434Regulations: factors affecting benefits: overseas pensions

1. The Governor-General may, by Order in Council, make regulations for all or any of the following purposes:

2. providing for the determination by MSD of the amount of an overseas pension to be deducted under section 189(1) from a benefit or benefits, and the date when the deductions will begin, which may be a date before, on, or after the date of the determination:
3. providing that the currency exchange rate to be used by MSD for the purposes of the determination referred to in paragraph (a) must be one of the following:
   1. the average of the currency exchange rates (or, as the circumstances require, averages of different currency exchange rates) between the country paying the overseas pension and New Zealand during a period specified in the regulations; or
   2. any one of the currency exchange rates that occurs between the country paying the overseas pension and New Zealand within a period specified in the regulations; or
   3. whichever of the methods specified in subparagraphs (i) and (ii) is the more favourable to the overseas pensioner:
4. prescribing the kinds of currency exchange rates that are to be used for the purposes of paragraph (b):
5. providing that the period referred to in paragraph (b) may be a different period from the period to which the payment of the overseas pension relates and a different period from the period to which the payment of the benefit relates:
6. prescribing, for the purposes of the determination referred to in paragraph (a), the kinds of bank fees that may be taken into account and the manner in which they may be taken into account:
7. providing that a determination made under paragraph (a), and made in accordance with regulations made under paragraphs (b) to (e), must be conclusive:
8. regulating the making, implementation, and variation of arrangements under section 190.

9. Regulations made under subsection (1)(g) may (without limitation) include provisions—

10. prescribing the categories of overseas pensioners with whom MSD may make the arrangements:
11. prescribing requirements that must be fulfilled before the arrangements can be entered into:
12. providing that MSD must cancel or revoke an arrangement (including, without limitation, if the overseas pensioner fails to comply with any conditions that are to be included in the arrangements, and that are prescribed under this paragraph):
13. prescribing methods that may be specified in the arrangements for payment to MSD, and receipt by MSD, of an amount equivalent to the amount of the overseas pension that the overseas pensioner receives, including (without limitation) direct deduction from the overseas pensioner’s bank account:
14. providing that the regulations do not apply (in whole or in part) to any arrangements that are in force when regulations made under this section are made.

15. Regulations made under subsection (1)(g) apply, unless those regulations provide otherwise, to arrangements that are in force when the regulations are made and, in that case,—

16. the regulations prevail over the arrangements to the extent that there is any inconsistency between the regulations and the arrangements; and
17. the arrangements are taken to be modified to the extent necessary to give effect to the regulations.

18. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

Compare

• 1964 No 136 ss 70(2), 132C

Notes

• Section 434(4): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).