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Legislation
A variety of legislation has been created to manage the delivery and entitlements of retirement income. Some key legislation includes:
New Zealand Superannuation and Retirement Income Act 2001
This Act prescribes current entitlements to New Zealand Superannuation; provides for the New Zealand Superannuation Fund (to help manage the ongoing provision of New Zealand Superannuation); continues the Office of the Retirement Commissioner and sets out the Commissioner’s functions, powers and duties. The Act also prescribes a process for signalling political agreement on the parameters for New Zealand Superannuation entitlements and funding.
KiwiSaver Act 2006
This Act prescribes the framework for the voluntary savings initiative known as KiwiSaver, which aims to encourage a long-term savings habit and asset accumulation by individuals to help members financially prepare for retirement, and to provide other benefits. The Act governs KiwiSaver schemes, and provides for the appointment of default KiwiSaver scheme providers.
Superannuation Schemes Act 1989
This is an Act created to provide for the registration and governance of superannuation schemes, including in areas such as reporting, accounting and transfers between schemes.
KiwiSaver schemes are governed by this Act as well as the KiwiSaver Act.
Securities Markets Act 1988
This Act’s purposes include outlining the information investment advisers and investment brokers need to disclose to the public.
Securities Act 1978
This Act establishes the Securities Commission and regulates offers of securities (which include membership of a superannuation or KiwiSaver scheme) to the public by requiring disclosure of information to potential and existing investors.
In 2003 the Commission for Financial Literacy and Retirement Income gained new functions under the Retirement Villages Act 2003.
Retirement Villages Act 2003
The purpose of this Act is to protect the interests of residents and intending residents of retirement villages and to enable the development of retirement villages under a readily understandable legal framework.
For full copies of the Acts outlined here visit www.legislation.govt.nz.
