Welcome to SuperNews - July 2008
Issue 28 - Third edition of SuperNews for 2008
Sustainable Workplace Savings
28th & 29th August 2008
SKYCITY Auckland Convention Centre.
The ASFONZ 2008 National Conference and Super Expo is quickly approaching. If you are not already registered, get registered today. It is the must attend event on the workplace savings calendar.
You should attend the ASFONZ 2008 Conference if you are a decision maker, or involved with:
• governance of a workplace savings scheme – trustees and executive management,
• delivering workplace savings schemes – we now have a multitude of KiwiSaver providers,
• determining remuneration policies – what is becoming best practice for HR Practitioners?,
• administration of a workplace savings scheme - from payroll to providers,
• complying with new regulations - for workplace savings and investment advice, or
• implementing sustainable investment strategies.
Highlights from the Conference agenda include:
• Sustainable Workplace Savings, presented by Hon Dr Michael Cullen, Minster of Finance,
• The KiwiSaver Footprint, presented by Cathy Magiannis, Inland Revenue, and
• Sixteen different concurrent sessions to choose from, all addressing a variety of workplace savings sustainability topics.
Register now!
Workplace Saving Industry Golf Day
27th August 2008
Formosa Golf Resort, Auckland
For the first time ASFONZ is hosting a Workplace Saving Industry golf day in conjunction with the ASFONZ National Conference and Super Expo.
The event will be teams Ambrose which is great for both social and serious golfers. The game is played in teams of 4 and offers golfers of all levels an enjoyable day.
You can participate in the pre-Conference golf as an individual or you can enter a team. This will be the perfect opportunity for you to reward your clients, network and have fun. To play you don’t have to be a registered delegate of the ASFONZ Conference.
We are also offering a limited number of sub-sponsor marketing opportunities linked to this event. If you are interested please call Bruce Kerr on (04) 381 3382.
Register your golf team now!
Don’t Risk Your Members Dying Poor – Encourage Them to Decumulate!
Ever wondered what you’ll be doing during retirement? Or where you’ll be? A significant number of New Zealanders see themselves buying a caravan and traveling around the country, enjoying their new found freedom…but what if their planned retirement income is depleted before they hit the road? Read more.
Steve Schubert, Director of Superannuation at Russell Investments, will be speaking on decumulation at the upcoming ASFONZ conference.
Securities Act (Superannuation Schemes – Summary of Financial Statements) Exemption Notice
Superannuation schemes can continue to rely on the exemption in the Securities Act (Superannuation Schemes - Summary of Financial Statements) Exemption Notice 1998 (the 'principal notice') until 30 June 2012.
The principal notice exempts superannuation trustees, subject to conditions, from clause 5(3)(a)(iii) of Schedule 3C of the Securities Regulations 1983. This clause requires the summary financial statement in a registered prospectus for a superannuation scheme to distinguish between realised and unrealised changes in value of investments. The principal notice enables superannuation trustees to state instead the aggregate change in value of investments, in line with Financial Reporting Standard 32.
Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill
The Bill tabled in Parliament on 2 July introduces a number of major business tax reforms. It also contains a number of remedial amendments, and amongst these we would draw your attention to:-
- Technical amendments to the Portfolio Investment Entity rules;
- Technical amendments to the offshore Portfolio Share Investment rules;
- KiwiSaver amendments.
A copy of the Bill and the commentary on the Bill can be obtained by clicking here.
Agreement expected on trans-Tasman retirement savings portability
Officials from Australia and New Zealand will finalise the text of a deal by the end of October that will facilitate the portability of private retirement savings across the Tasman. Read more.
Evaluation of the impacts of KiwiSaver on New Zealand’s superannuation market
The Ministry of Economic Development has commenced a study of the impacts of KiwiSaver on New Zealand’s superannuation market and the wider financial sector. As part of this study a number of industry participants will be asked to take part in a workshop or interview. This industry consultation work will be completed by 29 August. The study is led by PricewaterhouseCoopers, who will protect the confidentiality of any information received. Read more.
ASFONZ 2008 Communications Awards
Entries for the 2008 ASFONZ Communication Awards will close 30 September 2008.
The ASFONZ Communication Awards set the benchmark for industry good communication practice. We were therefore delighted when the Government Actuary said, in his 2007 Annual Report, “I am pleased to note that the Association of Superannuation Funds of New Zealand continues to promote its annual competition on Excellence in Reporting”.
Entry to the ASFONZ Communication Awards is open to all types of workplace superannuation schemes (i.e. stand-alone - corporate or industry superannuation schemes, master trust arrangements, and KiwiSaver products).
For more information about the 2008 Communications Awards, or to enter, click here.
ASFONZ Education
ASFONZ is running the following education modules in August. These courses are held in Wellington, and we have a limited number of places available on both courses.
To find out more about the education module or to register, click on the title links.
Introduction to Trusteeship - 11 August 2008
For new or existing trustees, this course will assist all trustees in understanding their legal obligations and broader responsibilities associated with the governance of a trust. Particular emphasis is given to trustee powers, duties and the exercise of discretions.
Advanced Investing - 14 August 2008
Understanding the basics of currency and how currency can be managed is fundamental for trustees with global investments. So too is risk budgeting. What about investing fees budgeting? This course will help you move beyond our Introduction to Investing course, and into a much deeper understanding of making investments on behalf of others.
Other Upcoming Events
Women in Super
Women in Super are hosting the following events:
- - 30th July 2008 – Wellington - Mid-Winter Lunch (Click here for more information)
- - 29th August 2008 – Auckland – WIS-hosted Breakfast in conjunction with the ASFONZ 2008 Conference. Register with ASFONZ via email or phone (04) 381 3382.
ASFA 2008 National Conference and Super Expo
The Association of Superannuation Funds of Australia (ASFA) is the host of the largest superannuation conference in the Asia Pacific Region. This event will be held on your doorstep this year, from 12 – 14 November 2008 at the SKYCITY Auckland Convention Centre.
ASFA 2008 has already secured an impressive line-up of international headline speakers and concurrent topics certain to stimulate and inspire fresh perspectives on local and global issues – especially this year’s keynote speaker, Dr José Ramos Horta, East Timor’s President.
For this year, ASFA extends a special invitation to ASFONZ members by offering a special one-off promotion for ASFONZ members to receive the ASFA member rate. This is a saving of up to A$500 or more. Just mark up on the registration form that you are an ASFONZ member, and the discount will apply.
Early bird discounts close on 31 July so book now and save by registering online or download the registration form.
Welcome
We warmly welcome the following new member to the Association:
• Laurium Asset Management
Acknowledgements
Article Author thank you
We thank Dr Edward Schuck, Managing Director at Russell Investments for contributing the article ‘Don’t risk your members dying poor – encourage them to decumulate!’.
‘Agreement expected on trans-Tasman retirement savings portability by end of October’ is a media release from the office of Hon Dr Michael Cullen issued on 17 July 2008.
We thank the Ministry of Economic Development for the contributing info sheet ‘An evaluation of the impacts of KiwiSaver on New Zealand’s superannuation market’.
Past financial supporter
We acknowledge and thank Tyndall Investment Management for the financial support given to our Association over the past two years.
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