162 Superannuation Schemes 1989, No. 10

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1 162 Superannuation Schemes 1989, No. 10 ANALYSIS Title 1. Short Title and commencement 2. Interpretation PART I REGISTRATION OF SUPERANNUATION SCHEMES 3. Applications for registration of scheme governed by trust deed 4. Applications for registration of scheme constituted under Act of Parliament 5. Matters required to be specified in application 6. Registration of schemes Trust deeds 7. Content of trust deeds 8. Implied provisions as to investment of scheme money 9. Implied provision as to amendments reducing accrued benefits, ete. 10. Implied provision as to reversion of scheme assets to employer 11. Application and enforcement of implied provisions 12. Amendment of trust deeds Fmancial information 13. Accounts 14. Annual reports 15. Actuarial exanjination Members' rights to mformatwn 16. Rights to information before becoming member of registered superannuation scheme 17. Members' rights to information Non-resident trustees 18. Non resident trustees Powers!if Government Actuary as to cancellatwn!if regutratwn, etc. 19. Cancellation of registration 20. Powers of Government Actuary in event of scheme operating in contravention of this Act, etc. Wmdmg up!if regutered schemes 21. Winding up of registered schemes Reverswn!if assets to employer 22. Consent to reversion of assets to employer PART 11 MISCELLANEOUS PROVISIONS 23. Objections and appeals against decisions of Government Actuary 24. Power of Government Actuary to require information 25. Offences 26. Secrecy 27. Personal liability 28. Annual report by Government Actuary 29. Fees 30. Regulations 31. Consequential amendments 32. Repeals, revocations, and consequential amendments taking effect on 1 April Savings PART III TRANSmONAL PROVISIONS RELATING TO REDUCTION OF BENEFITS AS RESULT OF CHANGES IN TAXATION Amendments to schemes as result!if Income Tax Amendment Act Definition of "approved New Zealand scheme" 35. Application for amendment as result of taxation changes in Income Tax Amendment Act Members and beneficiaries to be notified of application under this Part 37. Time limits for making applications under this Part 38. Effect of amendment under this Part 39. Effective date of reductions 40. Principles governing amendments to reduce benefits 41. Grounds on which approval may be given

2 1989, No. 10 Superannuation Schemes Uniform reduction in existing pensions may be regarded as equitable 43. Uniform reduction in existing and future pensions may be regarded as equitable 44. Notification of amendments made in accordance with this Part 45. Amendment to become valid on date made Amendments to schemes to pruuide for later changes in taxation 46. Amendment to provide for variations as result of later taxation changes 47. No reductions to be made except to make benefits secure PART IV 1'RANsmONAL PROVISIONS RELATING TO PosmON OF ScHEMEs APPROVED UNDER SUPERANNUATION ScHEMEs ACT Closing date for applications for approval 49. Registration of approved schemes 50. Effect of cancellation of approval 51. Application to cancel approval of scheme that is not to become registered 52. Cancellation of approval of certain overseas schemes 53. Position of schemes that are still approved as at 31 March Position where two OT mote approved schemes share trust deed 55. Certain provisions in trust deed obsolete 56. Certain references to approved schemes deemed to include references to registered schemes 57. Effect of new withholding tax on contributions to Class A funds PART V ANNurrn:s 58. Interpretation Reductions in annuities as result of Income Tax Amendment Act Reduction of annuities granted before 1 April Approval of Government Actuary needed if reduction in net benefits 61. Other powers to reduce benefits not affected Non-commutable and non-assignable annuities 62. Non commutable and non assignable annuities Miscellaneous 63. Objections and appeals against decisions of Government Actuary 64. Power of Government Actuary to require information 65. Personal liability 66. Fees 67. Regulations Schedules 1989, No. 10 An Act to provide for the registration of superannuation schemes, and to l!rovide a procedure to enable both benefits payable from superannuation schemes and annuities to be reduced as a result of changes in taxation [22 March 1989 BE IT ENACTED by the Parliament of New Zealand as follows: 1. Short Tide and commencement-(i) This Act may be cited as the Superannuation Schemes Act (2) Section 32 of this Act shall come into force on the 1st day of April (3) Except as provided in subsection (2) of this section, this Act shall come mto force on the day on which it receives the Royal assent. 2. Interpretation-( 1) In this Act, unless the context otherwise requires,- "Actuary" means a person who is a Fellow of the New Zealand Society of Actuaries:

3 164 Superannuation Schemes 1989, No. 10 "Administration manager", in relation to any superannuation scheme, means the person (if any) to whom the trustees have contracted some or all of the administration of the scheme: "Auditor" means a person who is the holder of a certificate of public practice issued by the New Zealand Society of Accountants: "Beneficiary" means a natural person who is eligible to receive a benefit from a superannuation scheme: "Benefit" means any lump sum, annuity, pension, allowance, refund, or other payment arising from membership of a superannuation scheme: "Employee" means any person who is engaged to work, or works, under a contract of service or apprenticeship with an employer: "Employer" means any person who pays, or is liable to pay, to any person (being an employee within the meaning of this subsection) any earnings as an employee: "Government Actuary" includes any person for the time being authorised by delegation by the Government Actuary to exercise or perform any of the powers or functions of the Government Actuary: "Investment manager", in relation to any superannuation scheme, means a person (if any) to whom the trustees have contracted the investment of some or all of the funds of the scheme: "Member" means a natural person who has been admitted to membership of a superannuation scheme and who is, or may become, entitled to benefits under the scheme: "Registered superannuation scheme" or "registered scheme" means a superannuation scheme that, for the time being, is regtstered under this Act: "Solicitor" means a person enrolled as a barrister and solicitor of the Court under or by virtue of the Law Practitioners Act 1982: "Superannuation scheme" or "scheme" means- (a) Any trust established by its trust deed principally for the purpose of providing retirement benefits to beneficiaries who are natural persons; or (b) Any arrangement constituted under an Act of the Parliament of New Zealand, other than the Social

4 1989, No. 10 Superannuation Schemes 165 Security Act 1964, principally for the purpose of providing retirement benefits to natural persons: "Trustees",- (a) In relation to a superannuation scheme established under a trust deed, means the persons who are designated as such in the trust deed, or the successors of those trustees, and who have the responsibility for administering the trusts governing the superannuation scheme: (b) In relation to a superannuation scheme constituted under an Act of the Parliament of New Zealand, means the person or persons appointed to administer the scheme: "Trust deed" means the trust deed that sets out the trusts gove~g a s.uperannuation scheme, as amended from tune to tune. (2) For the purposes of this Act and any regulations made under this Act, a superannuation scheme shall be deemed to operate on the principle of unallocated funding if the contributions to the scheme are not allocated on a defined basis to individual members. PART I REGISTRATION OF SUPERANNUATION SCHEMES S. Applications for registration of scheme governed by trust deed-(i) The trustees of any superannuation scheme (a) That is governed by a trust deed that is interpreted and administered in accordance with New Zealand law; and (b) That has at least one trustee who is a New Zealand resident,- may apply to the Government Actuary for registration of the scheme. (2) Every such application shall be accompanied by a copy of the trust deed and of every amendment to the trust deed. 4. Applications for registration of scheme constituted under Act of Parliament-(I) The person appointed to administer any superannuation scheme that is constituted under an Act of the Parliament of New Zealand may apply to the Government Actuary for registration of the scheme. (2) Every such application shall be accompanied by a copy of the Act of Parliament and any other documents governing the scheme.

5 166 Superannuation Schemes 1989, No Matters required to be specified in application Every application for registration shall specify the matters set out in the First Schedule to this Act. 6. Registration of schemes-( 1) The Government Actuary shall register a scheme within 14 days after receiving the application and the documents required to accompany the application. (2) The registration shall be deemed to take effect on whichever date is the latest of- (a) The commencement date of the scheme: (b) The date on which the Government Actuary received the application and the documents required to accompany the application: (c) Such date as may be determined by agreement between the trustees and the Government Actuary. Trust deeds 7. Content of trust deeds-the trust deed of every registered superannuation scheme shall specify the following matters: (a) The conditions of entry of members to the scheme: (b) The conditions as to termination of membership of the scheme: (c) The contributions payable: (d) The conditions under which benefits become payable and the way in which the benefits are to be aetermined: (e) The number of trustees, and provision for their appointment and retirement: (f) The circumstances in which the scheme may be wound up, and the way in which the assets of the scheme are to be distributed in the event of a winding up. 8. Implied provisions as to investment of scheme money-the followinglrovisions shall be implied in every trust deed of a registere superannuation scheme: (a) That all money belonging to the scheme and available for investment shall be invested in accordance with the provisions of the Trustee Act 1956 as to the mvestment of trust funds; and (b) That, notwithstanding anything to the contrary in section 13D (1) of that Act, the trustees and any investment manager of the scheme shall, in exercising the power of investment, exercise the care, diligence, and skill

6 1989, No. 10 Superannuation Schemes 167 required of that person by section 136 or section 13c of that Act, as is applicable. 9. Implied provision as to amendments reducing accrued benefits, etc.-there shall be implied in every trust deed of a registered superannuation scheme a provision that no amendment of the trust deed which would have the effect of- (a) Reducing, postponing or otherwise adversely affecting the benefits, whether vested, contingent, or discretionary, that may in due course flow from, or are attributable to, membership of the scheme up to the date the amendment is made; or (b) Removing any right of the members or other beneficiaries to participate in the management of the scheme; or (c) Increasing the contributions, fees, or charges payable by any member; or (d) Providing for the reversion of any assets of the scheme to any employer to any greater extent than already provided for in the trust deed,- shall be made without the written consent of every member, and of every other beneficiary who is in receipt of a benefit under the scheme at the date the amendment is made, who would be adversely affected by the amendment. 10. Implied provision as to reversion of scheme assets to employer-there shall be implied in every trust deed of a registered superannuation scheme that pr<?vides for the reversion of any assets of the scheme to any employer, a provision that no part of the assets shall so revert without the prior written consent of the Government Actuary. 11. Application and enforcement of implied provisions-( 1) Sections 8 to 10 of this Act shall apply notwithstanding anything to the contrary in the trust deed. (2) Every provision implied in a trust deed in accordance with sections 8 to 10 of this Act shall be enforceable by the trustees or any member of the scheme. 12. Amendment of trust deeds-(i) The trustees of a registered superannuation scheme shall, before any amendment is made to the trust deed,- (a) Give a certificate that the trust deed, when amended as proposed, will comply with section 7 of this Act, and will not contain any provision that is contrary to those implied by sections 8 to 10 of this Act; or

7 168 Superannuation Schemes 1989, No. 10 (b) Obtain a certificate to that effect from the administration manager of the scheme or a solicitor. (2) Within 14 days after any amendment to the trust deed is made, the trustees shall lodge a copy of that certificate and a copy of the amendment with the Government Actuary. Financial information 18. Accounts-(I) The trustees of a registered superannuation scheme shall ensure that- (a) Proper books of account are kept in respect of the scheme; and (b) Annual accounts are prepared in respect of the scheme; and (c) Those annual accounts are audited by an auditor. (2) The annual accounts in respect of the scheme need not be audited if- (a) The scheme is fully managed by an administration manager that provides to the Government Actuary annual audited accounts in respect of its total business; and (b) That administration manager has prepared annual accounts in respect of the scheme; and (c) The auditor of the administration manager certifies annually that adequate accounting systems, records, and methods of internal control are in place to ensure that the accounts prepared by the administration manager in respect of each scheme fully managed by the administration manager correctly present each scheme's financial affairs; and (d) The administration manager certifies that the accounts prepared in respect of the scheme correctly present Its financial affairs; and (e) The trustees certify that- (i) All of the contributions made to the scheme during the financial year were passed promptly to, and all of the benefits paid during the financial year were paid by, the administration manager of the scheme; and (ii) The trustees hold no funds. 14. Annual reports-(i) The trustees of a registered superannuation scheme shall, within 6 months after the end of each financial year, prepare a report on the scheme for that year.

8 1989, No. 10 Superannuation Schemes 169 (2) The annual report shall include the matters specified in the Second Schedule to this Act. (3) The trustees shall, on completing any such report, send a copy to the Government Actuary. 15. Actuarial examination-(l) If a registered superannuation scheme- (a) Operates on the principle of unallocated funding; or (b) Provides benefits that are dependent upon the contingencies of human life, ana the risks associated with those benefits are not fully insured with a company engaged in the business of life insurance,- the trustees sliall ensure that an actuary examines the financial position of the scheme as at dates that are no more than 3 years apart. (2) The trustees shall ensure that the report of the actuary in respect of each such examination is received no later than 9 months after the date as at which the financial position of the scheme was examined. (3) The trustees shall, on receiving any such report, send a copy to the Government Actuary. Members' rights to information 16. Rights to infonnation before becoming member of registered superannuation scheme-each person, before becoming a member of a registered superannuation scheme, shall- (a) Be advised in writing of- (i) The contributions payable: (ii) The charges or fees (if any) that the members may have to pay in addition to contributions: (ill) The member's principal rights and benefits, including rights and benefits upon the scheme being wound up: (iv) Any circumstances which it would be reasonable to expect the trustees to foresee in which, given the nature of the scheme, any benefit could be expected to reduce over time: (v) Any circumstances which it would be reasonable to expect the trustees to foresee in which, given the nature of the scheme, any member could be expected to receive less from the scheme than the contributions made by the member:

9 170 Superannuation Schemes 1989, No. 10 (vi) The member's right to request the information required to be supplied by section 1 7 (b) of this Act: (b) Be given a copy of the most recent annual report of the trustees, or, if there is no such report, be advised in writing of- (i) The names of the trustees and any administration manager and every investment manager of the scheme (if any); and (ii) The name and address of the person to whom all correspondence from the members to the trustees should be sent. 17. Members' rights to information-each member of a registered superannuation scheme shall- (a) Be given, within 6 months of the close of each financial year of the scheme, a copy of the annual report of the trustees in respect of that year; and (b) Have the right, upon request,- (i) To receive an estimate of the member's benefits: (ii) To look at, at any reasonable time, a copy of the trust deed, or a copy of any report of an actuarial examination required under section 15 of this Act: (iii) To receive, upon payment of a reasonable fee, a copy of the trust deed or a copy of any such report. Non-resident trustees 18. Non-resident trustees-the trustees of any registered superannuation scheme that is not constituted under an Act of the Parliament of New Zealand shall notify the Government Actuary as soon as practicable after the scheme ceases to have a trustee who is a New Zealand resident. Powers of Government Actuary as to cancellation of registration, etc. 19. Cancellation of registration-(i) The Government Actuary may cancel the registration of a superannuation scheme- (a) If a scheme that is not constituted under an Act of the Parliament of New zealand ceases to have a trustee who is a New Zealand resident; or (b) If the Government Actuary is satisfied on reasonable grounds that the scheme is no longer a superannuation scheme within the meaning of section 2 of this Act, and the Government Actuary has given not less than 28 days' notice in writing to the trustees.

10 1989, No. 10 Superannuation SchemeJ 171 (2) The Government Actuary shall cancel the registration of a superannuation scheme upon receipt of an application by the trustees, if the Government Actuary is satisfied that the members and other beneficiaries of the scheme have been advised of the consequences of the scheme ceasing to be registered. (3) Where the registration of a scheme is cancelled, each provision set out in sections 8 to 10 of this Act shall continue to be implied in the trust deed of the scheme unless- (a) Evidence has been produced to the Government Actuary to his or her satisfaction that all of the members and other beneficiaries of the scheme have consented to the provision no longer applying; or (b) In any other case the Government Actuary has notified the trustees in writing that he or she is satisfied that the provision is no longer necessary. 20. Powers of Government Actuary in event of scheme operating in contravention of this Act, etc.-( 1) If, in respect of any registered superannuation scheme, the Government Actuary has reasonable cause to believe that- (a) The scheme is not operating in accordance with this Act, and any regulations made under this Act, or fails to meet any requirements of this Act or any such regulations; or (b) The financial position of the scheme, or the security of benefits, or the management of the scheme, is inadequate,- the Government Actuary may direct the trustees to supply all members of the scheme with such infonnation as the Government Actuary may specify, and may, upon giving 28 days' notice in writing to the trustees,- (c) Cancel the registration of the scheme; or (d) Direct the trustees or the administration manager or the investment manager, as the case may be, to operate the scheme in a specified manner; or (e) Order that the scheme be wound up. (2) The Government Actuary shall not give a direction under subsection (1) (d) of this section if the operation of the scheme in accordance with the direction would be contrary to the provisions of the trust deed or, in relation to a superannuation scheme constituted under an Act of the Parliament of New Zealand, the provisions of the documents governing the scheme.

11 172 Superannuation Schemes 1989, No. 10 (3) If the Government Actuary has reasonable cause to believe that any registered superannuation scheme has no members or other beneficiaries, the Government Actuary may, upon giving 28 days' notice in writing to the trustees,- (a) Cancel the registration of the scheme; or (b) Order that the scheme be wound up. Winding up of registered schemes 21. Winding up of registered schemes-( 1) Where a registered superannuation scheme is wound up, the trustees (a) Shall, within 14 days after a winding up resolution is made, lodge a copy of that resolution with the Government Actuary: (b) Shall ensure that final accounts of the scheme, showing the financial position of the scheme as at the date on which the winding up takes effect, are prepared: (c) Shall ensure that those final accounts are audited or, in an appropriate case, that the recluisite certificates in respect of t hose accounts are provided in accordance with section 13 (2) of this Act: (d) Shall, as soon as practicable after the final accounts have been audited or those certificates have been provided,- (i) Send a copy of those accounts to the Government Actuary and to every person who was a member of the scheme immediately before it was wound up; and (ii) Advise the Government Actuary and the members in writing as to the manner in which the assets of the scheme are to be distributed: (e) Shall inform the Government Actuary of the date on which the distribution of the assets is completed. (2) Each person who was a member of a registered superannuation scheme immediately before its winding up shall continue to have the right, upon request,- (a) To look at, at any reasonable time, a copy of the trust deed, or a copy of any report of an actuarial examination required under section 15 of this Act: (b) To receive, upon payment of a reasonable fee, a copy of the trust deed or of any such report. (3) Where a scheme is wound up, the registration shall be deemed to be cancelled as soon as the distribution of assets has been completed.

12 1989, No. 10 Superannuation Schemes 173 Reversion l!! assets to employer 22. Consent to reversion of assets to employer-( 1) The Government Actuary shall not give consent to the reversion of any assets of a superannuation scheme to any employer unless satisfied- (a) That sufficient assets would remain to support the accrued benefits of all members and other beneficiaries; and (b) That the reversion is fair and equitable to the members and other beneficiaries, taking into account the manner in which the scheme acquired those assets. (2) For the purposes of subsection (1) of this section, "accrued benefits" means the benefits, whether vested, contingent, or discretionary, which the Government Actuary considers to be attrib~table to membership of the scheme up to the date of the reversion. PART 11 MISCELLANEOUS PROVISIONS 28. Objections and appeals against decisions of Government Actuary-(I) Any person who is dissatisfied with a decision made by the Government Actuary in the exercise of his or her powers, functions, and discretions under this Act may object to that decision by notice in writing to the Government Actuary. (2) Every such objection shall be made within 28 days after notice of the decision is given, or within such extended time as the Government Actuary may allow on application made either before or after the expiration of the 28 day period. (3) The Government Actuary shall, if the person objecting so requests, afford that person an opportunity of being heard by him or her within 28 days after receiving that request. (4) The Government Actuary shall, within 28 days after receiving the objection or holding any hearing requested under subsection (3) of this section, give notice in writing of his or her decision to the person who made the objection. (5) Any person whose objection is disallowed by the Government Actuary may appeal against that disallowance to the High Court. (6) Every appeal under this section shall be heard and determined by the Administrative Division of the High Court. (7) Every such appeal shall be made by notice of appeal, and shcill be lodged with the Registrar of the High Court, together with a duplicate of that notice, within 28 days after the date on

13 174 Superannuation Schemes 1989, No. 10 which the applicant was notified of the disallowance of the objection, or within such further time as the High Court may allow on application made either before or after the expiration of those 28 days. (8) Every such appeal shall be by way of rehearing of the matter in respect of which the Government Actuary made the decision. (9) In its determination of any appeal, the High Court may coirlirm, modify, or reverse the order or decision appealed against. (10) Subject to the provisions of this section, the procedure in respect of any such appeal shall be in accordance with the rules of the High Court. 24. Power of Government Actuary to require information-the Government Actuary may require the trustees or administration manager of any registered superannuation scheme, or any superannuation scheme which has been registered under this Act but has ceased to be so registered, to supply to the Government Actuary such information in respect of the scheme as the Government Actuary may specity. 25. Offences-(I) Every person commits an offence against this Act, and is liable on summary conviction to a fine not exceeding $500, who refuses or fails- (a) To deliver any document or statement or report or copy or certificate; or (b) To ~upply ~y return or to give any certificate or mformatlon,- as and when required by this Act or any regulations made under this Act. (2) Every person commits an offence, and is liable on summary conviction to a fine not exceeding $1,000, who (a) Refuses or fails to carry out any direction or order of the Government Actuary made under section 20 of this Act; or (b) Makes any statement or supplies any report or certificate required by this Act Knowing that it is false or misleading; or (c) Advertises or otherwise promotes, or describes in a written form, a registered superannuation scheme as a unit trust.

14 1989, No. 10 Superannuation Schemes 175 (3) Where an}' company commits an offence against this Act, every officer of the company who knowingly authorises or permits the offence also commits an offence against this Act. 26. Secrecy-No person, being- (a) The Government Actuary or a former Government Actuary; or (b) An officer or employee in the service of the Government Actuary; or (c) A person who was formerly in the service of the Government Actuary,- shall be required to produce in any Court or tribunal any book or document, or to divulge or communicate to any Court or tribunal any matter or thing comin9" under that person's notice in the performance of that person s duties, except when it is necessary to do so for the purposes of carrying into effect any provision of this Act or any regulations made under this Act. 27. Personal liability-neither the Government Actuary, nor any person in the service of the Government Actuary, shall be personally liable for any act done or omitted to be done by the Government Actuary or any such person in good faith in pursuance or intended pursuance of the functions or powers of the Government Actuary under this Act. 28. Annual report by Government Actuary-(I) The Government Actuary shall, within 3 months after the end of every financial year, report to the Minister of Finance on the principal matters transacted under or pursuant to this Act auring that year. (2) Every such report shall be laid before the House of Representatives by that Minister as soon as practicable after having been received. 29. Fees-Where any fee is payable in accordance with any regulations made under this Act, the Government Actuary may decline to take any action in respect of the matter for which the fee is payable, or decline to accept the document to which the fee relates, unless the fee, or an estimate of the fee, has been paid. 80. ReguIations-The Governor-General may from time to time, by Order in Council, make regulations for all or any of the following purposes:

15 176 Superannuation Schemes 1989, No. 10 (a) Prescribing the fees payable, or the rate at which fees are to be calculated, for applications for registration of schemes, for the lodging of amendments to schemes, and for the making of statements, requests, returns, certificates, reports, applications and the giving of notices required under this Act, or any regulations made under this Act: (b) Providing for such matters as are contemplated by or necessary for giving full effect to the provisions of this Act and the full administration thereof. 81. Consequential a.m.endments-( 1) The enactments specified in the Third Schedule to this Act are hereby consequentially amended in the manner indicated in that Schedule. (2) The Reserve Bank. of New Zealand Amendment Act 1975 is hereby consequentially repealed. 82. Repeals, revocations, and consequential amendments taking effect on I April 1990-( 1) The following enactments are hereby repealed as from the commencement of the 1st day of April 1990: (a) The Superannuation Schemes Act 1976: (b) The Superannuation Schemes Amendment Act 1982: (c) The Superannuation Schemes Amendment Act (No. 2) 1982: (d) The Superannuation Schemes Amendment Act (2) The following regulations are hereby revoked as from the commencement of the 1 st day of April 1990: (a) The Superannuation Schemes Regulations 1983 (S.R. 1983/34): (b) The Superannuation Schemes Regulations 1983, Amendment No. 1 (S.R. 1984/65): (c) The Superannuation Schemes Regulations 1983, Amendment No. 2 (S.R. 1987/59). (3) The enactments specified in the Fourth Schedule to this Act are hereby consequentially amended in the manner indicated in that Schedule as from the commencement of the 1st day of April Savings-Notwithstanding the repeal of the Superannuation Schemes Act 1976 (as amended by the Superannuation Schemes Amendment Act 1987) by section 32 of this Act, all superannuation annuities, superannuation allowances, annuities, amounts, expenses, and refunds that are

16 1989, No. 10 Superannuation Schemes 177 payable out of the Consolidated Account under sections 5A (2), 6 (4), and 7 (6) of that Act (which relate to certain payments out o( the Consolidated Account as a result of the dissolution of the New Zealand Superannuation Corporation and the New Zealand Superannuation Scheme) shall continue to be so payable as it those sections and section 5A (3) of that Act had not been repealed. PART III TRANSITIONAL PROVISIONS RELATING TO REDUCTION OF BENEFITS AS RESULT OF CHANGES IN TAXATION Amendments to schemes as result of Income Tax Amendment Act Definition of "approved New Zealand scheme"-in this Part and Part IV of this Act, "approved New Zealand scheme"- (a) Means a superannuation scheme that is approved for the time being by the Government Actuary under the Superannuation Schemes Act 1976; but (b) Does not include a superannuation scheme that is constituted outside New Zealand and that is approved or classified by the Government Actuary under regulation 29 or regulation 30 of the Superannuation Schemes Regulations Application for amendment as result of taxation changes in Income Tax Amendment Act (1) Where- (a) It is proposed that an approved New Zealand scheme be amended to take account of changes in taxation that arise as a consequence of the passing of the Income Tax Amendment Act 1989; and (b) The prorosed amendment provides for reductions in the leve of benefits,- the trustees may apply to the Government Actuary for approval to make the amendment. (2) Every such application shall be accompanied by- (a) A copy of the proposed amendment to the trust deed or, in relation to a superannuation scheme constituted under an Act of the Parliament of New Zealand, to the documents governing the scheme; and (b) The summary of the proposed amendment that is to be sent to members and other beneficiaries pursuant to section 36 (b) of this Act.

17 178 Superannuation Schemes 1989, No Members and beneficiaries to be notified of application under this Part-The trustees shall, as soon as practicable after making any application under section 35 of this Act 1 - (a) Advise all members and other beneficiaries in writing that an application has been made to the Government Actuary for approval to amend the scheme to reduce the level of benefits; and (b) Give all members and other beneficiaries a summary of the proposed amendment. 37. Time limits for making applications under this Part-Every application under this Part of this Act shall be made- (a) Before the 1st day of January 1990; and (b) Before an application for registration of the scheme under Part IV of this Act is lodged. 38. Effect of amendment under this Part-( 1) Any amendment that is made- (a) In accordance with the provisions of this Part of this Act; and (b) Before the 1st day of April 1990; and (c) Before any application for registration is lodged under Part IV of this Act; and (d) After the approval of the Government Actuary has been obtained,- shall be lawful. (2) Subsection (1) of this section shall apply notwithstanding that consent of the members and other beneficiaries has not been obtained, or that the amendment may otherwise be contrary to the terms of the trust deed. (3) The power to amend a scheme in accordance with this Part shall be without prejudice to any other power to amend the scheme in any otn.er lawful manner. 39. Effective date of reductions-an amendment to an approved New Zealand scheme under this Part of this Act shall be unlawful to the extent that it provides- (a) That the reductions in the levels of periodic pensions being paid from the scheme as at the date the amendment is made are to take effect at any date other than the first pension payment date after the 31 st day of March 1990; or

18 1989, No. 10 Superannuation Schemes 179 (b) That the reductions in the levels of benefits other than pensions being paid from the scheme as at the date the amendment is made are to take effect before that date. 40. Principles governing amendments to reduce benefits-in proposing any amendment under section 35 of this Act, the trustees snall ensure that the following principles are taken into account: (a) That the reductions in benefits attributable to membership of the scheme before the reductions take effect should be no more than are necessary to ensure that the financial position of the scheme in respect of those benefits is maintained as if the changes to the taxation of investment income of the scheme contained in the Income Tax Amendment Act 1989 had not been enacted; and (b) That the periodic pensions being received by any pensioners who are New Zealand residents should not be expected to decrease, after allowing for the fact that no deductions in respect of income tax will be made from the pensions as from the 1st day of April 1990, unless greater reductions to pensions are necessary to make the benefits of the scheme secure, in which case the reductions to pensions should be no more than are necessary to make the benefits of the scheme secure: (c) That reductions are minimised in the case of pensions that will be payable to persons who are to retire shortly after the amendment is made and who are New Zealand residents, after allowing for the fact that no deductions in respect of income tax will be made from the pensions as from the 1 st day of April 1990; and (d) That reductions are minimised in the case of lump sum retirement benefits that will be payable shortly after the amendment is made; and (e) That reductions in benefits are equitable as between all members and other beneficiaries.

19 180 Superannuation Schemes 1989, No Grounds on which approval may be given-the Government Actuary shall approve a proposed amendment under this Part of this Act if- (a) The proposed amendment provides for no alterations to the terms and conditions of the scheme other than alterations to take account of changes in taxation that arise as a consequence of the passing of the Income Tax Amendment Act 1989; and (b) The Government Actuary has been provided with a copy of an opinion of an actuary confirming that the principle set out in section 40 (a) of this Act has been satisfied, and the Government Actuary agrees with that opinion; and (c) The Government Actuary is satisfied that- (i) The principles set out in paragraphs (b), (c), and (d) of section 40 of this Act have, to the extent practicable in the circumstances, been satisfied; and (ii) The reductions in benefits are equitable as between all members and other beneficiaries. 42. Uniform reduction in existing pensions may be regarded as equitable-any reduction in the levels of pensions that are payable may, notwithstanding that the reduction does not take account of the ages of the pensioners concerned, be regarded as eg,uitable for the purposes of sections 40 and 41 of this Act, if It is not expected to result in a decrease in the periodic pensions being received by any pensioners who are New Zealand residents, after allowing for the fact that no deductions in respect of income tax will be made from the pensions as from tl'le 1st day of April Uniform reduction in existing and future pensions may be regarded as equitable-any reduction in- (a) The levels of pensions that are payable; or (b) In the case of an)' pensions that commence in the future, the levels of that part of those pensions that is attributable to membership of the scheme before the reductions take effect,- may, notwithstanding that the reduction does not take account of the ages of the members or other beneficiaries concerned, be re~arded as equitable for the purposes of sections 40 and 41 of this Act, if it is not expected to result in a decrease in the periodic pensions being received by any pensioners who are

20 1989, No. lo Superannuation Schemes 181 New Zealand residents, after allowing for the fact that no deductions in respect of income tax will be made from the pensions as from the 1 st day of April Notification of amendments made in accordance with this Part-( 1) A cory of every amendment made in accordance with this Part of this Act shall, within 14 days after the amendment is made, be lodged by the trustees with the Government Actuary. (2) The trustees shall ensure that all members and other beneficiaries- (a) Are notified as soon as practicable after the amendment has been made: (b) Are given, if the reductions are different from those proposed in the original application, a summary of the amendment. 45. Amendment to become valid on date made-every amendment made in accordance with this Part of this Act shall become valid on the date on which it is made. Amendments to schemes to provide for later changes in taxation 46. Amendment to provide for variations as result of later taxation changes-notwithstanding anything in section 41 (a) of this Act, an amendment proposed in accordance with this Part of this Act may include or consist of a provision to enable the trustees to vary benefits at any future time to take account of changes in taxation that may arise later (other than as a result of the passing of the Income Tax Amendment Act 1989). 47. No reductions to be made except to make benefits secure-any provision proposed in accordance with section 46 of this Act shall provide that no reductions in benefits shall be made until- (a) The Government Actuary has been provided with a copy of an opinion of an actuary confirming that the reductions are no more than are necessary to make the benefits of the scheme secure, and the Government Actuary has confirmed in writing to the trustees that he or she agrees with that opinion; and (b) The Government Actuary has confirmed in writing to the trustees that he or she is satisfied that the reductions in benefits are equitable as between all members and other beneficiaries.

21 182 Superannuation Schemes 1989, No. 10 PART IV TRANSITIONAL PROVISIONS RELATING TO POSITION OF SCHEMES APPROVED UNDER SUPERANNUATION SCHEMES ACT Closing date for applications for approval (1) Notwithstanding section 12 of the Superannuation Schemes Act 1976, no application shall be made to the Government Actuary after tiie 30th day of September 1989 for approval under that Act for any superannuation scheme. (2) No application shall be made to the Government Actuary after the 31st day of March 1989 for aj?proval under regulation 29 or regulation 30 of the Superannuation Schemes Regulations 1983 for any scheme that is constituted outside New Zealand. (3) No application shall be made to the Government Actuary after the 30th day of September 1989 for approval for an amendment to a trust deed of any superannuation scheme under the Superannuation Schemes Regulations Registration of approved schemes-(i) Nothing in section 3 or section 4 of this Act shall apply to an approved New Zealand scheme. (2) The trustees of an approved New Zealand scheme may, before the 1st day of April 1990, apply under this section to the Government Actuary for the registration of the scheme under this Act. (3) Upon receipt of such an application, the Government Actuary shall- (a) Cancel the approval of the scheme under the Superannuation Schemes Act 1976 with effect from the close of the day on which the application was received; and (b) Register the scheme under this Act with effect from the commencement of the day after that day,- unless later dates are determined by agreement between the trustees and the Government Actuary as the dates on which the approval of the scheme is to be cancelled and the scheme is to be registered. 50. Effect of cancellation of approval-as from the date on which the registration of a scheme under section 49 (3) of this Act takes effect, the Superannuation Schemes Act 1976 and the Superannuation Schemes Regulations 1983 shall cease to apply to the scheme, except that- (a) In the case of a scheme which was classified as an employee pension superannuation scheme or as a

22 1989, No. 10 Superannuation Scheme!. 183 (b) In personal pension superannuation scheme under the Superannuation Schemes Act 1976, the pensions that are payable to those beneficiaries who, at the date on which the cancellation of approval takes effect, are receiving pensions from the scheme, shall be subject, until the close of the 31 st day of March 1990, to the provisions of the Superannuation Schemes Act 1976 and the Superannuation Schemes Regulations 1983 as if that Act and those regulations continued to apply to the scheme: the case of a scheme which was classified as an employee lump sum superannuation scheme or a personal lump sum superannuation scheme under the SuperannuatIon Schemes Act 1976, and which has a Class A fund (as defined in section 2A or section 2B of that Act, as the case may be) as at the date on which the cancellation of apflroval takes effect, the scheme may, until the close of the 31st day of March 1990, continue to have a Class A fund, With the amount of the Class A fund being determined- (i) As if the Superannuation Schemes Act 1976 and the Superannuation Schemes Regulations 1983 continued to apply to the scheme; and (ii) In accordance with section 57 of this Act. 51. Application to cancel approval of scheme that is not to become registered-( 1) The trustees of an approved New Zealand scheme who have not lodged an application for registration may, before the 1st day of April 1990, request the Government Actuary to cancel the approval of the scheme under the Superannuation Schemes Act (2) Upon receipt of such a request, the Government Actuary shau cancel the approval of the scheme, with effect from the close of the day on which the application was received, upon being satisfied that- (a) The members and other beneficiaries of the scheme have been advised of the effect of the scheme being neither approved nor registered; and (b) Adequate arrangements have been made for the continuation of any pensions payable under the scheme in accordance with sudsection (3) of this section. (3) As from the close of the day on which the Government Actuary cancels the approval of the scheme, the

23 184 Superannuation Schemes 1989, No. 10 Superannuation Schemes Act 1976 and the Superannuation Schemes Regulations 1983 shall cease to apply to the scheme, except that in the case of a scheme which was classified as an employee pension superannuation scheme or as a personal pension superannuation scheme under the Superannuation Schemes Act 1976, the pensions that are payable to those beneficiaries who, at the date the cancellation of approval takes effect, were receiving pensions from the scheme shajl, until the close of the 31st day of March 1990, be subject to the provisions of the Superannuation Schemes Act 1976 and the Superannuation Schemes Regulations 1983 as if that Act and those regulations continued to apply to the scheme. 52. Cancellation of approval of certain overseas schemes-where a superannuation scheme constituted outside New Zealand was approved or classified by the Government Actuary under regulation 29 or regulation 30 of the Superannuation Schemes Regulations 1983, the Government Actuary shall cancel the approval of the scheme with effect from the close of the 31st day of March Position of schemes that are still approved as at 31 March 1990-If an application for registration under this Act has not been received before the 1 st day of April 1990 in respect of any approved New Zealand scheme,- (a) The approval of the scheme under the Superannuation Scnemes Act 1976 shall be cancelled with effect from the close of the 31st day of March 1990; and (b) The scheme shall be deemed to be registered under this Act with effect from the commencement of the 1st day of April Position where two or more approved schemes share trust deed-where 2 or more approved New Zealand schemes are constituted under the same trust deed,- (a) Each scheme may be separately registered, notwithstanding the definition of the term "superannuation scheme" in section 2 of this Act: (b) The trustees may apply to the Government Actuary to register one scheme in place of the registration of any 2 or more of those sch.emes. 55. Certain provisions in trust deed obsolete-(i) This section applies to a registered superannuation scheme which before its registration was an approved New Zealand scheme.

24 1989, No. 10 Superannuation Schemes 185 (2) Where the trust deed of a scheme to which this section applies contains a provision to the effect that- (a) No amendment of the trust deed shall be made until the Government Actuary has notified the trustees that the amendment will not affect the approval of the scheme; or (b) No amendment of the scheme shall take effect until the Government Actuary has approved the amendment,- that provision shall be of no effect and shall be deemed to have been omitted from the trust deed. 56. Certain references to approved schemes deemed to include references to registered schemes-any provision in a trust deed of a superannuation scheme, or, in relation to a superannuation scheme constituted under an Act of the Parliament of New Zealand, in the documents governing the scheme, that provides for the transfer of any amount to another approved superannuation scheme shall be read and construed as if it also provided for the transfer of that amount to any registered superannuation scheme. 57. Effect of new withholding tax on contributions to Class A funds-( 1) This section applies to any scheme- (a) That was, as at the 1st day of April 1989, classified by the Government Actuary as an employee lump sum superannuation scheme; and (b) That has a Class A fund (as defined in section 2A of the Superannuation Schemes Act 1976). (2) The amount of contributions that have been identified by the Government Actuary as contributions that will form the Class A fund of any such scheme shall not be affected by the liability to par withholding tax on employer contributions after the 1st day 0 April 1989; and the same net of tax amount may continue to be paid to the Class A fund after that date. PART V ANNUITIES 58. Interpretation-In this Part of this Act, unless the context otherwise requires,- "Actuary" means a person who is a Fellow of the New Zealand Society of Actuaries: "Government Actuary" includes any person for the time being authorised by delegation by the Government

25 186 Superannuation Schemes 1989, No. 10 Actuary to exercise or perform any of the powers or functions of the Government Actuary. Reductions in annuities as result cif Income Tax Amendment Act Reduction of annuities granted before 1 April 1990-It shall be lawful for a company to which section 204 of the Income Tax Act 1976 applies to reduce the amounts of the payments under annuities from the Life Insurance Fund of that company to take account of changes to the taxation of the income of the company in respect of annuities that arise as a consequence of the passing of the Income Tax Amendment Act 1989, provided the following conditions are satisfied- (a) That only annuities granted before the 1st day of April 1990 are so reduced; and (b) That the reductions only take effect at the first annuity payment date after the 31st day of March 1990; and (c) That the annuitants whose annuities are to be reduced are given written notice of the reductions before the 1 st day of February 1990; and (d) That, unless the approval of the Government Actuary has been obtainea under section 60 of this Act, no periodic annuity payments being received by a person who is a New Zealand resident are expected to decrease, after allowing for the fact that no deduction in respect of income tax will be made from the annuity as from the 1st day of April Approval of Government Actuary needed if reduction in net benefits-where any periodic annuity payments being received b}' a person who is a New Zealand resident are to decrease, after allowing for the fact that no deduction in respect of income tax will be made from the annuity as from the 1st day of April 1990, the company shall- (a) Obtain the written opinion of an actuary that the reduction is no more than is necessary to ensure that the financial position of the company in respect of that annuity is maintained as if the changes to the taxation of the income of the company in respect of annuities contained in the Income Tax Amendment Act 1989 had not been enacted; and (b) Provide a copy of that opinion to the Government Actuary before the 1st day of November 1989; and

26 1989, No. 10 Superannuation Schemes 187 (c) Obtain the written approval of the Government Actuary to the reduction. 61. Other powers to reduce benefits not affected-the power to reduce the levels of benefits in accordance with this Part of this Act shall be without prejudice to any other power to reduce the levels of benefits in any other lawful manner. Non-commutable and non-assignable annuities 62. Non-commutable and non-assignable annuities Where a benefit from a superannuation scheme approved under the Superannuation Schemes Act 1976 has been used to purchase a non-commutable annuity or a non-assignable annuity from a life insurance comeany or the National Provident Fund, it shall be lawful for the life insurance company or the National Provident Fund (as applicable) to provide for that annuity to be commuted or assigned at the option of the annuitant at any time on or after the 1st day of April Miscellaneous 6S. Objections and appeals against decisions of Government Actuary-(I) Any person who is dissatisfied with any refusal of the Government Actuary to approve a reduction under this Part of this Act may object to that aecision by notice in writing to the Government Actuary. (2) Every such objection shall be made within 28 days after notice of the decision is given, or within such extended time as the Government Actuary may allow on application made either before or after the expiration of the 28 <fay period. (3) The Government Actuary shall, if the person objecting so requests, afford that person an opportunity of being heard by him or her within 28 days after receiving that request. (4) The Government Actuary shall, within 28 days after receiving the objection or holding any hearing requested under subsection (3) of this section, give notice in writing of his or her decision to the person who made the objection. (5) Any person whose objection is disallowed by the Government Actuary may appeal against that disallowance to the High Court. (6) Every appeal under this section shall be heard and determined by the Administrative Division of the High Court. (7) Every such appeal shall be made by notice of appeal, and shall be lodged with the Registrar of the High Court, together

27 188 Superannuation Schemes 1989, No. lo with a duplicate of that notice, within 28 days after the date on which the applicant was notified of the disallowance of the objection, or within such further time as the High Court may allow on application made either before or after the expiration of those 28 days. (8) Every such appeal shall be by way of rehearing of the matter in respect of which the Government Actuary made the decision. (9) In its determination of any appeal, the High Court may confirm, modify, or reverse the order or decision appealed against. (10) Subject to the provisions of this section, the procedure in respect of any such appeal shall be in accordance with the rules of the High Court. 64. Power of Government Actuary to require information-the Government Actuary may require any company that reduces the amounts of any payments under annuities in accordance with this Part of this Act, or that seeks the approval of the Government Actuary to any such reduction, to supply to the Government Actuary such information in respect of the business of the company in respect of annuities as may reasonably be required by the Government Actuary. 65. Personal liability-neither the Government Actuary, nor any person in the service of the Government Actuary, shall be personally liable for any act done or omitted to be done by the Government Actuary or any such person in good faith in pursuance or intended pursuance of the functions or powers of the Government Actuary under this Part of this Act. 66. Fees-Where any fee is payable in accordance with any regulations made under this Part of this Act, the Government Actuary may decline to approve any reduction under this Part of this Act unless the fee, or an estimate of the fee, has been paid. 67. Regulations-The Governor General may from time to time, by Order in Council, make regulations for all or any of the following purposes- (a) Prescribing the fees payable, or the rate at which fees are to be calculatea, for seeking the approval of the Government Actuary to any reductions under this Part of this Act:

28 1989, No. 10 Superannuation Schemes 189 (b) Providing for such matters as are contemplated by or necessary for giving full effect to the provisions of this Part of this Act and the full administration thereof. SCHEDULES FIRST SCHEDULE Section 5 MATTERS TO BE SPECIFIED IN APPUCATION FOR REGISTRATION (a) The name of the scheme: (b) The commencement date of the scheme: (c) The names of- (i) The trustees of the scheme and, where a trustee is a company, the directors of that company; and (ii) Every administration manager, investment manager, and insurer of the scheme (as applicable): (iii) Any actuaries, auditors, and solicitors acting for the scheme (or the names of their firms): (d) The name and address of any trustee who is a New Zealand resident: (e) The name and address of the person to whom all correspondence from the Government Actuary should be sent: (f) The date upon which the financial year of the scheme ends: (g) A copy of the most recent annual report on, or accounts of, the scheme (if any): (h) In the case of a scheme operating on the principle of unallocated funding- (i) A copy of the most recent report by an actuary concerning the level of contributions sufficient to support the benefits payable to members of the scheme; and (ii) The rates or amounts of contributions that are to be paid: (i) A certificate by the trustees or the administration manager or a solicitor stating that the trust deed complies with section 7 of this Act, and does not contain any provision that is contrary to those implied by sections 8 to 10 of this Act: (j) A copy of the explanatory material that has been, or is intended to be, issued to members or potential members.

29 190 Superannuation Schemes 1989, No. 10 Section 14 SECOND SCHEDULE MA TIERS TO BE SPECIFIED IN ANNUAL REPORT (a) A statement of numerical changes in the membership of the scheme during the financial year: (b) The accounts of the scheme in respect of the financial year: (c) The auditor's report on the accounts of the scheme or, where any such report is not required, the certificates required by section 13 (2) of this Act: (d) A statement by the trustees as to whether all the contributions required to be made to the scheme in accordance with the terms of the trust deed have been made: (e) A certificate by the trustees as to whether all the benefits required to be paid from the scheme in accordance with the terms of the trust deed have been paid: (f) A certificate by the trustees as to whether the market value of the assets of the scheme at the close of the financial year exceeded the total value of benefits that would have been payable had all members of the scheme ceased to be members at that date and had provision been made for the continued payment of all benefits being paid to members and other beneficiaries as at the close of the firiancial year: (g) A notification by the trustees if more than 10% of the market value of the assets of the scheme at any time during the year was invested directly or indirectly (in a way in which it was reasonable for the trustees to be aware) in any employer who is a party to the scheme or in any company or entity associated with any such employer and if so, details of all such investments held during the year: (h) For every scheme where an examination of the financial position and report by an actuary is required under section 15 of this Act (i) A statement as to whether the rates or amounts of contributions paid are in accordance with the recommendations contained in the most recent report of the actuary; and (ii) A summary of any such report received by the trustees since the date of the last annual report of the trustees: (i) A summary of any amendments to the trust deed that have been made since the date of the last annual report of the trustees: d) The names of, and any changes since the last annual report in, the trustees and every administration manager, investment manager, and insurer, and of any actuaries, auditors, and solicitors of the scheme (either by reference to their own names or the names of their firms): (k) The name and address of the person to whom all correspondence from the members to the trustees should be sent.

30 1989, No. 10 Superannuation Schemes 191 THIRD SCHEDULE ENACTMENTS CONSEQUENTIALLY AMENDED Section 31 Enactment Amended Amendment 1950, No. 55-The National Provident Fund Act 1950 (R.S. Vol. 3, p. 723) 1956, No. 47-The Government Superannuation Fund Act 1956 (R.S. Vol. 21, p. 209) 1960, No. 99-The Unit Trusts Act 1960 (R.S. Vol. 10, p. 953) 1964, No. 134-The Reserve Bank of New Zealand Act , No. 35-The Estate and Gift Duties Act 1968 (Reprinted 1976, Vol. 5, p. 3585) 1976, No. 65-The Income Tax Act 1976 (R.S. Vol. 12, p. 1) By repealing section 6 (1) (as substituted by section 2 (1) of the National Provident Fund Amendment Act 1982), and substituting the following subsections: "(1) All money belonging to the Fund and available for investment shall be invested in accordance with the provisions of the Trustee Act 1956 as to the investment of trust funds. "(la) Notwithstanding anything to the contrary in section 130 of the Trustee Act 1956, the Board shall, in exercising the power of investment, exercise the care, diligence, and skill required by section 13c of that Act." By adding to section 61s (1) (c) the words "or is registered under the Superannuation Schemes Act 1989". By adding to section 71K(3) the words "or is registered under the Superannuation Schemes Act 1989". By repealing paragraph (f) of the definition of the term 'unit trust" in section 2 (1), and substituting the following paragraph: "(f) Any superannuation scheme which is approved under the Superannuation Schemes Act 1976 or is registered under the Superannuation Schemes Act 1989; or". By repealing section 49A (as inserted by section 5 of the Reserve Bank of New Zealand Amendment Act 1975). By adding to j>aragraph (c) of the definition of the term 'group superannuation scheme" (as amended by section 2 of the Estate and Gift Duties Amendment Act 1977) the words "or registered under the Superannuation Schemes Act 1989". By repealing paragraph (b) of the definition of the term "superannuation category 3 scheme" in section 2, and substituting the following paragraphs: "(b) A superannuation category 2 scheme; and "(c) A superannuation scheme which is registered under the Superannuation Schemes Act 1989,-".

31 192 Superannuation Schemes 1989, No. 10 THIRD SCHEDULE-continued ENACTMENTS CONSEQUENTIAlLY AMENDED-continued Enactment Amended 1976, No. 65-The In come Tax Act 1976 (R.S. Vol. 12, p. 1) continued 1978, No. 103-The Se curities Act 1978 (R.S. Vol. 15, p. 533) 1981, No. 27-The Credit Contracts Act , No. 114-The Na tional Provident Fund Amendment Act , No. 134-The Area Health Boards Act , No. 20-The State Sector Act 1988 Amendment By repealing paragraph (b) of the definition of the term "superannuation fund" in section 2 (as inserted by section 3 of the Income Tax Amendment Act (No. 3) 1983), and substituting the following paragraphs: "(b) Any superannuation category 2 scheme; or "(c) Any superannuation scheme which is registered under the Sup,erannua. tion Schemes Act 1989 '. By repealing the definition of the term "approved superannuation scheme" in section 2 (1). By repealing paragraph (b) of section 5 (2A) (as substituted by section 12 of the Reserve Bank of New Zealand Amendment Act 1986), and substituting the following paragrar,h:, (b) An interest in a superannuation scheme which is approved under the Superannuation Schemes Act 1976 or is registered under the Superannuation Schemes Act 1989." By inserting, after the definition of the term "real property" in section 2, the following definition: "'Registered superannuation scheme' means a superannuation scheme which is registered under the Superannuation Schemes Act 1989:". By adding to section 15 (1) (j) the words "or a registered superannuation scheme". By repealing section 2. By adding to section 39zH (as substituted by section 4 of the Area Health Boards Amendment Act 1988) the words "or registered under the Superannuation Schemes Act 1989". By omitting from section 84 the words "superannuation fund approved pursuant to the Superannuation Schemes Act 1976", and substituting the words "superannuation scheme which is approved under the Superannuation Schemes Act 1976 or is registered under the Superannuation Schemes Act 1989".

32 1989, No. 10 Superannuation Schemes 193 FOURTH SCHEDULE Section 32 CONSEQ.UENTIAL AMENDMENTS WITH EFFECT ON AND AFTER 1 APRIL 1990 EnactrnentAmended 1956, No. 47-The Government Superan nuation Fund Act 1956 (R.S. Vol. 21, p. 209) 1960, No. 99-The Unit Trusts Act 1960 (R.S. Vol. 10, p. 953) 1968, No. 35-The Estate and Gift Duties Act 1968 (Reprinted 1976, Vol. 5, p. 3585) 1971, No. 51-The Stamp and Cheque Duties Act , No. 58-The Estate and Gift Duties Amendment Act , No. 103-The Securities Act 1978 (R.S. Vol. 15, p. 533) 1981, No. 27-Tbe Credit Contracts Act , No. 134-The Area Health Boards Act , No. 20-The State Sector Act 1988 Amendment By omitting from section 61s (1) (c) the words "is approved under the Superannuation Schemes Act 1976 and classified under that Act as an employee pension superannuation scheme or a personal pension superannuation scheme or". By omitting from section 71K (3) the words "is approved under the Superannuation Schemes Act 1976 and classified under that Act as an employee pension superannuation scheme or a personal pension superannuation scheme or". By omitting from paragraph (f) of the definition of the term 'unit trust" in section 2 (1) the words "is approved under the Superannuation Schemes Act 1976 or". By omitting from paragraph (c) of the definition of the term "group superannuation scheme" the words "approved or deemed to be approved for the time being by the Government Actuary under Part 11 of the Superannuation Schemes Act 1976 or". By omitting from the First Schedule the item relating to the Superannuation Schemes Act 1976 (as added by section 11 (3) of the Superannuation Schemes Act 1976). By repealing section 2. By OInitting from paragraph (b) of section 5 (2A) the words "is approved under the Superannuation Schemes Act 1976 or". By repealing the definition of the term "approved superannuation scheme" in section 2. By omitting from section 15 (1) (j) the words "an approved superannuation scheme or". By omitting from section 39zH the words "approved pursuant to the Superannuation Schemes Act 1976 or". By omitting from section 84 the words "is approved under the Superannuation Schemes Act 1976 or". This Act is administered in the Treasury. A-8

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