This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 May 2008, are made under the Social Security Act 1964 (the Act). They extend the categories, prescribed by regulation 10 of the Social Security (Long-term Residential Care) Regulations 2005, of assets that are exempt from means assessment under Part 4 of the Act.
The new category of exempt assets, which is prescribed by new regulation 10(1)(i) is—
A specified non-KiwiSaver scheme is defined as a scheme that is registered under the Superannuation Schemes Act 1989 and includes in its provisions a qualifying lock-in clause. A qualifying lock-in clause is a clause in a scheme that prevents a member of the scheme from making or receiving a withdrawal from the scheme until specified events occur.
Date of notification in Gazette: 20 March 2008.
These regulations are administered by the Ministry of Social Development.