New Zealand Superannuation and Retirement Income Act 2001

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Reprint as at 23 October 2015

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

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

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

1	Title
2	Commencement
3	Purpose
4	Interpretation of Part 1 and Schedule 1
4A	Meaning of living alone
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	Living alone payments [Repealed]
13	Living alone payments [Repealed]
14	Commencement of living alone payments [Repealed]
	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	Single living alone rate 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
26A	Calculation of amount of New Zealand superannuation payable overseas
26B	Entitlement
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
49A	Saving of certain transactions
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
59A	Fund investment vehicles
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 performance expectations
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 [Repealed]
74	Amendment to Ombudsmen Act 1975 [Repealed]
75	Amendments to Public Finance Act 1989 [Repealed]
	Taxation [Repealed]
76	Taxation of Fund and Guardians [Repealed]
	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
79A	References to Volunteer Service Abroad Incorporated
	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
	Social Assistance (Living Alone Payments) Amendment Act 2013
	Reprint notes

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New Zealand Superannuation and Retirement Income Act 2001

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