National Provident Fund Restructuring Act 1990

Reprint as at 12 November 2018

Coat of Arms of New Zealand

National Provident Fund Restructuring Act 1990

Public Act
 
1990 No 126
Date of assent
 
7 September 1990
Commencement
 
see section 1
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Treasury.

Contents

Title
1Short Title and commencement
2Interpretation
3Act to bind the Crown
4Preparation of proposal for restructuring of Fund
5Matters to be provided for in proposal
6Principles governing restructuring of Fund
7Matters to accompany draft proposal, etc
8Changes to draft proposal by Minister
9Approval of proposal by Order in Council
10Amendment of proposal by Order in Council
10AAmendment of proposal after transfer day
11Implementation of proposal
12Continuation of Board
13Membership of Board
14Continuation in office of existing members of Board
15Members of Board appointed after transfer day
16Board to be restricted to existing schemes and existing investment arrangements
17Further provisions applying in respect of Board
18Board’s power to settle claims
19Board’s power to invest
20Existing appointments, etc, of Board
21Vesting of property
22Vesting of liabilities
23Certain matters not affected by restructuring
24Interests in global asset trust
25Status of global asset trust
26Interim management of global asset trust
27Interests in GAT subsidiaries
28Status of GAT subsidiaries
29Interim management of GAT subsidiaries which are unit trusts
30Use of pools
31Use of trust funds
32Unclaimed money
33Registers
34References in other enactments or instruments
35Taxes and duties
36Protection of name National Provident Fund
37Final report and accounts
38Contributors to existing schemes
39Terms and conditions upon which existing schemes are to continue
40Position of corporate contributors to existing schemes
40AInformation to be provided to Board
40BTiming of payment of contributions to schemes
40CInterest payable on overdue amounts
40DRecovery of debts
41Amalgamation and subsequent division of defined benefit schemes
42Provisions in trust deeds for DBP annuitants scheme and DBP contributors scheme
43Aircrew superannuation scheme
44Increased or decreased contributions by corporate contributors to certain existing schemes
44AAdditional payments for period 1 October 2010 to 27 April 2011
45Board to prepare trust deed for certain existing schemes
46Board to be bound by existing terms and conditions in preparing trust deed
47Power to make amendments to existing terms and conditions
48New terms and conditions may be included in trust deed
49Trust deed to be approved by Minister before execution
50Transfer to other superannuation schemes
51Management of existing schemes
52Interim management of existing schemes
53Investments of existing schemes
54Board’s powers and authorities
55Limitation of liability of Board
56Termination of scheme
57Consequences of executing trust deed in respect of existing scheme
58Members to be notified of execution of trust deed
59Notices
59AApplication of Financial Markets Conduct Act 2013
60Crown guarantee continued in respect of existing schemes
61Crown guarantee continued in respect of existing investment arrangements
62Crown guarantee continued in respect of provident advantage account [Repealed]
63Application of withdrawals
64Minister may direct Board in respect of matters relating to Crown guarantees
65Additional obligations of Board and powers of Minister
66Additional provisions relating to Crown guarantees
67Annual reports to Minister
67AOther reports to Minister
68Actuarial examination
69Consequences of removal of Crown subsidy of existing schemes on and after transfer day
70Continuation of Crown subsidy of existing schemes in certain cases where employer is a charity
71Contributions by government departments
72Crown payments to meet deficiencies
72ANo Crown subsidy
73Position of Board in relation to income tax
74Amendment to Income Tax Act 1976 in respect of National Provident Fund Board [Repealed]
75Approval and classification of old public schemes [Repealed]
76Old public schemes deemed to be registered superannuation schemes
77Exclusion from definition of term unit trust
78Regulations
79Repeal of local authority monopoly
80Consequential amendments to other Acts
81Repeals and revocations
82Power to determine earning rates of schemes for periods up to transfer day
83Board may be appointed Sinking Fund Commissioner or Depreciation Fund Commissioner
84Saving in respect of validation of certain lump sum schemes
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