New Zealand Superannuation and Retirement Income Act 2001

1: Title
This Act is the New Zealand Superannuation and Retirement Income Section 1 amended 21 April 2005 section 5(2) New Zealand Superannuation and Retirement Income Amendment Act 2005
2: Commencement
1: This Act comes into force on the day after the date on which it receives the Royal assent.
2: Sections 42 to 45
3: Purpose
The purpose of this Act is—
a: to continue current entitlements to New Zealand superannuation:
b: to establish a New Zealand Superannuation Fund (the Fund
c: to provide for Government contributions to the Fund:
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
e: to establish a process for signalling political agreement on the parameters for New Zealand superannuation entitlements and funding:
f: to bring together in one Act all of the provisions for each of those matters. Section 3(b) amended 14 December 2019 section 4(1) New Zealand Superannuation and Retirement Income Amendment Act 2019 Section 3(d) replaced 14 December 2019 section 4(2) New Zealand Superannuation and Retirement Income Amendment Act 2019
4: Interpretation of Part 1 and Schedule 1
1: In Part 1 Schedule 1 charitable entity Charities Act 2005 chief executive department Part 1 living alone section 4A New Zealand superannuation Part 1 single living alone rate Schedule 1 single sharing accommodation rate Schedule 1
2: In this Act, unless the context otherwise requires, any expression used in Part 1 Schedule 1 the Social Security Act 2018 Residential Care and Disability Support Services Act 2018 Section 4(1) charitable entity inserted 9 November 2020 section 4 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 4(1) living alone inserted 2 September 2013 section 4 Social Assistance (Living Alone Payments) Amendment Act 2013 Section 4(1) single living alone rate inserted 2 September 2013 section 4 Social Assistance (Living Alone Payments) Amendment Act 2013 Section 4(1) single sharing accommodation rate inserted 2 September 2013 section 4 Social Assistance (Living Alone Payments) Amendment Act 2013 Section 4(2) amended 26 November 2018 section 459 Social Security Act 2018
4AA: Relationship of Part 1 and Schedule 1 with Social Security Act 2018
The Social Security Act 2018 Section 4AA inserted 9 November 2020 section 5 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020
4A: Meaning of living alone
1: A single person ( person A living alone
2: The first condition is that person A occupies any of the following kinds of accommodation as person A’s principal residence:
a: a house or flat:
b: a boat or craft moored within the following sea or waters (whether or not it travels within that sea or any of those waters from time to time):
i: the territorial sea of New Zealand or any internal waters of New Zealand:
ii: any waters within New Zealand that are a lake, estuary, lagoon, river, stream, creek, or other waters:
c: a hotel room or motel unit:
d: a room in a boarding house:
e: a unit of accommodation in a caravan park:
f: a mobile home (whether or not it is in a caravan park and whether or not it travels from time to time) that the chief executive is satisfied is sufficiently self-contained to be reasonably habitable as a residence:
g: any other accommodation of a kind prescribed by regulations made under section 35A(1)
3: 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: is 18 years old (despite the definition of child in Schedule 2
ii: is not financially independent; and
iii: 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:
7: In this section,— boarding house section 66B territorial sea of New Zealand internal waters of New Zealand Territorial Sea, Contiguous Zone, and Exclusive Economic Zone Act 1977 Section 4A inserted 2 September 2013 section 5 Social Assistance (Living Alone Payments) Amendment Act 2013 Section 4A(2) replaced 9 November 2020 section 6(1) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 4A(4)﻿(a)﻿(i) amended 26 November 2018 section 459 Social Security Act 2018 Section 4A(6) repealed 9 November 2020 section 6(2) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 4A(7) territorial sea of New Zealand internal waters of New Zealand territorial sea of New Zealand internal waters amended 9 November 2020 section 6(3) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020
5: Interpretation of Parts 2 and 3 and Schedule 3
1: In Parts 2 3 Schedule 3 board board member capital contribution section 43 section 44 section 46 custodian section 63(1) entity Fund section 37 Guardians section 48 invest
a: enhancing or protecting the value of the Fund:
b: managing, or enabling the management of, the Fund Minister Parts 2 3 net cost any amount of tax deducted or withheld, or required to be deducted or withheld under the PAYE rules in the Income Tax Act 2007 New Zealand superannuation
a: means the entitlements to New Zealand superannuation under Part 1
b: includes, for the avoidance of doubt in Part 2 Schedule 3 Part 1 section 380 required annual capital contribution section 43 subsidiary
a: means a subsidiary within the meaning of sections 5 to 8
b: includes an entity that is classified as a subsidiary in any relevant section 5 VCF section 8
2: In this Act, unless the context otherwise requires, the terms Crown Crown Bank Account expenses financial year Government public money Treasury section 2(1) Section 5(1) board amended 25 January 2005 section 200 Crown Entities Act 2004 Section 5(1) net cost amended 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise) section ZA 2(1) Income Tax Act 2007 Section 5(1) New Zealand superannuation amended 26 November 2018 section 459 Social Security Act 2018 Section 5(1) subsidiary amended 1 April 2014 section 126 Financial Reporting (Amendments to Other Enactments) Act 2013 Section 5(1) subsidiary amended 1 July 2011 section 12 Financial Reporting Amendment Act 2011 Section 5(1) VCF inserted 14 December 2019 section 5 New Zealand Superannuation and Retirement Income Amendment Act 2019 Section 5(2) amended 25 January 2005 section 37(1) Public Finance Amendment Act 2004
5A: Interpretation of Part 4 and Schedule 6
In Part 4 Schedule 6 Commissioner Government Minister Part 4 Section 5A inserted 21 April 2005 section 6 New Zealand Superannuation and Retirement Income Amendment Act 2005
5B: Transitional, savings, and related provisions
The transitional, savings, and related provisions set out in Schedule 1AA Section 5B inserted 21 January 2019 section 4 Social Assistance (Residency Qualification) Legislation Act 2018
6: Act binds the Crown
This Act binds the Crown.
1: Entitlements to New Zealand superannuation
Preliminary and general provisions Heading replaced 9 November 2020 section 7 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020
7: Age qualification for New Zealand superannuation
1: 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 contemplated by any of the following provisions, to be entitled to weekly compensation rather than to New Zealand superannuation:
a: clauses 5(4) 6(4)
b: clause 16(3) 17(3)
3: Subsection (1) applies subject to the provisions of this Part and of the Social Security Act 2018 Residential Care and Disability Support Services Act 2018 1990 No 26 s 3 Section 7(2) replaced 1 July 2019 section 11(2) Accident Compensation Amendment Act 2019 Section 7(3) amended 26 November 2018 section 459 Social Security Act 2018
8: Residential qualification for New Zealand superannuation
1: A person ( A
a: is ordinarily resident in New Zealand on the date of application for New Zealand superannuation, unless section 31(4) section 191(4)
b: meets the residency requirements in subsections (2) and (3)
2: Since reaching the age of 20 years, A must have been both resident and present for a period or periods totalling not less than the total time requirement calculated under subsection (4)
a: in New Zealand for 10 years of the total time requirement; and
b: in any 1 or more of New Zealand, the Cook Islands, Niue, and Tokelau for the remaining time (if any) of the total time requirement.
3: Since reaching the age of 50 years, A must have been both resident and present in any 1 or more of New Zealand, the Cook Islands, Niue, and Tokelau for a period or periods totalling not less than 5 years. How to calculate total time requirement
4: For the purposes of subsection (2) The following table is small in size and has 2 columns. Column 1 is headed Period during which A was born. Column 2 is headed Total time requirement. Column 1 Column 2 Period during which A was born Total time requirement On or before 30 June 1959 10 years Between 1 July 1959 and 30 June 1961 (inclusive) 11 years Between 1 July 1961 and 30 June 1963 (inclusive) 12 years Between 1 July 1963 and 30 June 1965 (inclusive) 13 years Between 1 July 1965 and 30 June 1967 (inclusive) 14 years Between 1 July 1967 and 30 June 1969 (inclusive) 15 years Between 1 July 1969 and 30 June 1971 (inclusive) 16 years Between 1 July 1971 and 30 June 1973 (inclusive) 17 years Between 1 July 1973 and 30 June 1975 (inclusive) 18 years Between 1 July 1975 and 30 June 1977 (inclusive) 19 years On or after 1 July 1977 20 years Example
A person ( B Section 8 replaced 16 November 2021 section 4 New Zealand Superannuation and Retirement Income (Fair Residency) Amendment Act 2021
8A: Special total time requirement for refugees or protected persons 45 years of age or older on relevant date
Application of this section
1: This section applies to a person ( A
a: is recognised as a refugee or protected person in New Zealand; and
b: is 45 years of age or older on the relevant date.
2: For the purposes of section 8(2) section 8(4) Requirement for persons between 45 and 55 years of age
3: If A is 45 years of age or older but younger than 55 years of age on the relevant date, A’s total time requirement is the lesser of the following:
a: the period, calculated in days, that starts on the relevant date and ends on A’s 65th birthday:
b: the total time requirement calculated under section 8(4) Example
A person ( B Requirement for persons 55 years of age or older
4: If A is 55 years of age or older on the relevant date, A’s total time requirement is 10 years. Meaning of relevant date
5: In this section, relevant date Section 8A inserted 16 November 2021 section 5 New Zealand Superannuation and Retirement Income (Fair Residency) Amendment Act 2021
9: Treatment of various periods of absence
1: For the purposes of section 8(2) and (3)
a: the person was ordinarily resident in New Zealand during the period; and
b: the person—
i: was absent for the purpose of obtaining special medical or surgical treatment or vocational training and that there were good and sufficient reasons for the person leaving New Zealand to obtain that special treatment or training; or
ii: while absent, served as a mariner on board a ship registered or owned in New Zealand and engaged in trading to and from New Zealand; or
iii: while absent, served in any capacity as a member of any naval, military, or air force of any Commonwealth country or served in connection with any war in which New Zealand forces were involved as a member of any organisation attached to any of those forces; or
iv: while absent, was engaged in eligible charitable work.
2: For the purposes of this section, a person is engaged in eligible charitable work
a: full-time voluntary work that—
i: is humanitarian work; and
ii: is carried out for an entity that is, or is affiliated with or closely related to, a charitable entity that has as its principal function the giving of aid and assistance to less advantaged communities in 1 or more countries; and
b: any capacity as an accredited volunteer appointed by Volunteer Services Abroad Incorporated.
3: In this section,— entity Charities Act 2005 voluntary work Volunteer Service Abroad Incorporated Incorporated Societies Act 1908 Section 9 replaced 9 November 2020 section 9 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 9(1) amended 16 November 2021 section 6 New Zealand Superannuation and Retirement Income (Fair Residency) Amendment Act 2021
10: Treatment of periods of absence as missionary
1: For the purposes of section 8(2) and (3)
a: immediately before the period, the person was ordinarily resident in New Zealand ( see clause 5
b: one or both of the following apply in relation to the person’s absence:
i: while absent, the person was engaged in missionary work:
ii: the person was absent with the person’s spouse or partner who was engaged in missionary work; and
c: the missionary work was carried out for a charitable entity affiliated with a religious body ( see clause 5
2: A person is not to be regarded as ending a period of absence referred to in this section merely because the person visited New Zealand during the absence if the arrangement under which the person, or the person’s spouse or partner, was engaged in missionary work continued during the visit.
3: Unless otherwise expressly provided in the agreement, the provisions of subsection (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 reciprocity in social security benefits between their respective countries or the provisions of any Act or Order in Council giving effect to the agreement.
4: In this section, missionary work 1990 No 26 s 4(2)﻿(e), (3), (4) Section 10 heading replaced 9 November 2020 section 10(1) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 10(1) replaced 9 November 2020 section 10(2) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 10(1) amended 16 November 2021 section 7 New Zealand Superannuation and Retirement Income (Fair Residency) Amendment Act 2021 Section 10(2) replaced 9 November 2020 section 10(2) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020
10A: Treatment of periods of absence if New Zealand income tax withheld on overseas earnings
1: For the purposes of section 8(2) and (3)
a: while absent, the person was employed outside New Zealand and the person’s employer (or any other relevant person) made specified payments with respect to the person’s period of employment:
b: the person was absent with the person’s spouse or partner who was employed outside New Zealand and the spouse’s or partner’s employer (or any other relevant person) made specified payments with respect to the spouse’s or partner’s period of employment.
2: This section applies in relation to a person’s period of employment, whether or not the person’s employer (or any other relevant person) failed to pay to the Commissioner of Inland Revenue a deducted or withheld amount of tax, if the chief executive is satisfied that—
a: the person’s employer (or any other relevant person) deducted or withheld tax from specified payments with respect to the person’s period of employment; and
b: the person did not contribute to the employer’s (or any other relevant person’s) failure to pay that tax to the Commissioner.
3: For the purposes of this section, an employer (or any other relevant person) makes a specified payment
a: PAYE income payments (as that term is used in the Income Tax Act 2007
b: source deduction payments (as that term is used in the Income Tax Act 2004
c: source deduction payments (as that term is used in the Income Tax Act 1994
d: source deduction payments (as that term is used in the Income Tax Act 1976 Part 11
e: source deduction payments (as that term is used in the Income Tax Assessment Act 1957 Part 2
4: See clause 6 Section 10A inserted 9 November 2020 section 11 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 10A(1) amended 16 November 2021 section 8 New Zealand Superannuation and Retirement Income (Fair Residency) Amendment Act 2021
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 1990 No 26 s 5 Section 11(2) added 2 July 2007 section 12(2) Social Security Amendment Act 2007 Section 11(2) amended 26 November 2018 section 459 Social Security Act 2018
12: Rates of New Zealand superannuation
The rate of New Zealand superannuation payable to a person is the appropriate rate specified in Schedule 1 Section 12 replaced 9 November 2020 section 12 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Living alone payments Heading repealed 2 September 2013 section 6 Social Assistance (Living Alone Payments) Amendment Act 2013
13: Living alone payments
Section 13 repealed 2 September 2013 section 6 Social Assistance (Living Alone Payments) Amendment Act 2013
14: Commencement of living alone payments
Section 14 repealed 2 September 2013 section 6 Social Assistance (Living Alone Payments) Amendment Act 2013 Annual adjustment of New Zealand superannuation
15: Annual adjustment of rates
1: In this section,— Consumers Price Index (all groups) standard tax M schedule 5, part A, clause 4
2: Subject to subsection (3), the rates of New Zealand superannuation stated in clause 1 of Part 1 of Schedule 1 clause 1(b) of Part 2 Consumers Price Index (all groups) Consumers Price Index (all groups) Consumers Price Index (all groups)
2A: The adjustments (by any percentage movement upwards in the Consumers Price Index (all groups) in any year from 2011 to 2021
a: if, and insofar as, they relate to movements during quarters that end before 29 April 2010, using index numbers for those quarters of the Consumers Price Index (all groups)
b: 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 (less cigarettes and tobacco subgroup) published by Statistics New Zealand or, if that index ceases to be published, any measure certified by the Government Statistician as being equivalent to that index
3: Every Order in Council made under subsection (2) must adjust the rates of New Zealand superannuation, subject to subsection (4),—
a: so that the weekly amounts referred to in section 16
b: so that the rate of New Zealand superannuation specified in clause 1(b) of Part 2 of Schedule 1 clause 1 of Part 1
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.
6: Every Order in Council made under subsection (2) comes into force or is considered 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.
7: See section 452
8: An order under this section—
a: is secondary legislation ( see Part 3
b: comes into force in accordance with subsection (6), even if it is not yet published.
9: An order under subsection (2) must be confirmed by an Act ( see subpart 3 1990 No 26 s 13A(1), (2), (3)﻿(d), (3A), (4), (5) The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 15 heading replaced 9 November 2020 section 13(1) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 15(1) Consumers Price Index (all groups) inserted 1 September 2022 section 107(1) Data and Statistics Act 2022 Section 15(1) CPI repealed 1 September 2022 section 107(1) Data and Statistics Act 2022 Section 15(1) earner premium repealed 11 May 2005 section 63(2) Injury Prevention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 Section 15(1) standard tax amended 1 April 2019 section 259 Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 15(1) standard tax amended 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise) section ZA 2(1) Income Tax Act 2007 Section 15(2) amended 1 September 2022 section 107(1) Data and Statistics Act 2022 Section 15(2) amended 9 November 2020 section 13(2) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 15(2A) inserted 28 May 2010 section 3(2) New Zealand Superannuation and Retirement Income Amendment Act 2010 Section 15(2A) amended 1 September 2022 section 107(1) Data and Statistics Act 2022 Section 15(2A) amended 31 May 2016 section 9 Customs and Excise (Tobacco Products—Budget Measures) Amendment Act 2016 Section 15(2A) amended 24 October 2012 section 3 New Zealand Superannuation and Retirement Income (Indexation—Budget Measures) Amendment Act 2012 Section 15(2A)﻿(a) amended 1 September 2022 section 107(1) Data and Statistics Act 2022 Section 15(2A)﻿(b) amended 1 September 2022 section 107(1) Data and Statistics Act 2022 Section 15(3)﻿(b) replaced 9 November 2020 section 13(3) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 15(5) replaced 26 November 2018 section 459 Social Security Act 2018 Section 15(7) inserted 9 November 2020 section 13(4) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 15(8) inserted 28 October 2021 section 3 Secondary Legislation Act 2021 Section 15(9) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
15A: Orders are confirmable instruments
Section 15A repealed 28 October 2021 section 3 Secondary Legislation Act 2021
16: Annual adjustment of New Zealand superannuation: relationship to net average wage
1: The annual adjustment of New Zealand superannuation under section 15
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 66% QES earner levies
b: the standard weekly amount of New Zealand superannuation (after the deduction of standard tax) payable to a single person who is living alone couple who are married or in a civil union
c: the standard weekly amount of New Zealand superannuation (after the deduction of standard tax) payable to a single person who is not living alone couple who are married or in a civil union
2: In this section,— earner levies section 219(1) QES 1990 No 26 s 13A(3)﻿(a)–(c) Section 16(1)﻿(a) amended 1 September 2022 section 107(1) Data and Statistics Act 2022 Section 16(1)﻿(a) amended 9 November 2020 section 14(1) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 16(1)﻿(a) amended 1 April 2007 section 4 New Zealand Superannuation Amendment Act 2005 Section 16(1)﻿(a) amended 11 May 2005 section 63(3) Injury Prevention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 Section 16(1)﻿(a) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 16(1)﻿(b) amended 2 September 2013 section 7(1) Social Assistance (Living Alone Payments) Amendment Act 2013 Section 16(1)﻿(b) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 16(1)﻿(c) amended 2 September 2013 section 7(2) Social Assistance (Living Alone Payments) Amendment Act 2013 Section 16(1)﻿(c) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 16(2) replaced 1 September 2022 section 107(1) Data and Statistics Act 2022 Effect of long-term residential care or hospitalisation Heading replaced 9 November 2020 section 15 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020
17: Entitlement to benefits for spouses
or partners in long-term residential care in hospital or rest home
1: 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
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
b: New Zealand superannuation at the appropriate rate payable to a person who is single
i: that person is not entitled to New Zealand superannuation in his or her own right; but
ii: his or her spouse or partner section 6(2) section 11(2)
c: an emergency benefit under section 63 a supported living payment single single
2A: See section 89
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 or partner the Residential Care and Disability Support Services Act 2018
3A: In subsection (3), any benefit
a: has, under section 4(2) Social Security Act 2018 see Schedule 2
b: includes, for example, an accommodation supplement (as is explained in the guide in section 17A
4: This section applies despite anything to the contrary in this Act (except sections 19 21 to 35 SR 1993/250 cl 3 Section 17 heading amended 1 July 2006 section 5(1) New Zealand Superannuation and Retirement Income Amendment Act 2006 Section 17 heading amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 17(1) replaced 26 November 2018 section 459 Social Security Act 2018 Section 17(2)﻿(a) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 17(2)﻿(b) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 17(2)﻿(b)﻿(ii) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 17(2)﻿(c) amended 26 November 2018 section 459 Social Security Act 2018 Section 17(2)﻿(c) amended 15 July 2013 section 97 Social Security (Benefit Categories and Work Focus) Amendment Act 2013 Section 17(2)﻿(c) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 17(2A) inserted 9 November 2020 section 16(1) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 17(3) substituted 1 July 2005 section 12(2) Social Security (Long-term Residential Care) Amendment Act 2004 Section 17(3) amended 26 November 2018 section 459 Social Security Act 2018 Section 17(3) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 17(3A) inserted 26 November 2022 section 11 Social Security (Accommodation Supplement) Amendment Act 2022 Section 17(4) inserted 9 November 2020 section 16(2) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020
18: Appropriate rate for spouses or partners of persons in long-term residential care in hospital or rest home
The appropriate rate of New Zealand superannuation to which a person who is living alone is entitled under section 17(2)﻿(a) or (b) Section 18 replaced 9 November 2020 section 17 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020
19: Hospital rates of New Zealand superannuation
1: For the purposes of this section, hospital operated Health New Zealand established by section 11 Mental Health (Compulsory Assessment and Treatment) Act 1992
2: This section applies to a person who is married or in a civil union or in a de facto relationship
3: 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.
4: 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 specified clause 3 of Schedule 1
4A: The chief executive may pay to any patient referred to in subsection (4) a higher rate than the rate specified in clause 3 of Part 1 of Schedule 1
5: Subsection (4) does not apply to a resident assessed as requiring care (as defined in section 5 section 11 Act section 18 24 26 54 55 Act
6: See section 89
7: If the New Zealand superannuation of a person who is married or in a civil union or in a de facto relationship is reduced under this section, any specified benefit of the person’s spouse or partner must be increased, starting on the date on which the person’s New Zealand superannuation is reduced, by the amount specified in subsection (7A)
7A: The amount by which the specified benefit of the person’s spouse or partner must be increased is an amount equal to the difference between—
a: the maximum rate of that benefit payable to a single person; and
b: the maximum rate of that benefit 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.
7B: See section 207
7C: Subsection (7)
8: 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.
9: 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 or of another specified benefit
10: This section applies despite anything to the contrary in this Act (other than sections 21 to 35 Social Security Act 2018 Residential Care and Disability Support Services Act 2018
11: In this section, specified benefit
a: New Zealand superannuation; or
b: a veteran’s pension; or
c: a main benefit. 1964 No 136 s 75 Section 19(1) amended 1 July 2022 section 104 Pae Ora (Healthy Futures) Act 2022 Section 19(1) amended 9 November 2020 section 18(1) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(2) amended 1 April 2007 section 4 New Zealand Superannuation Amendment Act 2005 Section 19(2) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 19(4) amended 9 November 2020 section 18(2) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(4A) inserted 9 November 2020 section 18(3) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(5) replaced 26 November 2018 section 459 Social Security Act 2018 Section 19(5) amended 9 November 2020 section 18(4) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(6) replaced 9 November 2020 section 18(5) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(7) replaced 9 November 2020 section 18(6) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(7A) inserted 9 November 2020 section 18(6) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(7B) inserted 9 November 2020 section 18(6) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(7C) inserted 9 November 2020 section 18(6) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(9) amended 9 November 2020 section 18(7) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(9) amended 1 April 2007 section 4 New Zealand Superannuation Amendment Act 2005 Section 19(9) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 19(10) replaced 26 November 2018 section 459 Social Security Act 2018 Section 19(10) amended 9 November 2020 section 18(8) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 19(11) inserted 9 November 2020 section 18(9) New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020
20: Special disability allowance
Section 20 repealed 9 November 2020 section 19 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 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 any reciprocity agreement adopted under section 380 1990 No 26 s 17A(1) Section 21 amended 26 November 2018 section 459 Social Security Act 2018 Section 21 amended 5 January 2010 section 4 New Zealand Superannuation and Retirement Income Amendment Act 2009
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
a: the person’s absence does not exceed 30 weeks; or
b: the person’s absence exceeds 30 weeks and the chief executive is satisfied 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. 1990 No 26 s 17A(2) Section 22 amended 5 January 2010 section 5 New Zealand Superannuation and Retirement Income Amendment Act 2009
23: Absences up to 2 years for medical treatment
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 1990 No 26 s 17A(3) Section 23 amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005
24: Absences up to
156
1: The chief executive may pay New Zealand superannuation to any person who—
a: is otherwise entitled to receive it; and
b: is absent from New Zealand for a period not exceeding 156
c: is engaged, while absent from New Zealand, in full-time voluntary and unpaid humanitarian work for a recognised aid agency that—
i: has, as its principal function, the giving of aid and assistance to less advantaged communities in 1 or more other countries; and
ii: has not deprived another person of paid employment to engage the person to do that work on an unpaid basis.
2: The chief executive of the Ministry of Foreign Affairs and Trade must determine any question that arises as to whether an aid agency fulfils the qualifications set out in subsection (1). 1990 No 26 s 17A(3A), (3B) Section 24 heading amended 1 July 2006 section 7(1) New Zealand Superannuation and Retirement Income Amendment Act 2006 Section 24(1)﻿(b) amended 1 July 2006 section 7(2) New Zealand Superannuation and Retirement Income Amendment Act 2006
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 1990 No 26 s 17A(4)
26: Payment overseas of New Zealand superannuation
1: 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
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 specified Pacific country (within the meaning of section 30(1)
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 country (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)
i: begins to reside in a country that is not a country to which subsection (1) applies; or
ii: begins to reside in New Zealand again; or
iii: begins to receive New Zealand superannuation otherwise than under this section; and
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 subsection (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.
4: 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.
5: Subsection (4) is for the avoidance of doubt.
6: The rates referred to in subsection (2) are,—
a: for a single person, a rate that is a proportion (calculated under section 26A(1) clause 1(b) of Schedule 1
b: for a person who is married or in a civil union or in a de facto relationship, a rate that is a proportion (calculated under section 26A(1)
7: This section is subject to section 26B Section 26 substituted 5 January 2010 section 6 New Zealand Superannuation and Retirement Income Amendment Act 2009 Section 26(1)﻿(a) amended 26 November 2018 section 459 Social Security Act 2018
26A: Calculation of amount of New Zealand superannuation payable overseas
1: The proportion referred to in section 26(6)
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
b: adding the number of additional days (if any), dividing the total by 30, and disregarding any remainder; and
c: 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: For the purposes of subsection (1), a person must be treated as having resided in New Zealand during a period of absence from New Zealand if section 9 10 10A
3:
4: Section 26A inserted 5 January 2010 section 6 New Zealand Superannuation and Retirement Income Amendment Act 2009 Section 26A(2) replaced 9 November 2020 section 20 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 26A(3) repealed 9 November 2020 section 20 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 26A(4) repealed 9 November 2020 section 20 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020
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: 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
ii: 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 5 January 2010 section 6 New Zealand Superannuation and Retirement Income Amendment Act 2009
27: Applications after leaving New Zealand
1: This section applies if a person did not make an application for payment under section 26
2: The chief executive may accept an application for payment in accordance with section 26
3: 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 1990 No 26 s 17(3), (4)
28: Date of commencement of payment overseas
1: The date of commencement of payment overseas of New Zealand superannuation under section 26
2: However, in the case of an application under section 27
3: Subsection (2) is subject to section 317 1990 No 26 s 17(4) Section 28(3) added 2 July 2007 section 12(2) Social Security Amendment Act 2007 Section 28(3) amended 26 November 2018 section 459 Social Security Act 2018
29: Relationship with other benefit provisions
1:
2: A person who is receiving New Zealand superannuation overseas under section 26 is not entitled to receive any assistance under the Social Security Act 2018 section 100 101
3: When a person who receives New Zealand superannuation overseas under section 26 dies, the benefit terminates (despite sections 325 to 330
a: to be determined by the chief executive; and
b: that must be not more than 4 weeks after the person’s date of death.
4:
4A: The Social Security Act 2018 section 26
a: sections 111 114 173 to 196 204 206 to 219
b: the rest of that Act applies to that New Zealand superannuation except as provided in this section.
5: 1990 No 26 s 17(1), (6)–(9) Section 29(1) repealed 5 January 2010 section 7(1) New Zealand Superannuation and Retirement Income Amendment Act 2009 Section 29(2) replaced 26 November 2018 section 459 Social Security Act 2018 Section 29(3) replaced 26 November 2018 section 459 Social Security Act 2018 Section 29(4) repealed 5 January 2010 section 7(3) New Zealand Superannuation and Retirement Income Amendment Act 2009 Section 29(4A) replaced 26 November 2018 section 459 Social Security Act 2018 Section 29(5) repealed 5 January 2010 section 7(3) New Zealand Superannuation and Retirement Income Amendment Act 2009
30: Specified Pacific country
1: In sections 31 to 35 specified Pacific country
a: that is listed in Schedule 2
b: that is not a country with which New Zealand has a reciprocity agreement in force under section 380
2: The Governor-General may from time to time, by Order in Council, amend Schedule 2
a: adding the name of any Pacific country or territory; or
b: omitting the former name of a country or territory and substituting its new name.
3: 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.
4: The Order in Council applies to payments of New Zealand superannuation under section 31
5: Every Order in Council made under subsection (2)﻿(a) has the force of law as if it was enacted by this Act.
6: An order under this section—
a: is secondary legislation ( see Part 3
b: comes into force in accordance with subsection (3), even if it is not yet published.
7: An order under subsection (2) must be confirmed by an Act ( see subpart 3 1990 No 26 s 17B The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 30(1)﻿(b) amended 26 November 2018 section 459 Social Security Act 2018 Section 30(5) replaced 26 November 2018 section 459 Social Security Act 2018 Section 30(6) inserted 28 October 2021 section 3 Secondary Legislation Act 2021 Section 30(7) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
30A: Orders are confirmable instruments
Section 30A repealed 28 October 2021 section 3 Secondary Legislation Act 2021
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 or subsection (4)
2: This subsection applies to a person—
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
ii: was being paid New Zealand superannuation while resident in the Cook Islands, Niue, or Tokelau immediately before 1 October 1999 under section 17B
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 residency requirements for New Zealand superannuation set out in section 8(2) and (3)
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.
5: If subsection (4) applies, an application to be paid New Zealand superannuation in a specified Pacific country must be made in addition to an application to be paid New Zealand superannuation under section 297 section 438
6: The applications referred to in subsection (5) may be made together or separately, and may be made—
a: before an applicant meets the age qualification for New Zealand superannuation in section 7
b: when or after the applicant meets the age qualification. 1990 No 26 s 17BA Section 31(1) amended 1 July 2015 section 6(1) Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 Section 31(4) inserted 1 July 2015 section 6(2) Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 Section 31(4)﻿(c) replaced 16 November 2021 section 9 New Zealand Superannuation and Retirement Income (Fair Residency) Amendment Act 2021 Section 31(5) inserted 1 July 2015 section 6(2) Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 Section 31(5) amended 26 November 2018 section 459 Social Security Act 2018 Section 31(6) inserted 1 July 2015 section 6(2) Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015
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
a: in the case of a person who has resided in New Zealand for 20 or more years since turning 20 years, the base rate:
b: 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 calculated using the following formula: a × b ÷ 20 where— a is the base rate b is the whole number of years the person has resided in New Zealand since turning 20 years:
c: 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 section 17B
i: the amount he or she was being paid immediately before that date; and
ii: the appropriate amount payable under paragraph (a) or paragraph (b).
2: For the purposes of this section, the base rate is,—
a: in the case of a single person, the amount stated in clause (1)﻿(b) of Schedule 1
b: in the case of a person who is married or in a civil union or in a de facto relationship
3: However, if sections 187 to 191 1990 No 26 s 17C Section 32(2)﻿(b) amended 1 April 2007 section 4 New Zealand Superannuation Amendment Act 2005 Section 32(2)﻿(b) amended 26 April 2005 section 3 New Zealand Superannuation Amendment Act 2005 Section 32(3) replaced 26 November 2018 section 459 Social Security Act 2018
33: Commencement and termination of payments
1: The commencement date of payment of a benefit under section 31
1A: The commencement date of payment of a benefit to a person to whom section 31(4)
a: the date that the person meets the age qualification for New Zealand superannuation in section 7
b: the date that the application referred to in section 31(4)
2: When a person being paid a benefit under section 31 1990 No 26 s 17D Section 33(1) replaced 1 July 2015 section 7(1) Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015 Section 33(1A) inserted 1 July 2015 section 7(2) Social Assistance (Portability to Cook Islands, Niue, and Tokelau) Act 2015
34: Effect on other benefits
A person being paid a benefit under section 31 Social Security Act 2018 section 100 101 Section 34 replaced 26 November 2018 section 459 Social Security Act 2018
35: Application of this Act and
Social Security Act 2018
1: Sections 22 section 31
2: The Social Security Act 2018 sections 204 206 to 208 217 to 219 311 313 to 315 section 31 1990 No 26 s 17F Section 35 heading amended 26 November 2018 section 459 Social Security Act 2018 Section 35(1) amended 5 January 2010 section 8 New Zealand Superannuation and Retirement Income Amendment Act 2009 Section 35(2) replaced 26 November 2018 section 459 Social Security Act 2018 Miscellaneous provisions Heading inserted 9 November 2020 section 21 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020
35A: Regulations
1: The Governor-General may, by Order in Council, make regulations for the purposes of section 4A(2)﻿(g)
2: The Governor-General may, by Order in Council, make regulations providing for any other matters contemplated by this Part, necessary for its administration, or necessary for giving it full effect.
3: Regulations under this section are secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 35A inserted 9 November 2020 section 21 New Zealand Superannuation and Veteran’s Pension Legislation Amendment Act 2020 Section 35A(3) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
2: New Zealand Superannuation Fund
and Guardians of New Zealand Superannuation Part 2 heading amended 14 December 2019 section 6 New Zealand Superannuation and Retirement Income Amendment Act 2019
36: Outline of Part
This Part—
a: establishes the New Zealand Superannuation Fund:
b: provides for payments into and out of the Fund:
c: establishes the Guardians of New Zealand Superannuation to manage and administer the Fund and the VCF
d: requires the Guardians to invest the Fund on a prudent, commercial basis:
e: 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:
g: provides for other matters relating to the Fund , the VCF, Section 36(c) amended 14 December 2019 section 7(1) New Zealand Superannuation and Retirement Income Amendment Act 2019 Section 36(g) amended 14 December 2019 section 7(2) New Zealand Superannuation and Retirement Income Amendment Act 2019 New Zealand Superannuation Fund
37: Establishment of New Zealand Superannuation Fund
This section establishes the New Zealand Superannuation Fund (the Fund
38: Property of Fund
1: The Fund consists of—
a: the capital contributions payable under this Act:
b: money payable under section 45
c: Fund investments:
d: money accruing from the investment of the Fund:
e: any other money that may be lawfully payable into the Fund:
f: money in a Crown Bank Account section 39
2: The Fund is not an entity separate from the Crown.
3: However, subsection (2) does not limit section 66(2) 67(1) Section 38(1)﻿(f) amended 25 January 2005 section 65R(3) Public Finance Act 1989 Section 38(2) inserted 23 October 2015 section 4 New Zealand Superannuation and Retirement Income Amendment Act 2015 Section 38(3) inserted 23 October 2015 section 4 New Zealand Superannuation and Retirement Income Amendment Act 2015
39: Crown Bank Account
1: The Treasury must open a Crown Bank Account for the Fund at any bank or banks that the Minister may direct.
2: The Guardians must maintain and operate the accounts in accordance with any directions given by the Minister or the Treasury.
2A: Sections 114 115
3: The Guardians must ensure that the accounts are not overdrawn at any time.
4: The Public Finance Act 1989 sections 65I 65ZH(1)﻿(g) and (h) 79 80
5: Money in the accounts is public money for the purpose of the Public Finance Act 1989 Section 39(2A) inserted 25 January 2005 section 200 Crown Entities Act 2004 Section 39(4) amended 18 July 2013 section 57 Public Finance Amendment Act 2013 Section 39(4) amended 25 January 2005 section 37(1) Public Finance Amendment Act 2004
40: Ownership of Fund
The Fund is the property of the Crown.
41: Payments out of Fund
1: The Fund must be held for the purpose of paying New Zealand superannuation.
2: 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:
b: to meet any other obligation that is directly related to the operation of the Fund:
c: to pay the taxation liabilities arising in respect of the Fund:
d: to meet any capital withdrawal under section 47
3: No payment may be made out of the Fund except in accordance with subsection (1) or subsection (2) and unless it has been authorised by the Guardians.
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)
b: the part of the obligation that is to be met out of the VCF under section 12(1)﻿(b)
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 14 December 2019 section 8 New Zealand Superannuation and Retirement Income Amendment Act 2019 Required capital contributions to Fund
42: Process for calculating capital contributions to Fund
1: The Treasury must, each financial year, calculate the amount of the annual capital contribution to the Fund required under section 43
2: The Treasury must include, in the economic and fiscal update prepared under section 26O
a: the amount of the required annual capital contribution so calculated for the financial year; and
b: a statement of the assumptions and judgments on which the calculations are based.
3: Part 2 section 26W Section 42(2) amended 25 January 2005 section 37(1) Public Finance Amendment Act 2004 Section 42(3) amended 25 January 2005 section 37(1) Public Finance Amendment Act 2004
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
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 withheld 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 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise) section ZA 2(1) Income Tax Act 2007
44: Lesser amounts of annual capital contribution
1: 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
a: the amount of the required annual capital contribution stated in the economic and fiscal update under section 42
b: a statement of the amount of annual capital contribution actually to be paid into the Fund in that year; and
c: a statement of the reasons for the Government’s departure from the required annual capital contribution; and
d: a statement of the Government’s intentions regarding future contributions to the Fund; and
e: 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 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 25 January 2005 section 37(1) Public Finance Amendment Act 2004 Other contributions to Fund
45: Annual expense payments
1: 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.
2: The requirement in subsection (1) is additional to, and separate from, the obligation 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 25 January 2005 section 65R(3) Public Finance Act 1989 Guardians of New Zealand Superannuation
48: Establishment of Guardians of New Zealand Superannuation
1: This section establishes the Guardians of New Zealand Superannuation (the Guardians
2: The Guardians are a Crown entity for the purposes of the section 7
3: The Crown Entities Act 2004 Section 48(2) amended 25 January 2005 section 200 Crown Entities Act 2004 Section 48(3) added 25 January 2005 section 200 Crown Entities Act 2004
49: Body corporate status and powers
1:
2:
3: Sections 100 160 to 164
4: There are no restrictions on the Guardians’ power to invest the Fund sections 58 59 64
5: This section is subject to section 50 1993 No 105 s 16(1) Section 49(1) repealed 25 January 2005 section 200 Crown Entities Act 2004 Section 49(2) repealed 25 January 2005 section 200 Crown Entities Act 2004 Section 49(3) substituted 25 January 2005 section 200 Crown Entities Act 2004 Section 49(4) amended 25 January 2005 section 200 Crown Entities Act 2004
49A: Saving of certain transactions
1: A failure by the Guardians to comply with any provision of this Act , the Venture Capital Fund Act 2019 Crown Entities Act 2004
a: the Guardians; or
b: a Fund investment vehicle referred to in section 59A
ba: a VCF investment vehicle referred to in section 25
c: a Crown entity subsidiary of the Guardians.
2: This section applies only to the extent that the deed, agreement, right, or obligation is entered into, obtained, or incurred for the purpose of performing the functions of the Guardians.
3: This section applies despite anything to the contrary in this Act , the Venture Capital Fund Act 2019 Crown Entities Act 2004 1986 No 124 s 21 Section 49A inserted 23 October 2015 section 5 New Zealand Superannuation and Retirement Income Amendment Act 2015 Section 49A(1) amended 14 December 2019 section 9(1) New Zealand Superannuation and Retirement Income Amendment Act 2019 Section 49A(1)﻿(ba) inserted 14 December 2019 section 9(2) New Zealand Superannuation and Retirement Income Amendment Act 2019 Section 49A(3) amended 14 December 2019 section 9(1) New Zealand Superannuation and Retirement Income Amendment Act 2019
50: Borrowing
1: The Guardians may not, except with the approval of the Minister of Finance,—
a: borrow money (
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
2: The Minister’s approval may be given for any class of transactions in subsection (1)﻿(a) to (c). Section 50(1)﻿(a) amended 25 January 2005 section 200 Crown Entities Act 2004 Section 50(1)﻿(c) amended 25 January 2005 section 200 Crown Entities Act 2004
51: Functions
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
2: 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 14 December 2019 section 10 New Zealand Superannuation and Retirement Income Amendment Act 2019
52: Expenses of Guardians
The expenses of the Guardians must be met out of money appropriated by Parliament for the purpose. Board of Guardians
53: Role of board
Section 53 repealed 25 January 2005 section 200 Crown Entities Act 2004
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) Section 52(2) added 25 January 2005 section 200 Crown Entities Act 2004 Members’ appointments
55: Criteria for appointments
1: The Minister must only recommend a person for appointment as a board member 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 Section 55(2) added 25 January 2005 section 200 Crown Entities Act 2004
56: Nominating committee
1: The Minister must establish a committee to nominate candidates to the Minister for appointment as members of the board.
2: 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.
3: The expenses of the nominating committee must be met out of money appropriated by Parliament for the purpose.
4: The Minister must notify the nominating committee of persons who the Minister considers to have an interest in appointments to the board, and the nominating committee must consult with those persons or representatives of those persons.
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 Parliament before recommending that the Governor-General appoints a person to the board.
57: Further provisions applying to board
Schedule 3 Investment of Fund
58: Investment of Fund
1: The Guardians are responsible for investing the Fund.
2: 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
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: No controlling interests
1: 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.
2: 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: the entity is a subsidiary of the Fund; or
b: the Fund controls the entity within the meaning of any relevant section 5
c: the Fund can control directly or indirectly the composition of the board of the entity within the meaning of sections 7 8
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)
5: This section—
a: does not apply to a Fund investment vehicle referred to in section 59A
b: does apply to an entity in which a Fund investment vehicle has an interest, as if the investments of the Fund that are held, facilitated, or managed by the Fund investment vehicle were held directly by the Guardians as manager and administrator of the Fund. Section 59(3)﻿(b) amended 1 April 2014 section 126 Financial Reporting (Amendments to Other Enactments) Act 2013 Section 59(3)﻿(b) amended 1 July 2011 section 12 Financial Reporting Amendment Act 2011 Section 59(4) amended 18 July 2013 section 42 Crown Entities Amendment Act 2013 Section 59(4) amended 25 January 2005 section 200 Crown Entities Act 2004 Section 59(5) inserted 23 October 2015 section 6 New Zealand Superannuation and Retirement Income Amendment Act 2015
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)
3: Interests in Fund investment vehicles are Fund investments and part of the Fund.
4: To avoid doubt, the Official Information Act 1982 Ombudsmen Act 1975
5: Subsection (1) applies despite anything to the contrary in the Crown Entities Act 2004 Section 59A inserted 23 October 2015 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2015
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 separate from those prepared for the Fund under section 66
b: have financial statements or group financial statements audited.
2: If a Fund investment vehicle is a company, the board of the company is not required to prepare an annual report.
3: Subsections (1) and (2) apply despite anything to the contrary in the Companies Act 1993 Limited Partnerships Act 2008 Public Audit Act 2001
4: This section does not limit sections 59A(3) 66 to 68
5: In this section, annual report board section 2(1) Section 59B inserted 24 October 2019 section 98 Statutes Amendment Act 2019
60: Establishment of investment policies, standards, and procedures
1: 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
2: The Guardians must review those investment policies, standards, and procedures for the Fund at least annually.
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: the classes of investments in which the Fund is to be invested and the selection criteria for investments within those classes; and
b: the determination of benchmarks or standards against which the performance of the Fund as a whole, and classes of investments and individual investments, will be assessed; and
c: standards for reporting the investment performance of the Fund; and
d: ethical investment, including policies, standards, or procedures for avoiding prejudice to New Zealand’s reputation as a responsible member of the world community; and
e: the balance between risk and return in the overall Fund portfolio; and
f: the fund management structure; and
fa: the governance framework for the implementation and operation of Fund investment vehicles referred to in section 59A
g: the use of options, futures, and other derivative financial instruments; and
h: the management of credit, liquidity, operational, currency, market, and other financial risks; and
i: the retention, exercise, or delegation of voting rights acquired through investments; and
j: the method of, and basis for, valuation of investments that are not regularly traded at a public exchange; and
k: prohibited or restricted investments or any investment constraints or limits. Section 61(fa) inserted 23 October 2015 section 8 New Zealand Superannuation and Retirement Income Amendment Act 2015
62: Investment management
1: The Guardians may appoint, on any terms and conditions that the Guardians think fit, 1 or more persons (including any department) to undertake the investment of any part of the Fund.
2: Different persons may be appointed for different parts of the Fund.
3: 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).
4: This section does not limit section 49 of this Act or section 17 Section 62(4) amended 25 January 2005 section 200 Crown Entities Act 2004
63: Custodianship of Fund
1: 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: 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).
5: This section does not limit section 49 of this Act or section 17 Section 63(5) amended 25 January 2005 section 200 Crown Entities Act 2004 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 performance, including the Government’s expectations as to risk and return.
2: Despite anything to the contrary in the Crown Entities Act 2004
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 section 58
b: must not give a direction to the Guardians in respect of the Fund except in accordance with this section.
3:
4:
5:
6: The Guardians must notify the Minister of how the entity proposes to have regard to any direction.
7: 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. Section 64(2) replaced 18 July 2013 section 42 Crown Entities Amendment Act 2013 Section 64(3) repealed 18 July 2013 section 42 Crown Entities Amendment Act 2013 Section 64(4) repealed 25 January 2005 section 200 Crown Entities Act 2004 Section 64(5) repealed 25 January 2005 section 200 Crown Entities Act 2004 Accountability
65: Statement of performance expectations
The statement of performance expectations Part 4
a: a statement of the board’s expectations about the performance of the Fund over the next financial year, in sufficient detail to enable meaningful assessment against those expectations after the end of that financial year; and
b: 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
c: forecast financial statements of the Fund for the next financial year, including a statement of accounting policies. Section 65 heading replaced 1 July 2014 section 72 Crown Entities Amendment Act 2013 Section 65 amended 1 July 2014 section 72 Crown Entities Amendment Act 2013 Section 65 amended 25 January 2005 section 200 Crown Entities Act 2004
66: Financial statements of Fund
1: The Guardians must ensure that financial statements for the Fund are prepared for each financial year.
2: The annual financial statements must be prepared in accordance with generally accepted accounting practice (as defined in section 8 Section 66(2) replaced 1 April 2014 section 126 Financial Reporting (Amendments to Other Enactments) Act 2013
67: Auditor-General is auditor of Fund
1: The Fund is to be treated as if it were a public entity as defined in section 4
2: 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.
3: 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
a: the financial statements of the Fund for that financial year prepared under section 66
b: 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
c: the audit report on the financial statements; and
d: 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
e: a statement of the investment policies, standards, and procedures for the Fund established by the Guardians under section 60
f: a statement signed by the chairperson of the board and the chief executive 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
g: a schedule of the investment managers and custodians used by the Guardians in relation to the Fund Section 68 amended 25 January 2005 section 200 Crown Entities Act 2004 Section 68(b) amended 25 January 2005 section 200 Crown Entities Act 2004 Section 68(d) amended 1 July 2014 section 72 Crown Entities Amendment Act 2013 Section 68(g) amended 14 December 2019 section 11 New Zealand Superannuation and Retirement Income Amendment Act 2019
69: Reporting by Guardians on Fund
1: The Guardians must report to the Minister on the Fund at those intervals that the Minister may require.
2: The Guardians’ report must include any information that the Minister may require.
70: Auditor-General to be auditor of Guardians
Section 70 repealed 25 January 2005 section 200 Crown Entities Act 2004 Performance reviews
71: Performance reviews
1: 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
2: The first performance review must be conducted as soon as practicable after 1 July 2003.
3: Subsequent performance reviews must be conducted at intervals that are no more than 5 years apart (to be set by the Minister) after that.
4: 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, established by the Guardians in relation to the Fund
b: whether or not the investment policies, standards, and procedures, established by the Guardians in relation to the Fund
c: the investment performance of the Fund.
5: Every performance review must be conducted by an independent person appointed by the Minister.
6: 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 recommendations formulated as a result of conducting it; and
b: give copies of the report to the Minister and the Guardians.
7: The Minister must present a copy of the report to the House of Representatives as soon as practicable after receiving it.
8: The costs of conducting a performance review must be met out of money appropriated by Parliament for the purpose. Section 71(1) amended 14 December 2019 section 12(1) New Zealand Superannuation and Retirement Income Amendment Act 2019 Section 71(4)﻿(a) amended 14 December 2019 section 12(2) New Zealand Superannuation and Retirement Income Amendment Act 2019 Section 71(4)﻿(b) amended 14 December 2019 section 12(2) New Zealand Superannuation and Retirement Income Amendment Act 2019
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,—
a: of the party’s agreement to either Part 1 Part 2
b: of the withdrawal of that party’s agreement to either Part 1 Part 2
2: 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
3: 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
4: 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
5: In this section, a reference to Part 2
6: An order under this section is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 72(5) inserted 14 December 2019 section 13 New Zealand Superannuation and Retirement Income Amendment Act 2019 Section 72(6) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
73: Amendments to Act
1: 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 agreement 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.
2A: Subsection (2)﻿(a) relates to amendments to Part 2
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 14 December 2019 section 14 New Zealand Superannuation and Retirement Income Amendment Act 2019 Amendments to other Acts Heading repealed 25 January 2005 section 200 Crown Entities Act 2004
74: Amendment to Ombudsmen Act 1975
Section 74 repealed 25 January 2005 section 200 Crown Entities Act 2004
75: Amendments to Public Finance Act 1989
Section 75 repealed 25 January 2005 section 200 Crown Entities Act 2004 Taxation Heading repealed 29 August 2011 section 209 Taxation (Tax Administration and Remedial Matters) Act 2011
76: Taxation of Fund and Guardians
Section 76 repealed 29 August 2011 section 209 Taxation (Tax Administration and Remedial Matters) Act 2011 Consequential amendments and revocation
77: Consequential amendments to other Acts
The Acts specified in Schedule 5
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 Social Welfare (Transitional Provisions) Act 1990 Social Security (Disability Services) Regulations 1993 Part 1 1990 No 26 s 7
79A: References to Volunteer Service Abroad Incorporated
The references in the following provisions to Volunteer Service Abroad Incorporated Incorporated Societies Act 1908 Volunteer Service Abroad Inc
a: section 14(2)﻿(e) section 4 section 14(18)
b: section 4(2)﻿(d) section 77 Section 79A inserted 25 February 2012 section 5 New Zealand Superannuation and Retirement Income Amendment Act 2012
4: Retirement Commissioner
Part 4 added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005
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. Section 80 added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005
81: Interpretation of this Part and Schedule 6
In this Part and in Schedule 6 Commissioner Government Minister section 5A Section 81 added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 Provisions relating to constitution and appointment of Retirement Commissioner Heading added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005
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
4: The Crown Entities Act 2004
5: The Commissioner is the board for the purposes of section 10 Section 82 added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 Functions, powers, and duties of Commissioner Heading added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005
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:
da: to promote education, and publish information, about financial matters to assist individuals to make financial decisions confidently and informedly:
db: to advise on financial capability 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:
h: to perform any additional function that the Minister directs under section 112 1993 No 148 s 6 Section 83 added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 Section 83(da) inserted 30 May 2017 section 124(1) Regulatory Systems (Commercial Matters) Amendment Act 2017 Section 83(db) inserted 30 May 2017 section 124(1) Regulatory Systems (Commercial Matters) Amendment Act 2017 Section 83(h) inserted 30 May 2017 section 124(2) Regulatory Systems (Commercial Matters) Amendment Act 2017
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) the Minister must consult with the Commissioner about the matters to be included in it.
3: 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.
4: Each review conducted under section 83(c)
5: The Minister must, as soon as practicable after receiving a report under section 83(c) Section 84 added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005
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), the Commissioner may at any time, if he or she considers it appropriate,—
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), present a copy of that report to the House of Representatives. Section 85 added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005
86: Provisions applying to Commissioner
The provisions in Schedule 6 Section 86 added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005 Transitional and miscellaneous provisions Heading added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005
87: Continuation of office, appointment of Commissioner, and employment of employees
1: The office 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
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. Section 87 added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005
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 or the 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). Section 88 added 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005
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 21 April 2005 section 7 New Zealand Superannuation and Retirement Income Amendment Act 2005