Power of area health boards to establish superannuation schemes for employees

Requirements in respect of superannuation schemes

Checking for alerts... Loading...

Area Health Boards Amendment Act 1992

Public Act		1992 No 65
Date of assent		30 June 1992

	Title
1	Short Title and commencement
2	Power of area health boards to establish superannuation schemes for employees
3	Requirements in respect of superannuation schemes
	Administrative information

An Act to amend the Area Health Boards Act 1983

Be it enacted by the Parliament of New Zealand as follows:

1 Short Title and commencement

(1)

This Act may be cited as the Area Health Boards Amendment Act 1992, and shall be read together with and deemed part of the Area Health Boards Act 1983 (hereinafter referred to as the principal Act).

(2)

This Act shall come into force on the 1st day of July 1992.

2 Power of area health boards to establish superannuation schemes for employees

Section 39zha of the principal Act (as substituted by section 2 of the Area Health Boards Amendment Act 1990) is hereby amended by repealing paragraphs (a) and (b), and substituting the following paragraphs:

“(a)

Arrange for any superannuation scheme or schemes to be established for its employees:

“(b)

Join with any other employer (whether or not another area health board or an employer in the State services or another person) in arranging for any superannuation scheme or trust arrangement which is part of a superannuation scheme to be established for the purpose of providing, or facilitating the provision of, superannuation for employees:”.

3 Requirements in respect of superannuation schemes

(1)

Section 39zhb of the principal Act (as substituted by section 2 of the Area Health Boards Amendment Act 1990) is hereby amended by repealing paragraph (b), and substituting the following paragraph:

“(b)

That the scheme provides that the sum of all benefits (including any lump sum payments, annuities, and other benefits) payable from the scheme in respect of any member of the scheme will not exceed the sum of—

“(i)

Contributions paid by or on behalf of a member and investment earnings thereon; and

“(ii)

Any allocations to the member from surplus funds held within the scheme; and

“(iii)

The amount paid in respect of that member from any insurance policy effected for the benefit of members of the scheme; and”.

(2)

Section 39zhb of the principal Act (as so substituted) is hereby further amended by repealing paragraph (f).

(3)

Section 39zhb of the principal Act (as so substituted) is hereby further amended by omitting from paragraph (g) the words “That the scheme enables persons withdrawing from the scheme”, and substituting the words “That, if the scheme enables members to withdraw from the scheme, the scheme enables withdrawing members”.

This Act is administered in the Department of Health.

Sort by

Area Health Boards Amendment Act 1992