National Provident Fund Restructuring Amendment Act 1991

Reprint
as at 1 May 2011

National Provident Fund Restructuring Amendment Act 1991

Public Act1991 No 114
Date of assent7 November 1991

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.


An Act to—

  • (b) Authorise the Board of Trustees of the National Provident Fund to amend the trust deeds for certain existing schemes and validate payments made to members of those schemes

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

1 Short Title and commencement
  • (1) This Act may be cited as the National Provident Fund Restructuring Amendment Act 1991, and shall be read together with and deemed part of the National Provident Fund Restructuring Act 1990 (hereinafter referred to as the principal Act).

    (2) Except as provided in subsections (3) and (4) of this section, this Act shall come into force on the day on which it receives the Royal assent.

    (3) Sections 6(2), 7, 9, 10, and 12 of this Act shall be deemed to have come into force on the 7th day of September 1990.

    (4) Sections 3, 4, 8(1), and 13 of this Act shall be deemed to have come into force on the 1st day of April 1991.

Part 1
Amendments to principal Act

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3
4
5
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8 Investments of existing schemes
  • (1) This subsection substituted section 53 of the principal Act.

    (2) Subsection (2) of section 53 of the principal Act (as substituted by subsection (1) of this section) shall apply in relation to an old public scheme only until a trust deed is executed for that scheme.

    (3) The Board is hereby authorised to amend the trust deed for any existing scheme for the purpose of ensuring that it is consistent with section 53 of the principal Act (as substituted by subsection (1) of this section) and any such amendment shall be deemed to have effect on and from the transfer day.

    (4) Nothing in the trust deed for an existing scheme or the Superannuation Schemes Act 1989 relating to the consent of any person or organisation to the making of amendments to the trust deed applies to an amendment made under subsection (3) of this section.

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10
  • [Repealed]

    Section 10 was repealed, as from 7 September 1990, by section 7(3) National Provident Fund Restructuring Amendment Act 1992 (1992 No 38).

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12
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14 Amendments to Schedule 5
  • (1) This subsection amended Schedule 5 to the principal Act.

    (2) This subsection amended Schedule 5 to the principal Act.

    (3) This subsection amended Schedule 5 to the principal Act.

    (4) This subsection amended Schedule 5 to the principal Act.

    (5) The Board is hereby authorised to amend the trust deeds for the DBP annuitants scheme and the DBP contributors scheme for the purpose of giving effect to the amendments to Schedule 5 to the principal Act made by this section.

    (6) Nothing in the trust deed for the DBP annuitants scheme or the DBP contributors scheme or the Superannuation Schemes Act 1989 relating to the consent of any person or organisation to the making of amendments to those trust deeds applies to any amendments made under subsection (5) of this section.

Part 2
Amendments to existing schemes and validations

15 Board authorised to amend trust deeds for certain existing schemes
  • (1) Notwithstanding anything contained in the principal Act or any other Act or rule of law or the provisions of the trust deeds for the schemes,—

    • (a) The Board is hereby authorised to make such amendments to the trust deeds for the Meat Industry Scheme and the Meat Industry-Related Trades Scheme as are necessary to empower the Board to—

      • (i) Pay to any member who becomes redundant the amount standing to the total credit of the account of the member in the scheme in respect of contributions of the member and his or her employer plus earnings to a date that is not later than the date of payment at a rate determined by the Board, irrespective of the length of time that that person has been a member of the scheme:

      • (ii) Include in any amount paid to a member who withdraws from the scheme earnings on the amount withdrawn to a date that is not later than the date of payment at a rate determined by the Board:

      • (iii) Include in any amount transferred to another superannuation scheme on account of a member of the scheme earnings on the amount transferred to a date that is not later than the date of transfer at a rate determined by the Board:

    • (b) The Board is hereby authorised to make such amendments to the trust deed for the Pension National Scheme as are necessary—

      • (i) To empower the Board to pay to any member who becomes redundant a benefit not exceeding the amount standing to the total credit of the member in the scheme:

      • (ii) In the event of a member electing to leave his or her total credit in the scheme on ceasing to be engaged by an employer, to authorise the full total credit of the member to be left in the scheme and attract interest in accordance with the provisions of the scheme until a benefit becomes payable under the terms of the scheme.

    (2) No amendment may be made by the Board under subsection (1) of this section unless an actuary appointed by the Board for the purpose has given a certificate in writing stating that the financial resources of the scheme are likely to be sufficient to meet the liabilities of the scheme as so amended.

    (3) Where the Board amends the trust deed for such a scheme in accordance with this section—

    • (a) The trust deed shall be deemed to have been amended on the date on which it was executed; and

    • (b) The terms and conditions of the scheme as it existed on the 1st day of June 1981 shall be deemed to have been amended to the same effect on the 1st day of June 1981—

    and any payments made by the Board and any action taken by the Board in accordance with the trust deed or the terms and conditions of the scheme as so deemed to have been amended shall be deemed to be and always to have been valid.

    (4) Without limiting subsection (3) of this section and notwithstanding anything contained in the principal Act or any rule of law or the provisions of the terms and conditions at any time governing the scheme or the trust deed for the scheme, no payment made by the Board to any person who was a member of the Meat Industry Scheme during the period commencing on the 1st day of June 1981 and ending on the close of the 30th day of September 1991 shall be treated as invalid or unauthorised by reason only of the fact that the person had not, at the time the payment was made, been a member of the scheme for 5 years or attained the age of 55 years.

    Section 15(2): amended, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).

16 Validation in relation to old public schemes
  • Where the Board has prepared and executed a trust deed for an old public scheme in accordance with Part 4 of the principal Act (as amended by this Act) any payments made by the Board and any action taken by the Board before the execution of the trust deed that would, if the terms and conditions applying to the scheme at the time it was made or taken were the same as those contained in the trust deed, have been valid, shall be deemed to have been and always to have been valid.


Contents

  • 1General

  • 2About this eprint

  • 3List of amendments incorporated in this eprint (most recent first)


Notes
1 General
  • This is an eprint of the National Provident Fund Restructuring Amendment Act 1991. The eprint incorporates all the amendments to the Act as at 1 May 2011. The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 3 September 2007.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the eprint are also included, after the principal enactment, in chronological order.

2 About this eprint
3 List of amendments incorporated in this eprint (most recent first)
  • Financial Markets Authority Act 2011 (2011 No 5): section 82