Pursuant to sections 181(1)(c) and 181(2) of the KiwiSaver Act 2006, notice is given of a variation to the instrument of appointment appointing TOWER Employee Benefits Limited as a KiwiSaver Default Provider.
Pursuant to clause 10 of the KiwiSaver Default Provider (TOWER Employee Benefits 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 (TOWER Employee Benefits Limited) Amendment Notice 2012.
(2) In this notice, the KiwiSaver Default Provider (TOWER Employee Benefits Limited) Notice 2007, dated the 2nd day of April 2007*, is called the "principal notice".
2. Commencement-This notice comes into force on the day after the date of publication in the New Zealand Gazette.
3. Title of the principal notice amended-With effect on and from 10 September 2012, the title of the principal notice is amended by deleting the words "TOWER Employee Benefits Limited" and replacing them with the words "TOWER Managed Funds Limited".
4. Clause 1 of the principal notice amended-With effect on and from 10 September 2012, clause 1 of the principal notice is amended by deleting the words "TOWER Employee Benefits Limited" and replacing them with the words "TOWER Managed Funds Limited".
5. Clause 4 of the principal notice amended-With effect on and from 10 September 2012, clause 4 of the principal notice is amended by deleting the words "TOWER Employee Benefits Limited" and replacing them with the words "TOWER Managed Funds Limited".
6. Schedule 1 of the principal notice amended-With effect on and from 10 September 2012, Schedule 1 of
the principal notice is amended by deleting the sentence "The administration managers of the default KiwiSaver scheme are TOWER Employee Benefits Limited and Mercer (N.Z.) Limited" and replacing it with the following sentence "The administration manager of the default KiwiSaver scheme is Mercer (N.Z.) Limited."
7. Schedule 2 of the principal notice amended-With effect on and from 10 September 2012, Schedule 2 of
the principal notice is amended by deleting the sentence "The lead investment manager for the default investment product is TOWER Employee Benefits Limited".
8. Schedule 3 Part 1 of the principal notice amended-With effect on and from 10 September 2012, clause 1 of Schedule 3 Part 1 of the principal notice is amended
by deleting definition "Department" and replacing it with the definition "Department means the Financial Markets Authority (see section 70 of the KiwiSaver Amendment Act 2011)".
9. Schedule 3 Part 11 of the principal notice amended-With effect on and from 10 September 2012, clause 28(4)(b) of Schedule 3 of the principal notice is amended by deleting the words "section 9BAA of the Superannuation Schemes Act 1989" and replacing them with the words "section 119G of the Act".
10. Schedule 3 Appendix 2 of the principal notice amended-With effect on and from 10 September 2012, clause 1 of Appendix 2 to Schedule 3 of the principal notice is amended by:
(1) deleting the words "comprising the investment management fee of 0.32%, trustee fee of 0.05% (default investment product), custody fee of 0.09% and unit pricing fee of 0.02%"; and
(2) deleting the words "0.03% per annum of the value of the default member’s account balance" and replacing them with the following words:
"0.03% per annum of the aggregate balance of
all default members’ accounts up to the first $500,000,000;
0.02% per annum of the aggregate balance
of all default members’ accounts between $500,000,001 and $1,000,000,000; and
0.01% per annum of the aggregate balance
of all default members’ accounts in excess of $1,000,000,000."
Dated at Wellington this 30th day of July 2012.
HON BILL ENGLISH, Minister of Finance.
HON CRAIG FOSS, 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 TOWER Employee Benefits Limited as a KiwiSaver Default Provider.
* www.fma.govt.nz/help-me-comply/kiwisaver/your-obligations/
default-providers/tower-employee-benefits-limited/