“(1) This regulation applies to a person's member's interest, on or after 1 May 2008, in a KiwiSaver scheme or a specified non-KiwiSaver scheme.
“(3) Subclause (4) applies to a person who, as a member of a KiwiSaver scheme or specified non-KiwiSaver scheme, has exercised a right under the provisions of the scheme to elect to defer receipt of any benefit that he or she is eligible to receive under the scheme.
“(4) A qualifying lock-in clause must for the purposes of subclause (2) be treated as not preventing the person, as a member of the scheme, from making or receiving a withdrawal from the scheme.
“(5) In this regulation, unless the context otherwise requires,—
“contribution means any contribution to a scheme (for example––
“expected time of retirement, in relation to a member of a non-KiwiSaver scheme, means the member's expected age or date of retirement as defined in the provisions of the scheme
“KiwiSaver scheme and KiwiSaver scheme rules have the same meanings as in section 4(1) of the KiwiSaver Act 2006
“member's interest, in relation to a member of a scheme, means the total of––
“net value, in relation to a member's interest, means the value of the member's interest once any other appropriate debits and credits have been made to account for things like fees, permitted withdrawals or permitted proposed withdrawals, and positive and negative returns
“non-KiwiSaver scheme means a scheme that is not a KiwiSaver scheme, but is registered under the Superannuation Schemes Act 1989
“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 provided
“provision, in relation to a scheme, means a provision (express or implied) of either or both of the following:
“qualifying lock-in clause, in relation to a KiwiSaver scheme means the provision of the scheme implied in its trust deed under section 126 and clause 4 (lock-in of funds to KiwiSaver end payment date) of Schedule 1 of the KiwiSaver Act 2006 and, in relation to a non-KiwiSaver scheme, means a provision of the scheme that––
“(b) may, but need not, be, or be accompanied by another provision of the scheme that is, a standard withdrawals or transfer clause
“scheme means a superannuation scheme (for example, a KiwiSaver scheme or a non-KiwiSaver scheme)
“specified non-KiwiSaver scheme means a non-KiwiSaver scheme the provisions of which include a qualifying lock-in clause
“standard withdrawals clause, in relation to a scheme, 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:
“withdrawal, in relation to a member and a KiwiSaver scheme or a non-KiwiSaver scheme,—