40 years, to enable the Fund to meet the expected net cost of the New Zea- land superannuation entitlements payable out of the Fund over the next 40 years GDP is the projected annual gross domestic product of New Zealand b is the expected net cost of the New Zealand superannuation entitlements payable out of the Fund in the year net cost is the cost of New Zealand superannuation entitlements net of any amount of tax deducted or withheld, or required to be deducted or with- held under the PAYE rules in the Income Tax Act 2007 next 40 years means the financial year for which the required annual capital contribution is being calculated plus each of the following 39 financial years.
Section 43 formula item net cost: amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
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) (b) (c) (d) (e) the amount of the required annual capital contribution stated in the eco- nomic 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 departure from the required annual capital contribution; and a statement of the Government’s intentions regarding future contribu- tions 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 44 (1) 34 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 48 superannuation entitlements expected to be made over the next 40-year period.
(2) The requirements of this section do not apply if the required annual capital contribution is less than zero.

Section 44(1): amended, on 25 January 2005, by section 37(1) of the Public Finance Amendment Act 2004 (2004 No 113).

Other contributions to Fund 45 (1) (2) 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 obli- gation to make required annual capital contributions.

46 Additional contributions to Fund The Minister may pay any money into the Fund that is additional 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 a Crown Bank Account.

(2) However, no capital withdrawal is allowed from the Fund in any financial year commencing before 1 July 2020.

Section 47(1): amended, on 25 January 2005, pursuant to section 65R(3) of the Public Finance Act 1989 (1989 No 44).
Guardians of New Zealand Superannuation 48 (1) (2) (3) Establishment of Guardians of New Zealand Superannuation This section establishes the Guardians of New Zealand Superannuation (the Guardians).

The Guardians are a Crown entity for the purposes of the section 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.

Section 48(2): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
Section 48(3): added, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

35 Part 2 s 49 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 49 (1) (2) (3) (4) Body corporate status and powers [Repealed] [Repealed] 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.

(5) This section is subject to section 50 (borrowing).

Compare: 1993 No 105 s 16(1) Section 49(1): repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 49(2): repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
Section 49(3): substituted, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 49(4): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
49A Saving of certain transactions (1) A failure by the Guardians to comply with any provision of this Act, the Ven- ture Capital Fund Act 2019, 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) (ba) the Guardians; or a Fund investment vehicle referred to in section 59A; or a VCF investment vehicle referred to in section 25 of the Venture Capital Fund Act 2019; or (c) a Crown entity subsidiary of the Guardians.
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, the Venture Capital Fund Act 2019, or the Crown Entities Act 2004 or any other enactment or rule of law.
Compare: 1986 No 124 s 21 Section 49A: inserted, on 23 October 2015, by section 5 of the New Zealand Superannuation and Retirement Income Amendment Act 2015 (2015 No 93).

Section 49A(1): amended, on 14 December 2019, by section 9(1) of the New Zealand Superannu- ation and Retirement Income Amendment Act 2019 (2019 No 77).

Section 49A(1)(ba): inserted, on 14 December 2019, by section 9(2) of the New Zealand Superannu- ation and Retirement Income Amendment Act 2019 (2019 No 77).
(2) (3) 36 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 54 Section 49A(3): amended, on 14 December 2019, by section 9(1) of the New Zealand Superannu- ation and Retirement Income Amendment Act 2019 (2019 No 77).
50 (1) Borrowing The Guardians may not, except with the approval of the Minister of Finance,— (a) borrow money (in respect of the Fund); nor (b) mortgage or charge any of the real or personal property of the Fund, whether present or future, as security; nor (c) hold any financial instrument that places or may place a liability or a contingent liability on the Fund, or the Crown.

(2) The Minister’s approval may be given for any class of transactions in subsec- tion (1)(a) to (c).
Section 50(1)(a): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 50(1)(c): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

51 (1) (2) Functions The functions of the Guardians are to manage and administer— (a) (b) the Fund in accordance with this Act; and the VCF in accordance with the Venture Capital Fund Act 2019.
The Guardians are not a trustee, or a constructive trustee, in relation to the exercise of their functions or any other matter.

Section 51(1): replaced, on 14 December 2019, by section 10 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).

52 Expenses of Guardians The expenses of the Guardians must be met out of money appropriated by Par- liament for the purpose.
Board of Guardians 53 Role of board [Repealed] Section 53: repealed, on 25 January 2005, by section 200 of the Crown Entities 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 Governor-General on the recommendation of the Minister.

(2) This section applies despite section 28(1)(a) of the Crown Entities Act 2004.

Section 52(2): added, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
37 Part 2 s 55 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Members’ appointments 55 (1) Criteria for appointments The Minister must only recommend a person for appointment as a board mem- ber 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.

(2) This section applies in addition to section 29 of the Crown Entities Act 2004.
Section 55(2): added, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

56 (1) (2) (3) (4) Nominating committee The Minister must establish a committee to nominate candidates to the Minis- ter for appointment as members of the board.

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 appro- priated by Parliament for the purpose.

The Minister must notify the nominating committee of persons who the Minis- ter considers to have an interest in appointments to the board, and the nominat- ing committee must consult with those persons or representatives of those per- sons.

(5) Subsection (4) does not limit consultation or the calling for expressions of interest in appointments.
(6) After receiving nominations for appointment from the nominating committee, the Minister must consult with representatives of other political parties in Par- liament before recommending that the Governor-General appoints a person to the board.

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

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) best-practice portfolio management; and 58 (1) (2) 38 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 59 (b) maximising return without undue risk to the Fund as a whole; and (c) avoiding prejudice to New Zealand’s reputation as a responsible member of the world community.
59 (1) (2) 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.

If a contravention of subsection (1) arises (through inadvertence or otherwise), the Guardians must take all reasonable steps to remedy the default as soon as practicable.
(3) For the purposes of this Act, an entity is controlled by the Fund if— (a) (b) (c) the entity is a subsidiary of the Fund; or the Fund controls the entity within the meaning of any relevant financial reporting standard (within the meaning of section 5 of the Financial Reporting Act 2013); or the Fund can control directly or indirectly the composition 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).
(4) This section does not prevent the board establishing a Crown entity subsidiary of the Guardians (within the meaning of the second column of section 7(1)(c) of the Crown Entities Act 2004).
(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.

Section 59(3)(b): amended, on 1 April 2014, by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
Section 59(3)(b): amended, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22).

Section 59(4): amended, on 18 July 2013, by section 42 of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 59(4): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 59(5): inserted, on 23 October 2015, by section 6 of the New Zealand Superannuation and Retirement Income Amendment Act 2015 (2015 No 93).
39 Part 2 s 59A New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 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).

(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) (4) Interests in Fund investment vehicles are Fund investments and part of the Fund.

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.

(5) Subsection (1) applies despite anything to the contrary in the Crown Entities Act 2004, this Act, or any other enactment.
Section 59A: inserted, on 23 October 2015, by section 7 of the New Zealand Superannuation and Retirement Income Amendment Act 2015 (2015 No 93).

59B Fund investment vehicles not required to prepare statements or annual reports (1) A Fund investment vehicle is not required to do either of the following: (a) prepare financial statements or group financial statements that are separ- ate from those prepared for the Fund under section 66: (b) have financial statements or group financial statements audited.
If a Fund investment vehicle is a company, the board of the company is not required to prepare an annual report.

Subsections (1) and (2) apply despite anything to the contrary in the Compan- ies Act 1993, the Limited Partnerships Act 2008, or the Public Audit Act 2001.

This section does not limit sections 59A(3) and 66 to 68.

In this section, annual report and board have the meanings given in section 2(1) of the Companies Act 1993.
Section 59B: inserted, on 24 October 2019, by section 98 of the Statutes Amendment Act 2019 (2019 No 56).

Establishment of investment policies, standards, and procedures The Guardians must establish, and adhere to, investment policies, 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, standards, and proced- ures for the Fund at least annually.
(2) (3) (4) (5) 60 (1) (2) 40 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 62 61 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) (b) (c) (d) (e) (f) (fa) (g) (h) (i) (j) (k) the classes of investments in which the Fund is to be invested and the selection criteria for investments within those classes; and the determination of benchmarks or standards against which the per- formance of the Fund as a whole, and classes of investments and indi- vidual 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 community; and the balance between risk and return in the overall Fund portfolio; and the fund management structure; and the governance framework for the implementation and operation of Fund investment vehicles referred to in section 59A; and the use of options, futures, and other derivative financial instruments; and the management of credit, liquidity, operational, currency, 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 regu- larly traded at a public exchange; and prohibited or restricted investments or any investment constraints or limits.
Section 61(fa): inserted, on 23 October 2015, by section 8 of the New Zealand Superannuation and Retirement Income Amendment Act 2015 (2015 No 93).

62 (1) Investment management The Guardians may appoint, on any terms and conditions that the Guardians think fit, 1 or more persons (including any department) to undertake the invest- ment of any part of the Fund.

(2) Different persons may be appointed for different parts of the Fund.
(3) (4) The Guardians must state, in each instrument of appointment, the powers and rights of the person appointed (including, without 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.
41 Part 2 s 63 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Section 62(4): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

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 Guardians think fit.
(4) (5) The Guardians must specify, in each instrument of appointment, 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.

Section 63(5): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
Ministerial directions 64 Ministerial directions (1) The Minister may, after consultation with the Guardians, give directions to the Guardians regarding the Government’s expectations as to the Fund’s perform- ance, including the Government’s expectations as to risk and return.
(2) Despite anything to the contrary in the Crown Entities Act 2004, the Minis- ter— (a) must not give a direction that is inconsistent with the Guardians’ duty to invest the Fund on a prudent, commercial basis, in accordance with sec- tion 58; and (b) must not give a direction to the Guardians in respect of the Fund except in accordance with this section.

[Repealed] [Repealed] [Repealed] The Guardians must notify the Minister of how the entity proposes to have regard to any direction.
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.

(3) (4) (5) (6) (7) 42 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 67 Section 64(2): replaced, on 18 July 2013, by section 42 of the Crown Entities Amendment Act 2013 (2013 No 51).
Section 64(3): repealed, on 18 July 2013, by section 42 of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 64(4): repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 64(5): repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
65 Statement of performance expectations Accountability The statement of performance expectations of the Guardians prepared each financial year under Part 4 of the Crown Entities Act 2004 must include (in addition to any other requirements)— (a) (b) (c) a statement of the board’s expectations about the performance of the Fund over the next financial year, in sufficient detail to enable meaning- ful 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 financial year, including a statement of accounting policies.
Section 65 heading: replaced, on 1 July 2014, by section 72 of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 65: amended, on 1 July 2014, by section 72 of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 65: amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

66 (1) (2) 67 (1) 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 accordance with generally accepted accounting practice (as defined in section 8 of the Financial Reporting Act 2013).

Section 66(2): replaced, on 1 April 2014, by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
Auditor-General 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 Auditor- General is its auditor.

43 Part 2 s 68 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (2) (3) 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 Auditor-General.
The Auditor-General 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.
68 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 require- ments, such as the entity’s own financial statements)— (a) (b) (c) (d) (e) (f) (g) 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 comprising 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 performance expectations 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 execu- tive of the Guardians (if any) certifying whether or not the investment policies, standards, and procedures for the Fund have been complied with throughout that financial year; and a schedule of the investment managers and custodians used by the Guardians in relation to the Fund during that financial year and the classes of investments for which each was responsible.
Section 68: amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 68(b): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 68(d): amended, on 1 July 2014, by section 72 of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 68(g): amended, on 14 December 2019, by section 11 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
Reporting by Guardians on Fund The Guardians must report to the Minister on the Fund at those intervals that the Minister may require.

69 (1) 44 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 2 s 71 (2) The Guardians’ report must include any information that the Minister may require.

70 Auditor-General to be auditor of Guardians [Repealed] Section 70: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
71 (1) (2) (3) (4) (5) (6) (7) (8) 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 in relation to the Fund.

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

Subsequent performance reviews must be conducted at intervals that are no more than 5 years apart (to be set by the Minister) 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, estab- lished by the Guardians in relation to the Fund are appropriate to the Fund; and (b) whether or not the investment policies, standards, and procedures, estab- lished by the Guardians in relation to the Fund have been complied with in all material respects; and (c) the investment performance of the Fund.
Every performance review must be conducted by an independent 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 recommenda- tions formulated as a result of conducting it; and (b) give copies of the report to the Minister and the Guardians.

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.

Section 71(1): amended, on 14 December 2019, by section 12(1) of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).

Section 71(4)(a): amended, on 14 December 2019, by section 12(2) of the New Zealand Superannu- ation and Retirement Income Amendment Act 2019 (2019 No 77).
45 Part 3 s 72 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Section 71(4)(b): amended, on 14 December 2019, by section 12(2) of the New Zealand Superannu- ation and Retirement Income Amendment Act 2019 (2019 No 77).
Part 3 Miscellaneous provisions Political commitment to New Zealand superannuation 72 Political commitment (1) A leader of a political party represented in Parliament may notify the Minister, in writing,— (2) (3) (4) (5) 73 (1) (a) (b) 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).
The Minister must, as soon as practicable after receiving a notification, make a recommendation to the Governor-General 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 Governor-General for an Order in Council to omit the name of a political party from Schedule 4 if the party is no longer represented in Parliament.
The Governor-General may, by Order in Council made on the recommendation of the Minister under subsection (2) or subsection (3), add names to, and omit names from, Schedule 4 in accordance with this section.

In this section, a reference to Part 2 is a reference to Part 2 to the extent that it relates to the Fund (rather than to the VCF).

Section 72(5): inserted, on 14 December 2019, by section 13 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
Amendments to Act The Minister must, on the introduction into the House of Representatives 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.
(2) That statement must include (without limitation)— (a) whether consultation has taken place with the parties that are in agree- ment 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): (c) the results of the consultation.
46 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 3 s 77 (2A) Subsection (2)(a) relates to amendments to Part 2 to the extent that the amend- ments relate to the Fund (rather than to the VCF).
(3) 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.
Section 73(2A): inserted, on 14 December 2019, by section 14 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).

Amendments to other Acts [Repealed] Heading: repealed, on 25 January 2005, pursuant to section 200 of the Crown Entities Act 2004 (2004 No 115).

74 Amendment to Ombudsmen Act 1975 [Repealed] Section 74: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
75 Amendments to Public Finance Act 1989 [Repealed] Section 75: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Taxation [Repealed] Heading: repealed (with effect on 1 April 2011), on 29 August 2011 (applying for the 2011–12 and later income years), pursuant to section 209 of the Taxation (Tax Administration and Remedial Mat- ters) Act 2011 (2011 No 63).
76 Taxation of Fund and Guardians [Repealed] Section 76: repealed (with effect on 1 April 2011), on 29 August 2011 (applying for the 2011–12 and later income years), by section 209 of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).

Consequential amendments and revocation 77 Consequential amendments to other Acts The Acts specified in Schedule 5 are consequentially amended in the manner set out in that schedule.
47 Part 3 s 78 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 78 Consequential revocation The Social Security (Disability Services) Regulations 1993 (SR 1993/250) are consequentially revoked.
Transitional and savings provision 79 Transitional provision for existing New Zealand superannuation entitlements Every person who, immediately before the commencement of this section, was entitled to receive New Zealand superannuation entitlements under the Social Security Act 1964 or the Social Welfare (Transitional Provisions) Act 1990 or the Social Security (Disability Services) Regulations 1993 is entitled to receive the corresponding New Zealand superannuation entitlements under Part 1.
Compare: 1990 No 26 s 7 79A References to Volunteer Service Abroad Incorporated The references in the following provisions to “Volunteer Service Abroad Incorporated” must for all purposes relating to the operation of those provi- sions be read as references to the body incorporated under the Incorporated Societies Act 1908 on 8 April 1963 as “Volunteer Service Abroad Inc”: (a) (b) section 14(2)(e) of the Social Security Act 1964 (as inserted on 29 Sep- tember 1969 by section 4 of the Social Security Amendment Act 1969, and repealed on 1 April 1990 by section 14(18) of the Social Welfare (Transitional Provisions) Act 1990): section 4(2)(d) of the Social Welfare (Transitional Provisions) Act 1990 (which commenced on 1 April 1990, and was repealed by section 77 of this Act on 12 October 2001).
Section 79A: inserted, on 25 February 2012, by section 5 of the New Zealand Superannuation and Retirement Income Amendment Act 2012 (2012 No 16).

Part 4 Retirement Commissioner Part 4: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).

80 Purpose of this Part The purpose of this Part is to continue the office of the Retirement Commis- sioner and to set out the Commissioner’s functions, powers, and duties.
Section 80: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retire- ment Income Amendment Act 2005 (2005 No 42).

48 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 4 s 83 81 Interpretation of this Part and Schedule 6 In this Part and in Schedule 6, the terms Commissioner, Government, and Minister have the meanings set out in section 5A.
Section 81: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retire- ment Income Amendment Act 2005 (2005 No 42).

Provisions relating to constitution and appointment of Retirement Commissioner Heading: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).

82 (1) (2) (3) (4) 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 section 7 of the Crown Entities Act 2004.

The Crown Entities Act 2004 applies to the Commissioner except to the extent that this Act expressly applies otherwise.

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

Section 82: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retire- ment Income Amendment Act 2005 (2005 No 42).
Functions, powers, and duties of Commissioner Heading: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
83 Functions The functions of the Commissioner are as follows: (a) (b) (c) (d) to develop and promote methods of improving the effectiveness of the retirement income policies from time to time implemented by the Gov- ernment of New Zealand, including the promotion of education about retirement income issues and the publication of information about those issues: to monitor the effects of retirement income policies that are being imple- mented in New Zealand: to review the retirement income policies being implemented by the Gov- ernment and to report to the Minister by 31 December 2007 and at 3- yearly intervals thereafter, in accordance with section 84: to advise on retirement income issues, when requested to do so by the Minister: 49 Part 4 s 84 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (da) (db) (e) (f) (g) (h) to promote education, and publish information, about financial matters to assist individuals to make financial decisions confidently and inform- edly: to advise on financial capability issues, when requested to do so by the Minister: to monitor the effectiveness of persons (whether referred to as ombuds- men or by any other term) who have been appointed (other than under statutory authority) to consider complaints and disputes about savings and investments; and to consider any issues addressed to the Commis- sioner by any such person and, if appropriate, to make recommendations to any person: to collect and publish information for the purpose of enabling the fulfil- ment 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: to perform any additional function that the Minister directs under section 112 of the Crown Entities Act 2004.
Compare: 1993 No 148 s 6 Section 83: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retire- ment Income Amendment Act 2005 (2005 No 42).

Section 83(da): inserted, on 30 May 2017, by section 124(1) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).

Section 83(db): inserted, on 30 May 2017, by section 124(1) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).
Section 83(h): inserted, on 30 May 2017, by section 124(2) of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).
Periodic reviews For each review to be conducted under section 83(c), the Minister must, not later than 12 months before the date on which the review is required to be com- pleted, specify, by notice in writing addressed to the Commissioner,— (a) the aspects of retirement income policies being implemented by the Government of New Zealand that the review 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 included 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 retire- ment 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.
84 (1) (2) (3) (4) 50 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Part 4 s 87 (5) 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.

Section 84: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retire- ment Income Amendment Act 2005 (2005 No 42).
85 (1) Discretion in relation to performance and exercise of functions and powers Subject to the provisions of this Part and of any other enactment, the Commis- sioner has complete discretion in the performance 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) (b) comment publicly on any matter relating to his or her functions; or deliver to the Minister a report in writing on any retirement income issues that he or she considers the Minister should be advised of.

(3) The Minister must, as soon as practicable after receiving a report under subsec- tion (2)(b), present a copy of that report to the House of Representatives.
Section 85: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retire- ment Income Amendment Act 2005 (2005 No 42).

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

Section 86: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retire- ment Income Amendment Act 2005 (2005 No 42).
Transitional and miscellaneous provisions Heading: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).
87 (1) 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 Income Act 1993, and, accordingly, every reference to the Retirement Commissioner in an enactment or document made before the commencement of this Part is a reference to the Retirement Commissioner continued by section 82.
(2) On the commencement of this Part, the person who, immediately before that commencement, held office as Retirement Commissioner under the Retirement Income Act 1993 is to be 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 immediately before that commencement.
51 Part 4 s 88 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (3) 88 (1) 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.

Section 87: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retire- ment 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, matter, or thing com- menced by the Commissioner under the Retirement Income Act 1993 or the Retirement Villages Act 2003 but not completed on the commencement of this Part.

(2) The provisions of this Part apply with all necessary modifications to the con- tinuation or completion of any act, matter, or thing referred to in subsection (1).
Section 88: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retire- ment Income Amendment Act 2005 (2005 No 42).

89 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 reference to the New Zealand Superannuation and Retirement Income Act 2001.
Section 89: added, on 21 April 2005, by section 7 of the New Zealand Superannuation and Retire- ment Income Amendment Act 2005 (2005 No 42).

52 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Schedule 1AA Schedule 1AA Transitional, savings, and related provisions Schedule 1AA: inserted, on 21 January 2019, by section 7 of the Social Assistance (Residency Quali- fication) Legislation Act 2018 (2018 No 45).
s 5B Part 1 Transitional, savings, and related provisions relating to Act as enacted or as amended prior to 2018 1 Transitional, savings, and related provisions in body of Act In addition to the transitional, savings, and related provisions set out in this Schedule, other transitional, savings, and related provisions apply as set out in the body of this Act.
Part 2 Provisions relating to Social Assistance (Residency Qualification) Legislation Act 2018 2 Interpretation In this Part, 2018 Act means the Social Assistance (Residency Qualification) Legislation Act 2018.

3 (1) (2) Application of section 8(c) This clause applies to a person who, on or after the date on which the 2018 Act comes into force, applies for New Zealand superannuation.
In determining whether the person has met the residential qualification in sec- tion 8(c), the person’s residence and presence in any of the countries or the ter- ritory before the 2018 Act came into force must be taken into account.
53 Schedule 1 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Schedule 1 New Zealand superannuation entitlements ss 12, 19, 20, 26, 32 The following rates are before deduction of tax: (a) (b) (c) to a person at the single living alone rate to a person at the single sharing accommo- dation rate to a person who is married or in a civil union or in a de facto relationship $ $490.73 a week $451.29 a week $372.27 a week 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 super- annuation or a veteran’s pension at the alternative rate before 1 October 1991 to any other person who is married or in a civil union or in a de facto relationship (b) 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 Rate of special disability allowance under section 20 $744.54 a week subject to Income Test 3, or the rate for the time being stated in paragraph (b), which- ever is the greater $705.26 a week, subject to Income Test 3 An amount that, after income tax is deducted under tax code M (as sta- ted in schedule 5, part A, clause 4, table row 1 of the Tax Administration Act 1994) is equal to $46.03 a week An amount that, after deduction of any income tax, is equal to $40.77 per week Schedule 1 clause 1(a): amended, on 1 April 2020 (immediately after being amended by clause 5(1)), by clause 6(2) of the Social Security (Rates of Benefits and Allowances) Order 2020 (LI 2020/13).
Schedule 1 clause 1(a): amended, on 2 September 2013, by section 11(1) of the Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11).

Schedule 1 clause 1(a): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Schedule 1 clause 1(b): amended, on 1 April 2020 (immediately after being amended by clause 5(1)), by clause 6(2) of the Social Security (Rates of Benefits and Allowances) Order 2020 (LI 2020/13).
1 2 3 4 54 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Schedule 1 Schedule 1 clause 1(b): amended, on 2 September 2013, by section 11(2) of the Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11).

Schedule 1 clause 1(b): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).
Schedule 1 clause 1(c): amended, on 1 April 2020 (immediately after being amended by clause 5(1)), by clause 6(2) of the Social Security (Rates of Benefits and Allowances) Order 2020 (LI 2020/13).

Schedule 1 clause 1(c): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Schedule 1 clause 1(c): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).
Schedule 1 clause 2: amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Schedule 1 clause 2: amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Schedule 1 clause 2(a): amended, on 1 April 2020, by clause 6(2) of the Social Security (Rates of Benefits and Allowances) Order 2020 (LI 2020/13).
Schedule 1 clause 2(a): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Schedule 1 clause 2(a): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Schedule 1 clause 2(b): amended, on 1 April 2020 (immediately after being amended by clause 5(1)), by clause 6(2) of the Social Security (Rates of Benefits and Allowances) Order 2020 (LI 2020/13).
Schedule 1 clause 2(b): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Schedule 1 clause 2(b): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Schedule 1 clause 3: amended, on 1 April 2020, by clause 6(2) of the Social Security (Rates of Bene- fits and Allowances) Order 2020 (LI 2020/13).
Schedule 1 clause 3: amended, on 1 April 2019, by section 259 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).

Schedule 1 clause 3: amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Schedule 1 clause 3: amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Schedule 1 clause 3: amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Schedule 1 clause 4: replaced, on 1 April 2014, by clause 6(3) of the Social Security (Rates of Bene- fits and Allowances) Order 2014 (LI 2014/39).
Schedule 1 clause 4: amended, on 1 April 2020, by clause 6(2) of the Social Security (Rates of Bene- fits and Allowances) Order 2020 (LI 2020/13).
55 Schedule 2 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Schedule 2 Specified Pacific countries s 30 American Samoa Cook Islands Federated States of Micronesia Fiji French Polynesia Guam Kiribati 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 56 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Schedule 3 Schedule 3 Further provisions relating to board of Guardians of New Zealand Superannuation s 57 1 2 3 (1) Application This schedule applies to the board and its members.
Interpretation [Repealed] Schedule 3 clause 2: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Method of appointment The Governor-General appoints a member, despite section 28(1)(a) of the Crown Entities Act 2004.

(2) Section 28(2) and (3) of that Act apply.

Schedule 3 clause 3: substituted, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
4 When appointment takes effect [Repealed] Schedule 3 clause 4: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

5 Position where concurrent office [Repealed] Schedule 3 clause 5: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

6 Term of office 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.
Schedule 3 clause 6: substituted, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

57 Schedule 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Duties of board members [Repealed] Heading: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

7 Duties of members [Repealed] Schedule 3 clause 7: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
Liability of members [Repealed] Heading: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

8 Liability of members and committee members [Repealed] Schedule 3 clause 8: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Resignation and removal of members [Repealed] Heading: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
9 Resignation [Repealed] Schedule 3 clause 9: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Removal from office The Governor-General may, on the advice of the Minister, remove 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 Governor-General removes a member by sending written notice to the member and a copy to the entity.
[Repealed] [Repealed] [Repealed] Schedule 3 clause 10(2): substituted, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Schedule 3 clause 10(4): repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
10 (1) (2) (3) (4) (5) (6) 58 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Schedule 3 Schedule 3 clause 10(5): repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Schedule 3 clause 10(6): repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
Vacancies in the entity’s membership [Repealed] Heading: repealed, on 25 January 2005, pursuant to section 200 of the Crown Entities Act 2004 (2004 No 115).

11 Effect of vacancy in membership [Repealed] Schedule 3 clause 11: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Remuneration [Repealed] Heading: repealed, on 25 January 2005, pursuant to section 200 of the Crown Entities Act 2004 (2004 No 115).
12 Remuneration [Repealed] Schedule 3 clause 12: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Chairperson and deputy chairperson [Repealed] Heading: repealed, on 25 January 2005, pursuant to section 200 of the Crown Entities Act 2004 (2004 No 115).

13 Appointment [Repealed] Schedule 3 clause 13: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
14 Term of office [Repealed] Schedule 3 clause 14: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

15 Resignation [Repealed] Schedule 3 clause 15: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
59 Schedule 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 16 Exercise of chairperson’s functions, duties, and powers during vacancy, etc [Repealed] Schedule 3 clause 16: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Acts not to be called into question [Repealed] Heading: repealed, on 25 January 2005, pursuant to section 200 of the Crown Entities Act 2004 (2004 No 115).
17 Acts not to be called into question [Repealed] Schedule 3 clause 17: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

18 Validity of members’ acts [Repealed] Schedule 3 clause 18: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Disclosure of interest 19 Obligation to disclose interest [Repealed] Schedule 3 clause 19: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
20 Meaning of interested [Repealed] Schedule 3 clause 20: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

21 Disclosure of interest [Repealed] Schedule 3 clause 21: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

22 Consequences of disclosure [Repealed] Schedule 3 clause 22: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
60 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Schedule 3 23 Matters to be delegated to committee The board must delegate a deliberation or decision to a committee 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.

Schedule 3 clause 23: amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
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— (a) (b) who are not interested in the transaction; and 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 Minis- ter.

(2) This clause is an exception to clause 14 of Schedule 5 of the Crown Entities Act 2004.
Schedule 3 clause 24(2): added, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

25 Effect of non-compliance [Repealed] Schedule 3 clause 25: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Use of information [Repealed] Heading: repealed, on 25 January 2005, pursuant to section 200 of the Crown Entities Act 2004 (2004 No 115).
26 Restrictions on disclosure or use of entity’s information [Repealed] Schedule 3 clause 26: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

27 When member may rely on certain information and advice [Repealed] Schedule 3 clause 27: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
28 When clause 27 applies [Repealed] Schedule 3 clause 28: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

61 Schedule 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Procedure of board: General [Repealed] Heading: repealed, on 25 January 2005, pursuant to section 200 of the Crown Entities Act 2004 (2004 No 115).
29 Procedure generally [Repealed] Schedule 3 clause 29: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Procedure of board: Meetings [Repealed] Heading: repealed, on 25 January 2005, pursuant to section 200 of the Crown Entities Act 2004 (2004 No 115).

30 Ordinary meetings [Repealed] Schedule 3 clause 30: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
31 Special meetings [Repealed] Schedule 3 clause 31: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

32 Methods of holding meetings [Repealed] Schedule 3 clause 32: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

33 Quorum [Repealed] Schedule 3 clause 33: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
34 Who presides at meetings [Repealed] Schedule 3 clause 34: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

35 Voting at meetings [Repealed] Schedule 3 clause 35: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
62 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Schedule 3 36 Resolutions [Repealed] Schedule 3 clause 36: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

37 Method of contracting [Repealed] Schedule 3 clause 37: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
38 Attorneys [Repealed] Schedule 3 clause 38: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
Delegations 39 (1) Additional persons to whom delegations can be made The board may, in relation to the Fund, 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) (b) (c) a person appointed to undertake the investment of any part of the Fund under section 62: a custodian: a Fund investment vehicle that is formed or controlled under section 59A.
(2) The board may, in relation to the VCF, 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) (b) (c) a person appointed to undertake the investment of any part of the VCF under section 29 of the Venture Capital Fund Act 2019: a person appointed under section 30 of the Venture Capital Fund Act 2019 to act as custodian of the VCF, or any part of the VCF: a VCF investment vehicle that is formed or controlled under section 25 of the Venture Capital Fund Act 2019.
Schedule 3 clause 39: replaced, on 14 December 2019, by section 15 of the New Zealand Superannu- ation and Retirement Income Amendment Act 2019 (2019 No 77).

40 Certain powers must not be delegated [Repealed] Schedule 3 clause 40: repealed, on 23 October 2015, by section 9(2) of the New Zealand Superannu- ation and Retirement Income Amendment Act 2015 (2015 No 93).
63 Schedule 3 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 41 Effect of delegation [Repealed] Schedule 3 clause 41: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

42 Presumption of acting in accordance with delegation [Repealed] Schedule 3 clause 42: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
43 Other matters relating to delegation [Repealed] Schedule 3 clause 43: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Subsidiaries [Repealed] Heading: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

44 Subsidiaries [Repealed] Schedule 3 clause 44: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
Committees [Repealed] Heading: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

45 Committees [Repealed] Schedule 3 clause 45: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Employees [Repealed] Heading: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
46 Appointment of chief executive officer [Repealed] Schedule 3 clause 46: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

64 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Schedule 3 47 Appointment of other employees [Repealed] Schedule 3 clause 47: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
48 Personnel policy [Repealed] Schedule 3 clause 48: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

49 Equal employment opportunities [Repealed] Schedule 3 clause 49: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

50 Choice of procedure [Repealed] Schedule 3 clause 50: repealed, on 1 December 2004, by section 72 of the Employment Relations Amendment Act (No 2) 2004 (2004 No 86).
51 Superannuation or retiring allowances [Repealed] Schedule 3 clause 51: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

52 Application of certain Acts to members and employees [Repealed] Schedule 3 clause 52: repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).
53 Existing Government Superannuation Fund members (1) Despite clause 52, a person who, immediately before becoming an employee of the board, was a contributor to the Government Superannuation Fund under Part 2 or Part 2A of the Government Superannuation Fund Act 1956 is, for the purposes of that Act, considered to be employed in the Government service so long as that person continues to be an employee 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 contributor to the Gov- ernment Superannuation Fund after that person has once ceased to be a con- tributor.

(3) For the purposes of applying the Government Superannuation Fund Act 1956 in accordance with subclause (1), controlling authority, for that employee, means the board.
65 Schedule 4 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Schedule 4 Political parties in agreement with Act s 72 Part 1 Political parties that are in agreement with Part 1 of Act The Green Party New Zealand Labour Party New Zealand National Party Schedule 4 Part 1 Green Party: added, on 20 November 2003, by clause 3 of the New Zealand Super- annuation (Political Commitment) Order 2003 (SR 2003/278).
Schedule 4 Part 1 New Zealand Labour Party: added, on 20 November 2003, by clause 3 of the New Zealand Superannuation (Political Commitment) Order 2003 (SR 2003/278).

Schedule 4 Part 1 New Zealand National Party: inserted, on 13 January 2005, by clause 3 of the New Zealand Superannuation (Political Commitment) Order 2004 (SR 2004/431).

Schedule 4 Part 1 Progressive Coalition Party: repealed, on 17 December 2016, by section 70 of the Statutes Amendment Act 2016 (2016 No 104).
Schedule 4 Part 1 United Future New Zealand: repealed, on 22 March 2018, by clause 3 of the New Zealand Superannuation (Political Commitment) Order 2018 (LI 2018/13).

Part 2 Political parties that are in agreement with Part 2 of Act (to extent that it relates to Fund) Schedule 4 Part 2 heading: amended, on 14 December 2019, by section 16 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
New Zealand Labour Party New Zealand National Party Schedule 4 Part 2 New Zealand Labour Party: added, on 20 November 2003, by clause 4 of the New Zealand Superannuation (Political Commitment) Order 2003 (SR 2003/278).

Schedule 4 Part 2 New Zealand National Party: inserted, on 13 January 2005, by clause 4 of the New Zealand Superannuation (Political Commitment) Order 2004 (SR 2004/431).
Schedule 4 Part 2 Progressive Coalition Party: repealed, on 17 December 2016, by section 70 of the Statutes Amendment Act 2016 (2016 No 104).

Schedule 4 Part 2 United Future New Zealand: repealed, on 22 March 2018, by clause 3 of the New Zealand Superannuation (Political Commitment) Order 2018 (LI 2018/13).
66 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Schedule 5 Schedule 5 Consequential amendments to other Acts s 77 Accident Insurance Act 1998 (1998 No 114) Amendment(s) incorporated in the Act(s).

Child Support Act 1991 (1991 No 142) Amendment(s) incorporated in the Act(s).

Employment Services and Income Support (Integrated Administration) Act 1998 (1998 No 96) Amendment(s) incorporated in the Act(s).
Family Proceedings Act 1980 (1980 No 94) Amendment(s) incorporated in the Act(s).

Housing Restructuring Act 1992 (1992 No 76) Amendment(s) incorporated in the Act(s).

Human Rights Act 1993 (1993 No 82) Amendment(s) incorporated in the Act(s).

Income Tax Act 1994 (1994 No 164) Amendment(s) incorporated in the Act(s).

Injury Prevention, Rehabilitation, and Compensation Act 2001 (2001 No 49) Amendment(s) incorporated in the Act(s).
Social Security Act 1964 (1964 No 136) Amendment(s) incorporated in the Act(s).

Social Security Amendment Act 1998 (1998 No 19) Amendment(s) incorporated in the Act(s).

Social Welfare (Transitional Provisions) Act 1990 (1990 No 26) Amendment(s) incorporated in the Act(s).

Social Welfare (Transitional Provisions) Amendment Act (No 2) 1990 (1990 No 133) Amendment(s) incorporated in the Act(s).
67 Schedule 5 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Social Welfare (Transitional Provisions) Amendment Act (No 2) 1991 (1991 No 77) Amendment(s) incorporated in the Act(s).

Social Welfare (Transitional Provisions) Amendment Act 1993 (1993 No 58) Amendment(s) incorporated in the Act(s).

Taxation (Remedial Provisions) Act 1996 (1996 No 159) Amendment(s) incorporated in the Act(s).
68 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Schedule 6 Schedule 6 Provisions applying to Retirement Commissioner s 86 Schedule 6: added, on 21 April 2005, by section 8 of the New Zealand Superannuation and Retire- ment 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 retirement scheme (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013) that is 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 employee of the Commissioner, is a contributor to the Government 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 Commissioner or as an employee of the Com- missioner, and that Act applies to that person in all respects as if service as or for the Commissioner were Government service.
(3) (4) Subject to the Government Superannuation Fund Act 1956, nothing in sub- clause (2) entitles a person to become a contributor to the Government Super- annuation 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 Commis- sioner or as an employee of the Commissioner and is a contributor to the Gov- ernment Superannuation Fund, the term controlling authority, in relation to any such person, means the Commissioner.

Schedule 6 clause 1(1): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
2 Ability to delegate Delegations Despite section 73 of the Crown Entities Act 2004, the Commissioner 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.
69 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Social Assistance (Living Alone Payments) Amendment Act 2013 Public Act 2013 No 11 Date of assent 5 April 2013 Commencement see section 2 1 2 Title This Act is the Social Assistance (Living Alone Payments) Amendment Act 2013.

Commencement This Act comes into force on the earlier of— (a) (b) a date appointed by the Governor-General by Order in Council: 2 September 2013.
3 Principal Act amended This Part amends the New Zealand Superannuation and Retirement Income Act 2001.

12 (1) Transitional provision for living alone payment This section applies to a person who is receiving a living alone payment under section 13 of the principal Act immediately before the commencement of this Act.
(2) On or after the commencement of this Act, the person is entitled to receive the single living alone rate of New Zealand superannuation specified in clause 1(a) of Schedule 1 of the principal Act (as amended by this Act) if, and so long as, he or she continues to be living alone within the meaning of section 13 of the principal Act (as it read immediately before the commencement of this Act).
13 (1) Transitional provision for living alone payment on basis of Social Security Appeal Authority’s decision This section applies to a person who is receiving a living alone payment under section 13 of the principal Act immediately before the commencement of this Act on the basis of the Social Security Appeal Authority’s decision reported in [2009] NZSSAA 38 (19 June 2009).
(2) On or after the commencement of this Act, the person is entitled to receive the single living alone rate of New Zealand superannuation specified in clause 1(a) of Schedule 1 of the principal Act (as amended by this Act) if, and so long as, there is no change in the person’s circumstances affecting the person’s entitle- ment to the living alone payment under section 13 of the principal Act (as it read immediately before the commencement of this Act).
70 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 (3) 14 This section overrides section 12.
References to living alone payment (1) A reference to a living alone payment under the principal Act in any agree- ment, deed, instrument, application, notice, or other document must, unless the context otherwise requires, be read as a reference to either of the following, as the context requires: (a) (b) the single living alone rate of New Zealand superannuation; or the difference between the single living alone rate and single sharing accommodation rate of New Zealand superannuation.
(2) In this section,— living alone has the meaning given to it by section 4A of the principal Act (as amended by this Act) single living alone rate means the rate of New Zealand superannuation speci- fied in clause 1(a) of Schedule 1 of the principal Act (as amended by this Act) that is payable to a single person who is living alone single sharing accommodation rate means the rate of New Zealand super- annuation specified in clause 1(b) of Schedule 1 of the principal Act (as amended by this Act) that is payable to a single person who is not living alone.
15 Savings provision for person whose spouse or partner dies before commencement of this Act (1) This section applies if— (a) (b) (c) a person’s spouse or partner dies before the commencement of this Act; and the person does not apply for a living alone payment under the principal Act before that commencement; and the department receives information about the death of the person’s spouse or partner (whether the information is received before or after the commencement of this Act).
(2) If the person applies for a living alone payment, the person’s entitlement to receive the payment under the principal Act must be determined under that Act (as it read immediately before the commencement of this Act) and, despite sec- tions 6 and 11(1) of this Act, sections 13 and 14 and clause 1(a) of Schedule 1 of the principal Act (as they read immediately before the commencement of this Act) continue in force and apply to the person for that purpose.
(3) If the person is granted a living alone payment,— (a) the payment— (i) commences on— 71 New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 (A) (B) the date on which it would have commenced under section 14 of the principal Act (as it read immediately before the commencement of this Act); or any earlier date determined under section 80AA of the Social Security Act 1964 (if applicable); and (ii) continues until the commencement of this Act if, and so long as, there is no change in the person’s circumstances affecting the per- son’s entitlement to the living alone payment under section 13 of the principal Act (as it read immediately before the commence- ment of this Act); and on or after the commencement of this Act, the person is entitled to receive the single living alone rate of New Zealand superannuation spe- cified in clause 1(a) of Schedule 1 of the principal Act (as amended by this Act) if, and so long as, he or she continues to be living alone within the meaning of section 13 of the principal Act (as it read immediately before the commencement of this Act).
(b) (4) If the person does not apply for a living alone payment, then on or after the commencement of this Act, the person is entitled to receive the single living alone rate of New Zealand superannuation specified in clause 1(a) of Schedule 1 of the principal Act (as amended by this Act) if, and so long as, he or she continues to be living alone within the meaning of section 4A of the principal Act (as so amended).
72 Reprinted as at 1 April 2020 New Zealand Superannuation and Retirement Income Act 2001 Notes Reprints notes 1 General This is a reprint of the New Zealand Superannuation and Retirement Income Act 2001 that incorporates all the amendments to that Act as at the date of the last amendment to it.

2 Legal status Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment.
Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act.

A printed version of the reprint produced directly from this official elec- tronic version also has official status.

3 Editorial and format changes Editorial and format changes to reprints are made using the powers under sec- tions 24 to 26 of the Legislation Act 2012.

See also http://www.pco.parlia- ment.govt.nz/editorial-conventions/.
4 Amendments incorporated in this reprint Social Security (Rates of Benefits and Allowances) Order 2020 (LI 2020/13): clauses 5, 6(2) New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77) Statutes Amendment Act 2019 (2019 No 56): Part 27 Accident Compensation Amendment Act 2019 (2019 No 10): Part 2 subpart 1 Social Assistance (Residency Qualification) Legislation Act 2018 (2018 No 45): Part 1 Social Security Act 2018 (2018 No 32): section 459 Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5): section 259 New Zealand Superannuation (Political Commitment) Order 2018 (LI 2018/13) Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12): Part 1 subpart 11 Statutes Amendment Act 2016 (2016 No 104): Part 20 Customs and Excise (Tobacco Products—Budget Measures) Amendment Act 2016 (2016 No 25): section 9 Legislation (Confirmable Instruments) Amendment Act 2015 (2015 No 120): section 14 New Zealand Superannuation and Retirement Income Amendment Act 2015 (2015 No 93) Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 (2015 No 61): Part 2 subpart 1 Social Security Amendment Act 2015 (2015 No 41): section 12 Social Security (Rates of Benefits and Allowances) Order 2014 (LI 2014/39): clause 6(3) Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102): section 126 Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70): section 150 Crown Entities Amendment Act 2013 (2013 No 51): sections 42, 72 73 Notes New Zealand Superannuation and Retirement Income Act 2001 Reprinted as at 1 April 2020 Public Finance Amendment Act 2013 (2013 No 50): section 57 Social Security (Benefit Categories and Work Focus) Amendment Act 2013 (2013 No 13): section 97 Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11): Part 1 New Zealand Superannuation and Retirement Income (Indexation—Budget Measures) Amendment Act 2012 (2012 No 81) New Zealand Superannuation and Retirement
 Income Amendment Act 2012 (2012 No 16) Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63): section 209 Financial Reporting Amendment Act 2011 (2011 No 22): section 12 New Zealand Superannuation and Retirement Income Amendment Act (No 2) 2010 (2010 No 75) New Zealand Superannuation and Retirement Income Amendment Act 2010 (2010 No 32) Accident Compensation Amendment Act 2010 (2010 No 1): section 49 New Zealand Superannuation and Retirement Income Amendment Act 2009 (2009 No 40) Disability (United Nations Convention on the Rights of Persons with Disabilities) Act 2008 (2008 No 64): section 13 Income Tax Act 2007 (2007 No 97): section ZA 2(1) New Zealand Superannuation and Retirement Income Amendment Act 2007 (2007 No 70) Social Security Amendment Act 2007 (2007 No 20): section 12(2) New Zealand Superannuation and Retirement Income Amendment Act 2006 (2006 No 31) Injury Prevention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 (2005 No 45): section 63 New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42) New Zealand Superannuation Amendment Act 2005 (2005 No 17) Crown Entities Act 2004 (2004 No 115): section 200 Public Finance Amendment Act 2004 (2004 No 113): section 37(1) New Zealand Superannuation (Political Commitment) Order 2004 (SR 2004/431) Social Security (Long-term Residential Care) Amendment Act 2004 (2004 No 101): section 12(2) Employment Relations Amendment Act (No 2) 2004 (2004 No 86): section 72 Social Security (Working for Families) Amendment Act 2004 (2004 No 51): section 21 Income Tax Act 2004 (2004 No 35): section YA 2 New Zealand Superannuation (Political Commitment) Order 2003 (SR 2003/278) Public Finance Act 1989 (1989 No 44): section 65R(3) Wellington, New Zealand: Published under the authority of the New Zealand Government—2020 74