The Board shall, not later than the date that is 4 months before the transfer day (or such other date as the Minister and Board may agree), submit to the Minister—

The proposal—

Nothing in subsection (1) shall limit the matters that may be included in the proposal.

In preparing a draft proposal, the Board shall—

The draft proposal shall be accompanied by—

The Board shall supply to the Minister such additional information relating to the draft proposal as the Minister may from time to time require at any time before the date which is 1 month before the transfer day.

The Minister shall,—

give written advice to the Board as to whether the Minister requires changes to be made to the draft proposal and, if so, the nature of those changes.

The Minister shall not require any changes to be made to the draft proposal that would be inconsistent with sections 5 and 6.

The Board shall, not later than the date that is 35 days before the transfer day (or such other date as the Minister and Board may agree) submit to the Minister a final draft proposal consisting of the draft proposal submitted by it under section 4, any changes required by the Minister under subsection (1) of this section (except to the extent, if any, that the Minister has agreed to waive those changes), and any other changes agreed by the Minister and the Board.

The Governor-General may, by Order in Council made on the recommendation of the Minister, approve any draft proposal prepared in accordance with this Part.

The Minister shall not make a recommendation for the purpose of this section unless he or she is satisfied that sections 5 to 8 have been complied with.

The Order in Council under this section—

The Governor-General may, by Order in Council made on the recommendation of the Minister, approve any amendment to the proposal at any time or times after it has been approved under section 9 and before the transfer day.

The Minister shall not make a recommendation for the purposes of this section—

Any Order in Council under this section—

The Governor-General may, by Order in Council, made on the recommendation of the Minister, approve any amendment to the proposal at any time or times after the transfer day.

The Minister shall not make a recommendation for the purposes of this section unless—

Any Order in Council under this section—

Every amendment approved under this section shall be deemed to have effect on and from the transfer day and the provisions of this Act shall apply to the proposal as so amended accordingly.

The Board shall, as soon as practicable after the proposal has been approved by Order in Council, arrange for the implementation of the proposal.

Any documents executed, and all other arrangements made, for the purpose of implementing the proposal shall become effective as at the transfer day.

There shall continue to be a body corporate which shall be the same body corporate as that existing under the name of the National Provident Fund Board immediately before the commencement of this Part.

Upon the transfer day the Board shall be renamed the Board of Trustees of the National Provident Fund.

The Board is a body corporate with perpetual succession and a common seal and shall have and may exercise all the rights, powers, and privileges, and may incur all the liabilities and obligations, of a natural person of full age and capacity.

The Board shall consist of no fewer than 4 members appointed from time to time by the Minister.

One member of the Board shall be appointed by the Minister as the chairperson of the Board.

The chairman and members of the Board established under the National Provident Fund Act 1950 holding office immediately before the transfer day shall, subject to subsection (2), continue to be the chairperson and members respectively of the Board on and after the transfer day.

The chairperson and members of the Board who continue to hold office under this section shall hold office during the pleasure of the Minister.

Any appointment to the Board on or after the transfer day (other than in accordance with section 14) shall be made only after—

Any member of the Board who is appointed under this section shall be appointed for such term not exceeding 3 years as the Minister shall specify in the instrument appointing that member.

Any such member may, at any time during his or her term of office, be removed from office by the Minister by notice in writing.

Any such member shall be eligible for reappointment from time to time.

Where the term for which any such member has been appointed expires, that member, unless sooner removed from office under subsection (3) or vacating office under clause 1 of Schedule 4, shall continue to hold office, by virtue of the appointment for the term that has expired, until—

The Board shall not establish or offer any superannuation scheme, benefit plan, or other arrangement having a similar purpose other than—

The Board shall not carry on any business other than—

The Board may, in addition, provide services in respect of any fund or superannuation scheme that is managed by the Crown or a Crown entity or an entity whose board is appointed by the Crown and approved by the Minister for that purpose, on any terms and conditions that the Board thinks fit.

The provisions set out in Schedule 4 shall apply in respect of the Board.

Without limiting any other powers that the Board may have, the Board shall have—

For the avoidance of doubt, it is hereby declared that, on and after 1 October 1988, the Board’s power to invest in property any money belonging to the Fund shall include, or have incidental to it, the power to enter into a commitment, obligation, or arrangement under which the Board (or a nominee of the Board) may acquire, or be obliged to acquire, that property.

On and from the transfer day, the Board shall—

Except as expressly provided by this Act or the proposal, the continuity and operation of the Board shall in no way be affected, nor shall any property, powers, authorities, or liabilities of the Board, or any legal or other proceedings instituted or to be instituted by or against the Board, be affected by this Act or the proposal.

Subject to the provisions of this Act, and to the terms of any trust deed in respect of an existing scheme, the Board shall have the same responsibilities regarding that scheme as a trustee of a registered scheme that is a restricted scheme under the Financial Markets Conduct Act 2013.

The property held by the Board in the course of its administration of the existing schemes and existing investment arrangements and the performance of its functions under the National Provident Fund Act 1950 shall, on the transfer day, by virtue of this Act be deemed to be held by the Board or a GAT subsidiary, as the case may be, in the capacity and manner provided for by the proposal.

Where any property is vested on the transfer day in the Board as trustee of any existing scheme or pool, that property shall be property only of that existing scheme or pool and shall not be property of any other scheme or pool.

This section shall have effect notwithstanding any other enactment or rule of law.

The liabilities incurred by the Board in the course of its administration of the existing schemes and the existing investment arrangements and the performance of its functions under the National Provident Fund Act 1950 and any other liabilities of the Board or the Fund of whatever nature and howsoever arising, shall, on the transfer day, vest by virtue of this Act in the Board or a GAT subsidiary, as the case may be, in the capacity and manner provided for by the proposal.

Where any liabilities are vested on the transfer day in the Board as trustee of any existing scheme or pool, those liabilities shall be liabilities only of that scheme or pool, as the case may be, and shall not be liabilities of any other scheme or pool.

This section shall have effect notwithstanding any other enactment or rule of law.

Nothing effected or authorised by any Part of this Act—

The global asset trust established in accordance with the proposal—

The trust deed for the global asset trust shall be in a form approved by the Minister.

The participatory securities referred to in subsection (1)(b)—

The global asset trust established in accordance with the proposal shall—

Nothing in subsection (1)(b) shall limit section 73.

The Crown (acting through the National Provident Fund Department) shall be deemed to have been appointed by the Board as manager of all of the administration of the global asset trust, and of the investment of each of the pools of the global asset trust, for the period commencing on the transfer day and ending with the day that is 3 months after the day on which either the Crown or the Board gives written notice to the other of termination of such management, or 31 March 1992, whichever is the earlier.

The terms and conditions of such appointment (other than the period), including as to fees and expenses, shall be those agreed from time to time between the Crown and the Board.

Every GAT subsidiary which is a unit trust shall have the Board as its trustee.

The trust deed for any such GAT subsidiary shall be in a form approved by the Minister.

Every GAT subsidiary shall be deemed, on the transfer day, to have issued equity securities, debt securities, or participatory securities, or any combination of any of those types of securities, to the Board as trustee of the global asset trust as specified, and on the terms set out, in the proposal.

Any participatory securities referred to in subsection (3) shall be deemed to be participatory securities for the purposes of section 3 of the Goods and Services Tax Act 1985.

Nothing in section 60(1)(b) or section 60(2) of the Companies Act 1955 shall apply in respect of any issue of equity securities to which this section applies.

Any GAT subsidiary may, in accordance with the proposal, be either a company incorporated under the Companies Act 1955 or a unit trust.

All of the shares or units in, or other equity securities or participatory securities issued by, a GAT subsidiary shall be held beneficially by the Board as trustee of the global asset trust.

The Crown (acting through the National Provident Fund Department) shall be deemed to have been appointed by the Board as manager of all of the administration of each GAT subsidiary which is a unit trust, and of the investments of each such GAT subsidiary, for the period commencing on the transfer day and ending with the day that is 3 months after the day on which either the Crown or the Board gives written notice to the other of termination of such management, or 31 March 1992, whichever is the earlier.

The terms and conditions of such appointment (other than the period), including as to fees and expenses, shall be those agreed from time to time between the Crown and the Board.

No property forming part of any pool of the global asset trust shall be used for any purpose other than—

No property forming part of any trust fund shall be used for any purpose other than—

Where any existing scheme has a surplus on any winding up of the scheme, the surplus or any part of the surplus may, notwithstanding subsection (1), be applied or distributed as provided for in the trust deed of that scheme.

Where any property forming part of any pool or trust fund includes unclaimed money, that property may be applied in payment of any claims in respect of that money.

No Registrar of Deeds or Registrar-General of Land or any other person charged with the keeping of any books or registers shall be obliged solely by reason of the foregoing provisions of this Act to change the name of the Board from “National Provident Fund Board” to the “Board of Trustees of the National Provident Fund” in those books or registers or in any document.

The presentation to any registrar or other person of any instrument, whether or not comprising an instrument of transfer, executed or purporting to be executed by the Board or a GAT subsidiary and relating to any property held immediately before the transfer day by the Board and—

On and after the transfer day, every reference in any enactment (other than this Act) or in any regulation, order, or notice made or given under any such enactment, or in any instrument—

For the purposes of the Acts specified in the Schedule of the Tax Administration Act 1994 and any other enactment that imposes or provides for the collection of a tax, duty, levy, or other charge—

Where any property which is vested under the proposal in the Board as trustee of the global asset trust or a GAT subsidiary consists of shares or an interest in shares, those shares shall not, by reason of that vesting, be treated as having ceased to be held by or on behalf of the same persons for the purposes of determining whether—

and, for the purposes of determining the application of those sections in relation to any subsequent dealings in those shares, the shares (or interest therein) shall be treated as having been acquired by the Board as trustee of the global asset trust or the GAT subsidiary at the time they were acquired by the Board established under the National Provident Fund Act 1950.

The vesting in accordance with the proposal of any property or liabilities of the Board established under the National Provident Fund Act 1950 in the Board as trustee of the global asset trust or in any GAT subsidiary, and any other steps taken to implement the proposal,—

Nothing in subsection (2) or subsection (3) shall limit the generality of subsection (1).

No company or other body shall be incorporated or registered under a name that contains the words “National Provident Fund” or under any other name that, in the opinion of the Registrar of Companies, or the appropriate registering authority within the meaning of section 2 of the Flags, Emblems, and Names Protection Act 1981, so resembles such a name as to be likely to deceive.

Nothing in this section applies to the Board or to any GAT subsidiary or to any other person who is associated with the Board.

As soon as practicable after the transfer day, the Board shall arrange for a final report to be sent to the Minister showing the Board’s proceedings and operations for the financial period ending immediately before the transfer day, and shall attach the revenue account for that period, and the statement of financial position as at the day before the transfer day, certified by the Auditor-General.

The Minister shall lay a copy of the report and accounts before the House of Representatives as soon as practicable after receiving it.

No person is entitled to be a contributor to any existing scheme unless that person—

Any person—

shall, for the purposes of this section, be deemed to have been a contributor to that existing scheme immediately before the transfer day.

Any employer—

may, notwithstanding subsection (1) but subject to the terms of the existing scheme, contribute to any existing scheme to which that employee contributes, as a corporate contributor, for the purpose of subsidising that employee’s contributions or obtaining a benefit for that employee.

Nothing in this section limits—

Except as otherwise expressly provided by this Act,—

Every person who is a corporate contributor to an existing scheme—

in all respects as would have been required or authorised under the National Provident Fund Act 1950.

This section shall apply to every corporate contributor until such time as that person would, in accordance with the terms and conditions of the scheme or the provisions of the National Provident Fund Act 1950, have been entitled to cease contributing to the existing scheme.

Any person, whether currently required to contribute or not, who—

shall also be a corporate contributor for the purposes of this section, and section 38(3) shall apply to any such person as if they were required, rather than authorised, to so contribute.

Every corporate contributor or other person who is paying or has paid contributions to the Board in respect of an existing scheme, whether on its own behalf or on behalf of its employees or other persons, must ensure that there is provided to the Board (or to such person as the Board may from time to time nominate) at such time or times as are reasonably specified by the Board, such information as the Board may reasonably require of that corporate contributor or other person for the purpose of administering an existing scheme.

The information that the Board may require under subsection (1) may include any or all of the following:

The Board must not require a corporate contributor or other person to provide information under this section unless the Board has first advised the person in writing of—

Every person who is liable to pay contributions to the Board in respect of an existing scheme (including contributions deducted from remuneration or other money payable to another person, or held on behalf of another person) must pay those contributions to the Board (or to such person as the Board may from time to time nominate) by such time or times as are reasonably specified by the Board in a written notice to the person.

Every person who is required to pay an amount to the Board in respect of an existing scheme under any law or legally enforceable document or arrangement, and who fails to pay that amount to the Board at the time required by that law, document, or arrangement, must pay, on demand by the Board, interest on that amount at the bill rate for the period from the time payment was due (or the date of commencement of the National Provident Fund Restructuring Amendment Act 1997, whichever is the later) until the time at which the amount is paid.

In this section, the bill rate means the rate (expressed as a percentage rate per annum) that is the 3-month bank bill mid rate as determined by the Board from time to time.

The interest must be paid to the Board or, if specified in the demand, to a person nominated by the Board.

The interest must be paid in addition to the overdue amount.

Every amount payable by a person to the Board in respect of an existing scheme under any law or legally enforceable document or arrangement constitutes a debt due by the person to the Board and—

The defined benefit schemes shall, on the transfer day, be deemed to have been amalgamated into 1 superannuation scheme.

Immediately after the amalgamation referred to in subsection (1), the amalgamated defined benefit schemes shall be deemed to have been divided into 2 separate superannuation schemes as follows:

For the purposes of this section, the term annuitants means—

For the purposes of this section, the term contributors means all persons (other than annuitants) who were, immediately before the transfer day, members of a defined benefit scheme.

The trust deeds to be prepared for the DBP annuitants scheme and the DBP contributors scheme pursuant to section 45 shall contain, unless the Minister and the Board otherwise agree, provisions to the effect of the provisions set out in Schedule 5.

Despite sections 178 to 182 of the Financial Markets Conduct Act 2013, members or other beneficiaries of the DBP contributors scheme may be transferred to the DBP annuitants scheme in accordance with the provisions of the trust deeds for those schemes.

The Minister may require any provision included in the trust deeds for the DBP annuitants scheme or the DBP contributors scheme pursuant to section 56 to be in such form as the Minister directs.

Where a provision that is included in a trust deed pursuant to subsection (1) or any other section of this Act imposes obligations or restrictions on the Crown, the Crown shall comply with that provision as if it were a party to the trust deed.

On the transfer day the aircrew superannuation scheme shall be deemed to—

If the Board becomes aware that the level of contributions being made to either the DBP contributors scheme or the aircrew superannuation scheme is, on the information available to the Board,—

the Board shall give notice to that effect to the Minister, with a statement of the Board’s view as to what action would be required to rectify the position.

The Minister may, by notice, direct the Board to increase or decrease the contributions required to be made by any corporate contributor to the DBP contributors scheme or the aircrew superannuation scheme, and the Board shall take all such steps as are reasonably necessary to implement any such increase or decrease.

The Minister may give such notice whether or not the Board has recommended that there be any change to those contributions but shall not do so without prior consultation with the Board.

Neither the Minister nor the Board may give a notice under this section unless reasonably satisfied, after due enquiry and having regard only to the financial position of the DBP contributors scheme (and not that of the DBP annuitants scheme) or the aircrew superannuation scheme, as the case may be, that the increases or decreases—

Any notice under subsection (2) shall specify the date on which such increases or decreases are to be implemented, but that date shall not be less than 3 months after the date on which the notice is published under the Legislation Act 2019.

A notice under subsection (2) is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

Every person entitled to receive any allowance, annuity, or pension under a specified scheme is entitled to be paid by the Board, from any money paid to the Board by the Crown for the purpose, an additional amount equal to 2.02% of any amount of the allowance, annuity, or pension payable to him or her under the specified scheme in respect of the period commencing on 1 October 2010 and ending on the close of 27 April 2011.

An additional amount payable to a person under subsection (1)—

In this section, specified scheme means a defined benefit scheme whose trust deed requires adjustment of the amounts of the allowances, annuities, or pensions payable under it for increases in the New Zealand Consumers Price Index.

The Board shall, as soon as practicable after the commencement of this Act, prepare a trust deed—

The Board shall, as soon as practicable after the commencement of the National Provident Fund Restructuring Amendment Act 1991, prepare a trust deed for every old public scheme.

Where any of the matters required to be specified in the trust deed of an existing scheme are provided for by the terms and conditions governing the scheme as at the date of execution of the trust deed, the Board shall, except as otherwise provided by this Act, ensure that the trust deed of that scheme incorporates those terms and conditions, either in the body of the trust deed itself or by reference.

The Board may, in incorporating the existing terms and conditions of a scheme in any trust deed prepared under section 45, make such amendments to those terms and conditions as are necessary—

Notwithstanding any Act or rule of law or the provisions of any existing terms and conditions governing a scheme, any trust deed prepared in accordance with section 45—

Subject to subsection (3), nothing in this Act shall authorise any reduction in benefits provided under an existing scheme.

Nothing in subsection (2) limits—

No trust deed prepared in accordance with section 45 shall be executed until the Minister has approved the trust deed.

The Minister shall not approve a trust deed in respect of an existing scheme unless—

Any certificate required by this section may be given by the Board or a solicitor.

Any trust deed prepared in respect of an existing scheme may—

Except as otherwise approved in writing by the Minister, any such terms and conditions set out in the trust deed or determined by the Board shall include terms and conditions to the effect that—

No such provision in a trust deed shall limit any right contained in the existing terms and conditions of the scheme to transfer to any other superannuation scheme.

For the purposes of subsection (2)(a), reserves means amounts that are shown in the accounts of the Board as being reserves attributable to a particular scheme whether or not forming part of any reserve account of the scheme.

This section is subject to section 42.

Every trust deed prepared in respect of an existing scheme shall provide for the appointment by the Board, on such terms and conditions as the Board thinks fit, of any person (including the Crown) to manage all or any part of the administration of the scheme or the investment of the trust fund of the scheme, or both.

All fees and expenses payable to a manager appointed pursuant to a trust deed for an existing scheme shall be paid out of the trust fund of the scheme.

The Crown (acting through the National Provident Fund Department) shall, in respect of each existing scheme, be deemed to have been appointed by the Board as manager of all of the administration of the scheme and of the investment of all of the trust fund of the scheme for the period commencing on the transfer day and ending with the day that is 3 months after the day on which either the Crown or the Board gives written notice to the other of termination of such management, or 31 March 1992, whichever is the earlier.

The terms and conditions of such appointment (other than the period), including as to fees and expenses, shall be those agreed from time to time between the Crown and the Board.

The trust deed for each existing scheme shall provide that the property of the scheme may be invested only in the global asset trust, whether by way of debt securities or managed investment products or otherwise.

The property of an old public scheme may be invested only in the global asset trust, whether by way of debt securities or managed investment products or otherwise.

This section does not prevent the Board as trustee of an existing scheme depositing money of that scheme into a bank account (which may be a bank account for 1 or more existing schemes) to the extent necessary or desirable for the operation of the scheme.

Nothing in the provisions of the Trusts Act 2019 relating to the investment of trust funds shall apply in respect of the trust deed for an existing scheme or the investment of the property of the scheme.

Notwithstanding any other Act, any trust deed prepared in respect of an existing scheme may confer on the Board—

Any trust deed prepared in respect of an existing scheme may contain a provision limiting the liability of the Board.

Any trust deed prepared in respect of an existing scheme may contain a provision—

Every provision under subsection (1)(a) shall provide for the distribution of the property of the scheme on a winding up.

Where a trust deed is executed in respect of an existing scheme,—

The Board shall, as soon as practicable after executing a trust deed in respect of an existing scheme, send each member a notice explaining that a trust deed has been executed.

Every such notice shall contain a summary of the main differences between the provisions that are included in the trust deed and the terms and conditions of the scheme existing before the trust deed was executed.

Where any notice is required to be given under this Act, or under any other enactment, or under any trust deed executed under this Act, to any member or other beneficiary of an existing scheme, the notice shall be sufficiently given—

Notwithstanding any provision of this Act or any other enactment or of any trust deed of an existing scheme, if the Board knows of no reasonable means of contacting any member or other beneficiary of an existing scheme, the Board—

The Financial Markets Conduct Act 2013 applies to the global asset trust, an existing scheme, and any other scheme established under this Act (each called a scheme in this section) on and after the effective date for the scheme in accordance with clause 19 of Schedule 4 of that Act (or any later date on which the scheme is established) as follows:

On and after the effective date for an existing scheme, every reference in the trust deed of the scheme to—

This Act continues to apply to a scheme, as if it had not been amended by the Financial Markets (Repeals and Amendments) Act 2013 (except in respect of this subsection and subsection (4)), until the effective date for the scheme.

Schedule 4 of the Financial Markets Conduct Act 2013 applies to the global asset trust and an existing scheme (other than clauses 21 to 25, 27 and 28, 30, and 31 of that schedule).

The Crown hereby guarantees to every member and other beneficiary payment of the benefits payable to that person under any existing scheme.

The Crown hereby guarantees—

For the purposes of section 61, where any person has deposited money with the Board in accordance with any existing investment arrangement, any withdrawal or other dealing with such money shall be deemed to be—

Notwithstanding any other enactment or rule of law, the Minister may, after such consultation with the Board as the Minister considers appropriate, by notice in writing direct the Board in respect of such matters relating to any existing scheme or the global asset trust or any GAT subsidiary as the Minister considers necessary for the purpose of protecting the Crown’s interest as guarantor of the benefits under the existing schemes and investment arrangements, and the Board shall be bound to act in accordance with such directions.

Without limiting subsection (1), directions may be given under that subsection in respect of—

No direction that is inconsistent with the provisions of Schedule 5 may be given under this section.

No liability of any kind shall attach to the Board or any member of the Board for any action or omission of the Board consequent upon a direction given under subsection (1).

The Board shall—

The Minister may—

Any money required to be paid by the Crown by virtue of section 60 or section 61 or section 62 shall, without further appropriation than this section, be paid out of public money.

Any money paid under this section—

As soon as practicable and in any event within 6 months after the end of each financial year, the Board shall send to the Minister such reports for each existing scheme, pool, and GAT subsidiary, and such financial statements, as the Minister may require.

As soon as practicable after the end of each financial year, the Board shall send to the Minister an annual report on its performance in carrying out its responsibilities under this Act and as trustee of the existing schemes.

Without limiting the contents of the annual report required by subsection (1A), that report shall, in respect of existing schemes, cover the following matters:

The Minister shall lay a copy of each such report and financial statements before the House of Representatives as soon as practicable after receiving them.

In addition to the duties imposed on the Board by section 67, the Board shall report to the Minister on the matters set out in section 67(1B) at such times as are agreed between the Minister and the Board.

The Board shall arrange for the actuary of each existing scheme to examine and report to the Board and the Minister on the existing scheme, and the existing and prospective property and liabilities of that scheme, as at dates that are no more than 3 years apart.

Notwithstanding the provisions of subsection (1), the Minister may nominate from time to time (but not at intervals of less than 6 months) an actuary (who may be the actuary of the scheme) to examine and report to the Minister on an existing scheme and the existing and prospective property and liabilities of that scheme.

Any such examination shall be carried out at the expense of the scheme concerned.

The Minister shall lay a copy of any report prepared as a result of any such examination before the House of Representatives as soon as practicable after receiving it.

The Board shall, if required to do so by the Minister, require any employer to increase the contributions payable to any existing scheme by that employer to take account of the fact that the Minister is not required, except as provided in section 70, to subsidise any existing scheme on and after the transfer day.

Every employer whose contributions are increased in accordance with subsection (1) shall be liable to pay the increased contributions in all respects as if the terms and conditions of the scheme required the increased contributions to be paid instead of the existing contributions.

Nothing in subsection (1) shall limit any right contained in the terms and conditions of the scheme to increase contributions to the scheme.

The Minister shall, in respect of each year commencing on or after the transfer day, pay a subsidy equal to one-fourth of the total contributions paid during the year in respect of each contributor to an existing scheme who is employed by a charity.

Any such subsidy shall be paid only in respect of the contributions that would, but for the repeal of the National Provident Fund Act 1950, have been subsidised by the Minister under that Act.

Any such subsidy shall be paid annually out of public money, without further appropriation than this section.

The subsidy shall be paid to the Board as trustee of the existing scheme concerned.

A statement of the amount so paid shall be included in the annual report supplied to the Minister pursuant to section 67.

For the purposes of this section, charity means any society or institution established exclusively for charitable purposes (whether relating to the relief of poverty, the advancement of education or religion, or any other matter beneficial to the community) and not carried on for the private pecuniary profit of any individual.

Where contributions are made by a government department on behalf of the employees of the department, the contributions shall be paid by the department out of money appropriated by Parliament.

Where any deficiency in the accounts of any superannuation scheme established pursuant to section 38A(6) of the National Provident Fund Act 1950 arises from the application of paragraph (b) of that subsection in respect of persons who were contributing employees (within the meaning of that subsection) before the transfer day, the Minister shall, at the request of the Board, without further appropriation than this section, pay to the Board as trustee of the existing scheme concerned, by way of subsidy out of public money, such amount as may be required to meet the deficiency.

Where any deficiency arises under any agreement entered into before the transfer day which implements the provisions of section 60(4)(d) of the National Provident Fund Act 1950, the Minister shall, at the request of the Board, without further appropriation than this section, pay to the Board as trustee of the existing scheme concerned, by way of subsidy out of public money, such amount as may be required to meet the deficiency.

The annual report sent to the Minister pursuant to section 67 in respect of each financial year shall state the amounts paid during that year pursuant to this section.

For the avoidance of doubt, it is hereby declared that the Crown’s liability to pay subsidies under section 71 of the National Provident Fund Act 1950 ceased to have effect with the repeal of that Act.

Nothing in this section limits sections 69 to 72.

For the purposes of sections 225A and 232B of the Income Tax Act 1976—

Nothing in this section limits section 35.

The old public schemes shall, on and after 1 April 1990, be deemed to be superannuation schemes which are registered under the Superannuation Schemes Act 1989 for the purposes of that and any other Act, and shall be treated in all respects as if they had, on that date, been registered as such by the Government Actuary.

Amendment(s) incorporated in the Act(s).

The Governor-General may from time to time, by Order in Council,—

The following are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements):

The following enactments are hereby repealed:

The enactments specified in Schedule 6 are hereby consequentially amended in the manner indicated in that schedule.

The enactments specified in Schedule 7 are hereby repealed.

The regulations and the notice specified in Schedule 8 are hereby revoked.

Notwithstanding any enactment or rule of law or the provisions of any existing scheme, the Board may from time to time, with the consent of the Crown and in respect of any period ending before the transfer day,—

Amendment(s) incorporated in the Act(s).

All determinations, payments, and credits made or purported to be made by the Board under section 67A of the National Provident Fund Act 1950 before the date on which this section comes into force are hereby validated and deemed to have been lawfully made.

A determination under subsection (1)(a) is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

Notwithstanding any other enactment, it shall be competent for any local authority to appoint the Board, and the Board to accept appointment, on such terms and conditions, including those as to fees and charges, as may be agreed, as the sole Commissioner of the sinking fund of any loan raised by the local authority or as the sole Commissioner of any Depreciation Fund of a local authority.

Where a local authority has appointed the Board as sole Commissioner of any Depreciation Fund of the local authority, the Board shall invest the money, together with all interest and profits accruing from the money, in such manner as may be agreed by the local authority and the Board, and the investment of any money under this subsection shall, for the purposes of any enactment authorising or directing the investment of the money, be deemed to be an investment authorised or directed by that enactment.

For the purposes of this section, the expression Depreciation Fund means any fund which a local authority is authorised to establish for the purpose of providing for depreciation, whether or not the fund is authorised to be established for any additional purpose.

The repeal of section 6 of the National Provident Fund Amendment Act 1988 by section 81 of this Act shall not affect any validation effected by that section, and the Board may continue to operate any scheme referred to in that section.

All contributions by any local authority in respect of any lump sum superannuation scheme under the provisions of Part 2 of the National Provident Fund Act 1950 are hereby validated and deemed to be and always to have been valid and lawful and authorised, but the Crown and the Minister shall not be liable to pay by way of subsidy any amount in respect of such contributions.