Every person is entitled to receive New Zealand superannuation who attains the age of 65 years.

However, a person is not entitled to receive New Zealand superannuation in respect of the period for which the person has made an election, as contemplated by any of the following provisions, to be entitled to weekly compensation rather than to New Zealand superannuation:

Subsection (1) applies subject to the provisions of this Part and of the Social Security Act 2018 or the Residential Care and Disability Support Services Act 2018.

A person (A) is entitled to New Zealand superannuation only if A—

Since reaching the age of 20 years, A must have been both resident and present for a period or periods totalling not less than the total time requirement calculated under subsection (4)—

Since reaching the age of 50 years, A must have been both resident and present in any 1 or more of New Zealand, the Cook Islands, Niue, and Tokelau for a period or periods totalling not less than 5 years.

For the purposes of subsection (2), if A was born during the period specified in column 1 of the following table, A’s total time requirement is the number of years specified in column 2:

This section applies to a person (A) who—

For the purposes of section 8(2), A’s total time requirement must be calculated under this section instead of under section 8(4).

If A is 45 years of age or older but younger than 55 years of age on the relevant date, A’s total time requirement is the lesser of the following:

If A is 55 years of age or older on the relevant date, A’s total time requirement is 10 years.

In this section, relevant date means the date on which A first becomes both resident and present in New Zealand, whether that date is before, on, or after the date on which A is recognised as a refugee or protected person in New Zealand.

For the purposes of section 8(2) and (3), a person must be treated as having been both resident and present in New Zealand during a period of absence from New Zealand if the chief executive is satisfied that—

For the purposes of this section, a person is engaged in eligible charitable work if the person is engaged in—

In this section,—

For the purposes of section 8(2) and (3), a person must be treated as having been both resident and present in New Zealand during a period of absence from New Zealand if the chief executive is satisfied that—

A person is not to be regarded as ending a period of absence referred to in this section merely because the person visited New Zealand during the absence if the arrangement under which the person, or the person’s spouse or partner, was engaged in missionary work continued during the visit.

Unless otherwise expressly provided in the agreement, the provisions of subsection (1) are not modified by the provisions of any agreement entered into by the Government of New Zealand with the government of any other country, whether before or after the commencement of this section, providing for reciprocity in social security benefits between their respective countries or the provisions of any Act or Order in Council giving effect to the agreement.

In this section, missionary work includes the advancement of religion or education and the maintenance, care, or relief, of orphans, or the aged, infirm, sick, or needy.

For the purposes of section 8(2) and (3), a person must be treated as having been both resident and present in New Zealand during a period of absence from New Zealand if the chief executive is satisfied that one or both of the following apply in relation to the person’s absence:

This section applies in relation to a person’s period of employment, whether or not the person’s employer (or any other relevant person) failed to pay to the Commissioner of Inland Revenue a deducted or withheld amount of tax, if the chief executive is satisfied that—

For the purposes of this section, an employer (or any other relevant person) makes a specified payment with respect to a person’s period of employment if the employer (or any other relevant person) makes—

See clause 6 of Schedule 1AA in relation to the application of this section before 9 November 2020.

New Zealand superannuation commences on the date on which the applicant becomes entitled to receive it or the date on which the application for it is received by the department, whichever is the later date.

This section is subject to section 317 of the Social Security Act 2018.

The rate of New Zealand superannuation payable to a person is the appropriate rate specified in Schedule 1.

In this section,—

Subject to subsection (3), the rates of New Zealand superannuation stated in clause 1 of Part 1 of Schedule 1, and clause 1(b) of Part 2 of that schedule, must be adjusted, by Order in Council, as at 1 April each year so that in each case the new rate (after the deduction of standard tax) is the rate at that date (after the deduction of standard tax and before the adjustment under this section is made) adjusted by any percentage movement upwards in the CPI between the CPI for the quarter ended with 31 December one year before the immediately preceding 31 December and the CPI for the quarter ended with the immediately preceding 31 December.

The adjustments (by any percentage movement upwards in the CPI) required under subsection (2) as at 1 April in any year from 2011 to 2021 (inclusive) must, despite subsections (1) and (2), be calculated,—

Every Order in Council made under subsection (2) must adjust the rates of New Zealand superannuation, subject to subsection (4),—

An adjustment under this section must not reduce the weekly amounts payable under this section.

Every Order in Council made under subsection (2) has the force of law as if it was enacted by this Act.

Every Order in Council made under subsection (2) comes into force or is considered to come into force on 1 April of the calendar year in which it is made, and applies to New Zealand superannuation payable on and after that date.

See section 452 of the Social Security Act 2018, under which rates of New Zealand superannuation may be adjusted by Order in Council (including rates not required to be adjusted under this section).

An order under this section—

An order under subsection (2) must be confirmed by an Act (see subpart 3 of Part 5 of the Legislation Act 2019).

The annual adjustment of New Zealand superannuation under section 15 must ensure that—

In this section, earner levies means the levies payable under section 219(1) of the Accident Compensation Act 2001.

This section applies to any person who is not in long-term residential care and whose spouse or partner is in long-term residential care in a hospital or rest home, whether or not the spouse or partner is a resident assessed as requiring care (as defined in section 5 of the Residential Care and Disability Support Services Act 2018).

Every person to whom this section applies is entitled to receive—

See section 89 of the Social Security Act 2018, under which a person to whom this section applies may be entitled to a special disability allowance for the purpose of assisting with expenses arising from the hospitalisation of the person’s spouse or partner.

Any benefit payable to a person to whom this section applies is not subject to abatement in respect of any income of the person that has been included in a means assessment of the person’s spouse under the Residential Care and Disability Support Services Act 2018.

This section applies despite anything to the contrary in this Act (except sections 19 and 21 to 35).

The appropriate rate of New Zealand superannuation to which a person who is living alone is entitled under section 17(2)(a) or (b) is the single living alone rate.

For the purposes of this section, hospital means a hospital operated by a District Health Board within the meaning of the New Zealand Public Health and Disability Act 2000; and includes a psychiatric security institution within the meaning of the Mental Health (Compulsory Assessment and Treatment) Act 1992.

This section applies to a person who is married or in a civil union or in a de facto relationship and who has no dependent children, and a single person who receives New Zealand superannuation, or who becomes entitled to receive New Zealand superannuation.

The rate of New Zealand superannuation payable to a person who is a patient in a hospital for a period of 13 weeks or less is not affected.

The rate of New Zealand superannuation payable to a person who is a patient in a hospital for more than 13 weeks is, on and after the commencement of the 14th week of hospitalisation, the rate specified in clause 3 of Schedule 1.

The chief executive may pay to any patient referred to in subsection (4) a higher rate than the rate specified in clause 3 of Part 1 of Schedule 1 after having regard to the patient’s personal financial circumstances.

Subsection (4) does not apply to a resident assessed as requiring care (as defined in section 5 of the Residential Care and Disability Support Services Act 2018) who is a patient in a hospital and in respect of whom a funder (as defined in that section) is paying some or all of the cost of contracted care services (as defined in section 11 of that Act) under section 18, 24, 26, 54, or 55 of that Act.

See section 89 of the Social Security Act 2018, under which the spouse or partner of a patient referred to in subsection (4) or (5) may be entitled to a special disability allowance for the purpose of assisting with expenses arising from the patient’s hospitalisation.

If the New Zealand superannuation of a person who is married or in a civil union or in a de facto relationship is reduced under this section, any specified benefit of the person’s spouse or partner must be increased, starting on the date on which the person’s New Zealand superannuation is reduced, by the amount specified in subsection (7A).

The amount by which the specified benefit of the person’s spouse or partner must be increased is an amount equal to the difference between—

See section 207 of the Social Security Act 2018, under which the specified benefit of a person’s spouse or partner is similarly increased when the person is the beneficiary of a main benefit that is payable, as a result of the person’s hospitalisation, at a reduced rate.

Subsection (7) does not apply if the person’s spouse or partner is also in hospital and has been for more than 13 weeks.

In any case where the rate of New Zealand superannuation has been reduced in accordance with this section and the superannuitant in hospital is absent from the hospital for not more than 28 days, the rate of New Zealand superannuation payable on return to hospital must be determined as if that absence has not occurred.

This section does not entitle a single person or a couple who are married or in a civil union or in a de facto relationship to receive a greater amount of New Zealand superannuation or of another specified benefit, as a result of hospitalisation, than would otherwise have been payable.

This section applies despite anything to the contrary in this Act (other than sections 21 to 35), the Social Security Act 2018, or the Residential Care and Disability Support Services Act 2018.

In this section, specified benefit means—

A person is not entitled to New Zealand superannuation while that person is absent from New Zealand except as provided in sections 22 to 35 or in any reciprocity agreement adopted under section 380 of the Social Security Act 2018.

New Zealand superannuation that would otherwise be payable to a person (other than a person who is receiving New Zealand superannuation overseas under section 26) is payable in respect of the first 26 weeks of any absence from New Zealand if—

The chief executive may pay New Zealand superannuation to any person who would otherwise be entitled to receive it, but who is absent from New Zealand for any period or periods not exceeding 2 years in total because that person or his or her spouse or partner, dependent child, or sibling is receiving medical treatment overseas for which the Ministry of Health is granting assistance.

The chief executive may pay New Zealand superannuation to any person who—

The chief executive of the Ministry of Foreign Affairs and Trade must determine any question that arises as to whether an aid agency fulfils the qualifications set out in subsection (1).

If a person who is absent from New Zealand would have become entitled to New Zealand superannuation during his or her absence but for section 21, the person’s absence is to be regarded as having commenced on the day he or she would have become entitled to New Zealand superannuation.

This subsection—

A person to whom subsection (1) applies is entitled to be paid New Zealand superannuation at the appropriate rate specified in subsection (6)—

For the purposes only of subsection (2)(b)(ii), a person does not return to New Zealand if—

Except to the extent provided by paragraphs (a)(i) and (b)(i) of subsection (2), a person does not cease to be entitled to be paid New Zealand superannuation under that subsection by reason only of changing his or her intentions after leaving New Zealand.

Subsection (4) is for the avoidance of doubt.

The rates referred to in subsection (2) are,—

This section is subject to section 26B.

The proportion referred to in section 26(6) is to be calculated by—

For the purposes of subsection (1), a person must be treated as having resided in New Zealand during a period of absence from New Zealand if section 9, 10, or 10A requires the person to be treated as having been resident and present in New Zealand during the period.

A person is not entitled to be paid New Zealand superannuation under section 26 unless he or she—

This section applies if a person did not make an application for payment under section 26 while ordinarily resident and present in New Zealand because he or she left New Zealand intending to be absent for 26 weeks or less.

The chief executive may accept an application for payment in accordance with section 26 if satisfied that the absence for more than 26 weeks is or was due to circumstances beyond the applicant’s control that could not reasonably have been foreseen before leaving New Zealand.

If the chief executive has accepted an application under subsection (2) and, after the applicant left New Zealand, the applicant has been paid any instalment of New Zealand superannuation in accordance with sections 21 to 25, no liability to repay any of those instalments arises merely because the applicant fails to return to New Zealand within the period allowed for by those sections.

The date of commencement of payment overseas of New Zealand superannuation under section 26 is the first pay day after the date of the applicant’s departure from New Zealand.

However, in the case of an application under section 27, the date of commencement is the first pay day after the date on which the application was received by the department.

Subsection (2) is subject to section 317 of the Social Security Act 2018.

A person who is receiving New Zealand superannuation overseas under section 26 is not entitled to receive any assistance under the Social Security Act 2018 or under a programme approved under section 100 or 101 of that Act.

When a person who receives New Zealand superannuation overseas under section 26 dies, the benefit terminates (despite sections 325 to 330 of the Social Security Act 2018) on a date—

The Social Security Act 2018 applies to New Zealand superannuation being paid under section 26, but—

In sections 31 to 35, specified Pacific country means a country or territory—

The Governor-General may from time to time, by Order in Council, amend Schedule 2 by—

The Order in Council must state the date on which it takes effect, which may be a date before the date on which it is made.

The Order in Council applies to payments of New Zealand superannuation under section 31 payable on or after the date on which the order takes effect.

Every Order in Council made under subsection (2)(a) has the force of law as if it was enacted by this Act.

An order under this section—

An order under subsection (2) must be confirmed by an Act (see subpart 3 of Part 5 of the Legislation Act 2019).

A person entitled to receive New Zealand superannuation is entitled to be paid the benefit in a specified Pacific country at a rate calculated under section 32 if subsection (2) or subsection (3) or subsection (4) applies to the person.

This subsection applies to a person—

This subsection applies to a person—

This subsection applies to a person—

If subsection (4) applies, an application to be paid New Zealand superannuation in a specified Pacific country must be made in addition to an application to be paid New Zealand superannuation under section 297 (and regulations made under section 438) of the Social Security Act 2018.

The applications referred to in subsection (5) may be made together or separately, and may be made—

The rate of New Zealand superannuation payable under section 31 is,—

For the purposes of this section, the base rate is,—

However, if sections 187 to 191 of the Social Security Act 2018 apply, that amount must be reduced by the amount deducted in accordance with those sections.

The commencement date of payment of a benefit under section 31 is the first pay day after the date of the person’s departure from New Zealand, unless subsection (1A) applies.

The commencement date of payment of a benefit to a person to whom section 31(4) applies is the later of—

When a person being paid a benefit under section 31 dies, the benefit terminates on a date to be determined by the chief executive, being a date not more than 4 weeks after the date of death.

A person being paid a benefit under section 31 is not entitled to receive any assistance under the Social Security Act 2018 or under a programme approved under section 100 or 101 of that Act.

Sections 22 to 29 do not apply in respect of New Zealand superannuation being paid in a specified Pacific country under section 31.

The Social Security Act 2018 (except sections 204, 206 to 208, 217 to 219, 311, and 313 to 315) applies to New Zealand superannuation being paid in a specified Pacific country under section 31.

The Governor-General may, by Order in Council, make regulations for the purposes of section 4A(2)(g).

The Governor-General may, by Order in Council, make regulations providing for any other matters contemplated by this Part, necessary for its administration, or necessary for giving it full effect.

Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

This Part—

This section establishes the New Zealand Superannuation Fund (the Fund).

The Fund consists of—

The Fund is not an entity separate from the Crown.

However, subsection (2) does not limit section 66(2) or 67(1).

The Treasury must open a Crown Bank Account for the Fund at any bank or banks that the Minister may direct.

The Guardians must maintain and operate the accounts in accordance with any directions given by the Minister or the Treasury.

Sections 114 and 115 of the Crown Entities Act 2004 do not apply to a direction under subsection (2).

The Guardians must ensure that the accounts are not overdrawn at any time.

The Public Finance Act 1989 (except sections 65I, 65ZH(1)(g) and (h), 79, and 80) applies to the accounts with necessary modifications.

Money in the accounts is public money for the purpose of the Public Finance Act 1989. Other Fund money is not public money for that purpose.

The Fund is the property of the Crown.

The Fund must be held for the purpose of paying New Zealand superannuation.

In addition, money may be paid out of the Fund—

No payment may be made out of the Fund except in accordance with subsection (1) or subsection (2) and unless it has been authorised by the Guardians.

This section applies if the Guardians reasonably consider that an expense or other obligation is related to the operation of both the Fund and the VCF.

The Guardians may apportion the obligation in the manner that the Guardians consider reasonable so as to determine—

The part of the obligation determined in relation to the Fund or the VCF must be treated as an obligation that is directly related to the operation of the Fund or the VCF (as the case may be).

The Treasury must, each financial year, calculate the amount of the annual capital contribution to the Fund required under section 43.

The Treasury must include, in the economic and fiscal update prepared under section 26O of the Public Finance Act 1989,—

Part 2 of the Public Finance Act 1989 (including, without limitation, section 26W) applies to the matters that are included in the economic and fiscal update under this section as if they were required to be included under that Act.

The required annual capital contribution for each financial year is—

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,—

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

The Minister must ensure that sufficient money is transferred into the Fund in each financial year to meet the net cost of the New Zealand superannuation entitlements that are payable out of the Fund during that year.

The requirement in subsection (1) is additional to, and separate from, the obligation to make required annual capital contributions.

The Minister may pay any money into the Fund that is additional to that required under this Act.

If the required annual capital contribution is less than zero, the Minister may require a capital withdrawal to be made from the Fund up to that amount and paid into a Crown Bank Account.

However, no capital withdrawal is allowed from the Fund in any financial year commencing before 1 July 2020.

This section establishes the Guardians of New Zealand Superannuation (the Guardians).

The Guardians are a Crown entity for the purposes of the section 7 of the Crown Entities Act 2004.

The Crown Entities Act 2004 applies to the Guardians except to the extent that this Act provides otherwise.

Sections 100 and 160 to 164 of the Crown Entities Act 2004 do not apply to the Guardians in relation to the Fund.

There are no restrictions on the Guardians’ power to invest the Fund, other than as provided by sections 58, 59, and 64.

This section is subject to section 50 (borrowing).

A failure by the Guardians to comply with any provision of this Act, the Venture Capital Fund Act 2019, or the Crown Entities Act 2004 does not affect the validity or enforceability of any deed, agreement, right, or obligation that is entered into, obtained, or incurred by—

This section applies only to the extent that the deed, agreement, right, or obligation is entered into, obtained, or incurred for the purpose of performing the functions of the Guardians.

This section applies despite anything to the contrary in this Act, the Venture Capital Fund Act 2019, or the Crown Entities Act 2004 or any other enactment or rule of law.

The Guardians may not, except with the approval of the Minister of Finance,—

The Minister’s approval may be given for any class of transactions in subsection (1)(a) to (c).

The functions of the Guardians are to manage and administer—

The Guardians are not a trustee, or a constructive trustee, in relation to the exercise of their functions or any other matter.

The expenses of the Guardians must be met out of money appropriated by Parliament for the purpose.

The board must consist of at least 5, but not more than 7, board members appointed by the Governor-General on the recommendation of the Minister.

This section applies despite section 28(1)(a) of the Crown Entities Act 2004.

The Minister must only recommend a person for appointment as a board member who,—

This section applies in addition to section 29 of the Crown Entities Act 2004.

The Minister must establish a committee to nominate candidates to the Minister for appointment as members of the board.

The nominating committee must comprise not less than 4 persons with proven skills or relevant work experience that will enable them to identify candidates for appointment to the board who are suitably qualified.

The expenses of the nominating committee must be met out of money appropriated by Parliament for the purpose.

The Minister must notify the nominating committee of persons who the Minister considers to have an interest in appointments to the board, and the nominating committee must consult with those persons or representatives of those persons.

Subsection (4) does not limit consultation or the calling for expressions of interest in appointments.

After receiving nominations for appointment from the nominating committee, the Minister must consult with representatives of other political parties in Parliament before recommending that the Governor-General appoints a person to the board.

Schedule 3 applies to the board and its members.

The Guardians are responsible for investing the Fund.

The Guardians must invest the Fund on a prudent, commercial basis and, in doing so, must manage and administer the Fund in a manner consistent with—

The Guardians must use their best endeavours to ensure that the Fund does not control any other entity or hold a percentage of the voting rights in any other entity that would require it to seek control of that entity.

If a contravention of subsection (1) arises (through inadvertence or otherwise), the Guardians must take all reasonable steps to remedy the default as soon as practicable.

For the purposes of this Act, an entity is controlled by the Fund if—

This section does not prevent the board establishing a Crown entity subsidiary of the Guardians (within the meaning of the second column of section 7(1)(c) of the Crown Entities Act 2004).

This section—

All or any of the investments of the Fund may be held in an entity that is formed or controlled by the Guardians for the purpose of holding, facilitating, or managing the investments of the Fund (a Fund investment vehicle).

A Fund investment vehicle is not a Crown entity subsidiary for the purposes of section 7(1)(c) of the Crown Entities Act 2004.

Interests in Fund investment vehicles are Fund investments and part of the Fund.

To avoid doubt, the Official Information Act 1982 and the Ombudsmen Act 1975 do not apply to Fund investment vehicles, but the Official Information Act 1982 applies to the Guardians in respect of information held by the Guardians about Fund investment vehicles.

Subsection (1) applies despite anything to the contrary in the Crown Entities Act 2004, this Act, or any other enactment.

A Fund investment vehicle is not required to do either of the following:

If a Fund investment vehicle is a company, the board of the company is not required to prepare an annual report.

Subsections (1) and (2) apply despite anything to the contrary in the Companies Act 1993, the Limited Partnerships Act 2008, or the Public Audit Act 2001.

This section does not limit sections 59A(3) and 66 to 68.

In this section, annual report and board have the meanings given in section 2(1) of the Companies Act 1993.

The Guardians must establish, and adhere to, investment policies, standards, and procedures for the Fund that are consistent with their duty to invest the Fund on a prudent, commercial basis, in accordance with section 58.

The Guardians must review those investment policies, standards, and procedures for the Fund at least annually.

A statement of investment policies, standards, and procedures must cover (but is not limited to)—

The Guardians may appoint, on any terms and conditions that the Guardians think fit, 1 or more persons (including any department) to undertake the investment of any part of the Fund.

Different persons may be appointed for different parts of the Fund.

The Guardians must state, in each instrument of appointment, the powers and rights of the person appointed (including, without limitation, the extent of that person’s power to delegate any of those powers and rights).

This section does not limit section 49 of this Act or section 17 of the Crown Entities Act 2004.

The Guardians may appoint a person or persons (including any department) to act as custodian of the Fund, or any part of the Fund.

A custodian so appointed must hold the property of the Fund, or that part of the property of the Fund for which they have been appointed, in their name or, if the Guardians authorise it, in the name of 1 or more nominees.

An appointment may be on any terms and conditions that the Guardians think fit.

The Guardians must specify, in each instrument of appointment, the powers and rights of the person or persons appointed (including, without limitation, the extent of that person’s powers to delegate any of those powers and rights).

This section does not limit section 49 of this Act or section 17 of the Crown Entities Act 2004.

The Minister may, after consultation with the Guardians, give directions to the Guardians regarding the Government’s expectations as to the Fund’s performance, including the Government’s expectations as to risk and return.

Despite anything to the contrary in the Crown Entities Act 2004, the Minister—

The Guardians must notify the Minister of how the entity proposes to have regard to any direction.

The Guardians’ annual report must include a statement of how the entity is having regard, or has had regard, during the year to any Ministerial directions given under this section.

The statement of performance expectations of the Guardians prepared each financial year under Part 4 of the Crown Entities Act 2004 must include (in addition to any other requirements)—

The Guardians must ensure that financial statements for the Fund are prepared for each financial year.

The annual financial statements must be prepared in accordance with generally accepted accounting practice (as defined in section 8 of the Financial Reporting Act 2013).

The Fund is to be treated as if it were a public entity as defined in section 4 of the Public Audit Act 2001 and, in accordance with that Act, the Auditor-General is its auditor.

The Guardians must, not later than 90 days after the end of the financial year, forward the annual financial statements of the Fund to the Auditor-General.

The Auditor-General must issue an audit opinion within 30 days of receipt of the annual financial statements and must return the annual financial statements, with the audit report attached, to the Guardians.

The annual report of the Guardians prepared each financial year under Part 4 of the Crown Entities Act 2004 must include (in addition to any other requirements, such as the entity’s own financial statements)—

The Guardians must report to the Minister on the Fund at those intervals that the Minister may require.

The Guardians’ report must include any information that the Minister may require.

From time to time, there must be conducted a review of how effectively and efficiently the Guardians are performing their functions in relation to the Fund.

The first performance review must be conducted as soon as practicable after 1 July 2003.

Subsequent performance reviews must be conducted at intervals that are no more than 5 years apart (to be set by the Minister) after that.

The Minister must set the terms of reference for the review, which must include (without limitation) requirements that the reviewer form an opinion about—

Every performance review must be conducted by an independent person appointed by the Minister.

Every person who conducts a performance review must, as soon as practicable after conducting it,—

The Minister must present a copy of the report to the House of Representatives as soon as practicable after receiving it.

The costs of conducting a performance review must be met out of money appropriated by Parliament for the purpose.

A leader of a political party represented in Parliament may notify the Minister, in writing,—

The Minister must, as soon as practicable after receiving a notification, make a recommendation to the Governor-General for an Order in Council to add or omit the name of the party to or from the relevant Part or Parts of Schedule 4, as the case may be.

The Minister must also make a recommendation to the Governor-General for an Order in Council to omit the name of a political party from Schedule 4 if the party is no longer represented in Parliament.

The Governor-General may, by Order in Council made on the recommendation of the Minister under subsection (2) or subsection (3), add names to, and omit names from, Schedule 4 in accordance with this section.

In this section, a reference to Part 2 is a reference to Part 2 to the extent that it relates to the Fund (rather than to the VCF).

An order under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

The Minister must, on the introduction into the House of Representatives of a Government Bill that proposes an amendment to this Act, bring to the attention of the House the consultation process that was followed in the formulation of the proposed amendment.

That statement must include (without limitation)—

Subsection (2)(a) relates to amendments to Part 2 to the extent that the amendments relate to the Fund (rather than to the VCF).

If the House of Representatives resolves that the balance in the Fund should be allocated to individual retirement accounts for all eligible contributors, the Guardians must report to the Minister and the Minister of Social Services and Employment, within 12 months of the date of the resolution, on the best means of allocating that balance to residents aged 18 or more having regard to the income tax paid by those individuals since 1 July 2001.

The Acts specified in Schedule 5 are consequentially amended in the manner set out in that schedule.

The Social Security (Disability Services) Regulations 1993 (SR 1993/250) are consequentially revoked.

Every person who, immediately before the commencement of this section, was entitled to receive New Zealand superannuation entitlements under the Social Security Act 1964 or the Social Welfare (Transitional Provisions) Act 1990 or the Social Security (Disability Services) Regulations 1993 is entitled to receive the corresponding New Zealand superannuation entitlements under Part 1.

The references in the following provisions to “Volunteer Service Abroad Incorporated” must for all purposes relating to the operation of those provisions be read as references to the body incorporated under the Incorporated Societies Act 1908 on 8 April 1963 as “Volunteer Service Abroad Inc”:

The purpose of this Part is to continue the office of the Retirement Commissioner and to set out the Commissioner’s functions, powers, and duties.

In this Part and in Schedule 6, the terms Commissioner, Government, and Minister have the meanings set out in section 5A.

There continues to be a Commissioner called the Retirement Commissioner.

The Commissioner continues to be a corporation sole.

The Commissioner is a Crown entity for the purposes of section 7 of the Crown Entities Act 2004.

The Crown Entities Act 2004 applies to the Commissioner except to the extent that this Act expressly applies otherwise.

The Commissioner is the board for the purposes of section 10 of that Act.

The functions of the Commissioner are as follows:

For each review to be conducted under section 83(c), the Minister must, not later than 12 months before the date on which the review is required to be completed, specify, by notice in writing addressed to the Commissioner,—

Before giving a notice under subsection (1) the Minister must consult with the Commissioner about the matters to be included in it.

The Minister must, as soon as practicable after giving a notice under subsection (1), present a copy of that notice to the House of Representatives.

Each review conducted under section 83(c) must address the aspects of retirement income policy required to be addressed by the notice relating to that review and the report must discuss the topics required to be discussed by that notice.

The Minister must, as soon as practicable after receiving a report under section 83(c), present a copy of the report to the House of Representatives.

Subject to the provisions of this Part and of any other enactment, the Commissioner has complete discretion in the performance or exercise, and the manner of the performance or exercise, of any function or power of the Commissioner.

Without limiting subsection (1), the Commissioner may at any time, if he or she considers it appropriate,—

The Minister must, as soon as practicable after receiving a report under subsection (2)(b), present a copy of that report to the House of Representatives.

The provisions in Schedule 6 apply to the Commissioner.

The office continued by section 82 is the office of Retirement Commissioner established by section 5 of the Retirement Income Act 1993, and, accordingly, every reference to the Retirement Commissioner in an enactment or document made before the commencement of this Part is a reference to the Retirement Commissioner continued by section 82.

On the commencement of this Part, the person who, immediately before that commencement, held office as Retirement Commissioner under the Retirement Income Act 1993 is to be taken to have been appointed as Commissioner under section 28 of the Crown Entities Act 2004—

This Part does not affect the employment of any person who, immediately before the commencement of this Part, was an employee of the Retirement Commissioner.

The Commissioner may continue or complete any act, matter, or thing commenced by the Commissioner under the Retirement Income Act 1993 or the Retirement Villages Act 2003 but not completed on the commencement of this Part.

The provisions of this Part apply with all necessary modifications to the continuation or completion of any act, matter, or thing referred to in subsection (1).

Unless the context otherwise requires, any reference to the New Zealand Superannuation Act 2001 in any enactment, rule, order, agreement, deed, or document of any other kind in force on the commencement of this section must be read as a reference to the New Zealand Superannuation and Retirement Income Act 2001.