This notice is issued pursuant to sub-section 181(1)(c) of the KiwiSaver Act 2006 and clause 10 of the KiwiSaver Default Provider (AMP Services (NZ) Limited) Notice 2007* and makes amendments to that notice by amending the description of the default KiwiSaver scheme, updating a reference to the Financial Markets Authority and updating default investment product fees and costs.
Issued at Wellington this 29th day of May 2013.
HON BILL ENGLISH, Minister of Finance.
HON CRAIG FOSS, Minister of Commerce
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N o t i c e
1. Title-This notice is the KiwiSaver Default Provider (AMP Services (NZ) Limited) Amendment Notice 2013.
2. Commencement-This notice comes into force on
4 June 2013.
3. Application-This notice applies to AMP Services
(NZ) Limited.
4. Interpretation-In this notice, unless the context requires otherwise:
principal notice means the KiwiSaver Default Provider (AMP) Services (NZ Limited) Notice 2007, dated the 2nd day of April 2007.*
5. Schedule 1 amended-Schedule 1 of the principal notice is amended by omitting the last two paragraphs and inserting the following:
"The scheme called the AMP KiwiSaver Scheme, established by a trust deed dated 29 March 2007, and restructured on 12 September 2012 by a trust deed signed by AMP Services (NZ) Limited as manager and the New Zealand Guardian Trust Company as trustee.
The manager of the default KiwiSaver scheme is AMP Services (NZ) Limited".
6. Clause 28(4)(b) amended-Clause 28(4)(b) of Schedule 3 of the principal notice is amended by omitting the words
"apply to the Government Actuary under section 9BAA of the Superannuation Schemes Act 1989"
and inserting the following:
"apply to the Financial Markets Authority under section 119G of the Act".
7. Appendix 2 of Schedule 3 amended-The table in clause 1 of Appendix 2 of Schedule 3 of the principal notice is amended by:
(a) for the fee type "Administration fees" in column 1 omit "$3.00" in the column 2 and insert "$2.95";
(b) for the fee type "Investment management fees (including annual management fee)" in column 1 omit the words in the brackets and insert the words "(including annual management fee and trustee fees)";
(c) for the fee type "Investment management fees" in column 1 omit "0.50%" in column 2 and insert "0.534%"; and
(d) omit the fee type "Trustee fees" in column 1 and the words "0.05% per annum". The fee is calculated on the gross asset value of the default investment product in column 2.
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Explanatory Note
This note is for explanatory purposes only.
This notice amends the KiwiSaver Default Provider (AMP Services (NZ) Limited) Notice 2007* by updating the name of the KiwiSaver scheme, updating a reference to the Financial Markets Authority and updating the default investment product fees and costs - available on the website
www.fma.govt.nz/help-me-comply/kiwisaver/your-obligations/default-providers
*New Zealand Gazette, 5 April 2007, No. 39, page 958