Saturn Invest New Zealand Limited

Transcription

1 Product Disclosure Statement Saturn Invest New Zealand Limited Portfolio Superannuation Scheme Dated: 18 August 2017 This is a replacement Product Disclosure Statement which replaces the Product disclosure statement dated 30 November This document gives you important information about this investment to help you decide whether you want to invest. There is other useful information about this offer on (OFR11709). Saturn Invest New Zealand Limited has prepared this document in accordance with the Financial Markets Conduct Act You can also seek advice from a financial adviser to help you to make an investment decision.

2 1 Key Information Summary What is this? WARNING The law normally requires people who offer financial products to give certain specified information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision. The usual disclosure rules do not apply to this offer because there is an exemption for offers of investments in Personal Plans. When you invest in a Personal Plan you choose the investments you want in your Personal Plan from a list of investment options provided by Saturn Invest New Zealand Limited (SINZL). As a result of the exemption, you may not have information that allows you to easily understand the overall risks and fees that apply to your Personal Plan. You will also not be able to easily compare an investment in the Personal Plans with other similar managed funds. Investments in Personal Plans will not be suitable for all retail investors. You are required to receive advice from an authorised financial adviser before committing yourself. Your authorised financial adviser can help you understand your risk profile, assist you to select investments that are suitable for you, and assist you with determining your investment policy and objectives. We suggest you ask questions and read all documents carefully. You must seek independent financial advice from an authorised financial adviser before committing yourself. This is a managed investment scheme. Your money will be pooled with other investors' money and invested in various investments. SINZL will invest your money and charge you a fee for its services. The returns you receive are dependent on the investment decisions of SINZL and the performance of the investments. The value of those investments may go up or down. The types of investments and the fees you will be charged are described in this document. What will your money be invested in? The Portfolio Superannuation Scheme (Scheme) offers Personal Plans which are set up separately to hold specific investments for members, providing an investment portfolio managed on an individual basis. As a member, you choose the investments for your Personal Plan from the list of Authorised Investments set by SINZL, in consultation with Public Trust (Supervisor), and you can change the investments within your Personal Plan by arrangement with SINZL. The Authorised Investments are described in the investment options supplement (Supplement) that accompanies this PDS. The Authorised Investments include equity securities, fixed interest securities, managed investment products, investment trusts, index funds, listed property trusts and cash. i

3 The Supplement can also be found in the offer register for the Scheme at (OFR11709). The information in the Supplement is incorporated into this PDS by reference and includes, in respect of each Authorised Investment: 1 a description of that Authorised Investment; and 2 the estimated total annual fund charge for each Authorised Investment; 3 information on other charges and individual action fees applicable to each Authorised Investment; and 4 a link to any publicly available information on the Authorised Investment. The Supplement also contains an example of how fees will apply to an investor investing in a mix of Authorised Investments and information to assist you to understand the risk indicator. Information on fees for the Personal Plans can be found in the Supplement, or by contacting SINZL. Any changes to the Authorised Investments in the Supplement will only be updated quarterly. Any changes to the estimate total annual fund charge, other charges and individual action fees in the Supplement will only be updated annually. Who manages the Scheme? The manager of the scheme is SINZL. See section 7, 'Who is involved?' for more information. How can you get your money out? As the main purpose of the Scheme is to assist you to save for your retirement, you will, in most cases, not be able to access your money until your retirement date. Generally, you can get your money out of the Scheme if you have reached your retirement date (being your 55 th birthday or such later date agreed with the Manager, having regard to the principal purpose of the Scheme). If you have not reached your retirement date you may only submit a withdrawal request if your interest in the Scheme would, following the payment requested, be equal to or exceed your applicable lock-in level (calculated at the time the withdrawal request is submitted).

4 Additional restrictions apply to withdrawals of amounts transferred from a UK pension scheme or which otherwise have UK tax-relieved status. In addition, a withdrawal may trigger a requirement for us to report certain matters to HMRC which could have UK tax implications for you. On your death the Trustee will, in its sole discretion, pay part or all of any benefit payable in respect of you to one or more of your nominated beneficiaries, estate, or a combination of these. Where you have not nominated a beneficiary any benefit payable will be paid to your estate. The Manager may, by notice to the members, suspend withdrawals from the Scheme if the Manager reasonably forms the opinion that it is not practicable, or would be materially prejudicial to the interests of any of the members, for the Scheme to fund withdrawals by realising any of the Scheme s investments. Suspension notices initially have a maximum life of six months, but may be extended by the Manager without limitation after consultation with the Supervisor. See Section 2 'How does this investment work?' for more information on withdrawing your investment. How will your investment be taxed? The Scheme is not a portfolio investment entity. See section 6 of the PDS, 'What taxes will you pay?' Where can you find more key information? No fund updates will be produced in relation to the Personal Plans due to the nature of the Personal Plans. Investors will receive personalised quarterly reports which show the returns (for quarters ending on or after 25 November 2017), the risk indicator and the total fees actually charged in relation to the investment portfolio in their Personal Plan.

5 Contents Page number 1 Key Information Summary... i 2 How does this investment work? Description of your investment option(s) What are the risks of investing? What are the fees? What taxes will you pay? Who is involved? How to complain Where you can find more information How to apply How does this investment work? This document is an offer to join the Portfolio Superannuation Scheme, a superannuation scheme, registered under the Financial Markets Conduct Act The Scheme is registered on the register of managed investment scheme as a superannuation scheme and is established as a trust under a trust deed dated 14 August 2017 and made between the Manager and the Supervisor (Trust Deed). The current manager of the Scheme is SINZL and the supervisor is Public Trust. SINZL has received notification that the Scheme has maintained a reference number with HM Revenue & Customs (HMRC) as a Recognised Overseas Pension Scheme. This allows for the continued transfer of UK tax relieved funds into the Scheme without UK tax penalties arising provided the Scheme rules continue to meet the Pension Age Test as defined in the UK Finance Act The Scheme is designed primarily to assist members to save for their retirement. The Manager is responsible for the administration of the Scheme and the management of the Scheme's investments where your money is pooled with other

6 investors money for investment purposes. The Manager, in consultation with the Supervisor, determines the Authorised Investments that are available for you to invest in. The Scheme currently offers Personal Plans for you to invest in. Each Personal Plan is comprised of the Authorised Investments that you have selected for investment. Your investment does not give you legal ownership of the Authorised Investments contained in your Personal Plan but does give you rights to the returns on those Authorised Investments. The value of your investment depends on the value of the Authorised Investments contained in your Personal Plan. SINZL calculates the earnings for each Personal Plan monthly, deducts expenses including investment management fees, and credits the net earnings to your Personal Plan after deducting any tax. A change in the value of the Authorised Investments in your Personal Plan affects the value of your investment. In other words, the value of your investment will change as the market value of the Authorised Investments in your Personal Plan change. This means that the value of your investment may rise or fall. Assets of a Personal Plan are not available to be applied to meet other liabilities of any other Personal Plan in the Scheme. Joining the Scheme To become a member and establish your own Personal Plan please complete the application form at the back of this PDS (and the UK Pension Transfer Agreement, if applicable) and forward, together with your payment, to us at: Scheme Manager Saturn Invest New Zealand Limited Units 4 & 5, Shed 24 Princes Wharf 143 Quay Street Auckland 1010 After we receive and process the application form, we will contact you to let you know whether your application has been accepted. Payment can be made by cheque or bank transfer. Please contact us or your financial adviser for further details on how to invest by bank transfer. A minimum contribution of $50,000 is required to establish a Personal Plan, unless SINZL agrees to a different amount, in writing, with you.

7 Making investments Prior to making any investment in a Personal Plan, you must have: 1 obtained advice from an authorised financial adviser (AFA) in relation to the composition of the Authorised Investments in your Personal Plan; and 2 determined the investment policy and objectives that are to apply to your Personal Plan on the advice of an AFA; and 3 received from an AFA in relation to the composition of the Authorised Investments in your Personal Plan: 3.1 a risk indicator; 3.2 a description of the circumstances that the AFA is aware of that exist or are likely to arise that significantly increase the risk to returns (other than circumstances reflected in the risk indicator); 3.3 the annual fund charge applicable to your Personal Plan; and 3.4 any performance fees applicable to your Personal Plan. Ongoing contributions can be made, but are not required. Contributions need not be paid in cash and can be made in the form of a transfer of existing investments that are Authorised Investments. These may include, for example, government stock, bonds, shares, units in unit trusts, and an interest in a superannuation or pension scheme (including an overseas retirement savings scheme or arrangement) approved by Public Trust. Withdrawing your investments The investment is for an indefinite term, but may be withdrawn on your death or (subject to the restrictions outlined below) by submitting a withdrawal request to the Manager. If you have not reached your retirement date (your 55th birthday, or such other later date agreed between you and the Manager, having regard to the principal purpose of the Scheme) you may only submit a withdrawal request if your interest in the Scheme would, following the payment requested, be equal to or exceed the applicable lock-in level (calculated at the time the withdrawal request is submitted). The standard lock-in levels are: if you are suffering significant financial hardship or serious illness, 0%;

8 if you are making a withdrawal for the purpose of effecting a settlement under the Property (Relationships) Act 1976, 0%; if you have attained age 50 and are therefore eligible for an early retirement benefit, 60%: or in all other cases, 80%. You can agree to a greater level of lock-in. If you do, your ability to withdraw will be restricted accordingly. Additional restrictions apply to withdrawals of amounts transferred from a UK pension scheme or which otherwise have UK tax-relieved status. In addition, a withdrawal may trigger a requirement for us to report certain matters to HMRC which could have UK tax implications for you. You can make a withdrawal of your UK pension transfer money when you reach the UK normal minimum pension age (currently age 55). You may also be able to withdraw your UK pension transfer money if you meet the ill health conditions under UK law; you will need to provide medical evidence to help us determine whether you meet the relevant criteria. There are also limits on how much you can withdraw from your UK pension transfer money: a) If the relevant UK pension scheme requires some or all of the money to be paid to you as an 'income for life', that requirement will be applied to the transferred amount; or b) If there is no such requirement, you can choose to either: i. Have 70% of the transferred amount (or such other amount, which can be less) to be paid to you as an 'income for life' and the remaining amount, plus any investment earnings, can be withdrawn as a lump sum; or ii. Withdraw the full amount as a lump sum. When making lump sum withdrawals, you can either withdraw everything or keep your money invested and make partial lump sum withdrawals when you want to. A withdrawal request is also subject to: all other provisions of the Trust Deed; any restrictions the Manager imposes having regard to the purpose of the Scheme and any requirements the Manager needs to satisfy to maintain

9 registration of the Scheme under the Financial Markets Conduct Act 2013 or its status as a ROPS under the laws of the United Kingdom; and any conditions that you may agree from time to time with the Manager or that may apply in respect of any of your contributions. For the purpose of calculating whether or not the applicable lock-in level would not be satisfied following any payment, any prior benefits transferred or paid out of the Scheme in respect of you will be deemed to form part of the withdrawal request. A lock-in period may be a requirement to make an investment in the Scheme from an overseas pension fund transfer. You may also wish to elect a lock-in period for other reasons. Where you withdraw during the first two years of Scheme membership, an early withdrawal fee may be payable to us to cover costs. All withdrawals should be requested in writing. We will arrange for your investment to be repaid directly to your bank account. On your death, part or all of any benefit payable in respect of you will be paid, in the Manager's sole discretion, to one or more of your nominated beneficiaries, estate, or a combination of these. Where you have not nominated a beneficiary any benefit payable will be paid to your estate. The Manager may, by notice to the members, suspend withdrawals from the Scheme if the Manager reasonably (and after consulting with the Supervisor) forms the opinion that it is not practicable, or would be materially prejudicial to the interests of any of the members, for the Scheme to fund withdrawals by realising any of the Scheme s investments. Suspension notices initially have a maximum life of six months, but may be extended by the Manager without limitation after consultation with the Supervisor. There is no provision to transfer (including by way of sale) your interest in a Personal Plan to another person. The Manager may transfer all or part of your benefit to another superannuation scheme if you become a member of that scheme. If your membership in the Scheme is bound by a lock-in-period, then subject to the terms of your lock-in you may request a transfer of your benefit to another superannuation scheme prior to the end of the lock-in-period. If lock-in was elected (or required) to permit a UK pension transfer you should seek advice on the tax implications before transferring to another superannuation scheme.

10 3 Description of your investment option(s) The Scheme allows you to create your own Personal Plan by selecting a portfolio of investments from the list of Authorised Investments contained in the Supplement that accompanies this PDS. The Supplement can also be found in the offer register for the Scheme at (OFR11709). The Authorised Investments that you may select from for inclusion in your Personal Plan include equity securities, fixed interest securities, managed investment products, investment trusts, index funds, listed property trusts and cash. The information in the Supplement is incorporated into this PDS by reference and includes, in respect of each Authorised Investment: 1 a description of that Authorised Investment; and 2 the estimated total annual fund charge for each Authorised Investment; 3 information on other charges and individual action fees applicable to each Authorised Investment; and 4 a link to any publicly available information on the Authorised Investment. The Supplement also contains an example of how fees will apply to an investor investing in a mix of Authorised Investments and information to assist you to understand the risk indicator. The list of Authorised Investments contained in the Supplement is set by SINZL, in consultation with the Supervisor. SINZL determines which investments are authorised for inclusion in the Supplement by reference to the approved product lists of those financial advisers who distribute interests in the Scheme. The list of Authorised Investments contained in the Supplement is set by SINZL, in consultation with the Supervisor, and may be changed by SINZL from time to time. Before making changes to the list of Authorised Investments we will consider if the changes are in your best interests and consult with the Supervisor. We will give notice of changes to members of the relevant Personal Plans prior to effecting any material changes. The most current Supplement and list of Authorised Investments can be found on the Scheme's offer register at (OFR11709). Any changes to the Authorised Investments in the Supplement will only be updated quarterly. Any changes to the estimate total annual fund charge, other charges and individual action fees in the Supplement will only be updated annually.

11 4 What are the risks of investing? Understanding the risk indicator To help you clarify your own attitude to risk, you must seek financial advice from an authorised financial adviser. In addition, you may work out your risk profile at In relation to any Authorised Investment that is a fund that has its own fund updates produced by the manager of that fund, the latest risk indicator for that Authorised Investment is included in the fund update for that Authorised Investment. The Supplement contains a link to that fund update. General investment risks The investment risk of your specific Personal Plan will depend on the individual Authorised Investments that you select for inclusion in your Personal Plan. The general investment risks that may cause the value of a Personal Plan to go up or down are: 1 Investment return risk Investment risk is the risk that returns from the Scheme s investments will be negative or lower than expected, affecting the value of your investment in the Scheme. The investment risk of your specific Personal Plan will depend on the individual investments you select for your Personal Plan. 2 Market risk The performance of investments can be influenced by the performance of financial markets generally. Financial markets collectively or individually can be adversely affected by factors over which we have no control. Examples include investor sentiment, economic conditions and political events. 3 Company risk There can be no guarantee that a particular equity security will perform well in the future. There are many factors that can negatively influence the value of an investment including the operations and management of a company, business conditions and legislative changes. 4 Interest rate risk Changes in interest rates can have a negative impact on investment value or returns. This risk is particularly important for fixed interest securities. If market interest rates rise, the fixed rate security becomes less valuable, and

12 vice versa when market interest rates fall. Interest rate changes also affect the income received on cash investments and the value of other securities such as shares and property investments. 5 Currency risk When the investments you select are denominated in a currency other than New Zealand dollars you will also be exposed to currency risk. Currency risk is a risk that investments denominated in a foreign currency are adversely impacted by the New Zealand dollar appreciating relative to the foreign currency. If this occurs, it is likely the value of your foreign currency investments will fall when measured in New Zealand dollars. Other specific risks Loss of ROPS status risk SINZL cannot guarantee that the Scheme will continue to have ROPS status and the Scheme could lose its ROPS status at any time. If ROPS status is lost then investors' UK tax implications may change in relation to transfer into the Scheme and neither SINZL nor the Supervisor will be responsible for any tax consequences arising. To confirm whether the Scheme has ROPS status at any time, please contact SINZL. UK tax risk There is a risk that, if you have transferred money from a UK pension fund to the Scheme, a transfer or withdrawal of this money from the Scheme may result in a UK tax penalty if you have not been a UK tax non-resident for five (or ten) clear and complete tax years (as applicable) and, if the transferred amount was received by the Scheme on or after 6 April 2017, it has not been invested in the Scheme or another ROPS for five years. The tax penalty may be up to 55% of the amount withdrawn or transferred. There is also a risk that, if you have transferred money from a UK pension fund to the Scheme on or after 9 March 2017 and the transfer was exempt from the UK overseas transfer charge, you may be required to pay the charge in the future if your circumstances change during the first five clear and complete UK tax years following the transfer (for example, if you no longer meet the tax residency requirement). The amount of the charge may be up to 25% of your UK pension transfer money. At the date of this Product Disclosure Statement, the UK legislation introducing the UK overseas transfer charge and the extension of the UK tax non-residency periods are provisionally enforced by other UK law and may change when the new legislation is passed. We will inform you if there are any changes that may impact your investment in the Scheme.

13 5 What are the fees? You will be charged fees for investing in a Personal Plan. Fees are deducted from your investment and will reduce your returns. If SINZL invests in other funds, those funds may also charge fees. The fees you pay will be charged in two ways: 1 regular charges (for example, annual fund charges). Small differences in these fees can have a big impact on your investment over the long term: 2 one-off fees (for example, early withdrawal fees). Information on the fees for the Personal Plans can be found in the Supplement. Information on fees actually charged during the most recent year will be provided in the personalised quarterly report given to each investor. The fees can be changed The fees paid to SINZL (as manager of the Scheme) and to Public Trust (as supervisor of the Scheme) may be reviewed from time to time. No changes to these fees will take effect unless investors have been given three months' notice of the change 6 What taxes will you pay? Tax can have significant consequences for investments. If you have any queries relating to the tax consequences of the investment, you should obtain professional advice on those consequences. See the document 'Other Material Information: Tax' on the offer register at (OFR11709) for more information about the tax consequences of an investment in the Scheme. 7 Who is involved? About Saturn Invest New Zealand Limited Saturn Invest New Zealand Limited is the manager of the Scheme. You can contact us by: Telephone: info@psfnz.nz

14 In writing: Saturn Invest New Zealand Limited Units 4 and 5, Shed 24 Princes Wharf 143 Quay Street Auckland 1010 Who else is involved? Name Role Supervisor Public Trust Supervisor of the Scheme under the Financial Markets Conduct Act 2013 and responsible for monitoring compliance by SINZL with its obligations as manager of the Scheme. Custodian Investment Custodial Services Limited Appointed by the Supervisor to hold the assets of the Scheme on behalf of the members. 8 How to complain Any complaints or problems with the investment should be directed to SINZL using the contact details in section 7. If necessary, you can also complain to the Supervisor at: Public Trust Level 9, 34 Shortland Street, Auckland 1010 PO Box 1598, Shortland Street, Auckland 1140 Telephone: CTS.Enquiry@PublicTrust.co.nz In addition, SINZL is a member of the Insurance & Financial Services Ombudsman Scheme, a dispute resolution scheme approved under the Financial Service Providers (Registration and Dispute Resolution) Act Under that scheme, if you have any complaints or problems with your investment, you should first try to resolve these with the Manager. If your complaint cannot be resolved with the Manager, you may direct your complaint to:

15 Insurance & Financial Services Ombudsman Scheme PO Box Wellington 6143 New Zealand Telephone: or Fax: The scheme will not charge a fee to any complainant to investigate or resolve a complaint. 9 Where you can find more information Further information relating to the Scheme and the managed investment products (for example, financial statements) is available on the offer register and the scheme register at (OFR11709 and SCH11590). A copy of information on the offer register or scheme register is available on request to the Registrar of Financial Service Providers. A copy of that information can also be obtained from SINZL by contacting SINZL at: Business Manager Saturn Invest New Zealand Limited Units 4 & 5, Shed 24 Princes Wharf 143 Quay Street Auckland 1010 You will also be sent, free of charge, a personalised quarterly report that will include (among other information): 1 The account balance of your Personal Plan as at the first and last day of the relevant quarter; 2 The contributions and withdrawals made by you from your Personal Plan over the 12-month period to the end of the relevant quarter; 3 An income schedule showing the interest and dividend receipts received over the 12-month period to the end of the relevant quarter; 4 For quarters ending on or after 25 November 2017, a risk indicator in relation to your Personal Plan;

16 5 Information on the annual return of your Personal Plan over the 12 month period to the end of the relevant quarter; and 6 The actual total annual fund charges for your Personal Plan as a percentage of your Personal Plan's net asset value. 10 How to apply You can apply for membership of the Scheme by filling in the application form at the end of this PDS and sending it in the manner set out in the application form. Before an investment can be made on your behalf, you must first have: 1 obtained advice from an AFA in relation to the composition of your Personal Plan; 2 determined the investment policy and objectives that are to apply to your Personal Plan on the advice of an AFA; and 3 received from an AFA in relation to the composition of your Personal Plan: 3.1 a risk indicator; 3.2 a description of the circumstances that the AFA is aware of that exist or are likely to arise that significantly increase the risk to returns for investors other than those reflected in the risk indicator; and 3.3 the annual fund charge; and 3.4 any applicable performance fees.

17 Application Form Application for membership PORTFOLIO SUPERANNUATION SCHEME Applicant Name: Mr/Mrs/Miss/Ms First Names Surname Date of birth:..././. IRD Number:.././. Investor identification is required by law. The applicant will need to satisfy the verification of identity requirements as set by SINZL.. Mailing Address:. Street/PO Box Suburb City/Town/Region Postcode Physical Address (if different from above): Street/PO Box Suburb City/Town/Region Postcode Daytime Phone No: Applicant 1: (..)..... Applicant 2: (..).....

18 address: Applicant 1:.. Applicant 2:. Withdrawal Bank Account Details: Bank:.. Branch. Account Number: Bank Account details must be verified by a pre-printed deposit slip, cheque or bank statement in the name of the applicant(s). Contribution amounts: Initial contribution: Regular contributions: $ $ Every: 2 weeks 4 weeks Nominated Beneficiary I nominate the person or persons identified below to be my Nominated Beneficiary for the purpose of being considered for the receipt of any benefit payable on my death. I understand that I am solely responsible for keeping my nomination up to date and the Manager and Supervisor may act on my nomination without further enquiry, and may also, at its discretion, disregard any nomination. Nominated Beneficiary Name Current Address

19 Deduction of Advisory Fee I authorise the deduction of advisory fees (as agreed to with my financial adviser) from my contributions held in the Scheme at the Member rate of.% Declaration of the initial contribution(s) and.% of the portfolio value (or such other amount as I notify in writing) calculated monthly and deducted from my Personal Plan on a monthly basis. Yes: No: This application was made on a form from the Portfolio Superannuation Scheme Product Disclosure Statement dated 18 August 2017, which I have read. I hereby apply to become a member of the Portfolio Superannuation Scheme. I agree to be bound by each and every one of the provisions of the Trust Deed of the Portfolio Superannuation Scheme, as amended from time to time. I acknowledge and agree that my Personal Plan will comprise investments in underlying securities acquired via the Portfolio Superannuation Scheme. I acknowledge and accept that the Manager is not making an offer of underlying securities acquired via the Portfolio Superannuation Scheme, nor is it acting as an agent or partner of an issuer in offering them, or as a promoter of the offer made by any issuer. I am not a US resident or citizen. I acknowledge and accept that neither the custodian, any issuer nor, where applicable, any supervisor or trustee of underlying securities acquired via the Portfolio Superannuation Scheme, is responsible for or endorses any information in relation to the underlying securities provided to me by the Manager or the Supervisor (other than the applicable investment disclosure materials in respect of the issuer and/or such supervisors or trustees of underlying securities). I acknowledge and accept that neither the issuer nor, where applicable, any supervisor or trustee of underlying securities acquired via the Portfolio Superannuation Scheme endorses, recommends or is responsible for the investment and administration services provided by the Manager to the Scheme and to me. I acknowledge and accept that an investment in underlying securities made via the Portfolio Superannuation Scheme does not represent either a deposit with, or a liability of, either the manager or any supervisor or trustee of those securities, and neither the manager or any supervisor or trustee of those securities, nor their respective subsidiaries or related companies, guarantees the repayment of capital, payment of income or the performance of those securities. The Privacy Act 1993 provides members with the right to access and/or correct any personal information held by the Supervisor or the Manager. The information supplied with this application is intended for use by those employees of the

20 Supervisor, the Manager, and the custodian, and the Supervisor's, Manager s and custodian's authorised brokers and agents who need access to this information for processing the application and administering my investment. This information may be used in offering me other services available from the Manager. If any of the information sought is not provided, my application may be declined. I will provide you, the Supervisor or the custodian with all information and material required to ensure that you, the Supervisor or the custodian are able to comply with any obligations imposed pursuant to the Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS), and domestic New Zealand legislation or agreements entered into by the New Zealand Government for the purpose of complying with FATCA or CRS, and any equivalent or similar requirements imposed for the purpose of reducing tax evasion by citizens or residents of certain countries, including, self-certification information and any change to such information. I agree and acknowledge that, if I do not adhere to these requirements then you may terminate my membership of the Portfolio Superannuation Scheme on reasonable notice. I authorise you to disclose personal information that you hold about me to any recognised regulatory authority for all compliance and monitoring purposes and I acknowledge that you collect and hold personal information about me for such purposes. Without limiting the authorisation given in the previous sentence, I authorise you to disclose personal information that you hold about me to the Financial Markets Authority for the purposes of complying with a notice issued under section 25 of the Financial Markets Authority Act Signature of Applicant: Applicant:.Date:././. Completed application forms should be returned to: Scheme Manager Saturn Invest New Zealand Limited Units 4 & 5, Shed 24 Princes Wharf 143 Quay Street Auckland 1010 It can also be delivered to our offices or to an authorised intermediary.

21 Office Use Only Fund required for ROPS status No Yes Lock-in-period applicable No Yes Check period and terms of lock-in on transfer agreement

22 Portfolio Superannuation Scheme UK Pension Transfer Agreement I request Public Trust ( the Supervisor ), as trustee of the Portfolio Superannuation Scheme, to accept a transfer from my UK Pension Plan Provider and authorise the Scheme s administration manager, Saturn Invest New Zealand Limited ( the Manager ), to process any subscription received by way of transfer from my UK Pension Plan for my benefit. I confirm that I am lawfully able to become a member of the Portfolio Superannuation Scheme. Applicant Details Applicant name: Mr/Mrs/Miss/Ms First Name(s) Surname Postal address: Daytime Phone number: address: UK Pension Plan Details Applicant s UK Pension Plan number (Please attach a recent notice/communication from your UK Pension Plan Provider). UK Pension Plan name: UK Pension Plan postal address: UK Pension Plan address:

23 Applicant s National Insurance number: Applicant s UK tax reference number: Lock-in terms: (if any in conjunction with UK Adviser) If there is no requirement by my UK Pension Plan Provider to designate an amount to be paid to me as an 'income for life' then I would like to access my UK pension transfer money in the following manner when I reach the UK normal minimum pension age (currently 55): % 100% of the UK pension transfer money to be paid to me as an 'income for life' (with the remaining amount available to be withdrawn as a lump sum/s); or is available for withdrawal as a lump sum/s. Date ceased to be a UK resident for UK tax purposes: The Supervisor and the Manager reserve the right to request evidence that you have resided outside of the UK for five or more full UK tax years (the UK tax year runs from 6 April to 5 April in the next year). I acknowledge and accept that: I have read and understood the information in the Product Disclosure Statement for the Portfolio Superannuation Scheme relating to UK Pension transfers. I understand that this is a summary of the information available from HM Revenue and Customs ('HMRC') regarding transferring a UK pension to an overseas retirement savings scheme as interpreted by the Manager. I also understand that a transfer will only be effected during any period in which the Portfolio Superannuation Scheme is accepted as a Recognised Overseas Pension Scheme ( ROPS ) under UK law. The Supervisor and the Manager are not experts in UK pension transfers and have recommended that I seek independent and professional advice. I am not relying on any statements made about Pension Transfers in the Product Disclosure Statement for the Portfolio Superannuation Scheme. Where my interest in the UK Pension Plan contains a guaranteed minimum pension entitlement or other protected rights, the Portfolio Superannuation Scheme does not provide the same degree of protection that would have applied to my investment had it remained in the UK Pension Plan. I understand that the rules applicable to the Portfolio Superannuation Scheme do not guarantee that I will receive an equivalent level of benefit on my retirement. The Manager is currently obliged to report to HMRC for a period of 10 years from the date of the initial transfer from the UK pension

24 scheme, and that these reporting obligations are subject to change at any time. HMRC rules and UK law governing ROPS, including the tax treatment of ROPS, may change at any time and that the Portfolio Superannuation Scheme may cease to be a ROPS at any time. I agree to indemnify the Supervisor and the Manager from any costs, expenses, losses or liabilities they incur, including in relation to UK tax, as a result of accepting my transfer to the Portfolio Superannuation Scheme. The Supervisor and the Manager cannot guarantee the amount of funds that will be released, and take no responsibility for any fees or taxes that may or may not be charged by the UK pension provider or any other party in respect of the funds being transferred. Any withdrawals or transfers I make from the Scheme may result in a UK tax penalty, for which I am solely liable, if the withdrawal or transfer is of UK pension transfer money transferred: o Before 6 April 2017 and I have not been a UK tax nonresident for five clear and complete UK tax years (the UK tax year runs from 6 April to 5 April); or o On or after 6 April 2017 and I have not been a UK tax nonresident for ten clear and complete UK tax years and the transfer amount has not been invested in a ROPS for five years. This may be significant - up to 55% of the withdrawal or transfer amount. I may be liable to pay a UK overseas transfer charge if my circumstances change within the first five clear and complete UK tax years following receipt of the transfer amount from the UK Pension Plan. I confirm that I indemnify the Manager from any such charge. The amount of the charge may be up to 25% of my UK pension transfer money and the Manager may be required to deduct the charge from my investment in the Scheme and to pay it to HMRC on my behalf. The Supervisor and the Manager have no responsibility for any penalties (including any unauthorised payment charges) arising in respect of my funds in the Portfolio Superannuation Scheme and/or payments made therefrom. The funds are being transferred to be invested in my name within the Portfolio Superannuation Scheme. I also understand the circumstances in which benefits will be paid, including that, on receipt of my UK pension transfer money, the Manager will designate one of the following as selected on my application form: o 70% of the amount received (or another amount as required) to provide me with an income for life if required by my UK Pension Plan Provider; or if there is no such requirement, I can choose to designate either: o 70% of the amount received (or another amount, as required) to provide me with an income for life; or o 100% is available for withdrawal. The UK pension transfer money and any change in value due to investment results will be unavailable for the payment of any income for life or lump-sum benefit until the UK normal minimum pension age (currently age 55) or until I meet the 'ill health condition' as that term is defined by UK law. The benefits, risks and other terms (including fees and taxes that may be charged and exchange rate

25 conversion) relating to both the UK Pension Plan and Portfolio Superannuation Scheme. I agree to notify the Trustee immediately if I become a UK tax resident in the future. I agree to provide any other information or documentation that may be required for this transfer to be approved by the UK authorities, and agree to the Trustee and the Manager providing to HMRC such information concerning me and my membership in the Portfolio Superannuation Scheme (including without limitation details of any withdrawals I may make) as the Supervisor or the Manager see fit, whether in response to a specific request for information or otherwise. I consent to the transfer of my UK Pension Plan to the Portfolio Superannuation Scheme. Signature of Applicant Date Completed application forms should be returned to your Financial Adviser. Office Use Only Fund required for ROPS status Lock-in-period applicable Yes/No Yes/No Check period and terms of lock-in on transfer agreement. This application was made on a form from the Portfolio Superannuation Scheme's Product Disclosure Statement dated 18 August 2017

26 CONTACT Saturn Invest New Zealand Limited MAIL Units 4 & 5, Shed 24 Princes Wharf 143 Quay Street Auckland 1010 CONTACT info@pssnz.co,nz WEBSITE