AMP New Zealand Personal Superannuation Fund Annual Report

Transcription

1 AMP New Zealand Personal Superannuation Fund 2016 Annual Report Prepared as at 28 April

2 Contents Page Details of Scheme 3 Information on contributions and Scheme participants 3 Contributions 4 Changes relating to the Scheme 4 Governing document 4 Financial Markets Conduct Act SIPO 4 Related Party Transactions 4 Other information for particular types of managed funds 5 Withdrawals 5 Unit Prices 5 Manager s Statement 5 Supervisor s Statement 5 Changes to persons involved in the Scheme 6 Manager 6 Supervisor 6 Administration Manager 6 Custodian 6 How to find further information 7 Contact details and complaints 8 2

3 Details of Scheme AMP Wealth Management New Zealand Limited (the Manager, us, we ) as manager of the AMP New Zealand Personal Superannuation Fund (the Scheme ) presents this Annual Report to the investors of the Scheme for the year ended 31 December 2016 ( Year ). The supervisor of the Scheme is The New Zealand Guardian Trust Company Limited ( Supervisor ). The Scheme is a registered legacy superannuation scheme which is closed to new investors and therefore does not have a Product Disclosure Statement. The Scheme s latest fund updates for the year ended 31 December 2016 for each fund were made available on amp.co.nz on 31 March The Scheme s latest financial statements and auditor s report were dated 6 April 2017 and were lodged with the Registrar of Financial Service Providers on 24 April 2017 on the scheme register at companiesoffice.govt.nz/disclose. Information on contributions and Scheme participants Investors The table below provides a summary of the numerical changes in the investors of the Scheme during the Year: Number of Investors Number of contributing investors as at 1 January ,092 Number of non-contributing investors as at 1 January ,109 Total Amount ($) Total number of Scheme investors as at 1 January ,201 75,119,283 Total new investors during the Year 0 Scheme investors who ceased to be investors during the Year by reason of: Retirement 193 Death 5 Transfers to other schemes 13 Other reasons 18 Total number who ceased to be investors during the Year ,339,446 Total number of Scheme investors as at 31 December ,972 Number of contributing investors as at 31 December Number of non-contributing investors as at 31 December ,022 3

4 Contributions The table below provides a summary of the contributions received during the Year by reason of: Number of Investors Total Amount ($) Investor contributions 1,068 1,974,127 Other contributions ,675 Total contributions 1,133 2,440,802 Changes relating to the Scheme This section provides information on the material changes relating to the Scheme during the Year: Governing document The Scheme s trust deed dated 2 April 2013 was amended on 10 October 2016 to amend the closing and termination provisions for the Scheme. The trust deed was subsequently updated on 28 November 2016 in order to: reflect that the Scheme is a legacy superannuation scheme and that the scheme is closed to new investors; provide for the roles of manager and supervisor for the purposes of the Financial Markets Conduct Act 2013 ( FMCA ); and make a number of amendments to comply with the requirements of the FMCA. Financial Markets Conduct Act 2013 The FMCA came into force on 1 December 2014 and fundamentally changed the laws that regulate the governance and offering of Managed Investment Schemes. This change required the Scheme to be managed by a licenced manager and for the Scheme to register under the FMCA by 1 December The Manager received its Managed Investment Scheme (MIS) licence on 26 February 2016 and the Scheme registered on 30 November SIPO The Statement of Investment Policies and Objectives ( SIPO ) was issued as of 30 November 2016 as part of the Scheme s transition into FMCA. The SIPO for the Scheme was subsequently updated on 31 March 2017 in order to align with a number of strategic asset allocation decisions made by the Manager. A copy of the most recent SIPO can be obtained from the scheme register at business.govt.nz/disclose or on the AMP website at amp.co.nz. Related Party Transactions As part of registration under the FMCA the Manager restructured the investment management of the A Unit: Managed Balanced, T Unit: Managed Conservative and U Unit: Managed Performance. The above funds were restructured from investing through an investment trust to directly investing into diversified funds offered by AMP Capital Investors (New Zealand) Limited (a related party of the Manager). This has resulted in a reduction in the total fund charges that investors pay. All related party transactions are conducted on arms-length terms. 4

5 Other information for particular types of managed funds Withdrawals During the Year, the following withdrawals were made from the Scheme: Withdrawals Withdrawals during the Year by reason of: Number Retirement 193 Death 5 Transfers to other schemes 13 Partial withdrawals 20 Total withdrawals 231 Unit Prices Withdrawals Unit Prices ($) 1 January 2016 Unit Prices ($) 31 December 2016 A Unit: Managed Balanced T Unit: Managed Conservative U Unit: Managed Performance B Unit: Managed Balanced Manager s Statement AMP Wealth Management New Zealand Limited as manager of the Scheme confirms that: a) All the benefits required to be paid from the Scheme in accordance with the terms of the governing document have been paid. b) The market value of the Scheme property at 31 December 2016 equalled or exceeded the total value of benefits that would have been payable had all investors of the Scheme ceased to be investors at that date and had provision been made for the continued payment of all benefits being paid to investors and other beneficiaries as at 31 December Supervisor s Statement The New Zealand Guardian Trust Company Limited as supervisor of the scheme confirms that: a) All the contributions required to be made to the scheme in accordance with the terms of the governing document have been made. 5

6 Changes to persons involved in the Scheme Manager The directors and key personnel of the Manager as at 31 December 2016 were: Blair Robert Vernon Simon John Hoole Thérèse Mary Singleton Elaine Jennifer Campbell The following changes to the directors and key personnel of the Manager have taken place since 1 January 2016: Blair Robert Vernon was appointed as a director of the Manager on 15 December 2016 Anthony George Regan resigned as a director of the Manager on 16 December 2016 Prior to the registration under the FMCA, AMP Services (NZ) Limited ( AMP Services ) was the manager of the Scheme. The directors for AMP Services were the same as the Manager, however the key personnel for AMP Services during the Year were as follows: Anthony Regan Simon Hoole Thérèse Singleton Elaine Campbell Jeffery Ruscoe Blair Vernon Helen McDowall Supervisor As part of the implementation of the FMCA, on 30 November 2016 The New Zealand Guardian Trust Company Limited was appointed as Supervisor of the Scheme. Prior to this date AMP Services was the trustee of the Scheme. The directors of the Supervisor on the date it was appointed were: James Earl Douglas Robin Albert Flannagan The following changes to the directors of the Supervisor of the Scheme have taken place since 1 January 2016: Timothy James Shaw resigned as a director of the Supervisor on 3 August Andrew Howard Barnes resigned as a director of the Supervisor on 4 April Administration Manager AMP Services is the administration manager for the Scheme. Custodian Prior to FMCA transition, AMP Services held all assets of the Scheme as its trustee. Under the FMCA a scheme s manager or related party of the manager cannot hold scheme assets and therefore upon registration the Supervisor was appointed to hold the assets of the Scheme as custodian. The Supervisor holds these assets through its subsidiary FS Nominees Limited. AMP Life Limited, a related company of the Manager, has also been appointed by the Supervisor to hold assets on its behalf. The Manager has been granted an exemption by the Financial Markets Authority from the requirement that a related party of a manager may not hold scheme assets. 6

7 How to find further information The Scheme s trust deed, SIPO and financial statements are available on the scheme register at business.govt.nz/disclose. The current fund updates for the Scheme are available on the offer register at business.govt.nz/disclose. Any of the above information is available on request, by contacting us at our address below. There is no charge for requesting this information. 7

8 Contact details and complaints We are happy to help with any queries or complaints you may have, please contact the Manager at: Manager, AMP New Zealand Superannuation Fund AMP Wealth Management New Zealand Limited PO Box 55, Shortland Street Auckland 1140 Phone: If we are unable to resolve your complaint, you can also contact the Supervisor at: The Manager, Corporate Trusts The New Zealand Guardian Trust Company Limited PO Box 3845 Wellington 6140 Phone: International phone number: You can also contact the approved independent dispute resolution schemes for the Manager and the Supervisor respectively, at: Insurance & Financial Services Ombudsman Scheme PO Box Wellington 6143 Phone: info@ifso.nz Financial Services Complaints Limited PO Box 5967 Wellington 6011 Phone: info@fscl.org.nz or complaints@fscl.org.nz Neither of the above will charge a fee to any complainant to investigate or resolve a complaint. AMP Services, as securities registrar, can also be contacted at the Manager s address above. The Scheme register is available for inspection, electronically, at the following address: AMP Services (NZ) Limited Level 21, AMP Centre 29 Customs Street West Auckland 1010 Phone: lifeinforce@amp.co.nz 8

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