New Zealand Superannuation and Retirement Income Amendment Act 2019

1: Title
This Act is the New Zealand Superannuation and Retirement Income Amendment Act 2019
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
3: Principal Act
This Act amends the New Zealand Superannuation and Retirement Income Act 2001 principal Act 2019-12-14 New Zealand Superannuation and Retirement Income Act 2001
4: Section 3 amended (Purpose)
1: In section 3(b) Fund (the Fund
2: Replace section 3(d)
d: to establish a Crown entity called the Guardians of New Zealand Superannuation, which will manage and administer the Fund and the Venture Capital Fund established under the Venture Capital Fund Act 2019
5: Section 5 amended (Interpretation of Parts 2 and 3 and Schedule 3)
In section 5(1) VCF section 8 Venture Capital Fund Act 2019
6: Part 2 heading amended
In the Part 2 Fund and Guardians of New Zealand Superannuation
7: Section 36 amended (Outline of Part)
1: In section 36(c) Fund and the VCF
2: In section 36(g) Fund , the VCF,
8: New section 41A inserted (Guardians may apportion obligations)
After section 41
41A: Guardians may apportion obligations
1: 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.
2: The Guardians may apportion the obligation in the manner that the Guardians consider reasonable so as to determine—
a: the part of the obligation that is to be met out of the Fund under section 41(2)﻿(b); and
b: the part of the obligation that is to be met out of the VCF under section 12(1)﻿(b) 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).
9: Section 49A amended (Saving of certain transactions)
1: In section 49A(1) and (3) this Act , the Venture Capital Fund Act 2019
2: After section 49A(1)﻿(b)
ba: a VCF investment vehicle referred to in section 25 Venture Capital Fund Act 2019
10: Section 51 amended (Functions)
Replace section 51(1)
1: The functions of the Guardians are to manage and administer—
a: the Fund in accordance with this Act; and
b: the VCF in accordance with the Venture Capital Fund Act 2019
11: Section 68 amended (Annual report)
In section 68(g) Guardians in relation to the Fund
12: Section 71 amended (Performance reviews)
1: In section 71(1) functions in relation to the Fund
2: In section 71(4)﻿(a) and (b) Guardians in relation to the Fund
13: Section 72 amended (Political commitment)
After section 72(4)
5: 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).
14: Section 73 amended (Amendments to Act)
After section 73(2)
2A: Subsection (2)﻿(a) relates to amendments to Part 2 to the extent that the amendments relate to the Fund (rather than to the VCF).
15: Schedule 3 amended
In Schedule 3, replace clause 39
39: Additional persons to whom delegations can be made
1: 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: a person appointed to undertake the investment of any part of the Fund under section 62:
b: a custodian:
c: 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: a person appointed to undertake the investment of any part of the VCF under section 29 Venture Capital Fund Act 2019
b: a person appointed under section 30 Venture Capital Fund Act 2019
c: a VCF investment vehicle that is formed or controlled under section 25 Venture Capital Fund Act 2019
16: Schedule 4 amended
In Schedule 4 Act (to extent that it relates to Fund)
17: Other amendments
The Acts set out in the Schedule 2019-12-14 Crown Entities Act 2004 Income Tax Act 2007