National Provident Fund Restructuring Act 1990

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Reprint as at 1 April 2008

National Provident Fund Restructuring Act 1990

Public Act1990 No 126
Date of assent7 September 1990
Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This Act is administered in the Treasury.

Contents

Title

1 Short Title and commencement

2 Interpretation

3 Act to bind the Crown

Part 1
Restructuring of National Provident Fund

Proposal for restructuring of Fund

4 Preparation of proposal for restructuring of Fund

5 Matters to be provided for in proposal

6 Principles governing restructuring of Fund

7 Matters to accompany draft proposal, etc

8 Changes to draft proposal by Minister

9 Approval of proposal by Order in Council

10 Amendment of proposal by Order in Council

10A Amendment of proposal after transfer day

Implementation of proposal for restructuring of Fund

11 Implementation of proposal

Part 2
Continuation and renaming of National Provident Fund Board

12 Continuation of Board

13 Membership of Board

14 Continuation in office of existing members of Board

15 Members of Board appointed after transfer day

16 Board to be restricted to existing schemes and existing investment arrangements

17 Further provisions applying in respect of Board

18 Board's power to settle claims

19 Board's power to invest

20 Existing appointments, etc, of Board

Part 3
Provisions relating to implementation of restructuring of Fund and Board

21 Vesting of property

22 Vesting of liabilities

23 Certain matters not affected by restructuring

Provisions relating to global asset trust

24 Interests in global asset trust

25 Status of global asset trust

26 Interim management of global asset trust

Provisions relating to GAT subsidiaries

27 Interests in GAT subsidiaries

28 Status of GAT subsidiaries

29 Interim management of GAT subsidiaries which are unit trusts

Use of property

30 Use of pools

31 Use of trust funds

32 Unclaimed money

Miscellaneous provisions

33 Registers

34 References in other enactments or instruments

35 Taxes and duties

36 Protection of name National Provident Fund

37 Final report and accounts

Part 4
Restructuring of National Provident schemes

Existing schemes closed to new members as at transfer day

38 Contributors to existing schemes

Terms and conditions of existing schemes

39 Terms and conditions upon which existing schemes are to continue

Position of corporate contributors to existing schemes

40 Position of corporate contributors to existing schemes

Information to be provided to Board

40A Information to be provided to Board

Payments to existing schemes

40B Timing of payment of contributions to schemes

40C Interest payable on overdue amounts

40D Recovery of debts

Provisions relating to defined benefit schemes

41 Amalgamation and subsequent division of defined benefit schemes

42 Provisions in trust deeds for DBP annuitants scheme and DBP contributors scheme

43 Aircrew superannuation scheme

44 Increased or decreased contributions by corporate contributors to certain existing schemes

New trust deeds

45 Board to prepare trust deed for certain existing schemes

46 Board to be bound by existing terms and conditions in preparing trust deed

47 Power to make amendments to existing terms and conditions

48 New terms and conditions may be included in trust deed

49 Trust deed to be approved by Minister before execution

50 Transfer to other superannuation schemes

51 Management of existing schemes

52 Interim management of existing schemes

53 Investments of existing schemes

54 Board's powers and authorities

55 Limitation of liability of Board

56 Termination of scheme

57 Consequences of executing trust deed in respect of existing scheme

58 Members to be notified of execution of trust deed

Miscellaneous provision in respect of notices

59 Notices

Part 5
Guarantees and subsidies

Crown guarantee of existing schemes and investment arrangements

60 Crown guarantee continued in respect of existing schemes

61 Crown guarantee continued in respect of existing investment arrangements

62  [Repealed]

63 Application of withdrawals

64 Minister may direct Board in respect of matters relating to Crown guarantees

65 Additional obligations of Board and powers of Minister

66 Additional provisions relating to Crown guarantees

67 Annual reports to Minister

67A Other reports to Minister

68 Actuarial examination

Subsidies

69 Consequences of removal of Crown subsidy of existing schemes on and after transfer day

70 Continuation of Crown subsidy of existing schemes in certain cases where employer is a charity

71 Contributions by Government Departments

72 Crown payments to meet deficiencies

72A No Crown subsidy

Part 6
Amendments, repeals, and revocations with effect on and after transfer day

Amendments in relation to Income Tax Act 1976

73 Position of Board in relation to income tax

74 Amendment to Income Tax Act 1976 in respect of National Provident Fund Board [Repealed]

75 Approval and classification of old public schemes [Repealed]

Amendment in relation to Superannuation Schemes Act 1989

76 Old public schemes deemed to be registered superannuation schemes

Amendment to Unit Trusts Act 1960

77 Exclusion from definition of term unit trust

General

78 Regulations

79 Repeal of local authority monopoly

80 Consequential amendments to other Acts

81 Repeals and revocations

82 Power to determine earning rates of schemes for periods up to transfer day

Savings

83 Board may be appointed Sinking Fund Commissioner or Depreciation Fund Commissioner

84 Saving in respect of validation of certain lump sum schemes

Schedule 1

Schedule 2
Matters to be provided for in proposal

Schedule 3
Groups to be consulted before appointment of members of Board

Schedule 4
Provisions applying in respect of Board

Schedule 5
Provisions to be included in trust deeds for DBP annuitants scheme and DBP contributors scheme

Schedule 6
Enactments consequentially amended

Schedule 7
Enactments repealed

Schedule 8
Regulations and notice revoked

Reprint notes

An Act to provide for—

  • (a) The continuation of the National Provident Fund Board as the Board of Trustees of the National Provident Fund; and

  • (b) The restructuring of the National Provident Fund and its superannuation schemes and investment arrangements; and

  • (c) Other incidental matters; and

  • (d) The repeal of the National Provident Fund Act 1950

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