The Unlawful Subvention GSF/Ponzi scam.
The NZ Government Superannuation Fund (GSF) scam had its beginnings before 1974, when all Crown employer contributions should have been annually paid to the GSF (prior to 1 July 1992). All such GSF contract pension schemes EMPLOYER contributions, were unlawfully deferred, by the use of s.95AA, the GSF Act 1956.
NZ Crown employers are contractually obligated to make annual contributions to match their employees contributions, to these non-public schemes, but by failing to meet their employer obligations, these to contracts became void after the fact or ipso facto.
Crown Ministries were originally granted money from the NZ Treasury but by unlawfully evoking s.95AA, the Crown Ministries/Government, have convinced each successive Parliament, that the Crown has authority to apply a subvention (top up) the GSF from the Consolidated Fund. This is ultra vires (without authority) from Parliament.
Example. In 1974, I signed a GSF contract with my Crown employer. The Statutory Instructions (SI) contractual conditions were for me to compulsory pay a % of my weekly basic wage and the GSF Actuary (GSFA) to pay me an awarded pension, based on 60% my last years salary, In 1979, under the SI conditions, I cancelled my contract, my previous contributions were returned to me and that employer was released from that contract. As it was ultra vires of Parliaments SI (the vitiating factor) to enter into such a contract, my wages were thus deducted unlawfully, as no contract existed.
Overseas Social Security (SS) occupational/contract pensions may have a top up but the GSF Act 1956 occupational pension has no SI for a top up! No NZ Parliament has ever, nor can, passed an SI (which must be lawfully enacted) as a SI cannot supersede a commercial/contractual obligation, so the following statement applies:
The NZ Government/Crown has been operating a Ponzi type scam for retired Public/Civil servants contractual pensions, from the employee contributions and GSF reduced limited investment returns. As more employee members retire, employee contributions drop and pension payouts increase until contributions and investment returns fail to meet GSF obligations. In 1997, Parliament repealed SI s.95AA but the GSF payouts continue to be paid, with help of laundered taxpayer money from the public Consolidated Fund.
Since 1997, these top ups from the Consolidated Fund, now totaling $12,000,000,000 (the GSF 2008/9 ultra vires top ups being $650,000,000). This top up is described as Government contributions in the Aug 2009 GSFA report to Parliament but no Government can have such mandate from Parliament, as that elected body cannot do so!
This estimated $12b will rise in the next 40yrs, as all members with their particular GSF ipso facto contract will retire on income tax free, CPI adjusted annuities/pensions which, present and future tax payers will have to fund. This scam MUST be exposed!
These scammed GSF pensions have the IRD permission NOT to be declared for income tax purposes, this is undemocratic as all are required to pay income tax equally!
Proof of this GSF/Ponzi scam is in the letter dated 11th May 2009, sent to MP Ross Robertson by the Finance Minister (both GSF members), which states: [it is not correct to refer to the Government Superannuation Fund (GSF) as non-statutory]. That statement in itself is so contradictory, as to be an absurd!
The CF reserves are topped up with unpaid NZ Superannuation (NZS) benefits, saved SS benefits from Treasury grants, plus SOE dividend returns and sales, plus other Crown creative accounting methods with the tax payers money.
Benefiting from this GSF Ponzi scam are some 50,000 retired Public/Civil servants and their dependants who will benefit by this unlawful top up. Others will be the present Speaker, Ministers Bill English, Tony Ryall, Murry McCully, Nick Smith, John Carter, Maurice Williamson, Progressive MP Jim Anderson and United Future MP Peter Dunne.
Sitting Labour MPs Liahan Dalziel, Ross Robertson, Peter Hodgeson and George Hawkins will also join this gravy chain on their retirement from Parliament. Sitting Act MP Sir Rodger Douglass gravy boat is out of commission while he is a list MP but his boat will be re-commission, when leaving the House of Representatives.
These ipso facto top ups, are not deductible from the non-contributory NZS benefit, re-written in the NZS Act 2001. This non-contributory statutory benefit is to be paid equally to all equally qualified NZ residents, that is Parliaments wishes, but they are not as overseas SS occupational/contracted pensions are considered NON-contrbutory and direct deducted, dollar for dollar, from the NZS non-contributory benefit/pension!
Similarly, any overseas SW non-contributory benefit that is not EXEMPT and comes within the purpose of the NZ Social Security Act 1964, is deducted from a fully qualified applicant request for any such SW/SA (as is the NZS) benefit/pension.
This 1964 Act has the SI, s.70 direct deduction policy to be applied to any overseas non-contributory SW benefits/pensions that are analogous, for the same purpose or contingency as any in the 1964 Act. The CEO is responsible for the correct application of the 1964 Act, only having the authority to decide which overseas non-contributory benefit/pension is exempt this Act, nothing more, nothing less.
Overseas Social Security (SS) occupational are the equal of the GSF occupational pensions, but are treated differently, in an ultra vires manner!
Letter dated 29 September 2010, verbatum:
[Dear Mr Dunn
Government Superannuation Fund (GSF)
I refer to your letter of 26 September 2010 to Mr McGuinness, Chairman of the Government Superannuation Fund Authority Board. Mr McGuinness has requested that I respond to your letter on his behalf.
You have queried what statutory instructions permits the annual top ups from the public Consolidated Fund to the GSF.
GSF dates back to 1948, when it was established to provide a way for state sector employees to save for their retirement. Contributors make regular contributions to GSF and in return, on retiring, receive a defined level of income. GSF was closed to new members from 1 July 1992,
GSF assets are insufficient to cover its projected liabilities, i.e. its commitments to pay future entitlements. This shortfall was caused primarily by previous governments deciding not to make employer contributions to GSF during the term of contributors government service. As a result, the investment returns on the smaller asset base of the Fund, combined with contributions from members and non-government employers, are not sufficient to meet the annual cost of entitlements to members.
The annual shortfall in the cost of entitlements is met by a top up from the Government each year. The legislative approval for this is contained within the Government Superannuation Fund Act 1956.
I trust the above answers your query.
General Manager, Schemes]