Bayly Andrew: New Zealand Superannuation and Retirement Income Amendment Bill Taxation (New Zealand Superannuation and Retirement Income) Bill — Third ReadingsText is incorporated into the Bound VolumeBayly Andrew: New Zealand Superannuation and Retirement Income Amendment Bill Taxation (New Zealand Superannuation and Retirement Income) Bill — Third Readings[Sitting date: 20 October 2015. Volume:709;Page:7378. Text is incorporated into the Bound Volume.]ANDREW BAYLY (National—Hunua): It is a pleasure to be talking on the third reading of the legislation arising out of the New Zealand Superannuation and Retirement Income Amendment Bill.Life is full of surprises. We have just had an excellent speech from Mr Stuart Nash and of course I thank him for congratulating my honourable colleague Todd McClay on his work around base erosion. I think that is a very important thing. I thought the comments around Chris Bishop were slightly unfounded actually. But then we have the Greens saying they do not support this legislation because of course it is a conspiracy and the very reputable New Zealand Superannuation Fund is investing in the Cayman Islands only for the purpose of tax avoidance to use the clause she noted. I find that a rather strange sort of argument to be putting forward for not supporting this legislation. But I think the biggest surprise is actually the New Zealand First members—that they actually support this legislation. I am very pleased that Mr Fletcher Tabuteau is actually taking the opportunity today to support this legislation and I commend him for that.The New Zealand Superannuation and Retirement Income Amendment Bill of course goes hand in glove with the Taxation (Annual Rates for 2015-16 Research and Development and Remedial Matters) Bill which we are going to be talking about later on this afternoon. I fully endorse and support the purpose of this legislation. I think the major thing which a number of speakers have talked about is the ability for the New Zealand Superannuation Fund to adopt fund investment vehicles. As some of us know these are very usual investment vehicles that are used all around the world and because of the way the New Zealand Superannuation and Retirement Income Act was originally set up and envisaged it was precluded from using these investment vehicles.So what this legislation does is it actually allows those vehicles to be used. There are limits. They cannot be used to hold controlling shares or equity holdings but they can be used to invest in funds that subsequently invest in debt and equity instruments.I think the other subsidiary points that the legislation really deals with are the giving of greater powers to the Guardians of New Zealand Superannuation which of course is the Crown entity that controls the New Zealand Superannuation Fund; the power to grant a power of attorney; the power to appoint an investment manager; and the power to appoint a custodian. All of those are sort of bog-standard arrangements.The last thing this bill really drives hard at is protecting the guardians against spurious claims from third parties for doing acts that can be deemed ultra vires. I think that having protection around the very credible board that we have managing this fund which has achieved outstanding results is a good measure. This is a good piece of legislation and I commend it to the House.