New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) For the purpose of paragraph (f) of the definition of exempt assets in clause 4 of Part 2 of Schedule 27 of the Act, the following assets are exempt assets:
(a) household furniture and effects:
(b) personal belongings such as clothing and jewellery:
(c) personal collectables or family treasures or taonga such as artworks, books, stamps, and antiques:
(d) any interest in one car or similar vehicle that is for the personal use of the person's dependent child; but this exemption does not apply—
(i) where an election has been made under clause 2 of Part 1 of Schedule 27 of the Act; or
(ii) where the exemption in paragraph (b) of the definition of exempt assets in clause 4 of Part 2 of Schedule 27 of the Act applies:
(e) the value of any compensation or ex gratia payment made by the Government of any country to the person or his or her spouse or partner because the person or his or her spouse or partner—
(i) was a prisoner of war, civilian internee, or victim of persecution of any country during the Second World War; or
(ii) was a dependant child of a person who was a prisoner of war, civilian internee, or victim of persecution of any country during the Second World War:
(f) any ex gratia payment made to the person, on or after 15 December 2006, by or on behalf of the Crown, and made because the person suffered a personal injury that is, or was caused by, hepatitis C infection contracted through the New Zealand blood supply:
(g) any ex gratia payment—
(i) made to the person, on or after 27 April 2007, by the Crown; and
(ii) made in accordance with the MoU on measures related to veterans:
(h) any compensation payment or ex gratia payment—
(i) made to the person, on or after 26 October 2007, by or on behalf of the Crown; and
(ii) made because the person is a former patient of the Lake Alice Psychiatric Hospital:
(i) where the person or the person's spouse or partner is a member of a specified non-KiwiSaver scheme,—
(i) any contributions made to that scheme on or after 1 May 2008 by, or in respect of, the member; and
(ii) any interest that the member has in that scheme on or after 1 May 2008 except—
(A) a withdrawal that the member has received from the scheme:
(B) a withdrawal that the member is entitled to receive from the scheme on reaching the expected time of retirement:
(C) a withdrawal that the member is entitled to receive from the scheme on leaving the employment in respect of which the scheme was constituted or established, or any employment covered by the scheme, before reaching the expected time of retirement:
(D) a withdrawal that the member has applied to receive from the scheme that the member is permitted to receive under the provisions of the scheme:
(j) any payment made to the person by the trust established under the trust deed dated 16 August 2007 and known, on that date, as the Viet Nam Veterans and Their Families Trust, other than a payment of the kind referred to in any of paragraphs (a) to (d) of clause 14.2 of that trust deed:
(ja) any amount of income derived by the person from a payment of the kind referred to in paragraph (j):
(k) any compensation or ex gratia payment of the kind described in regulation 6(2) of the Social Security (Income and Cash Assets Exemptions: Ex Gratia and Compensation Payments Made by the Crown) Regulations 2008:
(l) any payment made to the person on or after 17 August 2007 by the trust established under the trust deed dated 4 December 1993 and known, on that date, as the EVSA Youth Development Trust, but known immediately before the commencement of this paragraph as the EVSA (Neville Wallace Memorial) Children's & Grandchildren's Trust:
(la) for the first 12 months after the payment concerned is made, any payment in relation to the effects of the Canterbury earthquake of 4 September 2010 made to a person on or after 13 September 2010 by the Canterbury Earthquake Commission (a body set up by the National Board of New Zealand Red Cross Incorporated in consultation with the Mayors of Christchurch City, the Waimakariri District, and the Selwyn District, and proposed to be incorporated as a charitable trust under the Charitable Trusts Act 1957) out of the fund created by donations made to the Canterbury Earthquake Appeal of New Zealand Red Cross Incorporated (and by money from other sources):
(lb) any money paid to a person by the Earthquake Commission continued in existence by section 4(1) of the Earthquake Commission Act 1993, or by an insurance company,—
(i) in respect of the destruction of or any damage to any property caused by the Canterbury earthquake; or
(ii) for or towards the costs of renting accommodation in place of residential premises destroyed or made uninhabitable by the Canterbury earthquake:
(m) any amount of income derived by the person from a payment of a kind referred to in paragraph (l):
(n) any payment made by or on behalf of the Crown to the person because the person is a victim:
(o) any amount of income derived by the person from a payment of the kind referred to in paragraph (n).
(1A) The exemptions in subclause (1)(f), (h), and (j) to (o) apply only in respect of the first 12 months after the payment concerned is made.
(1B) In subclause (1)(f), Crown, New Zealand blood supply, and personal injury have the meanings given to them by regulation 3 of the Social Security (Income and Cash Assets Exemptions: Personal Injury from Hepatitis C Infection Contracted Through New Zealand Blood Supply) Regulations 2006.
(1C) In subclause (1)(g), MoU on measures related to veterans means the memorandum of understanding—
(a) signed on 6 December 2006 for and on behalf of the following (the parties):
(i) the Ex-Vietnam Services Association; and
(ii) the Royal New Zealand Returned and Services Association; and
(iii) the Crown; and
(b) not intended to be legally binding on the parties, but recording their intentions on a package of measures related to Vietnam veterans and other veterans.
(1D) In subclause (1)(i),—
expected time of retirement means the member's expected age or date of retirement as defined in the provisions of the scheme
permitted, in relation to a withdrawal or proposed withdrawal, means that the withdrawal is, or the proposed withdrawal if it were provided would be, permitted under the provisions of the scheme
proposed withdrawal means a withdrawal that has been applied for, but has not yet been approved
provision means a provision (express or implied) of either or both of the following:
(a) the deed that established the relevant trust or (as the case may be) the Act of the Parliament of New Zealand that constituted the relevant arrangement:
(b) any rules of the scheme
qualifying lock-in clause means a provision of the scheme that—
(a) prevents a member of the scheme from making or receiving a withdrawal from the scheme until either or both of the following apply to the member:
(i) he or she reaches the expected time of retirement:
(ii) he or she leaves before reaching the expected time of retirement—
(A) the employment in respect of which the scheme was constituted or established; or
(B) any employment covered by the scheme; and
(b) may, but need not, be, or be accompanied by another provision of the scheme that is, a standard withdrawals clause
specified non-KiwiSaver scheme or scheme means a scheme that is not a KiwiSaver scheme, but—
(a) is registered under the Superannuation Schemes Act 1989; and
(b) whose provisions include a qualifying lock-in clause
standard withdrawals clause means a provision of the scheme that permits a member of the scheme to make or receive a withdrawal from the scheme in circumstances that are, or are essentially, the same as those specified in all or any of the following clauses of Schedule 1 of the KiwiSaver Act 2006:
(a) clause 8 (purchase of a first home):
(b) clause 10 (significant financial hardship):
(c) clause 12 (serious illness)
withdrawal, in relation to a member,—
(a) includes any benefit (as defined in section 2(1) of the Superannuation Schemes Act 1989) provided from, and debited against the member's interest in, the scheme; but
(b) does not include a permitted withdrawal or permitted proposed withdrawal that is a transfer (with or without the member's consent) from the scheme to a KiwiSaver scheme or to another non-KiwiSaver scheme.
(1E) In subclause (1)(n), victim has the meaning given to it by regulation 3 of the Social Security (Income and Cash Assets Exemptions—Payments to Victims of Crime) Regulations 2009.
(2) For the purpose of paragraph (f) of the definition of exempt assets in clause 4 of Part 2 of Schedule 27 of the Act, exempt assets include an amount of assets that represents the total increase in value of the non-exempt assets since the date of the last means assessment.
(3) For the purpose of subclause (2), non-exempt assets means the non-exempt assets that have earlier been determined, by a means assessment as to assets, to be equal to or less than the applicable asset threshold.
(4) Subclause (2) does not apply in respect of a review of a means assessment under section 150(1)(b) or section 150(1)(c) of the Act.
Regulation 10(1)(e): added, on 24 November 2006, by regulation 4 of the Social Security (Long-term Residential Care) Amendment Regulations (No 2) 2006 (SR 2006/349).
Regulation 10(1)(f): added, on 15 December 2006, by regulation 4(1) of the Social Security (Long-term Residential Care) Amendment Regulations (No 3) 2006 (SR 2006/378).
Regulation 10(1)(g): added, on 27 April 2007, by regulation 4(1) of the Social Security (Long-term Residential Care) Amendment Regulations (No 2) 2007 (SR 2007/97).
Regulation 10(1)(h): added, on 26 October 2007, by regulation 4(1) of the Social Security (Long-term Residential Care) Amendment Regulations (No 4) 2007 (SR 2007/323).
Regulation 10(1)(i): added, on 1 May 2008, by regulation 4(1) of the Social Security (Long-term Residential Care) Amendment Regulations (No 2) 2008 (SR 2008/69).
Regulation 10(1)(j): added, on 3 November 2008, by regulation 4(1) of the Social Security (Long-term Residential Care) Amendment Regulations (No 4) 2008 (SR 2008/349).
Regulation 10(1)(ja): inserted, on 1 January 2010, by regulation 4(1) of the Social Security (Long-term Residential Care) Amendment Regulations (No 4) 2009 (SR 2009/403).
Regulation 10(1)(k): added, on 3 November 2008, by regulation 4(1) of the Social Security (Long-term Residential Care) Amendment Regulations (No 4) 2008 (SR 2008/349).
Regulation 10(1)(l): added, on 1 January 2010, by regulation 4(2) of the Social Security (Long-term Residential Care) Amendment Regulations (No 4) 2009 (SR 2009/403).
Regulation 10(1)(la): inserted, on 16 September 2010, by regulation 4 of the Social Security (Long-term Residential Care) Amendment Regulations (No 3) 2010 (SR 2010/321).
Regulation 10(1)(lb): inserted, on 24 December 2010, by regulation 5 of the Social Security (Long-term Residential Care) Amendment Regulations (No 5) 2010 (SR 2010/485).
Regulation 10(1)(m): added, on 1 January 2010, by regulation 4(2) of the Social Security (Long-term Residential Care) Amendment Regulations (No 4) 2009 (SR 2009/403).
Regulation 10(1)(n): added, on 1 January 2010, by regulation 4(2) of the Social Security (Long-term Residential Care) Amendment Regulations (No 4) 2009 (SR 2009/403).
Regulation 10(1)(o): added, on 1 January 2010, by regulation 4(2) of the Social Security (Long-term Residential Care) Amendment Regulations (No 4) 2009 (SR 2009/403).
Regulation 10(1A): substituted, on 1 January 2010, by regulation 4(3) of the Social Security (Long-term Residential Care) Amendment Regulations (No 4) 2009 (SR 2009/403).
Regulation 10(1B): inserted, on 15 December 2006, by regulation 4(2) of the Social Security (Long-term Residential Care) Amendment Regulations (No 3) 2006 (SR 2006/378).
Regulation 10(1C): inserted, on 27 April 2007, by regulation 4(2) of the Social Security (Long-term Residential Care) Amendment Regulations (No 2) 2007 (SR 2007/97).
Regulation 10(1D): inserted, on 1 May 2008, by regulation 4(2) of the Social Security (Long-term Residential Care) Amendment Regulations (No 2) 2008 (SR 2008/69).
Regulation 10(1E): inserted, on 1 January 2010, by regulation 4(4) of the Social Security (Long-term Residential Care) Amendment Regulations (No 4) 2009 (SR 2009/403).
