In this Act, unless the context otherwise requires,—
aircrew superannuation scheme means that part of the Standard Scheme for Local Authorities Superannuation (including Harbourmasters and (Ships') Pilots) which is known as the Aircrew Superannuation Scheme
beneficiary, in relation to a scheme, means a natural person who is eligible to receive a benefit from the scheme
benefit means any lump sum, annuity, pension, allowance, refund, or other payment arising from membership of a superannuation scheme, benefit plan, or other arrangement having a similar purpose (other than any reduction or potential reduction in a contribution rate or any reversion of property on a winding up of a superannuation scheme)
Board means the National Provident Fund Board established by the National Provident Fund Act 1950 and as continued in existence after the transfer day as the Board of Trustees of the National Provident Fund under section 12
corporate contributor, in relation to a scheme, means any person—
Crown means Her Majesty the Queen in right of New Zealand
DBP contributors scheme means the scheme to be established under section 41(2)(b)
debt security has the same meaning as in section 2 of the Securities Act 1978
dedicated reserves means the amounts (other than amounts that are free reserves) that are shown in the records of the Board as at the beginning of the transfer day as being reserves attributable to a particular scheme or schemes
defined benefit scheme means any existing scheme that is referred to in Part 3 of Schedule 1 and, in relation to any period of time on and after the transfer day, means the DBP annuitants scheme and the DBP contributors scheme
defined contribution scheme means any existing scheme other than—
employee includes any person who is engaged to work, or works, under a contract of service or apprenticeship or a contract for services
employer means any person who pays, or is liable to pay, to any person (being an employee within the meaning of this section) any earnings as an employee
equity security has the same meaning as in section 2 of the Securities Act 1978
existing investment arrangement means any investment arrangement that is referred to in Part 2 of Schedule 1
existing scheme or scheme—
(b) includes any such scheme, plan, or other arrangement after it has, from time to time, been reconstituted, amended, amalgamated, or divided in accordance with its trust deed or this Act or any other Act; and
(c) includes, on and after the transfer day, the DBP annuitants scheme, the DBP contributors scheme, and the aircrew superannuation scheme; and
free reserve means each amount that is shown in the records of the Board as at the beginning of the transfer day as being the share of the Fund attributable to—
Fund means the National Provident Fund established by the National Provident Fund Act 1950
global asset trust means the trust referred to in clause 2 of Schedule 2 which is to be established in accordance with the proposal
instrument includes—
(a) any instrument (other than this Act) of any form or kind that creates, evidences, modifies, or extinguishes rights, interests, or liabilities or would do so if it, or a copy of it, were lodged, filed, or registered under any enactment; and
liabilities means liabilities, debts, charges, duties, and obligations of every description (whether present or future, actual or contingent, and whether payable or to be observed or performed in New Zealand or elsewhere)
local authority—
(b) includes any body that, immediately before the repeal of the Local Authorities Loans Act 1956 on 1 July 1998, was a local authority within the meaning of Part 1 of that Act, whether by virtue of section 2 of that Act, or of any Order in Council under that Act, or by virtue of any other Act; and
management,—
(a) in relation to any existing scheme, includes administration, and management of the investments, of the scheme:
(b) in relation to the global asset trust, includes administration, and management of the investments, of the global asset trust:
(c) in relation to any GAT subsidiary that is a unit trust, includes administration, and management of the investments, of that unit trust,—
and manage and manager have corresponding meanings
market value means—
(a) for the purpose of Schedule 2, the market value calculated according to the accounting policies applied by the Board in the 1989–1990 financial period, or such other criteria as may be agreed between the Minister and the Board:
(b) for any other purpose, the market value calculated according to the same criteria as those applied by the Board in the preparation under section 14 of the Superannuation Schemes Act 1989 of the most recent annual reports for the existing schemes, or such other criteria as may be agreed between the Minister and the Board at the time that the calculation is made
member, in relation to a scheme, means a natural person who has been admitted to membership of the scheme and who is, or may become, entitled to benefits under the scheme
Minister means the Minister of Finance
NPF group company means any company that, at any time before the date on which this Act receives the Royal assent, was a subsidiary of the Board within the meaning of section 158 of the Companies Act 1955, or would have been so if subsection (3)(a) of that section did not apply
old public scheme means any of the following schemes:
participatory security has the same meaning as in section 2 of the Securities Act 1978
pool, in relation to the global asset trust or a GAT subsidiary which is a unit trust, means a pool of property and liabilities forming, subject to section 25(1)(b), a separate and distinct fund of the global asset trust or unit trust
property means property of every kind, whether tangible or intangible, real or personal, corporeal or incorporeal, and includes, without limiting the generality of the foregoing,—
(d) rights, interests, and claims of every kind in or to property, whether arising from, accruing under, created or evidenced by, or the subject of, an instrument or otherwise, and whether liquidated or unliquidated, actual, contingent, or prospective
proposal means the proposal approved by the Governor-General by Order in Council under section 9, as amended in accordance with section 10 or section 10A, but does not include the proposed trust deeds referred to in section 7(1)
rights means all rights, powers, privileges, and immunities, whether actual, contingent, or prospective
superannuation scheme has the same meaning as in section 2 of the Superannuation Schemes Act 1989, and includes each existing scheme
transfer day means 1 April 1991
trust deed means any trust deed in respect of any scheme, and includes any amendment, replacement, or consolidation of any trust deed
trust fund means a trust fund for an existing scheme that is established as a result of the proposal
unclaimed money means any money—