Government Superannuation Fund Amendment Act 1989

Government Superannuation Fund Amendment Act 1989

Public Act1989 No 23
Date of assent8 May 1989

Note

This Act is administered in the Government Superannuation Fund Department.


An Act to amend the Government Superannuation Fund Act 1956

BE IT ENACTED by the Parliament of New Zealand as follows:

1 Short Title and commencement
  • (1) This Act may be cited as the Government Superannuation Fund Amendment Act 1989, and shall be read together with and deemed part of the Government Superannuation Fund Act 1956 (hereinafter referred to as the principal Act).

    (2) This Act shall be deemed to have come into force on the 1st day of April 1988.

2
3
4 New Parts 5A and 5B inserted
  • This section inserted Parts 5A and 5B, comprising sections 81A to 81ZC, in the principal Act.

5 Consequential amendments
6
7 Transitional provisions
  • (1) Where, in respect of any period after the 31st day of March 1988, a contribution at a rate of less than 8 percent has been deducted from the salary of any Judge to whom Part 5A of the principal Act (as inserted by section 4 of this Act) applies, that Judge shall pay to the Judges Superannuation Account, before the 1st day of August 1989, an amount equal to the difference between—

    • (a) The contribution that was deducted in respect of that period; and

    • (b) The contribution that would have been deducted in respect of that period if the rate had been 8 percent of his or her salary.

    (2) Where the judicial service completed by any Judge exceeds 16 years, any Judge to whom Part 5A of the principal Act (as inserted by section 4 of this Act) applies shall be entitled to receive from the Judges Superannuation Account, before the 1st day of August 1989, a refund of the amount of contributions deducted from his or her salary in respect of any period after the 31st day of March 1988 or after such service has been completed, whichever is the later.

    (3) Any amount payable under subsection (1) or subsection (2) of this section shall be paid without interest.

8 Savings
  • Notwithstanding the repeal of Part 5 of the principal Act by section 3 of this Act, any retiring allowances, annuities, other allowances, and payments that are payable under that Part immediately before the commencement of this Act shall continue to be payable as if this Act had not been passed.