KiwiSaver (Forfeiture of Proceeds of Crime) Amendment Bill

The Parliament of New Zealand enacts as follows:

1. Title

This Act is the KiwiSaver (Forfeiture of Proceeds of Crime) Amendment Act 2021.

2. Commencement

This Act comes into force on the day after the date on which it receives the Royal assent.

3. Principal Act

This Act amends the KiwiSaver Act 2006 (the principal Act).

4. Section 127 amended (Member’s interest in KiwiSaver scheme not assignable)

In section 127(2), after “Property (Relationships) Act 1976”, insert “or a civil forfeiture order made under Part 2 of the Criminal Proceeds (Recovery) Act 2009”.

5. Schedule 1 amended (KiwiSaver scheme rules)

In Schedule 1, clause 7(2) after “Property (Relationships) Act 1976”, insert “or a civil forfeiture order made under Part 2 of the Criminal Proceeds (Recovery) Act 2009”.

Explanatory note

General policy statement

The purpose of this bill is to amend the KiwiSaver Act 2006 so that the interest of a member of the scheme may be subject to a civil forfeiture order made under the Criminal Proceeds (Recovery) Act 2009.

Clause by clause analysis

Clause 1 is the Title clause.

Clause 2 provides that the Bill will come into force on the day after the date on which it receives the Royal assent.

Clause 3 identifies the KiwiSaver Act 2006 as the Act being amended (the principal Act).

Clause 4 amends section 127 of the principal Act to include a reference to civil forfei- ture orders made under the Criminal Proceeds (Recovery) Act 2009.

Clause 5 makes an associated amendment.

B.1065 - KiwiSaver (Forfeiture of Proceeds of Crime) Amendment Bill is authored by Chris Luxon MP (IRL Figure) and is sponsored by /u/Winston_Wilhelmus (National) as a members bill.

Debate will end 16/05/2021 at 11:59pm NZT.