New Zealand Superannuation and Retirement Income Act 2001

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Reprint as at 1 July 2015

Coat of Arms of New Zealand

New Zealand Superannuation and Retirement Income Act 2001

Public Act
 
2001 No 84
Date of assent
 
11 October 2001
Commencement
 
see section 2

Act name: amended, on 21 April 2005, by section 5(1) of the New Zealand Superannuation and Retirement Income Amendment Act 2005 (2005 No 42).

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 Ministry of Social Development and the Treasury.

Contents

1Title
2Commencement
3Purpose
4Interpretation of Part 1 and Schedule 1
4AMeaning of living alone
5Interpretation of Parts 2 and 3 and Schedule 3
5AInterpretation of Part 4 and Schedule 6
6Act binds the Crown
7Age qualification for New Zealand superannuation
8Residential qualification for New Zealand superannuation
9Periods of absence that are not counted
10Periods of absence as missionary also not counted
11Commencement of New Zealand superannuation
12Standard rates of New Zealand superannuation
[Repealed]
13Living alone payments [Repealed]
14Commencement of living alone payments [Repealed]
15Annual adjustment of standard rates of New Zealand superannuation
16Annual adjustment of New Zealand superannuation: relationship to net average wage
17Entitlement to benefits for spouses or partners of persons in long-term residential care in hospital or rest home
18Single living alone rate for spouses or partners of persons in long-term residential care in hospital or rest home
19Hospital rates of New Zealand superannuation
20Special disability allowance
21Effect of absence from New Zealand on New Zealand superannuation
22First 26 weeks of certain temporary absences
23Absences up to 2 years for medical treatment
24Absences up to 156 weeks with aid agencies
25Date absence commences
26Payment overseas of New Zealand superannuation
26ACalculation of amount of New Zealand superannuation payable overseas
26BEntitlement
27Applications after leaving New Zealand
28Date of commencement of payment overseas
29Relationship with other benefit provisions
30Specified Pacific country
31Entitlement to be paid New Zealand superannuation in specified Pacific country
32Rates of payment of New Zealand superannuation payable to people resident in specified Pacific countries
33Commencement and termination of payments
34Effect on other benefits
35Application of this Act and Social Security Act 1964
36Outline of Part
37Establishment of New Zealand Superannuation Fund
38Property of Fund
39Crown Bank Account
40Ownership of Fund
41Payments out of Fund
42Process for calculating capital contributions to Fund
43Amount of required annual capital contribution
44Lesser amounts of annual capital contribution
45Annual expense payments
46Additional contributions to Fund
47Withdrawals from Fund after 2020
48Establishment of Guardians of New Zealand Superannuation
49Body corporate status and powers
50Borrowing
51Functions
52Expenses of Guardians
53Role of board [Repealed]
54Membership of board
55Criteria for appointments
56Nominating committee
57Further provisions applying to board
58Investment of Fund
59No controlling interests
60Establishment of investment policies, standards, and procedures
61Contents of statements of investment policies, standards, and procedures
62Investment management
63Custodianship of Fund
64Ministerial directions
65Statement of performance expectations
66Financial statements of Fund
67Auditor-General is auditor of Fund
68Annual report
69Reporting by Guardians on Fund
70Auditor-General to be auditor of Guardians [Repealed]
71Performance reviews
72Political commitment
73Amendments to Act
[Repealed]
74Amendment to Ombudsmen Act 1975 [Repealed]
75Amendments to Public Finance Act 1989 [Repealed]
[Repealed]
76Taxation of Fund and Guardians [Repealed]
77Consequential amendments to other Acts
78Consequential revocation
79Transitional provision for existing New Zealand superannuation entitlements
79AReferences to Volunteer Service Abroad Incorporated
80Purpose of this Part
81Interpretation of this Part and Schedule 6
82Retirement Commissioner
83Functions
84Periodic reviews
85Discretion in relation to performance and exercise of functions and powers
86Provisions applying to Commissioner
87Continuation of office, appointment of Commissioner, and employment of employees
88Application of this Part to matters commenced under Retirement Income Act 1993 or Retirement Villages Act 2003
89References to New Zealand Superannuation Act 2001
Reprint notes