Super Trustee can make your retirement saving a little simpler. The Super Trustee Fund has a wealth of professional experience to save you money and to help you get in control of your retirement savings plan.
The Super Trustee Fund is shortly applying to be a New Zealand Superannuation Scheme registered with the Government Actuary and the Registrar of Companies; both part of the New Zealand Ministry of Economic Development. The scheme will have a registered prospectus and deed of trust and will be audited anually.
The Super Trustee Fund intends to be a QROPS registered with UK HMRC and will be able to accept transfers of UK pension funds from UK pension fund trustees. The Super Trustee Fund will be available for New Zealand residents and those who intend to become New Zealand resident and has representatives in the UK.
Super Trustee will not be a Financial Advisor under the Financial Advisors Act 2008. Financial Advice does not include anything contained in a prospectus, an investment statement or an authorised advertisement.
The trustee and promoter will however be Financial Service Providers in terms of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act); to take effect at the end of 2010. Under the FSP Act Super Trustee Limited and trustee.net.nz ltd will have to register as financial service providers with the Registrar of Financial Service Providers - initially the Companies Office.
In order to register:
- Super Trustee Ltd and trustee.net.nz ltd must be members of an approved dispute resolution scheme which is either the industry-led scheme, of which the Government anticipates there will be about 6, or the Governments Reserve Scheme.
- No director or senior manager of Super Trustee Limited can be "disqualified" - meaning an undischarged bankrupt, prohibited from being a director or promoter (or concerned with the management) of any incorporated or unincorporated body, under a management banning order, or having been found to have been in breach of the FSP Act or convicted of certain offences involving dishonesty in the past 5 years; and
- if there is a licence required for the trustees activities, then the trustee must have that licence. At present there is no requirement for any licence for a superannuation trustee or provider acting as such.
The licensing regime under the Securities Trustees and Statutory Supervisors Bill will apply to trustees of debt issuers, statutory supervisors of issuers of participatory securities, and trustees of unit trusts. It will not apply to the trustees of superannuation schemes. Unlike other types of trustees, the trustee of a superannuation scheme is also the issuer. Superannuation schemes are also regulated by the Government Actuary rather than the Securities Commission.