POLICE Superannuation Scheme

Transcription

1 POLICE Superannuation Scheme Annual report for the year ended 30 June 2004

2 VITAL STATISTICS GROWTH BALANCED STABLE 12.69% 8.57% 5.28% TOTAL CONTRIBUTIONS MADE DURING THE YEAR $55,326,166 TOTAL BENEFITS PAID DURING THE YEAR $20,635,090 TOTAL ASSETS $258,409,784 FUND MEMBERSHIP 6,603 WEBSITE HELPLINE The Trustees would like to thank Rohan Stace for the illustrations and Ivan Penrose for photography.

3 CHAIRMAN S REVIEW Welcome to the twelfth Annual Report of the Police Superannuation Scheme (PSS) The year to 30 June 2004 was one of consolidation for the PSS. Member The interest rates shown assume that contributions, amounts transferred and We re winners! investment choice, which was introduced with effect from 1 May 2003, has proved a popular initiative and is now established as an important feature of the PSS. The upgraded website and dedicated helpline are both very well utilised. Total assets under management have increased by approximately $50 million, partly due to ongoing contributions and the improved investment environment, and also because of the steady increase in membership, which totalled 6,603 at 30 June Investment returns Investment returns for the 2003/2004 any withdrawals have been made uniformly throughout the year. As a result, the actual interest rates applied to your account balances may vary from those shown. Outlook is for more modest returns Although share markets produced strong overall results, returns were fairly flat in the second half of the year, with most of the major gains coming in the first half. Concerns about the effect of surging oil prices on growth and profitability mean the investment outlook is for more modest returns in the 2004/2005 year. See page 3 for more information about the Scheme s investment performance during the year. At the recent Association of Superannuation Funds of New Zealand (ASFONZ) Communication Awards, the PSS won two of the top awards; the Gold Award for its 2003 annual report and benefit statement in the large scheme category and the Platinum Award for excellence for the PSS SuperFacts website and member investment choice communication. These awards are keenly contested and the Scheme s successes reinforce the Trustees commitment to providing members with high quality information about their investment in the PSS. Tax on contributions reduced for some members 1 Scheme year were a significant improvement on recent years. The investments that achieved the highest returns were shares and property, which particularly benefited investors in the Growth Fund, as approximately 80% of its assets are invested in those sectors. The after tax and investment expenses return for each investment option is shown in the table below. GROWTH 12.69% BALANCED 8.57% STABLE 5.28% Reviewing your investment strategy The recent turnaround in returns from international shares also demonstrates the importance of keeping a long-term perspective and only altering your strategy if your circumstances change. Some of the factors that need to be considered when reviewing your investment strategy are discussed on page 5. In addition, the graphs on page 6 of this report show the projected returns for each option on a best estimate, pessimistic and optimistic basis. Until 1 April 2004, all employer contributions to a superannuation scheme were taxed at 33%, irrespective of the member s marginal tax rate. Employers now have the option of deducting tax at the member s marginal tax rate. As the Commissioner has elected this option, if your earnings in the prior tax year were less than $38,000, the tax on your employer s contributions will be reduced and the amount credited to your Employer s No.1 Account increased accordingly. For more information, refer to the June 2004 PSS newsletter, which is on the website

4 Prospectus requirement removed As a result of amendments to the Securities Act, most employer-sponsored superannuation schemes such as the PSS are no longer required to produce a prospectus. The change has been welcomed as the costs involved in preparing a scheme prospectus are high and statistics show that very few members ever asked for copies of their scheme s prospectus. Additional disclosures will need to be made in the annual report and investment statement after the PSS prospectus expires on 31 December (The Scheme s most recent prospectus was registered on 23 December 2003 and extended by a certificate dated 31 March 2004.) The PSS investment statement is currently being revised. Copies will be available by the end of the year. Next year s annual report will include the additional disclosures. And finally, please remember 2 In recent Scheme newsletters, we ve emphasised that although the PSS allows you to access your Member s Account, it is important that you don t do so unless you really have to. While it is tempting to make withdrawals, these should not be made for luxury items. Not only will the money you withdraw not be available when you retire, when your need may be greater, but you will also lose the interest that money would have earned. Suggestions or comments welcome The Trustees continue to be committed to managing the PSS in the best interests of all members and your input is very welcome. If you have any suggestions or comments about the PSS, in the first instance please contact the Scheme Secretary at the address on page 10. You can also let us know whether you found the Annual Report easy to read and understand by completing the quick poll on Alan Harwood Chairman of Trustees

5 INVESTMENT REVIEW Performance Key influences on the Scheme s overall return were rising interest rates and strong performances from New Zealand and overseas share markets. Signs of a sustained improvement in the global economy saw international share markets make their strongest gains in the first half of the Scheme year. Although renewed fears of terrorism and concerns about the effects of oil price rises saw markets lose some steam later in the year, the Scheme s overall return from international shares was most satisfactory. New Zealand shares produced an excellent return, reflecting strong economic growth throughout much of the Scheme year. Consumer spending was very strong as the rising New Zealand dollar made imports cheaper, although this disadvantaged exporters, making our goods less competitive overseas. Interest rates rose steadily during the year as the global economy showed signs of sustaining growth and central banks raised interest rates to curb inflation. Rising interest rates have an adverse effect on returns from fixed interest securities because they reduce the capital value of the security and, as a result, returns from both New Zealand and overseas fixed interest securities were modest. AUSTRALASIAN SHARES 23.4% NZSX 50 GROSS INDEX 21.8% OVERSEAS SHARES (PASSIVE) 20.5% MSCI GREYLIST INDEX (75% HEDGED) 21.4% OVERSEAS SHARES (ACTIVE) 21.0% MSCI WORLD INDEX (50% HEDGED) 19.5% NEW ZEALAND FIXED INTEREST 2.2% CSFB NZGS GROSS INDEX 1.7% OVERSEAS FIXED INTEREST 5.6% LEHMAN BROTHERS GLOBAL AGGREGATE INDEX 4.3% CASH 5.4% CSFB 90 DAY BANK BILL 5.5% PROPERTY NEW ZEALAND PROPERTY INDEX 13.8% 15.7% Investment management The PSS assets continue to be fully invested by the Global Retirement Trust (GRT). The GRT is a not-for-profit organisation specialising in retirement savings. The GRT has been part of New Zealand s retirement savings and investment management industry since 1992 and has a well-established partnership with the state sector. The GRT is a manager of managers and has a specialist investment strategy, that is, it appoints specialist investment managers selected for their expertise and recognised investment performance in their specific investment sectors to manage each asset class. As at 30 June 2004, the specialist investment managers were: NZ CASH BT FUNDS MANAGEMENT (NZ) LIMITED NZ FIXED INTEREST TYNDALL INVESTMENT MANAGEMENT NEW ZEALAND LIMITED* OVERSEAS FIXED INTEREST TOWER ASSET MANAGEMENT LIMITED NZ SHARES (PASSIVE) AMP CAPITAL INVESTORS (NEW ZEALAND) LIMITED** AUSTRALASIAN SHARES BROOK ASSET MANAGEMENT LIMITED OVERSEAS SHARES (PASSIVE) BNZ INVESTMENT MANAGEMENT LIMITED OVERSEAS SHARES (ACTIVE) TOWER ASSET MANAGEMENT LIMITED NZ PROPERTY AMP CAPITAL INVESTORS (NEW ZEALAND) LIMITED** GLOBAL PROPERTY AMP CAPITAL INVESTORS (NEW ZEALAND) LIMITED** *formerly known as New Zealand Guardian Trust Funds Management Limited **formerly known as AMP Henderson Global Investors (NZ) Limited 3 Investment market returns are shown in the following table, which compares the PSS returns (before tax) with a commonly recognised index for the relevant sector for the year to 30 June 2004.

6 ASSET ALLOCATION SUMMARY The charts below show the asset allocation of each option as at 30 June The benchmark (or target) allocation is shown in brackets. 5% (5%) 5% (5%) 4% (4%) 6% (6%) 40% (40%) General aim To provide stable and positive investment returns that, overall, better the after-tax 15% (15%) return on bank deposits. 25% (25%) 4 5% (5%) 13% (13%) 30% (30%) 10% (10%) 12% (12%) General aim To provide relatively stable short to medium term investment returns. 15% (15%) 15% (15%) 7% (7%) 13% (13%) 25% (25%) 5% (5%) General aim To provide the highest long-term investment return of the three options. 28% (28%) 22% (22%) AUSTRALASIAN SHARES PROPERTY OVERSEAS SHARES ACTIVE OVERSEAS SHARES PASSIVE NZ FIXED INTEREST OVERSEAS FIXED INTEREST NZ CASH Note: Your individual asset allocation will be different if you have selected more than one option. To see what your current asset allocation is and how you can change it on-line, go to page 5.

7 WHICH INVESTMENT CHOICE IS RIGHT FOR YOU? The PSS offers you a choice of three 1. Your timeframe - remember, the protect some or all of it as you won t options Growth, Balanced and Stable. average person works for about 40 have the luxury of time to smooth out You can choose to invest your account years and can live another 20 or so in returns. While allocating more to cash balances and future combinations in any retirement. If you don t need your and fixed interest securities is an one or a combination of two or all three money in the next ten years or so, you option, you ll still need to make sure of the options. You can also select have time on your side. Time is useful your allocation to shares and property different strategies for your existing for smoothing out short-term highs is sufficient to meet your retirement account balances and future and lows in returns, so you could goals. contributions. consider allocating more to shares and property which are more volatile but If you want to see the percentage of It is generally recommended that you over the longer term are expected to assets invested in shares, fixed interest review your investment strategy every outperform cash and fixed interest etc in your current investment strategy, two to three years and more frequently if securities. log on to your personal circumstances have select Your investments then go changed. When reviewing your strategy, If you need your money within the down to Your investment mix. The you need to consider: next ten years, you might want to screen will show you your current investment mix, the split between growth assets (shares and property) 5 and income assets (fixed interest securities and cash). If you want to see what different allocations would look like, select the Investment choice planner 2. How much you ll need in retirement and how much your super will have to grow over the coming years to achieve this goal. Read the article on page 7 and use the calculator on to work out the lump sum you ll need to save. 3. Your tolerance to risk risk often refers to the possibility of negative interest rates, but can also refer to how comfortable you are when short term markets are volatile. Shares and property have more volatile return characteristics and entail greater risk. It s vital to select a strategy that s within your comfort zone.

8 Although you can change your investment choices as often as once a month (there is a $40 charge for the second and any subsequent change in any Scheme year), take care. Changes should never be made on a whim or to time the markets. In general, you shouldn t need to change your investment strategy more than two or three times during your working life. The following charts have been provided by the Scheme s investment adviser, Russell Investment Group Limited, to show the expected investment returns over one, five and ten years for each of the investment funds in per annum terms before tax and expenses on a best estimate, pessimistic and optimistic basis. They clearly show both the greater range in returns and higher returns expected from the Growth option and also how the chance of achieving a negative return for all the options reduces as the timeframe increases. 6 Finally, always set your investment strategy as part of your retirement savings plan not in isolation. For example, you may need to select a strategy that agrees with your non-super investments so your total portfolio is diversified. A qualified financial adviser can help you to get the allocation right. In summary, if you re reviewing your strategy, remember It s time in the market that s important, not timing. Past performance is not an indication of future performance. If you need help, contact a qualified financial adviser. Investment Return Per Annum Investment Return Per Annum % % STABLE BALANCED GROWTH STABLE BALANCED GROWTH Optimistic Best Estimate Pessimistic Optimistic Best Estimate Pessimistic Investment Return Per Annum % STABLE BALANCED GROWTH Optimistic Best Estimate Pessimistic The expected investment returns shown in the charts above are only projected estimates of returns for the options over the stated periods. As such they are indicative only and should not be relied upon as providing any guarantee of the returns or performance of the options over the stated periods.

9 WORK OUT YOUR RETIREMENT GOALS AND SET YOUR SAVINGS TARGETS Your membership of the PSS will make it easier for you to achieve the lifestyle you want in your retirement. But will your PSS super be enough? How much will the Government provide? Do you need to consider increasing your contributions to the PSS? The current level of New Zealand Superannuation supports only a very basic retirement income of around $250 per week (after tax) for a single person living alone and $380 per week (after tax) for a married couple (in today s dollars). There are no guarantees that it will continue at this level in the future or that it will be payable from age 65 as it is at present. Although some of your living costs may reduce when you retire, costs such as rates, insurances, car registration and home maintenance will continue. Healthcare costs are also likely to increase, especially if you need treatment quickly and want to avoid going on a waiting list. Think about what you would like to do when you retire, would you like to travel or really get into your golf or the garden? You will have more leisure time but you are likely to need more than New Zealand Superannuation to do many of the things you d like to do. Whatever you are planning for your retirement, you need to have saved enough while you re working to enjoy the retirement you really want. Go to the calculator on put in the age at which you d like to retire and the annual income you would like and it will show you the lump sum you need to aim for. If you are nearing retirement, the Retirement Commissioner s website has a useful calculator to help you work out the annual income you will need. While it s very true to say that the earlier you start the better off you ll be as you ll benefit from compounding the returns on your savings, if you ve started late one way to boost your savings is to consider increasing your contributions to the PSS. You can download the Application to make a Lump Sum Contribution or Vary Fortnightly Contributions form from the website or call the helpline to be sent a copy. 7

10 SOME OF YOUR QUESTIONS ANSWERED 8 Q. Why can t the Trustees help me decide which investment option to choose by providing predictions as to what future returns will be? A. While the charts on page 6 have been prepared to show you the expected returns over one, five and 10 years, as recent history shows, investment markets are fairly unpredictable. The decision as to the best option or option(s) for you is a personal one and should be based on your personal circumstances and risk preferences. It should also be a long-term decision, not based on trying to time your entry and exit from the different investment options. If you need help, you should contact a financial adviser. Q. I m a non-sworn member and I am considering joining the new State Sector Retirement Savings (SSRS) scheme. Can I remain a member of the PSS? Q. I d like to make a lump sum contribution, where are forms available from? A. Like most of the Scheme s forms, the form you need to complete to make a lump sum contribution is available by logging on to selecting Your Library and going to Member Documents. The following table sets out the most widely used forms and where copies are available. If you wish to Use this form Which is available from Make a lump sum contribution (including transfer in an amount from another scheme) or Change your contribution rate Make a partial withdrawal Change the investment strategy for your existing account balances and/or future contributions Application to make a Lump Sum Contribution or Vary Fortnightly Contributions Partial Withdrawal Investment Choice Switching Form or Payroll or or (You can also change your investment strategy on-line.) A. As a non-sworn member you are able to remain in the PSS (with the Commissioner s subsidy) & join the new SSRS scheme (with a Government subsidy). Q. Do I have to pay tax on my benefit from the PSS? A. Generally your benefit from the PSS is payable tax free. However, under certain circumstances, if your income plus the Commissioner s contributions to the PSS on your behalf exceeded $60,000 pa in any of the previous four years, a 5% fund withdrawal tax may apply to the portion of your benefit relating to the Commissioner s contributions plus interest. Part C of the Termination/Benefit Payment Advice form, which you need to complete when you leave service, includes a series of questions for you to answer to help the PSS administrator determine whether the 5% fund withdrawal tax is applicable. Withdraw from the PSS on termination of service Continue as a noncontributory member of the PSS on termination of service Leave the Scheme and remain in-service (nonsworn members only) Apply for a hardship benefit Use your PSS benefit as security for a loan Termination/Benefit Payment Advice Termination/Benefit Payment Advice & Statement of Financial Position Notice of Charge - there are separate forms for Police & Families Credit Union (PFCU) loans and others or Payroll or Payroll or Payroll for non Police Families Credit Union loans. For Police & Families Credit Union loans contact the Credit Union direct

11 Q. Where can I find out what the Scheme s fees and expenses are that affect my benefit? A. The Trust Deed allows for the expenses to be paid out of the PSS either from the investment earnings, as deductions from members accounts or from the Reserve Account. The Investment Statement includes a detailed description of the fees and how they are calculated. Briefly, the fees that affect your benefits are: investment management fees, administration fees, secretarial fees, and other expenses (Government Actuary fees, legal fees or other professional fees such as audit fees). 9 The investment management fees are deducted from the assets before the earnings are determined. The Trustees decide on an amount to charge members in respect of the remaining fees, which is deducted from members Employer s Accounts. A small residual amount is normally deducted from the Reserve Account. The Financial Summary on page 12 itemises the annual expenditure on administration fees, secretarial fees and other expenses. The investment revenue is shown net of fees.

12 STATUTORY INFORMATION 10 TRUSTEES ALAN HARWOOD (CHAIRMAN) Alan is a professional trustee appointed by the other Trustees of the PSS. OLLY BECKETT Olly is the Commissioner s appointed representative. CHARLES CAHN Charles is a professional trustee appointed by the service organisations. GREG FLEMING Greg is the Police Association Advocate and service organisation s rep. MALCOLM JOHNSON Malcolm is a professional trustee appointed by the Commissioner. The Commissioner appointed Olly Beckett as a Trustee with effect from 4 December 2003 following Gavin McFadyen s retirement from Police. Left to right: Olly Beckett, Greg Fleming, Alan Harwood, Charles Cahn, Malcolm Johnson SCHEME SECRETARY The Scheme Secretary is Cheryl Styles. Correspondence to the Trustees should be addressed to: Scheme Secretary, Police Superannuation Scheme, PO Box 2764, Wellington. Cheryl is also the Scheme s Complaints Officer. Any complaints about the Scheme or its operation should be addressed to Cheryl. TRUSTEES CERTIFICATION The Trustees of the Police Superannuation Scheme hereby: 1. State that all contributions required to be made to the Scheme in accordance with the Trust Deed have been made. 2. Certify that all benefits required to be paid from the Scheme in accordance with the terms of the Trust Deed have been paid. 3. Certify that the market value of the assets of the Scheme at 30 June 2004 exceeded the total value of the benefits that would have been payable had all members of the Scheme ceased to be members at that date and provision been made for the continued payment of all benefits being paid to members and other beneficiaries as at the close of the financial year. Signed on behalf of the Trustees: CHANGES TO THE TRUST DEED The Trust Deed was amended by a deed dated 26 May The amendment was made to allow: The Trustees to delegate cheque signing authority to two other people (previously cheques had to be signed by at least one Trustee). A non-sworn member who elects to withdraw from the PSS while in service to be paid 100% of his or her Employer s Account. Previously, the portion of the Employer s Account payable to a non-sworn member who withdrew in-service was vested over 15 years, whereas on resignation the member s Employer s Account was paid in full irrespective of the member s years of service. CHANGES TO MEMBERSHIP Number of members as at 1 July ,364 Plus new members who joined during the year 551 Less members who left the PSS during the year 312 Total number of members as at 30 June ,603 MEMBERSHIP GROWTH No. of members 7,000 6,000 5,000 4,000 3,000 2,000 1,

13 INTEREST RATES At the end of each month your account balances are updated with interest at the rates declared by the Trustees based on the actual investment return for the appropriate investment option(s) less estimated expenses and tax. The rate applied for the month of June is likely to be adjusted up or down when the financial statements have been completed. Any adjustment to the June interest rates takes into account differences between the actual expenses and those estimated during the year. No adjustments will be made to the rates declared for the months July to May inclusive. When your benefit is calculated, an interim weekly rate will be used to cover the period between the end of the previous month and the date your benefit is payable. The year-to-date rates (after tax and expenses) were as follows: JULY 0.94% 0.16% -0.01% AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 3.03% 1.40% 0.58% 3.21% 1.98% 1.18% 5.05% 2.88% 1.50% 4.94% 3.06% 1.74% 7.94% 5.06% 2.87% 2004 JANUARY 8.51% 5.55% 3.24% FEBRUARY MARCH APRIL MAY JUNE 9.06% 6.23% 3.83% 10.46% 7.33% 4.55% 11.35% 7.60% 4.60% 11.43% 7.73% 4.80% 13.17% 8.88% 5.45% *The June year-to-date figures differ from the final rates shown elsewhere in this report as the figures for the June month were adjusted to take into account differences between the actual expenses and those estimated during the year. Example: A member who left the PSS in January 2004 would have been credited with interest at 7.94% on any portion of his or her account balances invested in the Growth option, 5.06% for the Balanced option and 2.87% for the Stable option, plus an interim weekly rate for each option for the period between 31 December and the date the member s benefit is payable.

14 POLICE SUPERANNUATION SCHEME FINANCIAL SUMMARY FOR THE YEAR ENDED 30 JUNE $ $ Statement of Financial Performance Revenue Net Investment Revenue/(Loss) 19,120,506 (1,470,039) Total Revenue 19,120,506 (1,470,039) Less Expenses Administration Fees 189, ,848 Investment Consulting Fees 141,799 57,877 Auditors Remuneration - Audit Fees 7,500 6,106 Secretarial Fees 43,972 49,573 Member Investment Choice Set-up Expenses 19, ,113 Member Communications, Printing and Distribution 44,323 40,261 Legal Fees 11,998 2,569 Taxation Advice 15,607 3,185 Trustees Remuneration and Expenses 54,043 46,254 Use of Money Interest 7,291 - Other Expenses 2,324 6,338 Total Expenses 537, ,124 Surplus/(Deficit) before Taxation and Membership Activities 18,582,726 (1,994,163) Income Tax Credit (479,917) (167,982) Surplus/(Deficit) after Taxation and before Membership Activities 19,062,643 (1,826,181) Membership Activities Member Contributions 22,742,574 19,807,298 Voluntary Member Contributions 1,183, ,816 Employer Contributions 31,400,085 27,284,783 Less Benefits Paid 20,635,090 19,677,685 Total Membership Activities 34,691,076 27,932,212 Benefits Accrued During Year 53,753,719 26,106,031 Statement of Financial Position Assets Investments 257,250, ,121,081 Current Assets 1,374,239 4,017,151 Total Assets 258,624, ,138,232 Less Current Liabilities Benefits Payable ,540 Contributions Refundable 1, Income Tax Payable - 229,336 Sundry Creditors 213, ,922 Total Liabilities 215, ,167 Liability for Accrued Benefits 258,409, ,656,065 Vested Benefits* 254,916, ,906,903 Statement of Cash Flows Net Cash Flows from Operating Activities 33,963,440 27,573,344 Net Cash Flows from Investing Activities (36,689,405) (24,273,002) Net (Decrease)/Increase in Cash Held (2,725,965) 3,300,342 Cash at Beginning of Year 3,579, ,865 Cash at End of Year 853,242 3,579,207 *Vested Benefits are benefits payable to members or beneficiaries under the conditions of the Trust Deed, on the basis of all members ceasing to be members of the Scheme at balance date.

15 FINANCIAL STATEMENTS A Summary of the Scheme s audited financial statements for the year ended 30 June 2004, which were authorised for issue on 14 October 2004 is shown on page 12. The financial summary has been extracted from the full audited financial statements dated 11 October 2004 and therefore cannot be expected to provide as complete understanding as provided by the full financial statements of the financial performance, position and cash flows of the entity. A copy of the full financial statements can be obtained from the Scheme s administration manager. The auditor has examined the summary financial report for consistency with the audited financial statements and has issued an unqualified opinion. AUDITORS REPORT To the members of the Police Superannuation Scheme The Summary Financial Report of the Police Superannuation Scheme (the Scheme ) has been extracted from audited financial statements for the year ended 30 June 2004 on which we expressed an unqualified opinion dated 11 October Trustees Responsibilities The Trustees are responsible for preparing the Summary Financial Report and determining its form and content. Auditor s Responsibilities We are responsible for reporting whether the information contained in the Summary Financial Report has been correctly extracted from audited financial statements. Basis of Opinion on the Summary Financial Report We have undertaken procedures to provide reasonable assurance that the amounts set out in the Summary Financial Report have been correctly taken from the audited financial statements of the Scheme for the year ended 30 June We have no relationship with or interests in the Scheme other than in our capacity as auditors. Unqualified Opinion on the Summary Financial Report In our opinion: The information reported in the Summary Financial Report complies with FRS-39: Summary Financial Reports; the amounts set out in the Summary Financial Report for the year ended 30 June 2004 have been correctly taken from the audited financial statements of the Scheme from which they were extracted; the information reported in the Summary Financial Report is consistent in all material respects with the audited financial statements of the Scheme. For a better understanding of the scope of our audit of the Scheme s financial statements and of the Scheme s financial position, financial performance and cash flows for the year ended 30 June 2004, this report should be read in conjunction with the Scheme s audited financial statements for that period. Our examination of the Summary Financial Report was completed on 14 October 2004 and our unqualified opinion is expressed as at that date. Chartered Accountants Wellington, New Zealand

16 DIRECTORY Administration Manager Mercer Human Resource Consulting Limited Takes care of the day-to-day running of the PSS, for example, maintaining records and liaising with the Plan s advisers. Auditors Deloitte Responsible for expressing an independent opinion on the financial statements (Formerly known as Deloitte Touche Tohmatsu) presented by the Trustees and reporting this opinion to the members. Investment Adviser Russell Investment Group Limited Advises the Trustees on isssues relating to investments and assists the Trustees and Consultant in monitoring the Global Retirement Trust and the underlying specialist investment managers. Investment Management Global Retirement Trust Invests the PSS s assets with specialist investment managers in accordance with the investment objectives adopted by the Trustees. Solicitor Phillips Fox Advises the Trustees on legal issues affecting the PSS. PRIVACY ACT STAYING IN TOUCH Your personal information may be held by and, when necessary or applicable, passed between your employer, the Trustees and the Scheme s specialist service providers for the purposes of the PSS. The Scheme s Privacy Officer is: Cheryl Styles Police Superannuation Scheme P O Box 2764 Wellington Should you want to check or amend your personal information, please call the helpline As a member of the PSS you ll receive: An annual report to bring you up to date on investment performance and what s been happening to the PSS over the year; A member statement showing changes to your account balances will accompany the annual report; Access to a wealth of information, news and planning tools on the PSS website. After the Trustees quarterly meetings, which are held in February, May, August and November, newsletters are also posted on the website. IF YOU NEED ASSISTANCE Visit the website: Call the helpline: (10.00am to 9.00pm on business days)