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Annual report

Annual report for the year ended 31 December 2016

Details of scheme

This annual report has been prepared for UniSaver New Zealand (scheme) for the year ended 31 December 2016. The manager and trustee of the scheme is UniSaver Limited (trustee, we, or us).

The scheme is a registered restricted workplace savings scheme.

The latest PDS for the scheme is dated 23 June 2016, and is open for applications.

The latest fund updates for each of the funds in the scheme for the year ended 31 December 2016 were made publicly available on 27 March 2017.

The latest financial statements for the Scheme dated 15 March 2017 and the auditor’s report on those financial statements was lodged with the Registrar of Financial Service Providers on 27 March 2017. The financial statements and auditor’s report are available on the offer register and the scheme register at http://www.companiesoffice.govt.nz/disclose and at unisaver.co.nz.

Information on contributions and scheme participants

This section provides a summary of changes in the membership of the scheme over the year ended 31 December 2016.

Membership 1 January 2016 31 December 2016
Total contributing scheme participants 7,288 7,649
Total non-contributing scheme participants 1,192 1,280
Total scheme participants 8,480 8,929

 

New members and member exits during the year ended 31 December 2016
New members  
Transfers from other schemes 173
Other new members 762
Total new members 935
Member exits due to:  
Death 7
Retirement 119
Transfers to other schemes 0
Other reasons 360
Total exits 486

 

Member accumulations 1 January 2016 31 December 2016
Total members’ accumulations $750,319,620 $838,113,530
Number of members 8,480 8,929

 

Total contributions to the scheme for the period

Total contributions
during the period

Number of members
who made the relevant
contribution

Member contributions $40,325,551 8,285
Employer or other sponsor contributions $32,553,286 8,069
Member voluntary additional contributions $7,323 12
Total contributions $72,886,160  8,297

Changes relating to the scheme

Material changes have occurred during the year ended 31 December 2016 to bring the trust deed and statement of investment policies and objectives into line with the requirements of the Financial Markets Conduct Act. Apart from these changes, no other material changes have occurred.

All related party transactions entered into during the period were on arm’s length terms.

Changes to persons involved in the scheme

The table below sets out what changes were made to persons involved in the scheme during the period ended 31 December 2016.

Person Change
The trustee and manager of the scheme As part of the transition to the FMC Act regime, from 30 June 2016, a new corporate entity, UniSaver Limited, replaced individual trustees as the sole corporate trustee and issuer of UniSaver. Each of the former trustees of UniSaver was appointed as a director of UniSaver Limited.
The directors of the trustee and manager of the scheme The directors of UniSaver Limited are Adrienne Pearl Cleland, Carolyn Ruth Dimond, Eoin Malcolm Miller Johnson, Wayne Grenfell Morgan and Alexander John Patrick. Ian Russon was appointed as an additional director on 1 January 2017.
Key personnel of the trustee and manager of the scheme None
Any administration manager or investment manager of the scheme None
The securities registrar, custodian, or auditor of the scheme. None

Other information for particular types of managed funds

During the period, the following withdrawals were made from the scheme:

Withdrawal type
Total number of members who made the relevant withdrawal
Retirement  119
Leaving service 352
Death 7
Financial hardship n/a
First-home withdrawal 36
Permanent emigration 8
Other partial withdrawals 171
Total withdrawals 693

As at the end of the period, we applied the following crediting rates to the members’ balances for the respective investment options:

Fund Crediting rate for the period to 31 December 2016
Growth fund 5.66%
Balanced fund 5.27%
Conservative fund 4.02%
Cash fund 1.86%

UniSaver Limited, as manager and trustee of the scheme, confirms:

  • all the contributions required to be made to the scheme in accordance with the trust deed have been made
  • all the benefits required to be paid from the scheme in accordance with the terms of the trust deed and the KiwiSaver scheme rules have been paid
  • the market value of the scheme property at the balance date equalled or exceeded the total value of benefits that would have been payable had all members of the scheme 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 balance date.

The locked section is a complying superannuation fund. It offers member tax credits from the Crown in exchange for locking in contributions in the same way as KiwiSaver. The information in the table below relates only to the locked section.

Information about the locked section Number/value
The market value of the assets subject to the complying fund rules  $198,751,419
The number of members to which the assets relate  4,781
The value of withdrawals subject to the complying fund rules  $5,507,576

How to find further information

Further information relating the scheme, including financial statements, the product disclosure statement and other material information relating to the scheme, annual fund updates, the scheme’s trust deed, and statement of investment policy and objectives, is available on the offer register and the scheme register free of charge at http://www.companiesoffice.govt.nz/disclose. You may also obtain the above information, as well as a copy of the application form and an estimate of your current benefits, free of charge by contacting us through our Scheme Secretary at robyn.doherty@aonhewitt.com.

Contact details and complaints

If you have any questions or complaints, please contact us through our Scheme Secretary at:

Robyn Doherty
Scheme Secretary
UniSaver New Zealand
C/- Aon Hewitt
Level 3, 1 Willis Street
PO Box 2764
Wellington 6140
Telephone: 04 819 4056 during normal business hours

If we are unable to resolve your complaint, you can complain to the Financial Services Complaints Limited (FSCL). FSCL can be contacted at:

Financial Services Complaints Limited
PO Box 5967
Level 4, 101 Lambton Quay
Wellington 6145
Telephone: 0800 347 257 during normal business hours

FSCL will not charge a fee to any complaint to investigate or resolve a complaint.

You may also contact Mercer (N.Z.) Limited (the securities registrar) at:

UniSaver New Zealand
C/- Mercer (N.Z.) Limited
PO Box 1849
Wellington 6140
Telephone: 0800 864 724

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