AMP Personal Retirement Plans

Transcription

1 AMP Personal Retirement Plans 2016 Annual Report This Annual Report covers the following schemes: - AMP Personal Retirement Plan - AMP Passive Personal Retirement Plan - New Zealand Passive Shares Investment Fund - AMP Passive Personal Retirement Plan - International Passive Shares Investment Fund Prepared as at 28 April

2 Contents Page Details of Plans 3 Information on contributions and Plan participants 4 AMP Personal Retirement Plan 4 AMP Passive Personal Retirement Plan New Zealand Passive Shares Investment Fund 4 AMP Passive Personal Retirement Plan International Passive Shares Investment Fund 5 Changes relating to the Plans 7 Governing document 7 Financial Markets Conduct Act SIPO 7 Other information for particular types of managed funds 8 Withdrawals 8 Unit Prices 9 Manager s Statement 9 Supervisor s Statement 9 Changes to persons involved in the Plans 10 Manager 10 Supervisor 10 Administration Manager 10 Custodian 10 How to find further information 10 Contact details and complaints 11

3 Details of Plans AMP Wealth Management New Zealand Limited (the Manager, us, we ) as manager of the: AMP Personal Retirement Plan; AMP Passive Personal Retirement Plan New Zealand Passive Shares Investment Fund; and AMP Passive Personal Retirement Plan International Passive Shares Investment Fund, (together known as the Plans ) presents this Annual Report to the investors of the Plans for the year ended 31 December 2016 ( Year ). The supervisor of the Plans is The New Zealand Guardian Trust Company Limited ( Supervisor ). Each Plan is a separate Legacy Superannuation Schemes. All of the Plans are closed to new investor applications and therefore do not have Product Disclosure Statements. The Plans latest fund updates for each of their respective funds were publicly available on amp.co.nz as follows: Fund Update for Year ended Date made publically available AMP Personal Retirement Plan 31 December March 2017 AMP Passive Personal Retirement Plan 31 December March 2017 New Zealand Passive Shares Investment Fund AMP Passive Personal Retirement Plan International Passive Shares Investment Fund 31 December March 2017 The Plans latest financial statements and auditor s report were dated and lodged with the Registrar of Financial Service Providers on the scheme register at companiesoffice.govt.nz/disclose as follows: Financial Statements date Date lodged with Registrar of Financial Service Providers AMP Personal Retirement Plan 27 March April 2017 AMP Passive Personal Retirement Plan 27 March April 2017 New Zealand Passive Shares Investment Fund AMP Passive Personal Retirement Plan International Passive Shares Investment Fund 27 March April 2017 Loyalty Bonus We would like to take this opportunity to clarify an important benefit attached to the Plans. After attaining a minimum of 10 years membership in any one of the Plans you may be entitled to a loyalty bonus. This bonus has the effect of enhancing the return on your investment. It is calculated on: The average daily account balance of your Plans account; multiplied by 0.2% if you have been in the Plans for 10 years but less than 20 years or multiplied by 0.5% if you have been in the Plans for 20 years or more; multiplied by the number of years (and parts thereof) that you have been in the Plans. For example, Wayne has been an investor in the Plans for 20 years and 6 months and during this time had an average daily account balance of $50,000. He decided to close his account and upon closure Wayne receives a loyalty bonus of: $50,000 x 0.5% x 20.5= $5, Once you have been in the Plans for 10 years, you may request payment of your loyalty bonus at any time. This is a one off payment and once requested, you cease to be entitled to any future payment. Given the impact that any partial withdrawals will have on your final loyalty bonus payment we recommend that you discuss the likely impact on your account with your advisors prior to making any withdrawals. Note, if you transferred a portion of your account to the AMP Investment Suite Personal Superannuation Scheme in 2005, or to Wealthview in 2010, you may be eligible to receive an additional loyalty bonus. Contact your adviser if you believe this may be applicable to you. 3

4 Information on contributions and Plan participants AMP Personal Retirement Plan The table below provides a summary of the numerical changes in the investors of the AMP Personal Retirement Plan during the Year: Number of Number of contributing investors as at 1 January ,565 Number of non-contributing investors as at 1 January ,006 Total Amount ($) Total number of Plan investors as at 1 January , ,057,699 Total new investors during the Year 0 Total number who ceased to be investors during the Year 828 Retirement 660 Death 20 Transfers to other super schemes 59 Other reasons 89 Total number of Plan investors as at 31 December , ,621,637 Number of contributing investors as at 31 December ,442 Number of non-contributing investors as at 31 December ,301 Contributions The table below provides a summary of the contributions received during the Year for the AMP Personal Retirement Plan by reason of: Number of Total Amount ($) Investor contributions 4,599 11,525,201 Investor voluntary additional contributions 78 2,175,072 Total contributions 4,677 13,700,273 4

5 AMP Passive Personal Retirement Plan International Passive Shares Investment Fund The tables below provides a summary of the numerical changes in the investors of the AMP Passive Personal Retirement Plan International Passive Shares Investment Fund during the Year: Number of Number of contributing investors as at 1 January Number of non-contributing investors as at 1 January Total Amount ($) Total number of Plan investors as at 1 January ,680,478 Total new investors during the Year 0 Total number who ceased to be investors during the Year 13 Retirement 10 Death 2 Transfers to other super schemes 1 Other reasons 0 Total number of Plan investors as at 31 December ,577,899 Number of contributing investors as at 31 December Number of non-contributing investors as at 31 December Contributions The table below provides a summary of the contributions received during the Year for the AMP Passive Personal Retirement Plan New Zealand Passive Shares Investment Fund by reason of: Number of Total Amount ($) Investor contributions 38 70,458 Investor voluntary additional contributions 0 0 Total contributions 38 70,458 5

6 AMP Passive Personal Retirement Plan International Passive Shares Investment Fund The tables below provides a summary of the numerical changes in the investors of the AMP Passive Personal Retirement Plan International Passive Shares Investment Fund during the Year: Number of Number of contributing investors as at 1 January Number of non-contributing investors as at 1 January ,605 Total Amount ($) Total number of Plan investors as at 1 January ,932 35,643,019 Total new investors during the Year 0 Total number who ceased to be investors during the Year 114 Retirement 94 Death 3 Transfers to other super schemes 6 Other reasons 11 Total number of Plan investors as at 31 December ,818 33,686,959 Number of contributing investors as at 31 December Number of non-contributing investors as at 31 December ,512 Contributions The table below provides a summary of the contributions received during the Year for the AMP Passive Personal Retirement Plan International Passive Shares Investment Fund by reason of: Number of Total Amount ($) Investor contributions ,359 Investor voluntary additional contributions 10 90,193 Total contributions ,552 6

7 Changes relating to the Plans This section provides information on the material changes relating to the Plans during the Year: Governing document The Plans trust deeds dated 2 April 2013 were amended on 22 September 2016 to combine the existing deeds for each individual plan into one trust deed, to provide for the roles of Supervisor and Manager for the purposes of the Financial Markets Conduct Act 2013 ( FMCA ) and to make a number of other amendments in order to comply with 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 Superannuation Schemes. This change required the Plans to be managed by a licenced manager and for the Plans to register under the FMCA by 1 December The Manager received its Managed Investment Scheme (MIS) licence on 26 February 2016 and the Plans registered on 3 October SIPO The Statement of Investment Policies and Objectives ( SIPO ) for the Plans was issued as of 3 October 2016 as part of the Plans transition into the FMCA. The SIPO for the Plans 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 schemes register at business.govt.nz/disclose or on the AMP website at amp.co.nz. 7

8 Other information for particular types of managed funds Withdrawals During the Year, the following withdrawals were made from the Plans: AMP Personal Retirement Plan: Withdrawals Number Permanent Emigration 7 Partial Withdrawal 1270 Transfer to Another Super Scheme 60 Financial Hardship 7 Retirement 965 Death 20 Other 79 Disablement 3 Total 2411 AMP Passive Personal Retirement Plan New Zealand Passive Shares Investment Fund: Withdrawals Number Permanent Emigration 0 Partial Withdrawal 26 Transfer to Another Super Scheme 0 Financial Hardship 0 Retirement 15 Death 2 Other 1 Disablement 0 Total 44 AMP Passive Personal Retirement Plan International Passive Shares Investment Fund: Withdrawals Number Permanent Emigration 0 Partial Withdrawal 132 Transfer to Another Super Scheme 6 Financial Hardship 1 Retirement 127 Death 3 Other 10 Disablement 0 Total 279 8

9 Unit Prices Unit Prices ($) 1 January 2016 Unit Prices ($) 31 December 2016 NZ Cash NZ Fixed Interest NZ Shares Australasian Property Global Fixed Interest Global Shares Australian Shares Asian Shares Conservative Balanced Dynamic OnePath Balanced Plus Fund Balanced - Other Legg Mason Balanced NZ Passive Shares Strategic NZ Shares Passive International Shares Passive International Shares Hedged Manager s Statement AMP Wealth Management New Zealand Limited as manager of the Plans confirms that: a) All the benefits required to be paid from the Plans in accordance with the terms of the governing document have been paid. b) The market value of the Plans property at 31 December 2016 equalled or exceeded the total value of benefits that would have been payable had all investors of the Plans 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 Plans 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. 9

10 Changes to persons involved in the Plans 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 Supervisor As part of the implementation of the FMCA, on 3 October 2016 The New Zealand Guardian Trust Company Limited was appointed as Supervisor of the Plans. Prior to this date AMP Wealth Management New Zealand Limited was the trustee of the Plans. 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 Plans 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 (NZ) Limited ( AMP Services ) is the administration manager for the Plans. Custodian Prior to FMCA transition, the Manager 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. How to find further information The Plans trust deed, SIPO and financial statements are available on the scheme register at companiesoffice.govt.nz/disclose. The current fund updates for the Plans are available on the offer register at companiesoffice.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. 10

11 Contact details and complaints We are happy to help with any queries or complaints you may have, please contact the Manager at: Manager, AMP Personal Retirement Plans AMP Wealth Management New Zealand Limited PO Box 55, Shortland Street Auckland 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. 11

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