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SEAFARERS RETIREMENT FUND INVESTMENT STATEMENT February 2012 Seafarers Retirement Fund – Investment Statement IMPORTANT INFORMATION (The information in this section is required under the Securities Act 1978) Investment decisions are very important. They often have long-term consequences. Read all documents carefully. Ask questions. Seek advice before committing yourself. Choosing an investment
When deciding whether to invest, consider carefully the answers to the following questions that can be found on the pages noted below: Page Who is involved in providing it for me?Who do I contact with enquiries about my investment?Is there anyone to whom I can complain if I have problems with the investment?What other information can I obtain about this investment? In addition to the information in this document, important information can be found in the current registered prospectus for the investment. You are entitled to a copy of that prospectus on request. The Financial Markets Authority regulates conduct in financial markets
The Financial Markets Authority regulates conduct in New Zealand financial markets. The Financial Markets Authority‘s main objective is to promote and facilitate the development of fair, efficient, and transparent financial markets. For more information about investing go to http:/www.fma.govt.nz
Financial advisers can help you make investment decisions
Using a financial adviser cannot prevent you from losing money, but it should be able to help you make better investment decisions. Financial advisers are regulated by the Financial Markets Authority to varying levels, depending on the type of adviser and the nature of the services they provide. Some financial advisers are only allowed to provide advice on a limited range of products. When seeking or receiving financial advice, you should check: •
they type of adviser you are dealing with
the service the adviser can provide you with
the products the adviser can advise you on.
A financial adviser who provides you with personalised financial adviser services may be required to give you a disclosure statement covering these and other matters. You should ask your adviser about how he or she is paid and any conflicts of interest he or she may have. Financial advisers must have a complaints process in place and they, or the financial service provider they work for, must belong to a dispute resolution scheme if they provide services to retail clients. So if there is a dispute over an investment, you can ask someone independent to resolve it. Most financial advisers, or the financial service providers they work for, must be registered on the financial service providers register. You can search for information about registered financial service providers at http:/www.fspr.govt.nz. You can also complain to the Financial Markets Authority if you have concerns about the behaviour of a financial adviser.
This is an investment statement for the purposes of the Securities Act 1978.
Seafarers Retirement Fund – Investment Statement CONTENTS What sort of investment is this? Who is involved in providing this for me? How much do I pay? What are the charges? What returns will I get? Retirement, Ill-Health & Resignation Benefit What are my risks?
Bankruptcy and incapacity to manage own affairs
Can the investment be altered?
Becoming an Ordinary or Reduced Rate Member
Changing the investment of the Fund’s assets
How do I cash in my investment? Who do I contact with enquiries about my investment? Is there anyone to whom I can complain if I have a problem with the investment? What other information can I obtain about this investment?
Registered prospectus and financial statements
Seafarers Retirement Fund – Investment Statement CONTENTS continued
Miscellaneous information Attachments
Application Form for a Non- Subsidised Member
Nomination of Designated Beneficiaries form
Seafarers Retirement Fund – Investment Statement What sort of investment is this?
The Seafarers Retirement Fund (the Fund) is an employee based defined contribution superannuation scheme. Membership is for the benefit of employees and members of the Maritime Union of New Zealand (the Union) to save for their retirement. In this Investment Statement the term “employer” refers to the Union and any company or organisation that has been accepted as a participating employer to participate in the Fund and in respect of a member, means the member’s employer. When you join the Union you will be requested to complete the application form attached to this Investment Statement for admission to the Fund. Who is involved in providing it for me?
The Fund is called the Seafarer Retirement Fund (the Fund). It is provided and promoted by the Maritime Union of New Zealand. The Fund (established in June 1972) is a registered superannuation scheme under the Superannuation Schemes Act 1989 for the benefit of persons working in the seafaring industry. The Trustees of the Fund are responsible for overseeing the Fund and looking after the interests of members. Trustees appointed by the Employers’ Management
David Macintosh Scott of Wellington, ChairmanAll the Trustees can be contacted at:
The Secretary to the Trustees Seafarers Retirement Fund C/- 87 Simla Crescent Khandallah, Wellington 6035
Promoters of the Fund
The Union and the executive Members of the Union who are not trustees, being: Raymond Joseph Fife of Bluff
The promoters can be contacted through:
New Zealand Seafarers’ Union 1st Floor, Waterside House 220 Willis Street Wellington
Administration Manager and Registrar The day-to-day administration of the Fund is managed by Aon New Zealand. The administration manager can be contacted at:
Level 2, AMP Centre 29 Customs Street West P O Box 3167, Auckland
Further contact details of the Administration Manager are set out on page 8.
For Non Subsidised Members Seafarers Retirement Fund – Investment Statement How much do I pay?
Regular contributions You must contribute to the Fund a minimum percentage of 4% of your ‘gross earnings’ which include overtime or any other special allowances or payments. With the agreement of the Trustees, you can increase your contributions to the Fund above the minimum percentage set out above. Your contributions will be automatically deducted from your salary when this is paid to you. On or before the 20th of each month your employer will forward your contributions to the Administration Manager on behalf of the Trustees for investment in the Fund. Lump-sum contributions
You may also make voluntary lump-sum contributions to the Fund. The minimum amount for lump-sum contributions is $100 per payment. Lump-sum contributions can be made by contacting the Fund’s Administration Manager at the above address. As a non subsidised member, your employer will not make any contributions to the Fund on your behalf. Your Member’s Account
When you join the Fund the following an account called your Member’s Account will be established for you: - what goes in.
• your regular and any lump sum contributions;
• a portion of any money transferred into the Fund from another superannuation
• a share of the administration fees of the Fund;
• in years of poor investment performance the earnings applied to your account
could be negative (refer Earnings rate on page 4); and
• the fee for partial withdrawal from the Fund a fee is deducted from your
Transfers from other schemes
At the Trustees’ discretion, you may also transfer money into the Fund from another superannuation scheme (or similar scheme). If you wish to transfer funds from another scheme you should contact the Administration Manager for instructions (see page 8 for contact details). Reserve Account In addition to your Member’s Account, a Reserve Account is also set up in the Fund. Unclaimed benefits will be paid into the Reserve Account. However, this only occurs when a benefit has not been claimed within seven years of falling due for payment and the Trustees have taken reasonable steps to trace the member or beneficiary entitled to the benefit. The Reserve Account can be used at the Trustees’ discretion to:
pay members’ contributions on an equitable basis
increase the retirement benefits of all members’ benefits on an equitable basis
provide benefits other than retirement benefits for all members on an equitable basis
make other payments as the Trustees consider appropriate, and
For Non Subsidised Members Seafarers Retirement Fund – Investment Statement What are the charges?
Non subsidised members will directly pay a share of the Fund’s expenses and fees incurred during the operation of the Fund. The share paid by each non subsidised member will be deducted from each Member’s Account. Type of Charge or Fee Payable to Currently Paid or Deducted From
Investment Management Investment Managers
Various Service Providers, e.g. Reserve Account* auditors, solicitors, etc.
*If, at the end of each Fund year there is insufficient in the Reserve Account, a share of the balance of these fees and expenses will be deducted from each Member’s Account.
With the exception of secretarial services as described above, no fees are paid to any employer or any associated person of any employer or to the Trustees, or any associated person of the Trustees. Changes in fees and charges
The Administration Manager can increase its fees on 1 July each year in line with the increase in the Consumer Price Index. Provided adequate notice is given, the Investment Managers can also increase the fees or premiums they charge the Fund. If the Trustees are not satisfied at any stage that the current or proposed fees are reasonable then they may look for alternative service providers. Other expenses, e.g. professional fees, will be incurred, as necessary and the cost of these will vary from year to year. Although it is the current policy not to pay the Trustees any expenses from the Fund, under the terms of the Trust Deed this policy could change in the future. What returns will I get?
You will generally be paid a lump-sum benefit when you leave the Fund. The Trustees for the time being are legally liable to pay benefits under the Trust Deed of the Fund. The Trustees who are currently liable to pay the benefits are named on page 1. However, the Trustees do not guarantee the returns or promise a particular rate of return on moneys you contribute to the Fund, nor can they state the amount of return you will receive at the date of this Investment Statement. The key factors that determine the amount of benefit you will receive are: •
the amount you have contributed to the Fund,
earnings applied to your accounts (net of taxes and investment management expenses), less
the administration fees (if any) deducted from your account.
For Non Subsidised Members Seafarers Retirement Fund – Investment Statement Earnings rate
The Trustees will determine the rate of earnings to be applied to your account as soon as practicable after each 31 March. If you become entitled to a benefit part way through a year, an interim earnings rate will be calculated and used to update your Member’s Account. If a benefit payment is based on the interim earnings rate, it will not be adjusted later when the final rate for the year is declared. The earnings rate will be determined after taking into account the investment earnings of the Fund over the year, including any unrealised gains or losses due to the revaluation of assets, the tax liability of the Fund for the year and the costs incurred in ascertaining the Fund’s investment earnings. Depending on the circumstances, the earnings rate may be positive, nil or negative. Neither the Trustees or the Union, nor any other party guarantees either the return of capital or the rate of earnings. Benefit entitlements
The benefits payable from the Fund is generally paid as a tax-free lump-sum payment. The benefits are as follows. Retirement, Ill-Health & Resignation Benefit
When you leave the industry you will receive a payment equal to the amount of your Member’s Account. If you wish you may use all or part of your lump sum to purchase a pension from a life insurance company. If you continue working after attaining age 65, payment of your retirement benefit will be deferred until your actual date of retirement. Medical evidence may be required to support a claim for an ill-health benefit. You will also be entitled to a lump sum benefit of your Member’s Account if you cease to be a member of the Union for any other reason that, in the opinion of the Trustees, is not due in any manner to your actions or conduct, e.g. on compassionate grounds. At your request all or part of your benefit can be transferred to another superannuation scheme. Partial Withdrawal Benefit
The purpose of the Fund is to provide benefits on a member’s retirement. However, the Trustees may, at their discretion, allow you to withdraw part of your benefit while remaining a contributing member of the Fund. Currently, the maximum amount you can withdraw is 50% of the value of your resignation benefit (see above) at the time of the withdrawal. The following conditions currently apply to the Partial Withdrawal Benefit: •
you must have completed 15 years’ membership of the Fund
there is a minimum withdrawal amount of $5,000 at any one time
a withdrawal can only be made once in any five-year period
the Trustees must receive six month’s notice of your intention to make a withdrawal, and
a fee of $100 will be charged for each partial withdrawal.
Although these conditions are current at the time of your joining the Fund the Trustees may review them from time to time, and as a result change the conditions that will apply in the future. This could include, suspending any further partial withdrawal benefits from the Fund. If in the future you wish to make a partial withdrawal you should check with the Fund Administration Manager for an update on this benefit.
For Non Subsidised Members Seafarers Retirement Fund – Investment Statement Death Benefit
If you should die while a member of the Fund the benefit will be a lump sum payment equal to the total balance of your Member’s Account, i.e. your contributions together with earnings applied each year less any partial withdrawal fees (see page 2 for further details of your Member’s Account). The Trustees pay the death benefit to any one or more of your dependants or your personal representative (i.e. the executor or administrator of your estate. The Trustees also have the discretion to pay part of the benefit to one recipient and the balance to one or more persons, e.g. your dependants and personal representative. Property Relationship Act
The death benefit payable from the Fund forms part of a relationship property under the Property (Relationships) Act 1976. Under this Act, a former spouse or partner may make a claim at any time up to six months after a member’s death for all or a part of his or her relationship property, including the death benefit payable from the Fund. It is therefore possible the Trustees could, in certain cases, deter the payment of all or a part of a death benefit for up to six months so all eligible claimants are able to notify the Trustees of their intention to make a claim in respect of a deceased member’s benefit. Deferred payment of benefits
When you become entitled to a benefit because you have ceased service or retired, you may request the Trustees to leave all or part of your benefit entitlement in the Fund. Each year the earnings rate will be applied to any deferred benefit and final payment will be made when requested by you. In the event of your death your dependants cannot leave any of their benefit entitlement in the Fund. The Trustees may also defer payments of benefit for any period if it would be impracticable or unduly interfere with the orderly administration of the Fund. The Trustees may also defer payment of benefits to members or their dependants where it would be in the best interests of that member or dependant provided the Trustees have that member or dependant’s consent. The Trustees may increase any deferred benefit between the date the benefit fell due and the date of payment. However, any increase cannot exceed an amount equivalent to the earnings rate for the period of deferment at the same rate that would have applied had the benefit been paid on the date it originally fell due for payment. Payment of benefits
On or about the 20th of each month the Administration Manager will process all authorised benefit payments it has received from the Trustees. If the 20th of the month is not a business day, then benefit payments will be processed on the nearest business day prior to the 20th. Death benefits will not be paid until all supporting documents (e.g. death certificate) have been received and sighted or assessed by the Trustees. Taxes
The tax paid by the Fund is taken into account when determining the investment earnings applied to your Member’s Account. Benefits
Because tax is paid by or on behalf of the Trustees on the investment income of the Fund, you should not declare the investment return applied to your accounts if you are required to file a personal tax return. Under current legislation, all benefits paid from the Fund are paid tax-free. Note: The above reflects the current taxation position in respect of superannuation schemes at the time this Investment Statement was prepared. It could, and probably will change between the date you join the Fund and your retirement from the workforce. For Non Subsidised Members Seafarers Retirement Fund – Investment Statement
What are my risks?
The value of your Member’s Account may fluctuate depending on the investment returns achieved on the investment of the Fund’s assets and your level of contributions. All investments involve some degree of risk. The level of risk is generally determined by several factors including fluctuating interest rates and inflation rates as well as movement in the various investment markets such as shares and property. Generally, investors expect a higher return as the level of risk increases and conversely, a lower return with a lower risk investment. Your Member’s Account is invested in the Growth Investment Fund. This fund is designed to provide ‘real’ growth in the long term. Details of the current investment management arrangement of the Fund are set in the current prospectus of the Fund a copy of which is available, on request, from the Trustees. A member may not recover all his or her contributions when he or she becomes entitled to a benefit. This may be because of the length of time that the member has been in the Fund, the performance of the underlying assets of the Growth Investment Fund and/or the deduction of fees and taxes. Unclaimed benefits
The Trustees are required to exercise reasonable care and diligence in tracing any member or beneficiary who is entitled to a benefit from the Fund. However, if they are unsuccessful, any benefit that has not been claimed within seven years of becoming due for payment shall be paid into the Reserve Account. If the Trustees receive a claim for a benefit after seven years, the Trustees shall pay the benefit from the Reserve Account. Bankruptcy and incapacity to manage own affairs
The Trust Deed currently provides that if you become bankrupt then, to the maximum extent permitted by law, your benefits will be forfeited to the Fund. Any forfeited benefit can then be applied at the discretion of the Trustees for the support of you or your dependants. You should be aware that the law might not allow this provision of the Trust Deed to be applied effectively in all cases. The Trustees will endeavour to apply it to the extent that the law allows. However, you should not expect that your benefits would be protected in the event of your bankruptcy. If in the opinion of the Trustees you are unable to manage your own affairs, the Trustees may administer any benefits you may be entitled to on your behalf. For Non Subsidised Members Seafarers Retirement Fund – Investment Statement Insolvency of the Fund
In the unlikely event that the Fund was declared insolvent (its liabilities exceed its assets), you would not have to pay any money to the Fund or to any person who may be owed money from the Fund. In the event of the Fund being wound up, any costs and expenses associated with the winding up of the Fund would be paid first. Next any benefits due but not paid would be paid. Finally, the members remaining in the Fund at the wind up date would be paid their benefits. Further details about winding up the Fund can be found on the next page. The Trustees are not aware of any claim on the assets of the Fund that it would be reasonable to expect them to foresee, given the nature of the Fund, would or may rank equally with the claims of the members in the event of the Fund being wound up. Can the investment be altered?
Amendment to the Trust Deed
The Trustees may, with the consent of the Union and the Employers’ Management Committee, amend the Trust Deed of the Fund from time to time. This power to amend is restricted. Your prior written consent would be required before any amendment to the Trust Deed can be made which would: •
reduce or adversely affect your benefits that may flow from or are attributable to your membership up to the date of the amendment,
remove any right of a member to participate in the management of the Fund,
increase your contributions or any fees or charges that may be payable by you, or
provide for assets of the Fund to revert to an employer to any greater extent than already provided for in the Trust Deed.
This reflects the provisions of the Superannuation Schemes Act 1989, section 9, which provides statutory protection for members against adverse amendments to superannuation scheme trust deeds. Increasing your contributions
As explained earlier, you can, with the agreement of the Trustees, increase your contribution above the rate set out on page 2. Becoming an Ordinary or Reduced Rate Member
While a member of the Fund you may become eligible to become an ordinary or reduced rate member. If this occurs your category of membership will change accordingly. Your required rate of contribution to the Fund could increase. Full details of the contribution rates for ordinary and reduced rate members are set out in a separate Investment Statement, a copy of which can be obtained by contacting the Administration Manager. Changing the investment of the Fund’s assets
The Trustees may from time to time review and change how all or a part of the assets of the Fund are invested. Fees and expenses All of the fees and expenses described in this Investment Statement may be reviewed from time to time and can, as a result be increased. As described earlier in this Investment Statement, all the fees and expenses of the Fund (with the exception of the investment management expenses) are currently deducted from your Member’s Account. For Non Subsidised Members Seafarers Retirement Fund – Investment Statement How do I cash in my investment?
Winding up of the Fund
It is intended that the Fund continue indefinitely. However, should circumstances change there is provision in the Trust Deed that would allow it to be wound up. The Fund can be wound up if the Union ceases to exist, the Trustees resolve to wind up the Fund, or the Union decides that continuing the Fund is no longer practicable or advisable. If the Fund was wound up, final audited accounts would be prepared in respect of the Fund and you would receive a copy of these. The moneys of the Fund would be distributed as follows: •
the costs and expenses associated with winding up the Fund would be paid first;
next, all benefits due but not paid prior to the winding up date would be paid; and
• finally, all remaining members would be paid the sum of their Member’s Account and Employer’s
If the value of the assets of the Fund were less than the total balances of all Members’ Accounts the amount paid to members would be reduced on a pro-rata basis. If the value of the assets of the Fund is more than the total of the balances of all the Member’s Accounts, this will be applied to increase the benefits of all members on a pro rata basis. Right to sell your interest in the Fund
You cannot sell your benefits in the Fund i.e. your Member’s Account, to any person or entity. You also cannot borrow against, use as security for a loan or otherwise assign the benefit payable to you under the Fund. Who do I contact with enquiries about my investment?
If you have any questions about your investment you may contact the Fund Administration Manager at the following address:
Is there anyone to whom I can complain if I have problems with the investment?
If you have any concerns or questions about the Fund, please contact the Complaints Officer at the following address:
Silver Fern Shipping P O Box 10090 Wellington 6143 The Trustees have 40 days to respond to your complaint. If you are not satisfied with the response you receive, you may lodge a complaint with the Trustees’ dispute resolution scheme provider, Financial Services Complaints Limited (FSCL). You can refer the matter to FSCL by emailing them at email@example.com or calling 0800 347 257. Full details of how to access the FSCL scheme can be obtained on their website www.fscl.org.nz.
For Non Subsidised Members Seafarers Retirement Fund – Investment Statement What other information can I obtain about this investment?
Each year, you will receive a statement showing the details of your benefits in the Fund at 31 March and an annual report for the previous financial year. You can request a copy of the latest annual report at any time during the year from the Fund Administration Manager at the address given above. Registered prospectus and financial statements - Additional information about the Fund is contained in the Fund’s prospectus and financial statements. The prospectus, and the most recent financial statements for the Fund, can be obtained free of charge from the Administration Manager (see contact detail above). The prospectus and financial statements have been registered at the Companies Office of the Ministry of Economic Development. Copies of these documents can be viewed on the Companies Office website, www.companies.govt.nz under “Search Other Registers”. The file reference is 1802254. Copies of these documents may be obtained (on payment of the relevant fee) by contacting the Ministry of Economic Development Business Service Contact Centre on 0508 266 726. Trust Deed - You may view a copy of the Fund Trust Deed at the office of the Administration Manager at the address noted above. Alternatively, a copy of the Trust Deed may be purchased from the Administration Manager for $5.00. Estimate of benefit entitlements – you may request an estimate of your benefits in SRF KiwiSaver at any time during the year. Estimates of your benefit entitlements are also available by logging onto the Funds website, www.ebenefits.co.nz. Investment Statement - You may request a copy of the current Investment Statement of the Fund by contacting the Fund Administration Manager at the address given on the previous page. Register of members - The Administration Manager will maintain a register of members of the Fund for the Trustees. The part of the register that relates to your own records is open for you to inspect during normal business hours (9.00am to 4.30pm). You may also request a copy of the part of the register that relates to your own records by contacting the Fund Administration Manager at the address given on the previous page. Miscellaneous information
Use of your personal information
The Trustees will hold personal information in respect of you for the purpose of maintaining and administering the Fund. The Trustees will, when appropriate, relay this information to: •
the Administration Manager, advisers and insurer of the Fund for the purposes of the Fund, and
You have the right, subject to certain limitations in the Privacy Act, to see any personal information relating to you and to request that it be corrected if you think any detail is wrong. On request, the Trustees will give you the name and address of any person or organisation that has personal information about you provided by the Trustees. If you have any concerns about how your personal information is being used in connection with the Fund, please contact the Secretary to the Trustees, who is also the Fund’s Privacy Officer (see page 1 for contact details).
NZFA/RE/SEAFARERS NON SUBSIDISED IS JANUARY 2012
For Non Subsidised Members SEAFARERS RETIREMENT FUND APPLICATION FORM FOR A NON-SUBSIDISED MEMBER (i.e. no employer contributions)
Address: . Employer and Location: . I apply to join the Seafarers Retirement Fund (the Fund) and agree that as long as I remain a member of the Fund, I shall be bound by and comply with the provisions of the Trust Deed. I understand that the Trustees will, in accordance with the provisions of the Privacy Act 1993, collect personal information about me for the purposes of the Fund and that such information will be disclosed: • by my employer to the Trustees;
• by the Trustees to their agents, including any adviser, solicitor or insurer appointed by the Trustees;
• by the Trustees to the Union; for the purposes of the Fund. I authorise my employer to deduct from my regular remuneration, the amounts of contribution required in accordance with the Deed. I confirm I have received a copy of the latest SRF Investment Statement for non-subsidised members. Signed: . Date:.
(Please turn over to complete your nomination of designated beneficiaries) When completed, this application form is to be sent to:
Fund Secretary, Seafarers Retirement Fund, 87 Simla Crescent, Wellington, 6035, New Zealand.
Signed on behalf of the Trustees:
Signed: . (Name): . Date: SEAFARERS RETIREMENT FUND NOMINATION OF DESIGNATED BENEFICIARIES
You may, if you wish, nominate the person(s) who you would like the Trustees to consider in deciding to whom to pay the benefit payable in the event of your death. Should you decide to complete this form, it is in your interest to keep it up to date in the event that your personal circumstances change, for example, on marriage or birth of a child. Any nomination you make is for the information of the Trustees only, and does not bind them to make payment as indicated below, nor does it in any way affect or restrict any power or discretion of the Trustees to pay the benefit as they see fit.
I, ……………………………………………………………………………………………………… wish to inform (please
the Trustees that, until I advise otherwise, I would prefer any benefit payable in the event of my death to be paid to the following person((s) in the percentages shown. I acknowledge that the Trustees will consider my preferences when deciding to whom to pay my benefit but are not required to pay all or part of the benefit to these persons.
Name Address Relationship Percentage IMPORTANT – The death benefit payable from the Fund forms part of a relationship property under the Property (Relationship) Act 1976. Under this Act, a former spouse or partner may make a claim at any time up to six months after a member’s death for all or a part of his or her relationship property, including the death benefit payable from the Fund. It is therefore possible the Trustees could in certain cases defer payment of all or a part of a death benefit for up to six months so all eligible claimants are able to notify the Trustees of their intention to make a claim in respect of a deceased member’s benefit.
David Scott Secretary to Trustees Seafarers Retirement Fund 87 Simla Crescent Khandallah Wellington 6035 Email: firstname.lastname@example.org
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