New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 1 May 2011
| Public Act | 1990 No 126 |
| Date of assent | 7 September 1990 |
| Commencement | see section 1 |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This Act is administered by the Treasury.
1 Short Title and commencement
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
Part 2
Continuation and renaming of National Provident Fund 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
20 Existing appointments, etc, of Board
Part 3
Provisions relating to implementation of restructuring of Fund and Board
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
29 Interim management of GAT subsidiaries which are unit trusts
34 References in other enactments or instruments
36 Protection of name National Provident Fund
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
40B Timing of payment of contributions to schemes
40C Interest payable on overdue amounts
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
44A Additional payments for period 1 October 2010 to 27 April 2011
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
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
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 Crown guarantee continued in respect of provident advantage account [Repealed]
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
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
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
79 Repeal of local authority monopoly
80 Consequential amendments to other Acts
82 Power to determine earning rates of schemes for periods up to transfer day
83 Board may be appointed Sinking Fund Commissioner or Depreciation Fund Commissioner
84 Saving in respect of validation of certain lump sum schemes
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 8
Regulations and notice revoked
National Provident Fund Restructuring Amendment Act 1991
National Provident Fund Restructuring Amendment Act 1992
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
