New Zealand Superannuation and Retirement Income Act 2001

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Version as at 1 September 2022

Coat of Arms of New Zealand

New Zealand Superannuation and Retirement Income Act 2001

Public Act
 
2001 No 84
Date of assent
 
11 October 2001
Commencement
 
see section 2

Act name: amended, on 21 April 2005, by section 5(1) of the New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).

Note

The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

This Act is administered by the Ministry of Social Development and the Treasury.

Contents

1Title
2Commencement
3Purpose
4Interpretation of Part 1 and Schedule 1
4AARelationship of Part 1 and Schedule 1 with Social Security Act 2018
4AMeaning of living alone
5Interpretation of Parts 2 and 3 and Schedule 3
5AInterpretation of Part 4 and Schedule 6
5BTransitional, savings, and related provisions
6Act binds the Crown
Part 1
Entitlements to New Zealand superannuation
Preliminary and general provisions
7Age qualification for New Zealand superannuation
8Residential qualification for New Zealand superannuation
8ASpecial total time requirement for refugees or protected persons 45 years of age or older on relevant date
9Treatment of various periods of absence
10Treatment of periods of absence as missionary
10ATreatment of periods of absence if New Zealand income tax withheld on overseas earnings
11Commencement of New Zealand superannuation
12Rates of New Zealand superannuation
Living alone payments
[Repealed]
13Living alone payments [Repealed]
14Commencement of living alone payments [Repealed]
Annual adjustment of New Zealand superannuation
15Annual adjustment of rates
15AOrders are confirmable instruments [Repealed]
16Annual adjustment of New Zealand superannuation: relationship to net average wage
Effect of long-term residential care or hospitalisation
17Entitlement to benefits for spouses or partners of persons in long-term residential care in hospital or rest home
18Appropriate rate for spouses or partners of persons in long-term residential care in hospital or rest home
19Hospital rates of New Zealand superannuation
20Special disability allowance [Repealed]
Payment overseas of New Zealand superannuation
21Effect of absence from New Zealand on New Zealand superannuation
22First 26 weeks of certain temporary absences
23Absences up to 2 years for medical treatment
24Absences up to 156 weeks with aid agencies
25Date absence commences
26Payment overseas of New Zealand superannuation
26ACalculation of amount of New Zealand superannuation payable overseas
26BEntitlement
27Applications after leaving New Zealand
28Date of commencement of payment overseas
29Relationship with other benefit provisions
30Specified Pacific country
30AOrders are confirmable instruments [Repealed]
31Entitlement to be paid New Zealand superannuation in specified Pacific country
32Rates of payment of New Zealand superannuation payable to people resident in specified Pacific countries
33Commencement and termination of payments
34Effect on other benefits
35Application of this Act and Social Security Act 2018
Miscellaneous provisions
35ARegulations
Part 2
New Zealand Superannuation Fund and Guardians of New Zealand Superannuation
36Outline of Part
New Zealand Superannuation Fund
37Establishment of New Zealand Superannuation Fund
38Property of Fund
39Crown Bank Account
40Ownership of Fund
41Payments out of Fund
41AGuardians may apportion obligations
Required capital contributions to Fund
42Process for calculating capital contributions to Fund
43Amount of required annual capital contribution
44Lesser amounts of annual capital contribution
Other contributions to Fund
45Annual expense payments
46Additional contributions to Fund
Withdrawals from Fund
47Withdrawals from Fund after 2020
Guardians of New Zealand Superannuation
48Establishment of Guardians of New Zealand Superannuation
49Body corporate status and powers
49ASaving of certain transactions
50Borrowing
51Functions
52Expenses of Guardians
Board of Guardians
53Role of board [Repealed]
54Membership of board
Members’ appointments
55Criteria for appointments
56Nominating committee
57Further provisions applying to board
Investment of Fund
58Investment of Fund
59No controlling interests
59AFund investment vehicles
59BFund investment vehicles not required to prepare statements or annual reports
60Establishment of investment policies, standards, and procedures
61Contents of statements of investment policies, standards, and procedures
62Investment management
63Custodianship of Fund
Ministerial directions
64Ministerial directions
Accountability
65Statement of performance expectations
66Financial statements of Fund
67Auditor-General is auditor of Fund
68Annual report
69Reporting by Guardians on Fund
70Auditor-General to be auditor of Guardians [Repealed]
Performance reviews
71Performance reviews
Part 3
Miscellaneous provisions
Political commitment to New Zealand superannuation
72Political commitment
73Amendments to Act
Amendments to other Acts
[Repealed]
74Amendment to Ombudsmen Act 1975 [Repealed]
75Amendments to Public Finance Act 1989 [Repealed]
Taxation
[Repealed]
76Taxation of Fund and Guardians [Repealed]
Consequential amendments and revocation
77Consequential amendments to other Acts
78Consequential revocation
Transitional and savings provision
79Transitional provision for existing New Zealand superannuation entitlements
79AReferences to Volunteer Service Abroad Incorporated
Part 4
Retirement Commissioner
80Purpose of this Part
81Interpretation of this Part and Schedule 6
Provisions relating to constitution and appointment of Retirement Commissioner
82Retirement Commissioner
Functions, powers, and duties of Commissioner
83Functions
84Periodic reviews
85Discretion in relation to performance and exercise of functions and powers
86Provisions applying to Commissioner
Transitional and miscellaneous provisions
87Continuation of office, appointment of Commissioner, and employment of employees
88Application of this Part to matters commenced under Retirement Income Act 1993 or Retirement Villages Act 2003
89References to New Zealand Superannuation Act 2001
Schedule 1AA
Transitional, savings, and related provisions
Schedule 1
New Zealand superannuation entitlements
Schedule 2
Specified Pacific countries
Schedule 3
Further provisions relating to board of Guardians of New Zealand Superannuation
Schedule 4
Political parties in agreement with Act
Schedule 5
Consequential amendments to other Acts
Schedule 6
Provisions applying to Retirement Commissioner
Social Assistance (Living Alone Payments) Amendment Act 2013
Notes