New Zealand Superannuation and Retirement Income Act 2001

If you need more information about this Act, please contact the administering agency: Ministry of Social Development and The Treasury
  • not the latest version

Reprint as at 20 September 2007

New Zealand Superannuation and Retirement Income Act 2001

Public Act2001 No 84
Date of assent11 October 2001

  • 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”.

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This Act is administered in the Department of Work and Income and the Treasury.

Contents

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 1
Entitlements 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 2
New 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 3
Miscellaneous 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 4
Retirement 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 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

Reprint notes

The Parliament of New Zealand enacts as follows: