Provisions as to deferred benefits for superannuation schemes and workplace savings schemes

183 Deferred benefits

(1)

A scheme participant in respect of a superannuation scheme or workplace savings scheme who continues to be employed by an employer after the participant’s expected age or date of retirement (as defined in the governing document of the scheme) may elect to defer the receipt of any benefit that the participant is eligible to receive under the scheme until the date on which the participant ceases to be employed by that employer.

(2)

Subsection (1) applies despite anything to the contrary contained in the governing document of the scheme.

(3)

Nothing in subsection (1) or in the Human Rights Act 1993 has the effect of requiring either an employer or a scheme participant to continue to contribute, or to cease to contribute, to the scheme after the participant’s expected age or date of retirement, as defined in the governing document of the scheme.

(4)

If a scheme participant has the right, under subsection (1), to elect to defer receipt of any benefit that the participant is eligible to receive under the scheme, the manager must inform the participant in writing of that right.

Compare: 1989 No 10 s 9C