Social Security (Income and Cash Assets Exemptions) Regulations 2011

32  Interpretation

• In this Part, 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 specified non-KiwiSaver 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 not a KiwiSaver scheme, but is registered under the Superannuation Schemes Act 1989

  permitted, in relation to a withdrawal or proposed withdrawal from a scheme, 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) the 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 all or any of the following apply to the member:

    • (i) he or she reaches the expected time of retirement:

    • (ii) before reaching the expected time of retirement, he or she leaves the employment in respect of which the scheme was constituted or established:

    • (iii) before reaching the expected time of retirement, he or she leaves 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 clause

  scheme means a superannuation scheme (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 regulations 33(2) and 34(2), does not include a withdrawal made or received in accordance with a standard withdrawals clause.

  Compare: SR 2008/68 r 3