National Provident Fund Restructuring Amendment Act 2010

Crest

National Provident Fund Restructuring Amendment Act 2010

Public Act2010 No 29
Date of assent27 May 2010
Commencementsee section 2

The Parliament of New Zealand enacts as follows:

1 Title
  • This Act is the National Provident Fund Restructuring Amendment Act 2010.

2 Commencement
  • This Act comes into force on 20 May 2010.

3 New section 44A
  • The following section is inserted after section 44 of the National Provident Fund Restructuring Act 1990:

    44A Additional payments for period 1 October 2010 to 27 April 2011
    • (1) Every person entitled to receive any allowance, annuity, or pension under a specified scheme is entitled to be paid by the Board, from any money paid to the Board by the Crown for the purpose, an additional amount equal to 2.02% of any amount of the allowance, annuity, or pension payable to him or her under the specified scheme in respect of the period commencing on 1 October 2010 and ending on the close of 27 April 2011.

      (2) An additional amount payable to a person under subsection (1)—

      • (a) must be paid by the Board on the date or dates the Board in its discretion decides; and

      • (b) must be disregarded for the purpose of calculating any adjustment for increases in the New Zealand Consumers Price Index under the specified scheme; but

      • (c) must for all other purposes be treated as a payment of the person's allowance, annuity, or pension under the specified scheme.

      (3) In this section, specified scheme means a defined benefit scheme whose trust deed requires adjustment of the amounts of the allowances, annuities, or pensions payable under it for increases in the New Zealand Consumers Price Index.


Legislative history

20 May 2010Divided from Taxation (Budget Measures) Bill by committee of the whole House, third reading
27 May 2010Royal assent

This Act is administered by the Treasury.