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New Zealand Superannuation and Retirement Income Amendment Bill (Consistent) [2013] NZBORARp 34 (6 September 2013)

Last Updated: 7 April 2019

New Zealand Superannuation and Retirement Income Amendment Bill

6 September 2013

Attorney-General

Legal Advice


Consistency with the New Zealand Bill of Rights Act 1990: New Zealand Superannuation and Retirement Income Amendment Bill


  1. We have considered whether the New Zealand Superannuation and Retirement Income Amendment Bill (‘the Bill’) is consistent with the rights and freedoms affirmed in the New Zealand Bill of Rights Act 1990 (‘the Bill of Rights Act’). We understand that the Bill will be considered by the Cabinet Legislation Committee at its meeting on Thursday 19 September 2013.

The Bill


  1. The purpose of the Bill is to facilitate the efficient and effective investment of the New Zealand Superannuation Fund (‘the Fund’). The Bill amends the New Zealand Superannuation and Retirement Income Act 2001 (‘the Act’) to allow the Guardians of New Zealand Superannuation (‘the Guardians’) to control entities formed for the purpose of holding, facilitating or managing the investments of the Fund.
  2. The Bill also:
    1. a.amends the Act to allow the Guardians to delegate operational duties,
    2. b.amends the Act to protect the Guardians against claims that acts of the Guardians are invalid on the basis that they are contrary to, or outside the authority conferred by, any Act,
    1. c.clarifies that the Fund is not a separate entity from the Crown,
    1. d.amends the Income Tax Act 2007 so that income derived from the Fund will be treated as being derived from a company, and
    2. e.amends the Income Tax Act 2007 so that financial investment vehicles that the Guardians hold interests in will not be subject to the exemption for public authorities.

Conclusion


  1. We have concluded that the Bill appears to be consistent with the rights and freedoms affirmed in the Bill of Rights Act.

Jeff Orr

Chief Legal Counsel Office of Legal Counsel

Disclaimer:

In addition to the general disclaimer for all documents on this website, please note the following: This advice was prepared to assist the Attorney-General to determine whether a report should be made to Parliament under s 7 of the New Zealand Bill of Rights Act 1990 in relation to the New Zealand Superannuation and Retirement Income Amendment Bill. It should not be used or acted upon for any other purpose. The advice does no more than assess whether the Bill complies with the minimum guarantees contained in the New Zealand Bill of Rights Act. The release of this advice should not be taken to indicate that the Attorney-General agrees with all aspects of it, nor does its release constitute a general waiver of legal professional privilege in respect of this or any other matter. Whilst care has been taken to ensure that this document is an accurate reproduction of the advice provided to the Attorney-General, neither the Ministry of Justice nor the Crown Law Office accepts any liability for any errors or omissions.


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