Superannuation schemes

A superannuation scheme is:

• Any trust established by its trust deed principally for the purpose of providing retirement benefits to beneficiaries who are natural persons (or paying benefits to persons who are the trustees of a registered Superannuation Scheme); or
• Any arrangement constituted under an Act of the Parliament of New Zealand, other than the Social Security Act 1964, principally for the purpose of providing retirement benefits to natural persons.

A superannuation scheme is registered by the Government Actuary under the Superannuation Schemes Act 1989 and a file is held in the Insurance and Superannuation Unit (ISU) in Wellington.

FAQs

Why register?

Many superannuation schemes are issuers those schemes are required to file financial statements under the Financial Reporting Act 1993 with the Companies Office.

Incorporation process

1. Who may apply?

An application for incorporation is not made as there is no incorporation process for these entities because they are filing under the Securities Act 1978.  The superannuation scheme is entered on the Superannuation Schemes Register, a file number is issued when the prospectus is filed for the first time.

2. What needs to be filed?

The Securities Act exempts most standalone employer superannuation schemes from the need to prepare and register a prospectus, however under the Financial Reporting Act 1993 if they are an issuer must file the financial statements.  All other superannuation schemes which are issuers must register a prospectus and associated documentation such as trust deeds.

3. What fees are involved?

The registration fee for a prospectus is $NZ320.

Filing obligations after incorporation

The documents that superannuation schemes who are issuers as defined in the Securities Act 1978 are required to file are:

• Any documents filed under the Securities Act 1978 such as Trust Deeds, Amendments to Trust Deeds, Deeds of Participation, Amendments to Deeds of Participation, Prospectus, Amendment to Prospectus, extension certificate.
• Annual financial statements in accordance with the Financial Reporting Act 1993.

Does the name of the superannuation scheme always reflect the name of the entity that issued it?

No.  The scheme is able to have a different name.

What information is required in the termination letter?

The termination letter must confirm that the Government Actuary has been notified that the scheme is to be wound up, and that all requirements of the winding up have been met.

Excluding the initial registration and the filing of financial statements, are there any other fees?

The only documents that attract a fee are a prospectus ($NZ320) and financial statements ($NZ250 plus $NZ100 late fee if required).

If I have already filed a financial statement with the Government Actuary, must I also file a financial statement with the Companies Office?

Only if you are an issuer as defined in the Securities Act 1978.  The financial statement filed with the Companies Office is required under the Financial Reporting Act 1993 because it is an issuer.

How do super schemes differ to a Securities Act file that also invites investment from members of the public?

Superannuation schemes are different because the members are not be able to get access to their investment until their date of retirement.  Most other issuers receive their profit when the term of the offer expires.

Is there an easy way to distinguish between an employer superannuation scheme from other schemes?

Yes.  The name of the employer is usually in the name.

Removing a superannuation scheme from the register

To remove a superannuation scheme a termination letter should be filed confirming that the Government Actuary is satisfied that the scheme has been wound up.

Please address correspondence to:

The Companies Office
Nothern Business Centre
Private Bag 92061
Victoria Street West
Auckland  1142