Government Actuary Investigates KiwiSaver Scheme

Government Actuary Investigates Huljich KiwiSaver Scheme

The Government Actuary, David Benison, announced today that following an investigation into the Huljich KiwiSaver Scheme he has decided it requires further and closer monitoring.

Mr Benison says that under Section 169 of the KiwiSaver Act 2006 (which enables him to intervene in a KiwiSaver Scheme that is being inadequately managed) he has issued the following directions:

1. Trustees Executors Superannuation Limited as Trustee must ensure that a signed Statement of Investment Policies and Objectives (SIPO) for the Scheme together with benchmark performance standards is put in place by 30 April 2010 and is maintained in operation after that date;

2. The Trustee must within 5 working days of 30 April 2010 supply a copy of the SIPO to my Office and at any time that the SIPO is amended supply a copy of the amended SIPO within 5 working days of it coming into effect.

And, further directed that the Trustee must send:-

(a) A quarterly reports (commencing with the quarter ending 30 June 2010) containing each of the following:-

(b) A statement whether any issue has come to the attention of the Trustee which indicates that the Huljich KiwiSaver scheme may have or has failed to comply with its Trust Deed, including any failure to comply in any material respect with the SIPO;

(c) In respect of any issue reported under (a), the details of that issue, a statement of the actions taken by the Trustee to ensure the issue was rectified, and whether it has been rectified:

(d) A quarterly Summary Investment Returns Report for the Quarter in respect of each investment fund in the form attached to this direction.

(e) A copy of the minutes of each quarterly meeting between Huljich Wealth Management (New Zealand) Limited and the Trustee in relation to the Huljich KiwiSaver Scheme which has taken place in that quarter and where those minutes have not yet been confirmed or signed then the minutes in draft for the quarter and any prior minutes which have been signed as approved during that quarter:

(f) A copy of every certificate provided by Huljich Wealth Management (New Zealand) Limited to the Trustee in relation to the Huljich KiwiSaver Scheme.

Each such quarterly report is to be received at the Government Actuary’s office within 10 working days after the last day of each quarter. These directions will continue until rescinded by the Government Actuary.

Mr Benison says he will continue to review the adequacy of the management of all KiwiSaver schemes by both trustee and manager.

ENDS

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