New Zealand Law Society - NZ super and retirement income bill enacted

NZ super and retirement income bill enacted

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New Zealand Superannuation and Retirement Income Amendment Bill received the Royal assent on 13 December 2019. Associate Finance Minister David Parker was in charge of the bill.

The bill was formerly part of the Venture Capital Fund Bill as reported from the Finance and Expenditure Committee. The committee of the whole House further amended the bill and divided it into the following bills: this bill comprising clauses 1 and 2, Part 1, and Schedule 2 and the Venture Capital Fund Bill comprising Part 2 and Schedule 1.

The purpose of the Act is to establish a Crown entity called the Guardians of New Zealand superannuation, which will manage and administer the Venture Capital Fund established under the Venture Capital Fund Act 2019 ( functions of the Guardians – clause 10).

The Act came into force on the 14 December 2019.

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