Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
HR 4: Government Superannuation Fund
or “Special tax treatment for the Government Superannuation Fund Authority”
You could also call this:

“Rules for managing New Zealand's retirement and investment funds”

This law explains how the government manages money for the New Zealand Superannuation Fund and the Venture Capital Fund. Here’s what you need to know:

The government treats the money in these funds as if it belongs to a special company. This company isn’t like a normal government department. Instead, it’s treated more like a business that the government owns.

For the Superannuation Fund, the Minister in charge of retirement savings is responsible for this ‘company’. For the Venture Capital Fund, it’s the Minister looking after that fund.

When the government does things with this money, they follow the same rules as if it was a real company. This includes how they count the money coming in and going out.

The law also says that if the Guardians of New Zealand Superannuation (the people who look after these funds) invest in other companies or funds, it’s treated as if the government’s special ‘company’ owns those investments directly.

This helps make sure the funds are managed properly and fairly, just like any other business would be.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

Next up: HR 5: Airport operators: general

or “Tax treatment of joint venture airport operators”
Next

Part H Taxation of certain entities
Other entities

HR 4BActivities relating to New Zealand Superannuation Fund and Venture Capital Fund

  1. This section applies to determine for this Act the rules that determine the amounts of income derived and expenditure incurred by the Crown as owner of the New Zealand Superannuation Fund (the Fund) and the VCF.

  2. Amounts of income derived and expenditure incurred by the Crown in activities relating to the Fund or the VCF are determined as if the amounts were being derived or incurred by a company (the Fund/VCF company), other than a public authority, that was a special corporate entity wholly owned by,—

  3. in the case of the Fund, the Minister of the Crown who was for the time being responsible for the administration of the New Zealand Superannuation and Retirement Income Act 2001, Parts 2 and 3:
    1. in the case of the VCF, the Minister of the Crown who was for the time being responsible for the administration of the Venture Capital Fund Act 2019.

      1. The consolidation rules, continuity provisions, and other rules relating to groups of companies apply to the Crown as owner of the Fund and of the VCF, to a Fund investment entity, to a VCF investment vehicle as referred to in section 25 of the Venture Capital Fund Act 2019, and to a company in which the Guardians of New Zealand Superannuation (the Guardians) hold interests for the Crown, as if—

      2. the Crown were the Fund/VCF company; and
        1. interests in the Fund investment entity, VCF investment vehicle, or company held by the Guardians were owned by the Crown as the Fund/VCF company.

          Notes
          • Section HR 4B: replaced, on , by section 6 of the Taxation (New Zealand Superannuation and Retirement Income) Act 2015 (2015 No 94).
          • Section HR 4B heading: amended, on , by section 17 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
          • Section HR 4B(1): amended, on , by section 17 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
          • Section HR 4B(2) heading: replaced, on , by section 17 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
          • Section HR 4B(2): replaced, on , by section 17 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
          • Section HR 4B(3) heading: replaced, on , by section 17 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
          • Section HR 4B(3) heading: amended, on , by section 15(1) of the New Zealand Superannuation and Retirement Income (Controlling Interests) Amendment Act 2024 (2024 No 16).
          • Section HR 4B(3): replaced, on , by section 17 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).
          • Section HR 4B(3): amended, on , by section 15(2) of the New Zealand Superannuation and Retirement Income (Controlling Interests) Amendment Act 2024 (2024 No 16).
          • Section HR 4B(3)(b): amended, on , by section 15(3) of the New Zealand Superannuation and Retirement Income (Controlling Interests) Amendment Act 2024 (2024 No 16).
          • Section HR 4B list of defined terms Fund investment entity: inserted, on , by section 15(4) of the New Zealand Superannuation and Retirement Income (Controlling Interests) Amendment Act 2024 (2024 No 16).
          • Section HR 4B list of defined terms VCF: inserted, on , by section 17 of the New Zealand Superannuation and Retirement Income Amendment Act 2019 (2019 No 77).