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The 1st Wrong is by the NZ Parliament passing statutory instructions that supersede international commercial law. The 2nd Wrong is by senior NZ Crown Civil Servants NOT carrying out its commercial obligations in regard to the Government Superannuation Fund (GSF).
By not matching their employees' contributions with employer contributions, they also defy International law: On the 1st July 1991, Parliament inserted section 95 into the GSF Act 1956 which purported to delegate Parliament's authority to the Finance Minister, to grant funds to whom he chooses. This granting is Parliaments alone, except for Special needs for Public funds that can be met from the Public Consolidated Fund (PCF). Parliament's authority is required to grant approbations specifically to each Crown Ministry, for their estimated annual expenditure. Any unspent approbation must be returned to the PCF for the use of Special Public funding requirements. The topping up of non-public funds is NOT a special requirement! The use of s.95 to abrogate the Crown's commercial fiduciary responsibilities for employer contributions is deplorable as it has created severe shortfalls in GSF funding. Commercial benefits paid out by the GSF must not exceed the funds income. Any shortfall must be satisfied by request to Parliament and approved and a special loan or grant made. No public money should be used. In 1997,Parliament inserted S.95AA into the 1956 Act, which the Crown wrongly interpreted as giving them the statutory authority to ignore their employer contractual obligations in withholding the Crown's, as employer, annual contributions to the GSF. The Crown Ministries have been funded annually by the tax payer to meet those employers contractual contributions. No statutory instructions can be given to suspend employer contributions, as those are made under commercial international law. By these wrongs, the GSF became a giant consumer of unspent Public money, saved by the Crown by not spending our Parliamentary granted approbations. All retired Public/Civil Servants who were elected to Public Office or in Crown employment BEFORE June 1992 could be contractual members of the GSF. At the open meeting of the Auckland Grey Power Association on 23rd July 2008, the then Social Security (SS) Ministe, Ruth Dyson stated that unfortunately she was not elected to Public Office until AFTER 1992 and therefor missed out becoming a member of the GSF. NZ Herald reporter Mr. Simon Collins should be able to verify this statement as he took notes and wrote an article in the A section of the Herald the next day. Ms. Dyson regretted NOT being a Fund member because; a). A GSF member receives a benefit equal to 60% of their last years basic salary for contributing 6 - 10% of each year's basic salary. b).These pensions are Consumer Prices Indexed (CPI) linked and thus inflation proofed 100%. As of 30th June 2009, the Crown has consumed $11,464,000,000 in unfunded liabilities (top ups) from our public funds to service these CPI linked GSF pensions. YOUR TAXES are meant to pay for SS and SW benefits but are being saved by the Crown/government to end up for the sole purpose of the GSF recipients!
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