The title of this Act was amended, as from 21 April 2005, by section 5(1) New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42) by inserting the words “and Retirement Income” after the word “Superannuation”.
“and Retirement Income”
“Superannuation”
This Act is administered in the Department of Work and Income and the Treasury.
1 Title
2 Commencement
3 Purpose
4 Interpretation of Part 1 and Schedule 1
5 Interpretation of Parts 2 and 3 and Schedule 3
5A Interpretation of Part 4 and Schedule 6
6 Act binds the Crown
Part 1Entitlements to New Zealand superannuation
Standard New Zealand superannuation entitlements
7 Age qualification for New Zealand superannuation
8 Residential qualification for New Zealand superannuation
9 Periods of absence that are not counted
10 Periods of absence as missionary also not counted
11 Commencement of New Zealand superannuation
12 Standard rates of New Zealand superannuation
Living alone payments
13 Living alone payments
14 Commencement of living alone payments
Annual adjustment of New Zealand superannuation
15 Annual adjustment of standard rates of New Zealand superannuation
16 Annual adjustment of New Zealand superannuation: relationship to net average wage
Non-standard New Zealand superannuation entitlements
17 Entitlement to benefits for spouses or partners of persons in long-term residential care in hospital or rest home
18 Living alone rate of payment for spouses or partners of persons in long-term residential care in hospital or rest home
19 Hospital rates of New Zealand superannuation
20 Special disability allowance
Payment overseas of New Zealand superannuation
21 Effect of absence from New Zealand on New Zealand superannuation
22 First 26 weeks of certain temporary absences
23 Absences up to 2 years for medical treatment
24 Absences up to 156 weeks with aid agencies
25 Date absence commences
26 Payment overseas of New Zealand superannuation
27 Applications after leaving New Zealand
28 Date of commencement of payment overseas
29 Relationship with other benefit provisions
30 Specified Pacific country
31 Entitlement to be paid New Zealand superannuation in specified Pacific country
32 Rates of payment of New Zealand superannuation payable to people resident in specified Pacific countries
33 Commencement and termination of payments
34 Effect on other benefits
35 Application of this Act and Social Security Act 1964
Part 2New Zealand Superannuation Fund
36 Outline of Part
New Zealand Superannuation Fund
37 Establishment of New Zealand Superannuation Fund
38 Property of Fund
39 Crown Bank Account
40 Ownership of Fund
41 Payments out of Fund
Required capital contributions to Fund
42 Process for calculating capital contributions to Fund
43 Amount of required annual capital contribution
44 Lesser amounts of annual capital contribution
Other contributions to Fund
45 Annual expense payments
46 Additional contributions to Fund
Withdrawals from Fund
47 Withdrawals from Fund after 2020
Guardians of New Zealand Superannuation
48 Establishment of Guardians of New Zealand Superannuation
49 Body corporate status and powers
50 Borrowing
51 Functions
52 Expenses of Guardians
Board of Guardians
53 Role of board [Repealed]
54 Membership of board
Members' appointments
55 Criteria for appointments
56 Nominating committee
57 Further provisions applying to board
Investment of Fund
58 Investment of Fund
59 No controlling interests
60 Establishment of investment policies, standards, and procedures
61 Contents of statements of investment policies, standards, and procedures
62 Investment management
63 Custodianship of Fund
Ministerial directions
64 Ministerial directions
Accountability
65 Statement of intent
66 Financial statements of Fund
67 Auditor-General is auditor of Fund
68 Annual report
69 Reporting by Guardians on Fund
70 Auditor-General to be auditor of Guardians [Repealed]
Performance reviews
71 Performance reviews
Part 3Miscellaneous provisions
Political commitment to New Zealand superannuation
72 Political commitment
73 Amendments to Act
Amendments to other Acts
74 Amendment to Ombudsmen Act 1975 [Repealed]
75 Amendments to Public Finance Act 1989 [Repealed]
Taxation
76 Taxation of Fund and Guardians
Consequential amendments and revocation
77 Consequential amendments to other Acts
78 Consequential revocation
Transitional and savings provision
79 Transitional provision for existing New Zealand superannuation entitlements
Part 4Retirement Commissioner
80 Purpose of this Part
81 Interpretation of this Part and Schedule 6
Provisions relating to constitution and appointment of Retirement Commissioner
82 Retirement Commissioner
Functions, powers, and duties of Commissioner
83 Functions
84 Periodic reviews
85 Discretion in relation to performance and exercise of functions and powers
86 Provisions applying to Commissioner
Transitional and miscellaneous provisions
87 Continuation of office, appointment of Commissioner, and employment of employees
88 Application of this Part to matters commenced under Retirement Income Act 1993 or Retirement Villages Act 2003
89 References to New Zealand Superannuation Act 2001
Schedule 1New Zealand superannuation entitlements
Schedule 2Specified Pacific countries
Schedule 3Further provisions relating to Board of Guardians of New Zealand Superannuation
Schedule 4Political parties in agreement with Act
Schedule 5Consequential amendments to other Acts
Schedule 6Provisions applying to Retirement Commissioner
Legislative history
The Parliament of New Zealand enacts as follows: