Government Superannuation Fund Amendment Act (No 3) 2005

Government Superannuation Fund Amendment Act (No 3) 2005

Public Act2005 No 105
Date of assent14 December 2005

The Parliament of New Zealand enacts as follows:

1 Title
  • This Act is the Government Superannuation Fund Amendment Act (No 3) 2005.

2 Commencement
  • This Act comes into force on 1 July 2006.

Amendments to 1969 Amendment Act

3 Rates of contribution to fund
  • Section 2 of the Government Superannuation Fund Amendment Act 1969 is amended by repealing subsection (8), and substituting the following subsection:

    • (8) Where any contributor who has not made an election under subsection (7) has made an election under subsection (4), and the contributor's contributory service has not terminated before 1 April 1975, the proportion of the percentage to be applied to any retiring allowance, annual allowance, or annuity in accordance with section 5 must be the higher of—

      • (a) 90%; and

      • (b) 80% plus a percentage calculated in accordance with the following formula:

        .

        Where—

        • h is the period of contributory service before 1 April 1975; and

        • p is the period of contributory service after 1 April 1975,—

        the calculation to be the nearest whole number percent unless the application of the formula gives a figure exactly 0.5% below a whole number percent, in which case the calculation must be to the nearest whole number percent above.

4 Percentage of annual adjustment
  • Section 5 of the Government Superannuation Fund Amendment Act 1969 is amended by adding the following subsection:

    • (4) No person is entitled, because of the amendments made to this Act by sections 3 and 5 of the Government Superannuation Fund Amendment Act (No 3) 2005, to any increased payment for any retiring allowance, annual allowance, or annuity that was paid or is payable for any period before 1 July 2006.

5 New Schedule 2 substituted

Amendments to 1990 Amendment Act

6 Amount of annuity payable to spouse or partner where contributor dies before 1 April 1996

Schedule
New Schedule 2 substituted

s 5

Schedule 2
Proportion of percentage to be applied to any retiring allowance, annual allowance, or annuity

s 5

1 Where the contributory service terminated before 15 June 1969.90%
2 Where the contributory service commenced before 15 June 1969 and has not terminated by that date, and the case is not one to which clause 3 of this Schedule applies.The higher of—
 (a) 90%; and
 (b) 80% plus a percentage calculated in accordance with the following formula:
.
 where—
 a is the period of contributory service after 14 June 1969; and
 b is the total period of contributory service,—
 the calculation to be to the nearest whole number percent unless the application of the formula gives a figure exactly 0.5% below a whole number percent, in which case the calculation must be to the nearest whole number percent above.
3 Where—100%.
(a) the contributory service commences on or after 15 June 1969; or 
(b) the retiring allowance, annual allowance, or annuity is pay-able under Part 2A, Part 3A, Part 4, Part 5A, Part 6A, or Part 6B of the principal Act; or 
(ba) the annual retiring allowance, annual allowance, or annuity is payable under Part 6 of the principal Act as a result of a person ceasing to be a member after 30 June 1992; or 
(c) the retiring allowance, annual allowance, or annuity is payable to or in respect of any person in respect of whom an election has been made under section 16 or section 17 of the Government Superannuation Fund Amendment Act 1986. 

Legislative history

8 December 2005Divided from Statutes Amendment Bill (No 5) (Bill 249-2), third reading