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Financial Markets Conduct Act 2013

Governance of financial products - Governance of managed investment products - Provisions as to deferred benefits for superannuation schemes and workplace savings schemes

183: Deferred benefits

You could also call this:

"Delaying your retirement money when you keep working past the expected retirement age"

Illustration for Financial Markets Conduct Act 2013

If you are in a superannuation scheme or workplace savings scheme and you keep working after the age you expected to retire, you can choose to delay getting your benefit. You can delay getting your benefit until you stop working for your employer. This is something you can do even if the scheme's rules say something different.

If you have the right to delay getting your benefit, the scheme manager must tell you about this in writing. The scheme manager has to inform you of your right to delay your benefit. You will know you have this right if you are still working after your expected retirement age.

You should know that delaying your benefit does not mean your employer or you have to keep contributing to the scheme, or that you have to stop contributing. The Human Rights Act 1993 does not change this. This means that you and your employer can decide what to do about contributions after your expected retirement age.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091190.

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Part 4Governance of financial products
Governance of managed investment products: Provisions as to deferred benefits for superannuation schemes and workplace savings schemes

183Deferred benefits

  1. A scheme participant in respect of a superannuation scheme or workplace savings scheme who continues to be employed by an employer after the participant's expected age or date of retirement (as defined in the governing document of the scheme) may elect to defer the receipt of any benefit that the participant is eligible to receive under the scheme until the date on which the participant ceases to be employed by that employer.

  2. Subsection (1) applies despite anything to the contrary contained in the governing document of the scheme.

  3. Nothing in subsection (1) or in the Human Rights Act 1993 has the effect of requiring either an employer or a scheme participant to continue to contribute, or to cease to contribute, to the scheme after the participant's expected age or date of retirement, as defined in the governing document of the scheme.

  4. If a scheme participant has the right, under subsection (1), to elect to defer receipt of any benefit that the participant is eligible to receive under the scheme, the manager must inform the participant in writing of that right.

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