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New Zealand Harbours Superannuation Plan . An update for members of the Superannuation Scheme. July 2011. Origins of the Scheme. Cash accumulation scheme established in 1985 by the employers and unions in the New Zealand Harbour Industry

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new zealand harbours superannuation plan

New Zealand Harbours Superannuation Plan

An update for members of the

Superannuation Scheme

July 2011

origins of the scheme
Origins of the Scheme
  • Cash accumulation scheme established in 1985 by the employers and unions in the New Zealand Harbour Industry
  • Aim was to provide a better and more flexible means of saving for retirement than membership of the National Provident Fund
  • Original union was Harbour Workers which amalgamated to form Rail & Maritime Transport Union in 1995
benefit entitlements
Benefit entitlements
  • Retirement, withdrawal, death or disability, ill-health and resignation benefits provided for members and their dependants
  • Retirement – total of member and employer accounts; assistance with annuity purchase decision if required
  • Death or Total and Permanent Disablement – total of member and employer accounts plus an age-dependent multiple of salary
  • Ill Health or Retrenchment – total of member and employer accounts
  • Resignation – total of member and employer accounts
contribution details
Contribution details
  • Member generally contributes minimum percentage of earnings (defined as basic salary plus overtime and bonus) directly from pay
  • Member can be at nil contribution if employer agrees to additional contributions
  • Member can make additional voluntary lump sum or regular contributions
  • Employer generally contributes $1 for each $1 contributed by the member to a maximum percentage of earnings
  • Employer Superannuation Contribution Tax is deducted from employer contributions at the appropriate rate
  • Net contributions are credited to the member account and to the employer account in the name of the member
investment overview
Investment overview
  • The Scheme is invested in a balanced mix of assets comprising NZ and Offshore equities and bonds, properties, and cash.
  • Trustees:
    • Set proportion of funds in each asset class
    • Set investment objectives/policy and monitor performance.
    • Select and review investment managers.
  • Investment objectives
    • Minimum real rate of return after tax of 2.5% p.a.
    • An average return compared to the balanced funds in the MJW investment survey.
  • The assets of the KiwiSaver Scheme will be invested with the assets of the Superannuation Scheme.
fund managers
Fund managers
  • AMP Capital Investors New Zealand:
    • New Zealand’s largest fund manager. Owned by large Australian parent company.
    • Strong Investment teams in Australia and New Zealand.
    • Actively manage 29.5% of Plan assets in their NZ shares, NZ listed property, global listed property, NZ bonds and cash funds.
  • TOWER Asset Management Limited:
    • New Zealand’s third largest fund manager.
    • Recent reconfiguration of investment teams and products.
    • Actively manage 63.0% of Plan assets in their Australian shares, Global shares, NZ direct property and Global bonds funds.
  • Tyndall Investment Management Limited:
    • New Zealand’s fourth largest fund manager. Recently acquired by Nikko Investment Asset Management – large Japan-based firm.
    • Actively manage 7.5% of Plan assets in their Option Fund and multi-manager multi-strategy hedge fund.
recent scheme investment results
Recent Scheme investment results

The table below shows the gross returns credited to members, after investment fees, but before tax, with a comparison to inflation.

governance of the scheme 1
Governance of the Scheme (1)
  • The Scheme has its own Trust Deed
  • A maximum of nine Trustees, up to four appointed by the Rail and Maritime Transport Union, up to four appointed by a unanimous decision of the remaining Trustees and a Chairman who is appointed unanimously by the Trustees
  • Current Trustees are:
    • Chairman: David Stevens (ex-NBNZ)
    • From Union: Wayne Butson, Hal Upton, Dion Young
    • Appointed by Union: Roy Cowley (ex-Deloittes)
    • Appointed by Trustees: David Sharman (CFO, Port Taranaki), Sara Lunam (Corporate Services Manager, Port of Tauranga)
governance of the scheme 2
Governance of the Scheme (2)
  • Independent Scheme managed by its own Trustees
  • Trustees make decisions based on the needs of the industry and their members
  • The Scheme has own relationship with its advisers
  • Operated on a “not for profit” basis with costs kept to minimum
  • No shareholder return on capital requirements
  • Long and established history
advisers involved with the scheme
Advisers involved with the Scheme
  • Auditor Deloitte
  • Solicitor Johnson Lawrence
  • Administration Manager Melville Jessup Weaver
  • Plan Secretary Leonie Stieller
  • Insurer Sovereign
  • Investment adviser Melville Jessup Weaver
regular information to members
Regular information to members
  • Annual Report as at 31 March year end
  • Financial Statements as at 31 March year end
  • Member Benefit Statement as at 31 March year end
  • Chairman’s newsletter each quarter
  • Website with Scheme and Member information – www.harbourssuper.org.nz
  • Administrator or Scheme Secretary can be contacted at any time, for information such as:
    • Estimate of current benefits
    • Copy of current Investment Statement
    • Copy of current Prospectus, Trust Deed
other information
Other information
  • Harbours Plan (for information about the present Plan) – www.harbourssuper.org.nz
  • Sorted (for information about your finances and KiwiSaver) – www.sorted.org.nz
  • Inland Revenue (for information about KiwiSaver) – www.kiwisaver.govt.nz
dialogue with members
Dialogue with members
  • Always keen to receive feedback and ideas about the Scheme.
  • Presentations or meetings can be arranged, including question and answer sessions.