Social Security (Temporary Additional Support) Regulations 2005

  • revoked
  • Social Security (Temporary Additional Support) Regulations 2005: revoked, on 26 November 2018, by regulation 295(22) of the Social Security Regulations 2018 (LI 2018/202).
8B Certain interests in KiwiSaver schemes and specified non-KiwiSaver schemes declared not to be cash assets by regulation 8(3)(h)

(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.

(2)

However, subclause (1) applies only while a qualifying lock-in clause prevents the person from making or receiving a withdrawal from the 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—

(a)

an employer contribution (for example, a compulsory employer contribution); or

(b)

any Crown contribution)

Crown contribution,—

(a)

in relation to a KiwiSaver scheme, has the same meaning as in section 4(1) of the KiwiSaver Act 2006; and

(b)

in relation to a specified non-KiwiSaver scheme, means any Crown contribution

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

fee subsidy,—

(a)

in relation to a KiwiSaver scheme, has the same meaning as in section 4(1) of the KiwiSaver Act 2006; and

(b)

in relation to a specified non-KiwiSaver scheme, means any fee subsidy

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—

(a)

the member’s contributions; and

(b)

any employer contributions (vested or unvested) in respect of the member; and

(c)

any fee subsidies paid in respect of the member; and

(d)

any Crown contribution paid in respect of the member

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 registered as a superannuation scheme under subpart 2 of Part 4 of the Financial Markets Conduct Act 2013

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:

(a)

the deed that established the relevant trust or (as the case may be) Act of the Parliament of New Zealand that constituted the relevant arrangement:

(b)

any rules of the scheme

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—

(a)

prevents a member of the scheme from making or receiving a withdrawal from the scheme until either or both of the following apply to the member:

(i)

he or she reaches an expected time of retirement:

(ii)

he or she leaves, before reaching the expected time of retirement,—

(A)

the employment in respect of which the scheme was constituted or established; or

(B)

any employment covered by the scheme; and

(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 retirement scheme within the meaning of section 6(1) of the Financial Markets Conduct Act 2013 (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:

(a)

clause 8 (purchase of a first home):

(b)

clause 10 (significant financial hardship):

(c)

clause 12 (serious illness)

withdrawal, in relation to a member and a KiwiSaver scheme or a non-KiwiSaver scheme,—

(a)

includes any benefit provided from, and debited against the member’s interest in, the scheme; but

(b)

does not include a permitted withdrawal or permitted proposed withdrawal that is a transfer (with or without the member’s consent) from the scheme to another KiwiSaver scheme or non-KiwiSaver scheme; and

(c)

for the purposes of subclause (2), does not include a withdrawal made or received in accordance with a standard withdrawals clause.

Regulation 8B: inserted, on 1 May 2008, by regulation 5 of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2008 (SR 2008/70).

Regulation 8B(5) non-KiwiSaver scheme: replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Regulation 8B(5) scheme: replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).