19 September 2011

The Trustees have added a new resource related to Member Investment Choice in the Member only section of the web site to provide additional information for Members.

In order to access this information you will need to click on the 'access account details' link at the top tight hand corner of this page and log in to your Member account by providing your member number and security pin. Once you are logged into your Member account click on the 'Your Investments' tab near the top centre of the page and then click on the blue 'Need help with Investment Choice' box which will take you to the information you are seeking.

04 July 2011

RING FENCED CASH, CASH AND CONSERVATIVE MEMBER INVESTMENT CHOICE CHANGES

Since Member Investment Choice was introduced in September 2008 a separate Member Investment choice has existed for those Members who were invested in the Cash Portfolio prior to September 2008 and it was known as Ring-fenced Cash. It contained no property assets.

Since September 2008 the Cash and Conservative Member Investment Choices contained property assets that were never envisaged when these Member Investment Choice options were commenced.

These arrangements were required because withdrawals from the AMP Capital Investors New Zealand Property Fund were not permitted by the Fund's Manager at that time.

Liquidity in the AMPCI New Zealand Property Fund has improved and a limited withdrawal was permitted resulting in a cash payment being received recently from AMP Capital Investors which has allowed the property assets in the Cash and Conservative Member Investment choices to be replaced fully by this cash.

From 01 June 2011 neither the Cash nor the Conservative Member Investment Choice options have any property assets in them. This has allowed the 'Ring-fenced' Cash Members to be transferred to the Cash Investment Choice effective from 01 June 2011. These actions had been advised to Members on repeated occasions through SuperNews.

The Investment section at the web site is in the process of being updated to reflect this changed asset allocation.

Further information will be contained in the next edition of SuperNews which will be posted to all Members soon.

20 June 2011

CHANGES TO THE COMPLYING FUND

The Government announced in the Budget there will be changes to KiwiSaver and as a consequence of that there will have to be changes to the scheme's Complying Superannuation Fund.

The following changes will occur:

• From 1 April 2012, the tax-free status of employer contributions to complying superannuation funds will end. Employer Superannuation Contribution Tax (ESCT) will be levied on the employer contribution at the employee's marginal tax rate.
• For the year ending 30 June 2012, the Member Tax Credit will be halved from $1.00 to $0.50 for every $1.00 employee contribution, up to a maximum of $521.00 per year, which is half the current maximum.
  
• From 1 April 2013, it is intended that:
  
  • the minimum employee contribution will rise from 2% to 3% for both new and existing members. This will also be the default contribution rate.
• Members will still be able to select the higher rates of 4% or 8%; and
  the compulsory employer contribution will rise from 2% to 3%.

Trustees are taking advice on the ramifications of these changes and will produce a SuperNews for all Members, well in advance of important dates, to allow Members to seek advice and make decisions based on the changed circumstances.

20 June 2011

PCA ALLOWANCE

The Fire Service has advised the 2011 PCA Allowance will be paid to eligible Employees on Wednesday 29 June 2011. For a number of years Trustees have had a process in place to allow Members to pay the allowance into the scheme from source. The numbers who have taken this opportunity have reduced over the years and after last year the Trustees decided to change this process due to the costs involved.

Should any Member wish to pay all or part of the PCA Allowance into the scheme as a Voluntary contribution they should post a cheque made out to 'NZFSSS' to PO Box 36287, Merivale, Christchurch 8146. On the back of the cheque they should write their Member number.

All cheques will be receipted by the scheme Administrator.

20 June 2011

ANNUAL INTEREST RATES

Trustees recently approved the annual interest rates for the year ended 31 March 2011 for each Member Investment Choice. The approved rates are:

• Ring fenced cash of 2.51%
  
• Cash of 2.30%
  
• Conservative of 5.51%
  
• Balanced of 6.64%, and
• High Growth of 6.23%.
  

Member Statements and the Trustee Annual Report are being finalised and will be posted to all Members at their last advised postal address in the week commencing 27 June 2011.

In the meantime any Member who has changed their postal address in the last twelve months and has not advised the scheme of this change can do so by sending an e-mail to either the Scheme Secretary or the Administrator at the address set out on the 'Contacts' page.

20 May 2011

2011-12 FIREFIGHTERS SCHOLARSHIP

As a member of the Fire Service Associated Agencies, the Superannuation scheme hereby advises Members of the scheme that Applications for the 2011-12 Firefighters Scholarship close on Monday 13 June 2011. Click on the link to view the details of the Scholarship04 October 2010.

Scholarship Information