New Zealand Superannuation and Retirement Income Act 2001

44 Lesser amounts of annual capital contribution

(1)

If the Government intends to pay less into the Fund in any financial year than the required annual capital contribution, the Minister must include, in the fiscal strategy report prepared under Part 2 of the Public Finance Act 1989,—

(a)

the amount of the required annual capital contribution stated in the economic and fiscal update under section 42 in respect of the financial year; and

(b)

a statement of the amount of annual capital contribution actually to be paid into the Fund in that year; and

(c)

a statement of the reasons for the Government’s departure from the required annual capital contribution; and

(d)

a statement of the Government’s intentions regarding future contributions to the Fund; and

(e)

a statement of the approach the Government intends to take to ensure that the Fund will be sufficient to meet the payments of New Zealand superannuation entitlements expected to be made over the next 40-year period.

(2)

The requirements of this section do not apply if the required annual capital contribution is less than zero.

Section 44(1): amended, on 25 January 2005, by section 37(1) of the Public Finance Amendment Act 2004 (2004 No 113).