New Zealand Legislation: Acts

5C Definitions for the purposes of sections 5A to 5C

• (1) For the purposes of this section and sections 5A and 5B, unless the context otherwise requires,—

  crime involving dishonesty has the same meaning as in section 2(1) of the Crimes Act 1961

  custodian does not include a bare trustee

  de facto partner has the same meaning as in the Property (Relationships) Act 1976

  employer superannuation scheme means a registered superannuation scheme (within the meaning of section 2(1) of the Superannuation Schemes Act 1989) that is promoted by an employer—

  • (a) admission to the membership of which is conditional on either or both of the following:

    • (i) being an employee of that employer or an employee of an associated person of that employer:

    • (ii) being a relative, spouse, partner, or dependant of a person who is an employee of that employer or an employee of an associated person of that employer; and

  • (b) in respect of which that employer is required to incur in any financial year costs (by way of contributions, expense payments, or both) at least equal to the amount of the costs of administering the scheme in respect of that financial year that are not met in that year from any excess in the value of the scheme's assets over the value of the members' accrued benefits

  manager,—

  • (a) in relation to a KiwiSaver scheme other than a restricted scheme, has the same meaning as in section 4(1) of the KiwiSaver Act 2006; and

  • (b) in relation to any other scheme, means an administration manager or an investment manager (as those terms are defined in section 2(1) of the Superannuation Schemes Act 1989)

  partner means a civil union partner or de facto partner

  specified date means, in relation to an annual report for a financial year, the date on which the financial year ends

  spouse has the same meaning as in the Property (Relationships) Act 1976.

  (2) For the purposes of the definition of employer superannuation scheme, the costs of administering a scheme do not include costs that are directly attributable to the management of the investments of the scheme.

  Section 5C: inserted, on 15 April 2004, by section 8 of the Securities Amendment Act 2004 (2004 No 31).

  Section 5C(1) employer superannuation scheme paragraph (a)(ii): amended, on 26 April 2005, by section 7 of the Relationships (Statutory References) Act 2005 (2005 No 3).

  Section 5C(1) manager: substituted, on 1 May 2011, by section 56 of the KiwiSaver Amendment Act 2011 (2011 No 8).

  Section 5C(1) partner: inserted, on 26 April 2005, by section 7 of the Relationships (Statutory References) Act 2005 (2005 No 3).