New Zealand Legislation: Regulations

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 3 November 2008, are made under the Social Security Act 1964 (the Act). They declare certain items of income or cash assets not to be a person's income or cash assets for the purposes of the Act.

The exempted income and cash assets are payments made to the person by the Viet Nam Veterans and Their Families Trust on or after 17 August 2007, other than payments made by the trust under clause 14.2(a) to (d) of the trust deed (which relate to trustees' annual fees, trustees' costs and expenses, and payments for services rendered to the trust). When these regulations were made, the trust deed, and the memorandum of understanding on measures related to veterans, were available through the Internet site at www.litigationnz.com.

The exemption applies only in respect of the first 12 months after the payment was made.

Such payments, if made after 3 November 2008, are also—

• assets exempt from means assessment under Part 4 of the Act, because of the related exemption in regulation 10(1)(j) of the Social Security (Long-term Residential Care) Regulations 2005; and

• excluded from cash assets used in determining eligibility for temporary additional support, because of the related exclusion in regulation 8(3)(i) of the Social Security (Temporary Additional Support) Regulations 2005.