Number 60 - 04 July 2001

Trustees Annual Report posted
The Trustees Annual report for the year ended 31 March was posted on 04 July 2001. The interest rate for the year ended 31 March 2001 was negative 2.85 per cent.

This is a disappointing result from the Trustees perspective but given the continuation of a low inflationary, and a particularly volatile investment environment, the scheme was not able to defy gravity and produce a positive performance for the year.

The Trustees are confident that the Investment Strategy and Objectives which they have in place, and which have produced such a good performance over the last few years, will ensure the scheme retruns to a positive performance for the coming and future years.

Although this Supernews is being posted with the Annual Report it is also being placed on each Fire Station, and any member who has not received their Annual Report in the next few days should contact the Scheme Secretary at one of the addresses set out below to have a further copy of the report sent to them.

Member meetings
Given the publication of the Annual Report the Trustees have organised a series of member meetings to allow members to be updated on their scheme as set out below:

New Plymouth Station - Tuesday 17 July 2001 - 10.00 am

Wanganui Station - Tuesday 17 July 2001 - 3.00 pm

Palmerston North Station - Wednesday 18 July 2001 - 9.30 am

Masterton Station - Wednesday 18 July 2001 - 1.00 pm.

Arrangements are also being made to conduct meetings at the Tauranga, Hamilton, Taupo, Kawerau, and Rotorua Stations in the week commencing Monday 30 July 2001.

Members who are employed in these Brigades or live in these areas are asked to diary these dates now for future reference.

Meetings for Wellington members will be held in September. The dates of these meetings will be advised at a later date.

The Trustees are hopeful there will be a good attendance of members to listen to the presentation and to have their questions answered by the Investment Adviser and Trustees present.

Get your Supernews quicker
If you wish to have Supernews delivered to you individually by email from now on please supply your email address to the scheme Secretary at any of the contacts set out on the front page of this Supernews.

The Trustees are mindful of the pace of developing technology and of the need to be able to keep in touch with members on a personal level as quickly as possible.

It is with this in mind that Supernews is being made available to individual members by email.

All existing arrangements for the delivery of Supernews to members and stations will continue unchanged.

Contributions
Members are advised that the Trustees have had cause to check both the member and employer contributions to the scheme over the past few months.

These checks, which included an audit of the employer contributions to the scheme by Audit New Zealand, have established certainty that in those areas checked contributions are being made in accordance with the Trust Deed of the scheme.

There is one area that cannot be checked by any of the processes that have been undertaken so far. It is whether individual members are making the correct rate of contributions in accordance with the Trust Deed. For your information the relevant section of the Trust Deed is reproduced below:

'Subject to the provisions of this Trust Deed each Member shall contribute at the rate of 6% of the Member's salary

Provided that in the case of a Member who was an Employee on the 17th day of April 1987, the Member shall elect to contribute at such rate of Salary as the Member determines

Subject to a maximum rate according to the age of the Member at the 17th day of April 1987 according to the followig scale:

Under age 30 - 6%

Age 30-34 - 7%

Age 35-39 - 8%

Age 40-44 - 9%

Age 45-49 - 10%

Age 50 or over - 11%

And provided further that any Member who has elected to contribute at a rate less than the maximum rate permitted pursuant to the provisions of this paragraph shall have the options:

.............or

(ii) after the 17th day of April 1988, to increase such rate up to a maximum of 6%.'

Members are asked to check they are making contributions in accordance with the Clause. Any member who believes their contributions are in error should contact the Scheme Secretary at any of the addresses set out on the front page of this Supernews.

Matrimonial property issues
Members may be aware that the 'Property (Relationships) Amendment Act 2001' has been passed and comes into law on 01 February 2002.

The legislation renames the Matrimonial Property Act 1976 as the Property (Relationships) Act 1976. It extends the current legislation to include the division of the property of de facto partners at the conclusion of their relationships. It also applies a property division regime on death for married and de facto couples.

Although the Act comes into force on 01 February 2002, de facto couples can make an agreement under the Act contracting out of its provisions from 01 August 2001.

Married spouses can also make an agreement to contract out if one of them dies.

Any member who requires further information on such matters is advised to contact their Solicitor as soon as possible.

NPF members
Members of National Provident Superannuation Funds are reminded of the opportunity that they have to transfer their accumulated savings to this scheme.

Members of NPF schemes are advised that any funds transferred to this scheme are required by law to be placed within this scheme as a 'voluntary contribution'.

Any member of a National Provident Fund Scheme who would like further assistance or information should contact the Scheme Secretary at one of the contacts on the front page of this Supernews.

Borrowing against your funds
Members are reminded that they are not able to borrow against the funds held on their behalf in the scheme.

This is precluded by the Trust Deed, which states:

'No person being entitled to any interest in any benefit payable under the scheme shall assign, charge, alienate, or borrow against the security of any benefit.'

BARRY DENT
SCHEME SECRETARY