New Zealand Superannuation and Retirement Income Amendment Act 2005

1: Title
1: This Act is the New Zealand Superannuation and Retirement Income Amendment Act 2005.
2: In this Act, the Act that was previously called the New Zealand Superannuation Act 2001 the principal Act
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
1: Preliminary provisions
3: Purpose
The purpose of this Act is—
a: to repeal the Retirement Income Act 1993
b: to alter the functions and powers of the Retirement Commissioner:
c: to include the provisions relating to the functions and powers of the Retirement Commissioner in the principal Act:
d: to alter the name of the principal Act to the New Zealand Superannuation and Retirement Income Act 2001
4: Act binds the Crown
This Act binds the Crown.
2: Amendments to principal Act, amendments to other enactments, and repeals
5: Name of principal Act changed
1: After the commencement of this section, the principal Act is called the New Zealand Superannuation and Retirement Income Act 2001
2: Section 1 Superannuation and Retirement Income
6: New
section 5A The principal Act is amended by inserting, after section 5
5A: Interpretation of
Part 4 and Schedule 6 In Part 4 Schedule 6 Commissioner Government Minister Part 4
7: New
Part 4 The principal Act is amended by inserting, after section 79
4: Retirement Commissioner
80: Purpose of this Part
The purpose of this Part is to continue the office of the Retirement Commissioner and to set out the Commissioner's functions, powers, and duties.
81: Interpretation of this Part and
Schedule 6 In this Part and in Schedule 6 Commissioner Government Minister section 5A Provisions relating to constitution and appointment of Retirement Commissioner
82: Retirement Commissioner
1: There continues to be a Commissioner called the Retirement Commissioner.
2: The Commissioner continues to be a corporation sole.
3: The Commissioner is a Crown entity for the purposes of section 7 of the Crown Entities Act 2004
4: The Crown Entities Act 2004
5: The Commissioner is the board for the purposes of section 10 of that Act Functions, powers, and duties of Commissioner
83: Functions
The functions of the Commissioner are as follows:
a: to develop and promote methods of improving the effectiveness of the retirement income policies from time to time implemented by the Government of New Zealand, including the promotion of education about retirement income issues and the publication of information about those issues:
b: to monitor the effects of retirement income policies that are being implemented in New Zealand:
c: to review the retirement income policies being implemented by the Government and to report to the Minister by 31 December 2007 and at 3-yearly intervals thereafter, in accordance with section 84
d: to advise on retirement income issues, when requested to do so by the Minister:
e: to monitor the effectiveness of persons (whether referred to as ombudsmen or by any other term) who have been appointed (other than under statutory authority) to consider complaints and disputes about savings and investments; and to consider any issues addressed to the Commissioner by any such person and, if appropriate, to make recommendations to any person:
f: to collect and publish information for the purpose of enabling the fulfilment of any of the functions referred to in this section:
g: to perform such other functions as are conferred on the Commissioner by this Act or any other enactment. 1993 No 148 s 6
84: Periodic reviews
1: For each review to be conducted under section 83(c)
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.
2: Before giving a notice under subsection (1)
3: The Minister must, as soon as practicable after giving a notice under subsection (1)
4: Each review conducted under section 83(c)
5: The Minister must, as soon as practicable after receiving a report under section 83(c)
85: Discretion in relation to performance and exercise of functions and powers
1: Subject to the provisions of this Part and of any other enactment, the Commissioner 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)
a: comment publicly on any matter relating to his or her functions; or
b: 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 subsection (2)(b)
86: Provisions applying to Commissioner
The provisions in Schedule 6 Transitional and miscellaneous provisions
87: Continuation of office, appointment of Commissioner, and employment of employees
1: The office continued by section 82 section 5 of the Retirement Income Act 1993 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 section 28 of the Crown Entities Act 2004
a: for a term that expires on 16 January 2010; and
b: subject to the determination under the Remuneration Authority Act 1977
3: 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.
88: Application of this Part to matters commenced under
Retirement Income Act 1993 or Retirement Villages Act 2003
1: The Commissioner may continue or complete any act, matter, or thing commenced by the Commissioner under the Retirement Income Act 1993 Retirement Villages Act 2003
2: The provisions of this Part apply with all necessary modifications to the continuation or completion of any act, matter, or thing referred to in subsection (1)
89: References to New Zealand Superannuation Act 2001 Unless the context otherwise requires, any reference to the New Zealand Superannuation Act 2001 New Zealand Superannuation and Retirement Income Act 2001
8: New
Schedule 6 The principal Act is amended by adding the Schedule 6 Schedule 1
9: Amendments to other enactments
1: The Acts set out in Schedule 2
2: The regulations set out in Schedule 3
10: Repeals
1: The Retirement Income Act 1993 (1993 No 148)
2: Section 36(2) Retirement Villages Act 2003