The following notice is given pursuant to section 50 of the Public Trust Act 2001 (“Act”).
1. Title and Commencement—(1) This notice may be cited as the Public Trust Common Fund Interest Rates Notice 1 June 2020.
(2) Unless otherwise specified, the determinations and revocation in this notice take effect from and including 1 June 2020.
2. Interpretation—(1) Unless the context otherwise requires, “protection deposit” means a deposit, held at call, of tuition, boarding, accommodation or other fees by or on behalf of a student enrolled at a Private Training Establishment within the meaning of Part 18 of the Education Act 1989.
3. Rates of Common Fund Interest—(1) The rate of Common Fund interest payable on deposits (other than protection deposits or prepaid funeral trust deposits) shall be that specified in Schedule 1.
(2) The rate of Common Fund interest payable on each protection deposit associated with a particular Private Training Establishment shall be that specified in Schedule 2, with effect from 1 July 2020.
(3) The rate of Common Fund interest payable on pre-paid funeral trust deposits held under the Prepaid Funeral Trust Declaration of Trust 2017, 2002, or 1995 shall be that specified in Schedule 3.
(4) Despite subparagraph (1), the rate of Common Fund interest payable on deposits made pursuant to an enactment shall be the rate (if any) specified in the enactment.
(5) Despite subparagraphs (1), (2) and (3), in particular cases or classes of case, Public Trust and the depositor may agree on a rate of interest payable on protection deposits, pre-paid funeral trust deposits or special deposits that is different from the rate specified in Schedules 1, 2, or 3 and the agreed rate then applies.
(6) Interest on deposits referred to in subparagraphs (1), (2), (3) and (4) shall start accruing from the date the deposit is allocated to the correct customer account.
4. Revocation of Notice and Transitional Provisions—(1) The Public Trust Common Fund Interest Rates Notice 16 August 2017 is revoked.
(2) Unless otherwise specified, the rates of interest specified in Schedules 1 and 3 to this notice do not apply to any period that ends with 31 May 2020 but otherwise operate as from 1 June 2020 and the rate of interest specified in Schedule 2 to this notice does not apply to any period that ends with 30 June 2020 but otherwise operates as from 1 July 2020.
Rates of Interest Payable on Deposits (Other Than Protection Deposits or Pre-Paid Funeral Trust Deposits)
Rates of Interest Payable on Each Protection Deposit Associated with a Particular Private Training Establishment, with effect from 1 July 2020.
Rates of Interest Payable on Pre-Paid Funeral Trust Deposits Held Under the Prepaid Funeral Trust Declaration of Trust 2017, 2002, or 1995
Dated at Auckland this 1st day of June 2020.
DAN DEVCICH, Acting Chief Financial Officer.