Pursuant to sections 180(1)(d) and 180(2) of the KiwiSaver Act 2006, notice is given of a variation to the instrument
of appointment appointing ASB Group Investments Limited as a KiwiSaver Default Provider.
Pursuant to clause 10 of the KiwiSaver Default Provider (ASB Group Investments Limited) Notice 2007, the Minister of Finance and Minister of Commerce jointly give the following notice.
N o t i c e
1. Title-(1) This is the KiwiSaver Default Provider (ASB Group Investments Limited) Amendment Notice 2010 (No. 2).
(2) In this notice, the KiwiSaver Default Provider (ASB Group Investments Limited) Notice 2007, dated at Wellington on
the 2nd day of April 2007*, as amended from time to time, is called the "principal notice".
2. Commencement-This notice comes into force on the day after the date on which it is published in the New Zealand Gazette.
3. Appendix 2 of the principal notice amended-(1) With effect from a date specified in subclause (2), the table in Appendix 2 of the principal notice is deleted and replaced with the table below:
Fee type Amount (gross of taxation)
Administration fees $3.00 per default member per month for the first 50,000 members (total membership of default KiwiSaver scheme), reducing to $2.50 per default member per month (for all default members) thereafter. This fee is deducted from the default member's account.
Entry fees, contribution fees, exit/
transfer fees, switching fees Nil
Investment management fees 0.40% per annum. This fee is calculated on the gross value of the default member's holdings in the default investment product. This fee will be deducted monthly from the default member's account.
Trustee fees Nil. A trustee fee of 0.025% per annum is payable by the administration manager.
Other transaction fees Brokerage in respect of the buying and selling of securities of the investment fund.
Any other fees, costs or expenses Nil. All audit, legal, actuarial, or any other expenses (of whatever nature) incurred by the trustee in carrying out its duties in respect of the default KiwiSaver scheme including without limitation, interest costs, postage costs and litigation costs.
(2) The date referred to in subclause (1) is the date set out in the prospectus registered under section 42 of the Securities Act 1978 by ASB Group Investments Limited in respect of its default KiwiSaver scheme notifying the fees set out in subclause (1).
Dated at Wellington this 9th day of July 2010.
HON BILL ENGLISH, Minister of Finance.
HON SIMON POWER, Minister of Commerce.
Explanatory Note
This note is not part of the notice, but is intended to indicate its general effect.
This notice, which comes into force on the day after the date on which it is published in the New Zealand Gazette, amends the instrument appointing ASB Group Investments Limited as a Default KiwiSaver Provider* which can be viewed at www.isu.govt.nz
*New Zealand Gazette, 5 April 2007, No. 39, page 958