Superannuation Schemes Act 1989

1: Short Title and commencement
1: This Act may be cited as the Superannuation Schemes Act 1989.
2: Section 32
3: Except as provided in subsection (2), this Act shall come into force on the day on which it receives the Royal assent.
2: Interpretation
1: In this Act, unless the context otherwise requires,— actuary administration manager auditor
a: a chartered accountant (within the meaning of section 19
b: a licensed auditor (within the meaning of section 6 beneficiary
a: a natural person who is eligible to receive a benefit from the scheme:
b: the trustee of another registered superannuation scheme which is eligible to receive a benefit from the scheme benefit complying fund rules section OB 1 employee employer FMA Part 2 Financial Markets Authority Act 2011 investment manager KiwiSaver scheme KiwiSaver Act 2006 member
a: a natural person who has been admitted to membership of the scheme and who is, or may become, entitled to benefits under the scheme:
b: the trustees of another registered superannuation scheme which has been admitted to membership of the scheme and which is, or may become, entitled to benefits under the scheme participation agreement section 4(1) registered superannuation scheme registered scheme solicitor Law Practitioners Act 1982 superannuation scheme scheme section 2A trustees
a: in relation to a superannuation scheme established under a trust deed, means the persons who are designated as such in the trust deed, or the successors of those trustees, and who have the responsibility for administering the trusts governing the superannuation scheme:
b: in relation to a superannuation scheme constituted under an Act of the Parliament of New Zealand, means the person or persons appointed to administer the scheme trust deed
2: For the purposes of this Act and any regulations made under this Act, a superannuation scheme shall be deemed to operate on the principle of unallocated funding if the contributions to the scheme are not allocated on a defined basis to individual members. Section 2(1) auditor replaced 1 July 2012 section 82 Auditor Regulation Act 2011 Section 2(1) beneficiary substituted 1 August 1990 Superannuation Schemes Amendment Act 1990 Section 2(1) complying fund rules inserted 18 December 2006 section 235 Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Section 2(1) FMA inserted 1 May 2011 section 82 Financial Markets Authority Act 2011 Section 2(1) Government Actuary repealed 1 May 2011 section 82 Financial Markets Authority Act 2011 Section 2(1) KiwiSaver scheme inserted 1 December 2006 section 231 KiwiSaver Act 2006 Section 2(1) member substituted 1 August 1990 section 2(2) Superannuation Schemes Amendment Act 1990 Section 2(1) participation agreement inserted 19 December 2007 section 105 Taxation (KiwiSaver) Act 2007 Section 2(1) superannuation scheme scheme substituted 1 December 2006 section 231 KiwiSaver Act 2006
2A: Definition of superannuation scheme
1: In this Act, unless the context otherwise requires, superannuation scheme scheme
a: means—
i: any trust established by its trust deed principally for the purpose of providing retirement benefits to beneficiaries who are natural persons or paying benefits to persons who are the trustees of a registered superannuation scheme or a KiwiSaver scheme; or
ii: any arrangement constituted under an Act of the Parliament of New Zealand, other than the Social Security Act 1964
b: does not include any scheme that is registered as a KiwiSaver scheme.
2: In Acts other than this Act, superannuation scheme or scheme section 118 Section 2A inserted 1 December 2006 section 231 KiwiSaver Act 2006
1: Registration of superannuation schemes
3: Applications for registration of scheme governed by trust deed
1: The trustees of any superannuation scheme—
a: that is governed by a trust deed that is interpreted and administered in accordance with New Zealand law; and
b: that has at least 1 trustee who is a New Zealand resident,— may apply to the FMA
2: Every such application shall be accompanied by a copy of the trust deed and of every amendment to the trust deed. Section 3(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
4: Applications for registration of scheme constituted under Act of Parliament
1: The person appointed to administer any superannuation scheme that is constituted under an Act of the Parliament of New Zealand may apply to the FMA
2: Every such application shall be accompanied by a copy of the Act of Parliament and any other documents governing the scheme. Section 4(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
5: Matters required to be specified in application
Every application for registration shall specify the matters set out in Schedule 1
6: Registration of schemes
1: The FMA must
2: The registration shall be deemed to take effect on whichever date is the latest of—
a: the commencement date of the scheme:
b: the date on which the FMA
c: such date as may be determined by agreement between the trustees and the FMA Section 6(1) amended 1 May 2011 section 82 Financial Markets Authority Act 2011 Section 6(2)(b) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 6(2)(c) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Trust deeds
7: Content of trust deeds
The trust deed of every registered superannuation scheme shall specify the following matters:
a: the conditions of entry of members to the scheme:
b: the conditions as to termination of membership of the scheme:
c: the contributions payable:
d: the conditions under which benefits become payable and the way in which the benefits are to be determined:
e: the number of trustees, and provision for their appointment and retirement:
f: the circumstances in which the scheme may be wound up, and the way in which the assets of the scheme are to be distributed in the event of a winding up.
8: Implied provisions as to investment of scheme money
The following provisions shall be implied in every trust deed of a registered superannuation scheme:
a: that all money belonging to the scheme and available for investment shall be invested in accordance with the provisions of the Trustee Act 1956
b: that, notwithstanding anything to the contrary in section 13D(1) section 13B section 13C
9: Implied provision as to amendments reducing accrued benefits, etc
There shall be implied in every trust deed of a registered superannuation scheme a provision that no amendment of the trust deed which would have the effect of—
a: reducing, postponing or otherwise adversely affecting the benefits, whether vested, contingent, or discretionary, that may in due course flow from, or are attributable to, membership of the scheme up to the date the amendment is made; or
b: removing any right of the members or other beneficiaries to participate in the management of the scheme; or
c: increasing the contributions, fees, or charges payable by any member; or
d: providing for the reversion of any assets of the scheme to any employer to any greater extent than already provided for in the trust deed,— shall be made without the written consent of every member, and of every other beneficiary who is in receipt of a benefit under the scheme at the date the amendment is made, who would be adversely affected by the amendment.
9A: Implied provision as to alterations to scheme
There shall be implied in every trust deed of a registered superannuation scheme a provision that no alteration to the scheme that—
a: would be contrary to or have the effect of nullifying or reversing or amending any matter stated in the trust deed, or any provision implied in the trust deed by this Act; or
b: would have the effect of extending or varying or limiting the scope of the trust deed in any material particular— shall be effected otherwise than by way of amendment to the trust deed in accordance with section 12 Section 9A inserted 1 August 1990 Superannuation Schemes Amendment Act (No 2) 1990
9B: Implied provision as to transfer of members, etc
1: There shall be implied in every trust deed of a registered superannuation scheme a provision that no member or beneficiary of the superannuation scheme will be transferred to another superannuation scheme without the written consent of the member or beneficiary concerned.
1A: This section is subject to section 9BAA
2: The trustees of each registered superannuation scheme affected must notify the persons described in subsection (2A) in accordance with subsection (2B) if it is proposed to transfer (whether at the same time or over an extended period) all or a substantial number of members or beneficiaries—
a: from a registered superannuation scheme to any other superannuation scheme; or
b: from a superannuation scheme to a registered superannuation scheme.
2A: The persons referred to in subsection (2) are—
a: all members and beneficiaries of each registered superannuation scheme (other than those members and beneficiaries that, in the opinion of the FMA
b: the FMA
2B: At least 1 month before the date by which the written consent of members and beneficiaries to a proposed transfer referred to in subsection (2) must be received by the trustees of each registered superannuation scheme affected,—
a: the trustees must notify the members and beneficiaries described in subsection (2A)(a) in writing of—
i: the proposed transfer and its implications for members and beneficiaries; and
ii: the date on which the proposed transfer is to occur; and
iii: the date by which the written consent of members and beneficiaries to the proposed transfer must be received by the trustees; and
iv: the fact that a copy of the notice has been forwarded to the FMA
b: the trustees must notify the FMA
i: the proposed transfer and its implications for members and beneficiaries; and
ii: the date on which the proposed transfer is to occur; and
iii: the date by which the written consent of members and beneficiaries to the proposed transfer must be received by the trustees.
3: The giving of notice under subsection (2) shall not derogate from the need to comply with any other provision of this Act.
4: For the purposes of section 20 FMA
a: over any 12-month period, either—
i: 20% or more of the members or beneficiaries of any other superannuation scheme are transferred to the particular registered scheme; or
ii: the number of members or beneficiaries of the particular registered scheme is increased by 20% or more by reason of any transfer of members and beneficiaries from any other scheme; and
b: the members and beneficiaries of the particular registered scheme have not been notified of the transfer, or any notification given has not adequately set out the implications of the transfer.
5: For the purpose of this section, references to the transfer of members or beneficiaries from one scheme to another include references to transfers of members or beneficiaries from one section of a registered scheme to another section of the same scheme. Section 9B inserted 1 August 1990 Superannuation Schemes Amendment Act (No 2) 1990 Section 9B(1A) inserted 1 December 2006 section 231 KiwiSaver Act 2006 Section 9B(2) substituted 3 May 2001 section 3 Superannuation Schemes Amendment Act 2001 Section 9B(2A) inserted 3 May 2001 section 3 Superannuation Schemes Amendment Act 2001 Section 9B(2A)(a) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9B(2A)(b) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9B(2B) inserted 3 May 2001 section 3 Superannuation Schemes Amendment Act 2001 Section 9B(2B)(a)(iv) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9B(2B)(b) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9B(4) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
9BAA: When
FMA
1: The requirement in section 9B all or any of the members FMA
1B: This section applies despite anything to the contrary in a scheme's trust deed.
2: The FMA FMA
a: the terms and conditions of the scheme to which the members or beneficiaries are to be transferred ( new scheme old scheme
b: the transfer is otherwise reasonable in all the circumstances (including having regard to the value of the assets transferred from the old scheme to the new scheme); and
c: the procedure in section 9BAB
3: The FMA FMA
4: In determining whether subsection (2) or (3) applies, the FMA
a: have regard to the likely effect of the new scheme on benefits to members and beneficiaries as a whole; and
b: have regard to any other matter that the FMA
4B: For a transfer that the FMA
a: each relevant member of the old scheme is treated as offering to be a member of the new scheme on the terms and conditions for that new scheme; and
b: the trustee of the new scheme is treated as accepting the member's offer.
5: The FMA FMA FMA FMA Section 9BAA inserted 1 December 2006 section 231 KiwiSaver Act 2006 Section 9BAA heading amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAA(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAA(1) amended 19 December 2007 section 106(1) Taxation (KiwiSaver) Act 2007 Section 9BAA(1B) inserted 19 December 2007 section 106(2) Taxation (KiwiSaver) Act 2007 Section 9BAA(2) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAA(3) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAA(4) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAA(4)(b) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAA(4B) inserted 19 December 2007 section 106(3) Taxation (KiwiSaver) Act 2007 Section 9BAA(4B) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAA(5) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
9BAB: How approval under section 9BAA may be granted
1: The FMA section 9BAA FMA
a: it is reasonable in all of the circumstances of the case that the person have standing to make the application; and
b: the person falls within a class specified in any guidelines published by the FMA
2: The FMA FMA
a: a certificate, signed by a person of any class specified by the FMA section 9BAA
b: any other information about the new scheme, the old scheme, or the transfer.
3: The applicant must give notice to every member and beneficiary to whom the transfer will relate—
a: that the applicant has applied for approval to transfer the members and beneficiaries without their written consent; and
b: that the member or beneficiary may make submissions to the FMA
4: The FMA
5: The FMA FMA
6: To avoid doubt, any approval given under this section is subject to section 23 Section 9BAB inserted 1 December 2006 section 231 KiwiSaver Act 2006 Section 9BAB(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAB(1)(b) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAB(2) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAB(2)(a) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAB(3)(b) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAB(4) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BAB(5) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
9BA: FMA
1: The FMA sections 9 9B FMA
a: the trustees have not been able to contact all members or beneficiaries of the scheme despite having taken all reasonable steps to do so; and
b: the proposed action is not unreasonable in relation to the best interests of any member or beneficiary who has not been contacted.
2: To avoid doubt, any exemption given by the FMA section 23 Section 9BA inserted 3 May 2001 section 4 Superannuation Schemes Amendment Act 2001 Section 9BA heading amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BA(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 9BA(2) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
9C: Implied provisions as to deferred benefits
1: Notwithstanding anything contained in the trust deed of any registered superannuation scheme, there shall be implied in every such trust deed a provision that a beneficiary who continues to be employed by an employer after that beneficiary's expected age or date of retirement (as defined in the trust deed of that registered superannuation scheme) may elect to defer the receipt of any benefit which the beneficiary is eligible to receive under that superannuation scheme until the date upon which the beneficiary ceases to be employed by that employer.
2: Nothing in subsection (1) or in the Human Rights Act 1993
3: Where a beneficiary has the right, under the provision described in subsection (1), to elect to defer receipt of any benefit which the beneficiary is eligible to receive under the superannuation scheme, the trustees of the scheme shall inform the beneficiary in writing of that right. Section 9C inserted 1 April 1992 Human Rights Commission Amendment Act 1992 Section 9C(2) amended 1 February 1994 section 146 Human Rights Act 1993
9D: Implied term as to reduction of scheme insurance upon transfer out of complying superannuation fund
1: This section applies to a registered superannuation scheme ( scheme A
a: scheme A provides or facilitates the provision of insurance (the scheme insurance person
b: the benefit of the scheme insurance is calculated by reference to contributions for the person held by a complying superannuation fund (the contributions
c: an amount of contributions is transferred out of the complying superannuation fund to a complying superannuation fund or KiwiSaver scheme (other than scheme A).
2: A term is implied into the trust deed of scheme A. That term must have the effect of allowing the benefit of the person's scheme insurance to be reduced in proportion to the amount of contributions transferred out of the complying superannuation fund to a complying superannuation fund or KiwiSaver scheme (other than scheme A). Section 9D inserted 19 December 2007 section 107 Taxation (KiwiSaver) Act 2007
10: Implied provision as to reversion of scheme assets to employer
There shall be implied in every trust deed of a registered superannuation scheme that provides for the reversion of any assets of the scheme to any employer, a provision that no part of the assets shall so revert without the prior written consent of the FMA Section 10 amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
11: Application and enforcement of implied provisions
1: Sections 8 to 10
2: Every provision implied in a trust deed in accordance with sections 8 to 10
12: Amendment of trust deeds
1: The trustees of a registered superannuation scheme shall, before any amendment is made to the trust deed,—
a: give a certificate that the trust deed, when amended as proposed, will comply with section 7 sections 8 to 10
b: obtain a certificate to that effect from the administration manager of the scheme or a solicitor.
2: Within 14 days after any amendment to the trust deed is made, the trustees shall lodge a copy of that certificate and a copy of the amendment with the FMA Section 12(2) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Financial information
13: Accounts
1: The trustees of a registered superannuation scheme shall ensure that—
a: proper books of account are kept in respect of the scheme; and
b: annual accounts in respect of the scheme are prepared in accordance with generally accepted accounting practice (as defined in section 3
c: those annual accounts are audited by an auditor.
2: The annual accounts in respect of the scheme need not be audited if—
a: the scheme is fully managed by an administration manager that provides to the FMA
b: that administration manager has prepared annual accounts in respect of the scheme that comply with generally accepted accounting practice (as defined in section 3
c: the auditor of the administration manager certifies annually that adequate accounting systems, records, and methods of internal control are in place to ensure that the accounts prepared by the administration manager in respect of each scheme fully managed by the administration manager correctly present each scheme's financial affairs; and
d: the administration manager certifies that the accounts prepared in respect of the scheme correctly present its financial affairs; and
e: the trustees certify that—
i: all of the contributions made to the scheme during the financial year were passed promptly to, and all of the benefits paid during the financial year were paid by, the administration manager of the scheme; and
ii: the trustees hold no funds. Section 13(1)(b) substituted 3 May 2001 section 5(1) Superannuation Schemes Amendment Act 2001 Section 13(2)(a) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 13(2)(b) substituted 3 May 2001 section 5(2) Superannuation Schemes Amendment Act 2001
14: Annual reports
1: The trustees of a registered superannuation scheme shall, within 5 months
2: The annual report shall include the matters specified in Schedule 2
3: The trustees must send to the FMA
4: Section 14(1) amended 3 May 2001 section 6(1) Superannuation Schemes Amendment Act 2001 Section 14(3) substituted 15 April 2004 section 3 Superannuation Schemes Amendment Act 2004 Section 14(3) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 14(4) repealed 1 May 2011 section 56 KiwiSaver Amendment Act 2011
15: Actuarial examination
1: If a registered superannuation scheme—
a: operates on the principle of unallocated funding; or
b: provides benefits that are dependent upon the contingencies of human life, and the risks associated with those benefits are not fully insured with a company engaged in the business of life insurance,— the trustees shall ensure that an actuary examines the financial position of the scheme as at dates that are no more than 3 years apart.
2: The trustees shall ensure that the report of the actuary in respect of each such examination is received no later than 7 months
3: The trustees must send a copy of the report of the actuary to the FMA Section 15(2) amended 3 May 2001 section 7(1) Superannuation Schemes Amendment Act 2001 Section 15(3) substituted 3 May 2001 section 7(2) Superannuation Schemes Amendment Act 2001 Section 15(3) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Prospective members' rights to information Heading inserted 15 April 2004 section 4 Superannuation Schemes Amendment Act 2004
15A: Prospective members' rights to information
1: Each person who is eligible to become a member of a registered superannuation scheme has the right, upon request,—
a: to look at, at any reasonable time, a copy of the trust deed, or a copy of any report of an actuarial examination required under section 15
b: to receive, upon payment of a reasonable fee, a copy of the trust deed or a copy of any of those reports:
c: to receive a statement of the specific interest, mortality, and other assumptions and bases of calculation applied in determining the value of the assets and liabilities of the scheme for the purposes of an actuarial examination required under section 15
d: to receive a copy of the annual accounts and any auditor's report or, if that report is not required or produced, the certificates required by section 13(2)
2: Nothing in this section limits any provision in the Securities Act 1978 Section 15A inserted 15 April 2004 section 4 Superannuation Schemes Amendment Act 2004 Members' rights to information
16: Rights to information before becoming member of registered superannuation scheme
1: Each person, before becoming a member of a registered superannuation scheme, shall—
a: be advised in writing of—
i: the contributions payable:
ii: the charges or fees (if any) that the members may have to pay in addition to contributions:
iii: the member's principal rights and benefits, including rights and benefits upon the scheme being wound up:
iv: any circumstances which it would be reasonable to expect the trustees to foresee in which, given the nature of the scheme, any benefit could be expected to reduce over time:
v: any circumstances which it would be reasonable to expect the trustees to foresee in which, given the nature of the scheme, any member could be expected to receive less from the scheme than the contributions made by the member:
vi: the member's right to request the information required to be supplied by section 17(b)
b: be given a copy of the most recent annual report of the trustees, or, if there is no such report, be advised in writing of—
i: the names of the trustees and any administration manager and every investment manager of the scheme (if any); and
ii: the name and address of the person to whom all correspondence from the members to the trustees should be sent.
2: This section does not apply in respect of a person who is provided with an investment statement that relates to the registered superannuation scheme concerned and complies with the Securities Act 1978 Section 16(2) added 1 October 1997 section 2 Superannuation Schemes Amendment Act 1996
17: Members' rights to information
1: Each member of a registered superannuation scheme shall—
a: be given, within 6 months of the close of each financial year of the scheme, a copy of the annual report of the trustees in respect of that year; and
b: have the right, upon request,—
i: to receive an estimate of the member's benefits:
ii: to look at, at any reasonable time, a copy of the trust deed, or a copy of any report of an actuarial examination required under section 15
iii: to receive, upon payment of a reasonable fee, a copy of the trust deed or a copy of any such report:
iv: to receive a statement of the specific interest, mortality, and other assumptions and bases of calculation applied in determining the value of the assets and liabilities of the scheme for the purposes of an actuarial examination required under section 15
v: to receive a copy of the annual accounts and any auditor's report or, if that report is not required or produced, the certificates required by section 13(2)
2: Nothing in this section limits sections 54A to 54C
3: Each member of a registered superannuation scheme to which section 15
a: a statement of the specific interest, mortality, and other assumptions and bases of calculation applied in determining the benefits under consideration; and
b: where different assumptions and bases of calculation have, within the last 12 months, been applied in determining benefits similar to those under consideration, a statement of the reasons why different assumptions and bases applied.
4: For the purposes of subsection (3), a proposed change
a: an election to convert any benefit into a lump sum:
b: an election to defer receipt of a benefit:
c: a change to a benefit regardless of whether or not the benefit is specified in the trust deed of the scheme of which the person is a member:
d: an election to convert all or part of a benefit into a benefit to be provided to some other person:
e: an election to transfer a benefit to another superannuation scheme or from one section of a scheme to another section of the same scheme. Section 17(1)(b)(iv) added 2 September 1996 Superannuation Schemes Amendment Act (No 2) 1996 Section 17(1)(b)(v) added 15 April 2004 section 5 Superannuation Schemes Amendment Act 2004 Section 17(2) added 1 October 1997 section 3 Superannuation Schemes Amendment Act 1996 Section 17(2) amended 1 May 2011 section 82 Financial Markets Authority Act 2011 Section 17(3) added 2 September 1996 Superannuation Schemes Amendment Act (No 2) 1996 Section 17(4) added 2 September 1996 Superannuation Schemes Amendment Act (No 2) 1996 Non-resident trustees
18: Non-resident trustees
The trustees of any registered superannuation scheme that is not constituted under an Act of the Parliament of New Zealand shall notify the FMA Section 18 amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Disclosure of information Heading inserted 2 September 1996 Superannuation Schemes Amendment Act (No 2) 1996
18A: Disclosure of information to
FMA
1: Every person—
a: who holds office as an administration manager, investment manager, actuary, or auditor of a registered superannuation scheme; and
b: who forms an opinion in the course of, or in connection with, the performance of the functions of that office that there is a serious problem with the scheme,— shall disclose to the FMA
2: For the purposes of this section, a serious problem
a: the scheme is not operating in accordance with this Act, and any regulations made under this Act, or fails to meet any requirements of this Act or any such regulations; or
b: the financial position of the scheme, or the security of benefits, or the management of the scheme, is inadequate; or
c: for a registered scheme approved as a complying superannuation fund for the purposes of the Income Tax Act 2004 section 35(1)(a) to (c)
3: For the avoidance of doubt, subsection (1) does not require any person who holds office as an administration manager, investment manager, actuary, or auditor of a registered superannuation scheme to carry out functions additional to those functions that he or she would ordinarily carry out in the course of holding that office, other than to disclose to the FMA Superannuation Industry (Supervision) Act 1993 s 129 (Aust) Section 18A inserted 2 September 1996 Superannuation Schemes Amendment Act (No 2) 1996 Section 18A heading amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 18A(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 18A(2)(b) amended 18 December 2006 section 236(a) Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Section 18A(2)(c) added 18 December 2006 section 236(b) Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Section 18A(3) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
18B: Protection of administration managers, investment managers, actuaries, and auditors
1: No civil, criminal, or disciplinary proceedings shall lie against any administration manager, investment manager, actuary, or auditor arising from the disclosure in good faith of information to the FMA section 18A
2: No person shall remove from office, or terminate the contract of appointment of, any administration manager, investment manager, actuary, or auditor by reason of the disclosure in good faith of information to the FMA section 18A
3: No tribunal, body, or authority, having jurisdiction in respect of the professional conduct of any administration manager, investment manager, actuary, or auditor shall make any order against, or do any act in relation to, that person in respect of the fact of such disclosure.
4: No information received by the FMA section 18A
5: Nothing in subsection (4) shall limit the admissibility of any information obtained in any other way. 1989 No 11 s 15 1989 No 157 s 98 Section 18B inserted 2 September 1996 Superannuation Schemes Amendment Act (No 2) 1996 Section 18B(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 18B(2) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 18B(4) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Powers of FMA as to cancellation of registration, etc Heading substituted 1 May 2011 section 82 Financial Markets Authority Act 2011
19: Cancellation of registration
1: The FMA may cancel the registration of a superannuation scheme—
a: if a scheme that is not constituted under an Act of Parliament ceases to have a trustee who is a New Zealand resident; or
b: if the FMA is satisfied on reasonable grounds that the scheme is no longer a superannuation scheme within the meaning of section 2
2: The FMA must cancel the registration of a superannuation scheme on receipt of an application by the trustees if the FMA is satisfied that the members and other beneficiaries of the scheme have been advised of the consequences of the scheme ceasing to be registered.
3: Where the registration of a scheme is cancelled, each provision set out in sections 8
a: evidence has been produced to the FMA to its satisfaction that all of the members and other beneficiaries of the scheme have consented to the provision no longer applying; or
b: in any other case, the FMA has notified the trustees in writing that it is satisfied that the provision is no longer necessary. Section 19 substituted 1 May 2011 section 82 Financial Markets Authority Act 2011
20: Powers of
FMA
1: If, in respect of any registered superannuation scheme, the FMA
a: the scheme is not operating in accordance with this Act, and any regulations made under this Act, or fails to meet any requirements of this Act or any such regulations; or
b: the financial position of the scheme, or the security of benefits, or the management of the scheme, is inadequate,— the FMA FMA
c: cancel the registration of the scheme; or
d: direct the trustees or the administration manager or the investment manager, as the case may be, to operate the scheme in a specified manner; or
e: order that the scheme be wound up.
2: The FMA must
3: If the FMA FMA
a: cancel the registration of the scheme; or
b: order that the scheme be wound up. Section 20 heading amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 20(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 20(2) amended 1 May 2011 section 82 Financial Markets Authority Act 2011 Section 20(3) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Independent trustees Heading inserted 2 September 1996 section 4 Superannuation Schemes Amendment Act (No 2) 1996
20A: Receiver or liquidator to designate or appoint independent trustee if required
1: This section applies if a receiver has been appointed in respect of property of an employer or if a liquidator has been appointed for the employer and either—
a: the receiver or liquidator is designated or appointed as a trustee of a relevant superannuation scheme; or
b: before the appointment of the receiver or liquidator, the employer had the power to appoint a trustee of a relevant superannuation scheme.
1A: The receiver or liquidator must be satisfied that, at all times, at least 1 of the trustees of the relevant superannuation scheme is an independent person and, if the receiver or liquidator is not so satisfied, designate or appoint an independent person as trustee of the scheme.
1B: For the purposes of this section, a relevant superannuation scheme
a: to which the employer has contributed in respect of the employees of the employer who are members of the scheme; or
b: for which the employer has paid any of the administration costs in respect of the employees of the employer who are members of the scheme.
2: For the purposes an independent person
a: has no interest in the assets of the employer or of the scheme, otherwise than as a trustee of the scheme; and
b: is not associated with, or employed by, the employer, the receiver, or the liquidator.
3: Any independent person designated or appointed under this section as a trustee of the scheme—
a: shall hold office as if he or she was designated or appointed under the trust deed of the scheme; and
b: is entitled to be paid out of the assets of the scheme, reasonable remuneration for, and any expenses reasonably incurred by that person in, acting in his or her capacity as a trustee of the scheme. Pensions Act 1995 ss 23, 25 (UK) Section 20A inserted 2 September 1996 Superannuation Schemes Amendment Act (No 2) 1996 Section 20A(1) substituted 15 April 2004 section 6(1) Superannuation Schemes Amendment Act 2004 Section 20A(1A) inserted 15 April 2004 section 6(1) Superannuation Schemes Amendment Act 2004 Section 20A(1B) inserted 15 April 2004 section 6(1) Superannuation Schemes Amendment Act 2004 Section 20A(2) amended 15 April 2004 section 6(2) Superannuation Schemes Amendment Act 2004 Winding up of registered schemes
21: Winding up of registered schemes
1: Where a registered superannuation scheme is wound up, the trustees—
a: shall, within 14 days after a winding up resolution is made, lodge a copy of that resolution with the FMA
b: must, within 5 months of the date on which the winding up takes effect,
c: must, within 5 months of the date on which the winding up takes effect, section 13(2)
d: must, within 28 days
i: send a copy of those accounts to the FMA
ii: advise the FMA
e: shall inform the FMA
1A: The FMA
2: Each person who was a member of a registered superannuation scheme immediately before its winding up shall continue to have the right, upon request,—
a: to look at, at any reasonable time, a copy of the trust deed, or a copy of any report of an actuarial examination required under section 15
b: to receive, upon payment of a reasonable fee, a copy of the trust deed or of any such report:
c: to receive a statement of the specific interest, mortality, and other assumptions and bases of calculation applied in determining the value of the assets and liabilities of the scheme for the purposes of an actuarial examination required under section 15
d: to receive a statement of the specific interest, mortality, and other assumptions and bases of calculation applied in determining the person's benefits.
3: Where a scheme is wound up, the registration shall be deemed to be cancelled as soon as the distribution of assets has been completed. Section 21(1)(a) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 21(1)(b) amended 15 April 2004 section 7(1) Superannuation Schemes Amendment Act 2004 Section 21(1)(c) amended 15 April 2004 section 7(2) Superannuation Schemes Amendment Act 2004 Section 21(1)(d) amended 15 April 2004 section 7(3) Superannuation Schemes Amendment Act 2004 Section 21(1)(d)(i) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 21(1)(d)(ii) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 21(1)(e) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 21(1A) inserted 15 April 2004 section 7(4) Superannuation Schemes Amendment Act 2004 Section 21(1A) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 21(2)(c) added 2 September 1996 Superannuation Schemes Amendment Act (No 2) 1996 Section 21(2)(d) added 2 September 1996 Superannuation Schemes Amendment Act (No 2) 1996 Reversion of assets to employer
22: Consent to reversion of assets to employer
1: The FMA must
a: that sufficient assets would remain to support the accrued benefits of all members and other beneficiaries; and
b: that the reversion is fair and equitable to the members and other beneficiaries, taking into account the manner in which the scheme acquired those assets.
2: For the purposes of subsection (1), accrued benefits FMA Section 22(1) amended 1 May 2011 section 82 Financial Markets Authority Act 2011 Section 22(2) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
2: Miscellaneous provisions
23: Right of appeal against certain decisions of FMA
1: A person affected by a decision of the FMA under any of the following provisions may appeal against the decision to the High Court:
a: section 19
b: section 20
c: section 34
d: section 36
e: section EY 11
2: A decision against which an appeal is lodged under this section continues in force unless the High Court orders otherwise. Section 23 substituted 1 May 2011 section 82 Financial Markets Authority Act 2011
24: Power of Government Actuary to require information
Section 24 repealed 1 May 2011 section 82 Financial Markets Authority Act 2011
25: Offences
1: Every person commits an offence against this Act, and is liable on
a: to deliver any document or statement or report or copy or certificate; or
ab: to allow a person to look at a document or report or copy; or
b: to supply any return or to give any certificate or information,— as and when required by this Act or any regulations made under this Act.
1A: For the purposes of sections 15A 16 17 21(2)
a: requests must be made to the trustees of the registered superannuation scheme to which the request relates; and
b: if a person has a right to look at a document, report, or copy, the trustees of the registered superannuation scheme to which the document, report, or copy relates have a duty to ensure that the person is allowed to look at, at any reasonable time, that document, report, or copy; and
c: if a person has a right to receive a document, statement, report, copy, certificate, or information, the trustees of the registered superannuation scheme to which the document, statement, report, copy, certificate, or information relates have a duty to ensure that the document, statement, report, copy, certificate, or information is delivered or supplied to the person; and
d: if a person has a right to be advised of certain information, the trustees of the registered superannuation scheme to which the information relates have a duty to ensure that the information is supplied to the person.
2: Every person commits an offence, and is liable on summary conviction to a fine not exceeding $1,000, who—
a: refuses or fails to carry out any direction or order of the FMA section 20
ab: fails to designate or appoint an independent trustee, if required to do so under section 20A(1A)
b: makes any statement or supplies any report or certificate required by this Act knowing that it is false or misleading; or
c: advertises or otherwise promotes, or describes in a written form, a registered superannuation scheme as a unit trust.
3: Where any company commits an offence against this Act, every officer of the company who knowingly authorises or permits the offence also commits an offence against this Act. Section 25(1) amended 1 July 2013 section 413 Criminal Procedure Act 2011 Section 25(1)(ab) inserted 15 April 2004 section 8(1) Superannuation Schemes Amendment Act 2004 Section 25(1A) inserted 15 April 2004 section 8(2) Superannuation Schemes Amendment Act 2004 Section 25(2)(a) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 25(2)(ab) inserted 15 April 2004 section 8(3) Superannuation Schemes Amendment Act 2004
26: Secrecy
Section 26 repealed 1 May 2011 section 82 Financial Markets Authority Act 2011
27: Personal liability
Section 27 repealed 1 May 2011 section 82 Financial Markets Authority Act 2011
28: Annual report by
FMA
1: The FMA
2: Every report must be presented to the House of Representatives by the responsible Minister as soon as practicable after it has been received by that Minister.
3: In this section, responsible Minister Section 28 substituted 3 June 1998 section 2 Superannuation Schemes Amendment Act 1998 Section 28 heading amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 28(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
29: Fees
Where any fee is payable in accordance with any regulations made under this Act, the FMA Section 29 amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
30: Regulations
The Governor-General may from time to time, by Order in Council, make regulations for all or any of the following purposes:
a: prescribing the fees payable, or the rate at which fees are to be calculated, for applications for registration of schemes, for the lodging of amendments to schemes, for applications under section EY 11 of the Income Tax Act 2007
b: providing for such matters as are contemplated by or necessary for giving full effect to the provisions of this Act and the full administration thereof. Section 30(a) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 30(a) amended 1 August 1990 Superannuation Amendment Act 1990
31: Consequential amendments
1: The enactments specified in Schedule 3
2: The Reserve Bank of New Zealand Amendment Act 1975
32: Repeals, revocations, and consequential amendments taking effect on 1 April 1990
1: The following enactments are hereby repealed as from the commencement of 1 April 1990:
a: the Superannuation Schemes Act 1976
b: the Superannuation Schemes Amendment Act 1982
c: the Superannuation Schemes Amendment Act (No 2) 1982
d: the Superannuation Schemes Amendment Act 1987
2: The following regulations are hereby revoked as from the commencement of 1 April 1990:
a: the Superannuation Schemes Regulations 1983 (SR 1983/34)
b: the Superannuation Schemes Regulations 1983, Amendment No 1 (SR 1984/65)
c: the Superannuation Schemes Regulations 1983, Amendment No 2 (SR 1987/59)
3: The enactments specified in Schedule 4
33: Savings
Notwithstanding the repeal of the Superannuation Schemes Act 1976 Superannuation Schemes Amendment Act 1987 section 32
34: Complying superannuation funds
1: A person may apply to the FMA Income Tax Act 2004
2: The application must be accompanied by all information necessary to satisfy the FMA section 35
3: The application must include a copy of any participation agreements that have been ratified by employers of employees in the scheme as applicable to the registered scheme. Section 34 inserted 18 December 2006 section 237 Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Section 34(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 34(2) substituted 19 December 2007 section 108(1) Taxation (KiwiSaver) Act 2007 Section 34(2) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 34(3) added 19 December 2007 section 108(2) Taxation (KiwiSaver) Act 2007
35: Dealing with applications for complying superannuation funds
1: The FMA section 34 FMA
a: the registered scheme and any relevant participation agreement contain
i: relevant contributions:
ii: returns on relevant contributions:
iii: relevant benefits; and
b:
c: the registered scheme has at least 20 members, treating all interests in the registered scheme or account held by persons associated under section OD 8(3)
d: the registered scheme is registered on or before 1 July 2007; and
e: any relevant participation agreement is—
i: an agreement entered into on or before 1 July 2007:
ii: an agreement (the successor participation agreement prior agreement
2: The FMA Income Tax Act 2004
3: If the relevant registered scheme is approved as a complying superannuation fund for the purposes of the Income Tax Act 2004 FMA
4: Approval notified under subsections (2) and (3) is effective on and after the date the FMA
5: For the purposes of subsection (1)(e),—
a: participation agreement
b: a participation agreement ( agreement A
i: agreement A succeeds and replaces the other participation agreement due to the merger or acquisition of a party to the other participation agreement; or
ii: all relevant members of a scheme covered by agreement A transfer by virtue of section 9BAA Section 35 inserted 18 December 2006 section 237 Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Section 35(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 35(1)(a) substituted 21 May 2007 section 71(1) Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 35(1)(a) amended 19 December 2007 section 109(1) Taxation (KiwiSaver) Act 2007 Section 35(1)(b) repealed 21 May 2007 section 71(1) Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 35(1)(e) substituted 19 December 2007 section 109(2) Taxation (KiwiSaver) Act 2007 Section 35(2) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 35(3) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 35(4) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 35(5) added 19 December 2007 section 109(3) Taxation (KiwiSaver) Act 2007
36: Revocation of approval
1: If the FMA section 35(1)(a) to (c) FMA
2: The FMA
a: the registered scheme; and
b: the person that originally applied for approval under section 34
c: the Commissioner of Inland Revenue.
3: Revocation notified under subsection (2) is effective on and after the date the FMA
4: A registered scheme that is notified that approval is revoked must immediately notify that revocation to each member who may be affected, and to their employers. At the same time, the registered scheme must notify the Commissioner of each member who may be affected, and of their employers. Section 36 inserted 18 December 2006 section 237 Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Section 36(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 36(2) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 36(3) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
37: Duty to notify changes about complying superannuation funds to
FMA
1: The trustees of a complying superannuation fund must give notice to the FMA
a: any of the information referred to in section 161(1B)
b: any information required to be contained in the register under section 161(2)
2: This section does not apply if the change has been notified in an annual report sent or delivered under section 14 2006 No 40 s 164 Section 37 inserted 1 April 2008 section 110(2) Taxation (KiwiSaver) Act 2007 Section 37 heading amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 37(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
38: Form of notice under section 37
1: A notice under section 37
a: be in the prescribed form (if any); and
b: contain, or be accompanied by, any other prescribed information or documentation; and
c: specify the effective date of the change; and
d: be given to the FMA
i: the effective date of the change; or
ii: the trustees of the complying superannuation fund first becoming aware of the change.
2: References in this section to a prescribed form, or to prescribed information or documentation, are references—
a: to matters prescribed under section 30(b)
b: if the matter is not prescribed under that section, to the equivalent matter prescribed under section 228(b) section 164 2006 No 40 s 165 Section 38 inserted 1 April 2008 section 110(2) Taxation (KiwiSaver) Act 2007 Section 38(1)(d) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
39: Duty to give notice to
FMA Any person referred to in clause 2 FMA Section 39 inserted 1 April 2008 section 110(2) Taxation (KiwiSaver) Act 2007 Section 39 heading amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 39 amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
40: Powers of High Court in relation to unreasonable fees
1: If the High Court is satisfied, on the application of a member or the FMA section 39
2: The High Court may make any other order it thinks fit for the purpose of giving effect to an order under subsection (1).
3: An application for an order may be made within 1 year of the day that the fee is imposed or debited.
4: In determining whether a fee is unreasonable for the purposes of this section, the High Court—
a: must have regard to any prescribed matter under the KiwiSaver Act 2006
b: may, to the extent it thinks fit, have regard to any guidelines published by the FMA section 127
c: may have regard to any other matter it thinks fit.
5: This section does not limit section 20 clause 2 Section 40 inserted 1 April 2008 section 110(2) Taxation (KiwiSaver) Act 2007 Section 40(1) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011 Section 40(4)(b) amended 1 May 2011 section 85(1) Financial Markets Authority Act 2011
41: Transitional provision relating to lodging of participation agreements
The trustees of every scheme that has been approved as a complying superannuation fund before the date of commencement of this section must send to the Government Actuary, within 28 days after that commencement date, a copy of any participation agreements that have been ratified by employers of employees in the scheme as applicable to the complying superannuation fund. Section 41 inserted 19 December 2007 section 110(1) Taxation (KiwiSaver) Act 2007
3: Transitional provisions relating to reduction of benefits as result of changes in taxation
Part 3 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992 Amendments to schemes as result of Income Tax Amendment Act 1989 Heading repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
42: Uniform reduction in existing pensions may be regarded as equitable
Section 42 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
43: Uniform reduction in existing and future pensions may be regarded as equitable
Section 43 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
44: Notification of amendments made in accordance with this Part
Section 44 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
45: Amendment to become valid on date made
Section 45 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
45A: Reduction of benefits where employer obliged to provide defined benefit
Section 45A repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992 Amendments to schemes to provide for later changes in taxation Heading repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
46: Amendment to provide for variations as result of later taxation changes
Section 46 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
47: No reductions to be made except to make benefits secure
Section 47 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
4: Transitional provisions relating to position of schemes approved under
Superannuation Schemes Act 1976
48: Closing date for applications for approval
Section 48 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
49: Registration of approved schemes
Section 49 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
50: Effect of cancellation of approval
Section 50 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
51: Application to cancel approval of scheme that is not to become registered
Section 51 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
52: Cancellation of approval of certain overseas schemes
Section 52 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
53: Position of schemes that are still approved as at 31 March 1990
Section 53 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
54: Position where 2 or more approved schemes share trust deed
Section 54 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
55: Certain provisions in trust deed obsolete
1: This section applies to a registered superannuation scheme which before its registration was an approved New Zealand scheme.
2: Where the trust deed of a scheme to which this section applies contains a provision to the effect that—
a: no amendment of the trust deed shall be made until the Government Actuary has notified the trustees that the amendment will not affect the approval of the scheme; or
b: no amendment of the scheme shall take effect until the Government Actuary has approved the amendment,— that provision shall be of no effect and shall be deemed to have been omitted from the trust deed.
56: Certain references to approved schemes deemed to include references to registered schemes
Any provision in a trust deed of a superannuation scheme, or, in relation to a superannuation scheme constituted under an Act of the Parliament of New Zealand, in the documents governing the scheme, that provides for the transfer of any amount to another approved superannuation scheme shall be read and construed as if it also provided for the transfer of that amount to any registered superannuation scheme.
57: Effect of new withholding tax on contributions to Class A funds
Section 57 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
5: Annuities
Part 5 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
58: Interpretation
Section 58 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992 Reductions in annuities as result of Income Tax Amendment Act 1989 Heading repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
59: Reduction of annuities granted before 1 April 1990
Section 59 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
60: Approval of Government Actuary needed if reduction in net benefits
Section 60 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
61: Other powers to reduce benefits not affected
Section 61 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992 Non-commutable and non-assignable annuities Heading repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
62: Non-commutable and non-assignable annuities
Section 62 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992 Miscellaneous Heading repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
63: Objections and appeals against decisions of Government Actuary
Section 63 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
64: Power of Government Actuary to require information
Section 64 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
65: Personal liability
Section 65 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
66: Fees
Section 66 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
67: Regulations
Section 67 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
6: Transfer of superannuation business of life offices
Part 6 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
68: Application for approval of transfer of superannuation business
Section 68 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
69: Approval of transfer arrangement by Government Actuary
Section 69 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
70: Transfer of property pursuant to approved arrangement
Section 70 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992
71: Liability to stamp duty, goods and services tax, and income tax in respect of transfer of property
Section 71 repealed 18 December 1992 section 3(1) Superannuation Schemes Amendment Act 1992