AMP New Zealand Personal Superannuation Fund

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1 AMP New Zealand Personal Superannuation Fund 2014 Annual Report Prepared as at 29 May 2015

2 AMP New Zealand Personal Superannuation Fund 2014 Annual Report AMP Services (NZ) Limited (the Trustee) presents this Annual Report including the summary financial statements to members of the AMP New Zealand Personal Superannuation Fund (the Fund) for the year ended 31 December Key aspects of the Fund at 31 December 2014: Net assets: $80,511,000* Membership: 2,447 members. The Fund is registered under the Superannuation Schemes Act 1989; Reference Number AS/9486. The Fund is closed to new members. The number of members and net assets of the Fund are expected to reduce over time and no prospectus is required for the Fund. Investment returns Returns are calculated by reference to the percentage change in each investment fund s unit price. Tax assets are included in returns where applicable. AMP New Zealand Personal Superannuation Fund Managed Balanced Investment Fund - Pension Plan A Unit Managed Balanced Investment Fund -Lump Sum A Unit Managed Balanced Investment Fund - Portfolio Plan B Unit 1 year return 7.3% 7.3% 8.5% Managed Conservative Investment Fund - T Unit 4.7% Managed Performance Investment Fund - U Unit 9.0% These returns should be read in conjunction with the following notes: Returns are for the year ended 31 December All returns are after annual management fees and taxes. *rounded to the nearest thousand dollar. 2

3 Please note that past performance is not indicative of future performance and performance is not guaranteed by any party. The above returns do not show an individual s investment return. Any individual s investment return will be determined by the prices at which units are sold or purchased, and the charges specific to the investments. Returns between similar investment funds may differ due to management fees, tax and fund flows. The information has been derived from sources believed to be accurate at the time of issue. However, none of AMP Services (NZ) Limited, or any other member of the AMP Group of Companies or any other person guarantees the Fund, any investment in the Fund, or any returns on an investment in the Fund, or gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from an error or omission. Specific information about current and historic unit prices can be obtained by contacting us on or (for overseas calls). Information on monthly investment returns is available on our website amp.co.nz. Trust Deed There have been no amendments to the Trust Deed of the Fund since the date of the last annual report. Trustee The Trustee of the Fund is AMP Services (NZ) Limited. As at 31 December 2014 the directors of AMP Services (NZ) Limited were: Anthony Regan Thérèse Singleton Simon Hoole Gregory Bird Simon John Hoole was appointed as a director of the trustee on 15 April James Gladstone Georgeson resigned as a director of the trustee on 24 October Gregory Paul Bird was appointed as a director of the trustee on 7 November Elaine Jennifer Campbell was appointed as a director of the trustee on 22 May Administration Manager There is no separate Administration Manager. The Trustee performs all administration for the Fund. 3

4 Investment Manager The assets of the AMP New Zealand Personal Superannuation Fund are invested in the AMP Superannuation Investment Trust (ASIT). The investment manager of ASIT is AMP Capital Investors (New Zealand) Limited. Insurer The Trustee provides any insurance cover required for members through an insurance policy with AMP Life Limited (ABN ). Auditor The Auditor of the Fund is Ernst & Young. Solicitor The Solicitors of the Fund are Chapman Tripp and Kensington Swan. Membership AMP New Zealand Personal Superannuation Fund Number Membership as at 1 January ,695 Less members withdrawing by reason of: Withdrawal on reaching the Fund retirement age 135 Death 7 Transfers to other superannuation schemes 14 Other withdrawals 71 Lapses of underlying policies 21 Membership as at 31 December ,447 Summary financial statements These are set out on pages 5 to 9. We re here to help If you need help with your investments or want more information talk to your Adviser, call AMP on or (for overseas calls) or visit amp.co.nz. A disclosure statement is available from your Adviser on request and free of charge. Correspondence If you have any questions please write to us at: The Manager Customer Services Superannuation and Unit Trusts AMP Services (NZ) Limited PO Box 55 Shortland Street AUCKLAND 1140 or us at: investments@amp.co.nz 4

5 AMP New Zealand Personal Superannuation Fund Summary statement of changes in net assets available for benefits for the year ended 31 December $000 $000 INCOME Net gains on financial assets at fair value through profit or loss 6,644 8,992 TOTAL INCOME 6,644 8,992 EXPENSES Management fees 1,129 1,148 Member fees Death and disability insurance TOTAL EXPENSES 1,444 1,493 NET PROFIT BEFORE TAX 5,200 7,499 Tax benefit NET PROFIT AFTER TAX 5,498 7,798 MEMBERSHIP ACTIVITIES Contributions Members contributions 2,553 2,866 Other contributions Total Contributions 2,875 3,163 Withdrawals Death benefits Retirement benefits 4,594 5,502 Other withdrawal benefits 4,048 4,338 Transfers to other superannuation schemes Total Withdrawals 8,921 10,144 NET WITHDRAWALS (6,046) (6,981) CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS (548) 817 These summary financial statements should be read in conjunction with the accompanying notes. 5

6 AMP New Zealand Personal Superannuation Fund Summary statement of net assets available for benefits as at 31 December $000 $000 ASSETS Cash and cash equivalents Financial assets at fair value through profit or loss 81,557 82,249 Deferred tax TOTAL ASSETS 82,333 83,455 LIABILITIES Payables 1,822 2,396 TOTAL LIABILITIES 1,822 2,396 NET ASSETS AVAILABLE FOR BENEFITS 80,511 81,059 VESTED BENEFITS 80,511 81,059 For and on behalf of AMP Services (NZ) Limited (the Trustee) who authorised the issue of these summary financial statements as at the date below: G P Bird Director 20 April 2015 S J Hoole Director 20 April 2015 These summary financial statements should be read in conjunction with the accompanying notes. 6

7 AMP New Zealand Personal Superannuation Fund Summary statement of cash flows for the year ended 31 December $000 $000 Net cash inflow from operating activities 5,782 7,403 Net cash outflow from financing activities (6,046) (6,981) Net (decrease)/increase in cash and cash equivalents (264) 422 Cash and cash equivalents at the beginning of the year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR These summary financial statements should be read in conjunction with the accompanying notes. 7

8 AMP New Zealand Personal Superannuation Fund Notes to the summary financial statements for the year ended 31 December 2014 These summary financial statements are for the AMP New Zealand Personal Superannuation Fund (the Fund) for the year ended 31 December The Fund is a defined contribution superannuation scheme domiciled in New Zealand and established under a trust deed dated 10 February 1981 by AMP Superannuation (NZ) Limited. The Fund is currently governed by a consolidated trust deed dated 2 April 2013 (Trust Deed). On that date AMP Superannuation (NZ) Limited amalgamated with AMP Services (NZ) Limited, with AMP Services (NZ) Limited being the continuing company. AMP Services (NZ) Limited (the Trustee) now performs the duties of the trustee as well as overseeing the management of the Fund. The Trustee is responsible for administering the Fund in accordance with the Trust Deed and the Superannuation Schemes Act The main purpose of the Fund is to provide retirement benefits to members. The Fund is closed to new members. The Fund is registered under the Superannuation Schemes Act 1989 and is an individual profit oriented reporting entity under the Financial Reporting Act The summary financial statements shown on pages 5 to 9 are an abridged version of the full financial statements for the Fund and cover the 12 month period to 31 December The specific disclosures included in the summary financial statements have been extracted from the full financial statements. None of the information extracted from the full financial statements has been restated or reclassified. The summary financial statements comply with FRS 43: Summary Financial Statements. The summary financial statements are presented in New Zealand dollars and rounded to the nearest thousand dollars ($000 s). The full financial statements of the Fund for the year ended 31 December 2014 were authorised for issue by the Trustee on 20 April The full financial statements have been prepared in accordance with the Trust Deed governing the Fund, the Superannuation Schemes Act 1989, the Financial Reporting Act 1993 and New Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand equivalents to International Financial Reporting Standards 8

9 (NZ IFRS), International Financial Reporting Standards (IFRS) and other applicable financial reporting standards as appropriate for profit oriented entities. The Fund has made an explicit and unreserved statement of compliance with IFRS in its full financial statements. The Fund is not a qualifying entity applying differential reporting concessions. The full financial statements have been audited by Ernst & Young who gave an unmodified opinion with no fundamental uncertainties or explanatory paragraphs on 20 April The summary financial statements have also been examined by Ernst & Young and their unmodified opinion is included in this report. No subsequent events were disclosed in the full financial statements and no events occurred between the date the full financial statements were authorised and the date the summary financial statements were authorised. The summary financial statements do not include all disclosures provided in the full financial statements and thus cannot be expected to provide as complete an understanding as is provided by the full financial statements. A copy of the audited full financial statements is available free of charge from AMP Services (NZ) Limited, PO Box 55, Shortland Street, Auckland

10 Independent Auditor s Report To the Members of the AMP New Zealand Personal Superannuation Fund The summary financial statements on pages 5 to 9, which comprise the summary statement of net assets available for benefits as at 31 December 2014, the summary statement of changes in net assets available for benefits and summary statement of cash flows for the year then ended, and related notes, are derived from the audited financial statements of the AMP New Zealand Personal Superannuation Fund (the Fund ) for the year ended 31 December We expressed an unmodified audit opinion on those financial statements in our report dated 20 April Those financial statements, and the summary financial statements, do not reflect the effects of events that occurred subsequent to the date of our report on those financial statements. The summary financial statements do not contain all the disclosures required for full financial statements under generally accepted accounting practice in New Zealand. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the Fund. This report is made solely to the Fund s Members, as a body, in accordance with Schedule 2 of the Superannuation Schemes Act Our engagement has been undertaken so that we might state to the Fund s Members those matters we are required to state to them in our report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund s Members as a body, for our work, for this report, or for the opinions we have formed. Trustee s Responsibilities The Trustee is responsible for the preparation of summary financial statements in accordance with FRS-43: Summary Financial Statements. Auditor s Responsibilities Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (New Zealand) (ISA(NZ)) 810, Engagements to Report on Summary Financial Statements. Other than in our capacity as auditor we have no relationship with, or interest in, the Fund. 10

11 Opinion In our opinion, the summary financial statements are correctly extracted from the audited financial statements of the Fund for the year ended 31 December 2014 and are consistent, in all material respects, with those financial statements, in accordance with FRS April 2015 Wellington Trustee s statement As at 31 December 2014 all contributions required to be made to the Fund in accordance with the terms of the Trust Deed have been made. Trustee s certificate The Trustee certifies that as at 31 December 2014: a) All the benefits required to be paid from the Fund in accordance with the terms of the Trust Deed have been paid. b) The market value of the assets of the Fund at the close of the financial year equalled or exceeded the total value of benefits that would have been payable had all members of the Fund ceased to be members at that date and had 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. AG Regan Director AMP Services (NZ) Limited 29 May

12 For more information about your retirement, talk to your Adviser today. You can also contact us by: phone web or (for overseas calls) amp.co.nz service@amp.co.nz A disclosure statement is available from your Adviser, on request and free of charge. WEL /15

AMP Personal Retirement Plans

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