Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Income - Superannuation funds

CS 8: Exclusion of withdrawal when member ends employment: lock-in rule

You could also call this:

“Old rule about taking money from savings when leaving a job no longer applies”

This section of the law is no longer active. It used to talk about what happens when you end your job and want to take money out of a special savings account. The government removed this rule on 1 April 2011. If you want to know more about the current rules, you should look at other parts of the law that are still in effect.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1512923.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Savings and retirement
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CS 7: Exclusion of withdrawal when member ends employment, or

“This section about withdrawing retirement savings when leaving a job was removed from the law”

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CS 9: Exclusion of withdrawal from defined benefit fund when member ends employment, or

“This rule about leaving your job and getting money from a special savings account no longer applies”

Part C Income
Superannuation funds

CS 8Exclusion of withdrawal when member ends employment: lock-in rule (Repealed)

    Notes
    • Section CS 8: repealed, on , by section 12 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).