Membership
1 April 2017
31 March 2018
Annual report
Annual report for the year ended 31 March 2018
Details of the Plan
This annual report has been prepared for the New Zealand Post Superannuation Plan (Plan) for the year ended 31 March 2018. The manager and trustee of the Plan is New Zealand Post Trustees Limited (trustee, we, or us).
The Plan is a registered restricted workplace savings plan. It was closed to new members in December 2010.
The latest fund updates for each of the funds in the Plan for the year ended 31 March 2018 were made publicly available on 27 June 2018.
The latest financial statements for the Plan dated 14 June 2018 and the auditor’s report on those financial statements was lodged with the Registrar of Financial Service Providers on 27 June 2018. The financial statements and auditor’s report are available on the offer register and the scheme register at www.companiesoffice.govt.nz/disclose and at www.superplan.co.nz.
Information on contributions and Plan participants
This section provides a summary of changes in the membership of the Plan over the year ended 31 March 2018.
Material changes in audit have occurred during the year ended 31 March 2018 in line with the requirements of the Financial Markets Conduct Act. The Statement of Investment Policies and Objectives was updated as at 1 December 2017. 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. Other information for particular types of managed funds During the period, the following withdrawals were made from the Plan: *Gross interest rate before PIR tax rate. New Zealand Post Trustees Limited, as manager and trustee of the Plan, confirms: The complying superannuation fund section (CSF) 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. The table below sets out what changes were made to persons involved in the Plan during the period ended 31 March 2018. Further information relating the Plan, including financial statements, annual fund updates, the Plan’s trust deed and statement of investment policy and objectives, is available on the offer register and the scheme register free of charge at www.companiesoffice.govt.nz/disclose. You may also obtain the above information as well as an estimate of your current benefits, free of charge by contacting us through the Plan’s administration manager at nzpostsuper@mercer.com. If you have any questions or complaints, please contact us through our manager: Nick Economu Insurance & Financial Services Ombudsman Telephone: 0800 888 202 or (04) 499 7612 IFSO will not charge a fee to any complainant to investigate or resolve a complaint. You may also contact Mercer (N.Z.) Limited (the securities registrar) at: New Zealand Post Superannuation Plan
Total contributing Plan participants
1,950
1,665
Total non-contributing Plan participants
231
234
Total Plan participants
2,181
1,899
New members and member exits during the year ended 31 March 2017
New members
Transfers from other plans
-
Other new members
-
Total new members
-
Member exits due to:
Retirement (including medical retirement)
76
Leaving service
111
Death/terminal illness
1
Transfers to other plans
-
Redundancy
136
Other reasons
-
Total exits
324
Member accumulations
1 April 2017
31 March 2018
Total members’ accumulations
$154,205,877
$147,354,633
Number of members
2,066
1,742
Total contributions to the Plan for the period
Total contributions during the period
Number of members who made the relevant contribution
Member contributions
$4,360,779
1,949
Employer or other sponsor contributions
$5,253,437
1,941
Member voluntary additional contributions
$399,907
261
Total contributions
$10,014,123
4,151
Changes relating to the Plan
Withdrawal type
Total number of members who made the relevant withdrawal
Retirement (including medical retirement)
71
Leaving service
132
Redundancy
134
Death/terminal illness
1
Financial hardship
16
First-home withdrawal
14
Subsequent home withdrawal
2
Matrimonial settlement
1
Voluntary withdrawals
97
Total withdrawals
468
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 March 2018*
Long Term Fund
7.62%
Medium Term Fund
5.99%
Short Term Fund
2.93%
Information about the CSF section
Number / value
The market value of the assets subject to the complying fund rules
$3,363,226
The number of members to which the assets relate
107
The value of withdrawals subject to the complying fund rules
$166,229
Changes to persons involved in the Plan
Person
Change
The trustee and manager of the Plan
None
The directors of the trustee and manager of the Plan
None
Key personnel of the trustee and manager of the Plan
None
Any administration manager or investment manager of the Plan
None
The securities registrar, custodian, or auditor of the Plan
Trustees Executors ceased to be a custodian for the Plan in October 2017, when Morgan Stanley became the Plan's financial custodian. New Zealand Post Trustees Limited is the custodian for cash assets.
How to find further information
Contact details and complaints
New Zealand Post Superannuation Plan
Private Bag 39990
Wellington Mail Centre
Lower Hutt 5045
Telephone: 0800 697 728 (choose option 2)
If we are unable to resolve your complaint, you can complain to the Insurance & Financial Services Ombudsman (IFSO). IFSO can be contacted at:
Email: info@ifso.nz
Postal address: PO Box 10845, Wellington 6143
Website: www.ifso.nz
C/- Mercer (N.Z.) Limited
PO Box 1849
Wellington 6140
Telephone: 0800 697 728 (choose option 1)