New Zealand Superannuation and Retirement Income Amendment Act 2015

1 Title

This Act is the New Zealand Superannuation and Retirement Income Amendment Act 2015.

2 Commencement

This Act comes into force on the day after the date on which it receives the Royal assent.

3 Principal Act

This Act amends the New Zealand Superannuation and Retirement Income Act 2001 (the principal Act).

4 Section 38 amended (Property of Fund)

In section 38, insert as subsections (2) and (3):

(2)

The Fund is not an entity separate from the Crown.

(3)

However, subsection (2) does not limit section 66(2) or 67(1).

5 New section 49A inserted (Saving of certain transactions)

After section 49, insert:

49A Saving of certain transactions

(1)

A failure by the Guardians to comply with any provision of this Act or the Crown Entities Act 2004 does not affect the validity or enforceability of any deed, agreement, right, or obligation that is entered into, obtained, or incurred by—

(a)

the Guardians; or

(b)

a Fund investment vehicle referred to in section 59A; or

(c)

a Crown entity subsidiary of the Guardians.

(2)

This section applies only to the extent that the deed, agreement, right, or obligation is entered into, obtained, or incurred for the purpose of performing the functions of the Guardians.

(3)

This section applies despite anything to the contrary in this Act or the Crown Entities Act 2004 or any other enactment or rule of law.

Compare: 1986 No 124 s 21

6 Section 59 amended (No controlling interests)

After section 59(4), insert:

(5)

This section—

(a)

does not apply to a Fund investment vehicle referred to in section 59A; but

(b)

does apply to an entity in which a Fund investment vehicle has an interest, as if the investments of the Fund that are held, facilitated, or managed by the Fund investment vehicle were held directly by the Guardians as manager and administrator of the Fund.

7 New section 59A inserted (Fund investment vehicles)

After section 59, insert:

59A Fund investment vehicles

(1)

All or any of the investments of the Fund may be held in an entity that is formed or controlled by the Guardians for the purpose of holding, facilitating, or managing the investments of the Fund (a Fund investment vehicle).

(2)

A Fund investment vehicle is not a Crown entity subsidiary for the purposes of section 7(1)(c) of the Crown Entities Act 2004.

(3)

Interests in Fund investment vehicles are Fund investments and part of the Fund.

(4)

To avoid doubt, the Official Information Act 1982 and the Ombudsmen Act 1975 do not apply to Fund investment vehicles, but the Official Information Act 1982 applies to the Guardians in respect of information held by the Guardians about Fund investment vehicles.

(5)

Subsection (1) applies despite anything to the contrary in the Crown Entities Act 2004, this Act, or any other enactment.

8 Section 61 amended (Contents of statements of investment policies, standards, and procedures)

After section 61(f), insert:

(fa)

the governance framework for the implementation and operation of Fund investment vehicles referred to in section 59A; and

9 Schedule 3 amended

(1)

In Schedule 3, after clause 39(b), insert:

(c)

a Fund investment vehicle that is formed or controlled under section 59A.

(2)

In Schedule 3, repeal clause 40.

Legislative history

5 November 2013

Introduction (Bill 166–1)

19 March 2014

First reading and referral to Finance and Expenditure Committee

30 July 2014

Reported from Finance and Expenditure Committee (Bill 166–2)

7 May 2015

Second reading

30 June 2015

Committee of the whole House (Divided from Bill 166–2 as Bill 166–3)

20 October 2015

Third reading

22 October 2015

Royal assent

This Act is administered by the Treasury.