New Zealand Gazette – 2016 – No. 22

Page 5

✨ Accident Compensation Levy Rates

NEW ZEALAND GAZETTE, No. 22 — 11 MARCH 2016

in the Accident Compensation (Work Account Levies) Regulations 2016.

Levy rates have been set at a level intended to gradually move the Work Account’s funding ratio towards the funding target. This amounts to setting levies below new year costs so as to incur a deficit of $8 million for the levy year and maintain the funding ratio at 115% by the levy year ending 31 March 2017.

Figure 3: Average Work Account levy rate and funding ratios recommended by the ACC Board and prescribed in the Accident Compensation (Work Account Levies) Regulations 2016

On 31 March 2016, the residual levy portion of Work Account levies will cease. This change will affect various groups of levy payers differently. More information about the residual portion can be found in Appendix C.

B. The Earners’ Account

Prescribed Earners’ Account Levy for the 2016/17 Levy Year (1 April 2016 to 31 March 2017)

Following public consultation, the Board recommended that the government reduce the Earners’ Account levy by 4%, from $1.26 to $1.21 (excl. GST) per $100 liable earnings for the 2016/17 levy year. Cabinet agreed to the rate recommended by the Board, and the rate has now been prescribed in the Accident Compensation (Earners’ Levy) Regulations 2016.

The recommended rate, as well as the indicative out-year levy rates in the Board’s consultation, were consistent with the Board’s funding policy.

The levy rate of $1.21 has been set at a level intended to gradually move the Earners’ Account’s funding ratio towards the funding target. This amounts to setting levies below new year costs so as to incur a deficit of $54 million for the levy year and reduce the funding ratio from 123% to 121% by the levy year ending 31 March 2017.

Figure 4: Earners’ Account levy and funding ratios recommended by the ACC Board and prescribed in the Accident Compensation (Earners’ Levy) Regulations 2016

Gazette.govt.nz — NZ Gazette 2016, No 22

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✨ LLM interpretation of page content

🏥 Report in Relation to Rates of Levies Prescribed in the Accident Compensation (Work Account Levies) Regulations 2016 and the Accident Compensation (Earners' Levy) Regulations 2016 (continued from previous page)

Domain🏥 Health & Social Welfare
KeywordsLevy rates, Accident Compensation, Work Account, Earners' Account, Financial projections, Funding policy, Levy stability, Funding stability, Claims experience, Investment returns, Risk-free interest rates, Economic conditions, Funding ratios, Work Account levy rates, Earners' Account levy rates

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