Government Superannuation Fund Amendment Act 2009

1: Title
This Act is the Government Superannuation Fund Amendment Act 2009.
2: Commencement
1: Section 5
2: The rest of this Act comes into force on 1 April 2009.
3: Amendments to Government Superannuation Fund Amendment Act 1969
1: This section amends the Government Superannuation Fund Amendment Act 1969
2: Section 5
1: Subsection (1A)
a: any person in respect of whom the initial adjustment under section 7 is required to be made on or after 1 April 2009:
b: any person to whom clause 3 of Schedule 2 applies.
1A: If this subsection applies, the aggregate percentage of increase to be applied to a basic allowance in accordance with section 6 for the purpose of determining the annual adjustment for any year must be the percentage (if any) calculated to 2 decimal places, as certified by the Government Statistician, by which the all groups index number of the New Zealand Consumers Price Index for the December quarter of the calendar year immediately preceding that which includes the date for the annual adjustment exceeds the basic index number.
1B: Subsection (1C)
a: in respect of whom the initial adjustment under section 7 is required to be made before 1 April 2009; and
b: to whom clause 1 or 2 of Schedule 2 or section 2(8) applies.
1C: If this subsection applies, the aggregate percentage of increase to be applied to a basic allowance in accordance with section 6 for the purpose of determining the annual adjustment each year must be calculated in accordance with the following formula: {[(1 + P1 ) × (1 + P2 )] − 1} × 100 100 100 where— P1 is the percentage (if any) calculated to 2 decimal places, as certified by the Government Statistician and proportionately adjusted (where appropriate) in accordance with clauses 1 and 2 of Schedule 2 or section 2(8) by which the all groups index number of the New Zealand Consumers Price Index for the December 2007 quarter exceeds the basic index number; and P2 is the percentage (if any) calculated to 2 decimal places, as certified by the Government Statistician, by which the all groups index number of the New Zealand Consumers Price Index for the December quarter of the calendar year immediately preceding that which includes the date for the annual adjustment exceeds the all groups index number of the New Zealand Consumers Price Index for the December 2007 quarter.
1D: In this section, unless the context otherwise requires,— basic index number
a: in any case where the second proviso to section 7(2) applies, the basic index number for the December quarter of the calendar year immediately preceding the calendar year in which the first day of the beneficiary's qualifying year (as determined under section 7(1)) falls:
b: in any other case where the date of qualification determined under Schedule 3 falls between 1 October and 31 March (both days inclusive), the basic index number for the June quarter of the calendar year in which the first day of the beneficiary's qualifying year (as determined under section 7(1)) falls:
c: in any case where neither paragraph (a) (b)
d: in any case where the date of qualification is 31 March 1956, the annual all groups index number of the New Zealand Consumers Price Index for the calendar year 1955, despite anything to the contrary in paragraphs (a) to (c)
1E: Subsections (1) to (1D)
3: Section 5
5: No person is entitled, because of the amendments made to this Act by section 3 2009-04-01 Government Superannuation Fund Amendment Act 1969
4: Amendment to Government Superannuation Fund Amendment Act 1979
1: This section amends the Government Superannuation Fund Amendment Act 1979
2: Section 7
7: Percentage of annual adjustment
1: The aggregate percentage of increase to be applied to a basic allowance in accordance with section 5 for the purpose of determining the annual adjustment for any year must be the percentage that is calculated under section 5(1A) (1C)
a: basic index number
i: in any case where the date of qualification falls between 1 October and 31 March (both days inclusive), the basic index number for the preceding June quarter; and
ii: in any case where the date of qualification falls between 1 April and 30 September (both days inclusive), the basic index number for the preceding December quarter; and
b: initial adjustment under section 7
2: No person is entitled, because of the amendments made to this Act by section 4 2009-04-01 Government Superannuation Fund Amendment Act 1979
5: Amendment to Government Superannuation Fund Act 1956
1: This section amends the Government Superannuation Fund Act 1956
2: Section 91A(2)(b) 9 10.8 2009-02-24 Government Superannuation Fund Act 1956