129Additional initial and ongoing registration requirements for superannuation schemes

1. Every superannuation scheme must meet the following registration requirements in addition to those in section 127:

2. it must be a trust established and governed by a trust deed that is interpreted and administered in accordance with New Zealand law; and
3. its purpose must be to provide retirement benefits directly or indirectly to individuals; and
4. it must, accordingly, restrict redemptions, withdrawals, and the provision of benefits (including in the way that the trust deed is applied) to those permitted under the superannuation scheme rules set out in the regulations; and
5. it must admit as members (both in its conditions of entry of scheme participants and in the way those conditions are applied on entry) only either or both of the following:
   1. individuals:
   2. persons who are the trustees or managers of a retirement scheme; and
6. it must be—
   1. a defined benefit scheme; or
   2. a scheme under which contributions are allocated to scheme participants on an individual basis and the benefits provided by the scheme must be fully funded as they accrue; and
7. it must meet any additional requirements of the superannuation scheme rules that apply to it under the regulations; and
8. it must not be registered as a KiwiSaver scheme.

9. However, a superannuation scheme may meet the requirements in subsection (1)(b) to (f) in respect of a section of the scheme only, and, in that case, the scheme is a superannuation scheme in respect of that section of the scheme.

10. Subsection (1)(b), (c), and (f) do not apply to a scheme, or a section of a scheme, that is closed to new members at the time of its registration (a legacy scheme), and instead it must meet the following registration requirements:

11. its principal purpose must be to provide retirement benefits directly or indirectly to individuals; and
12. the scheme or section must continue to be closed to new members.