Investment Statement

 Download the Investment Statement as a PDF File

IMPORTANT INFORMATION
(The information in this section is required under the Securities Act 1978.)
Investment decisions are very important. They often have long-term consequences. Read all documents carefully. Ask questions. Seek advice before committing yourself.

CHOOSING AN INVESTMENT
When deciding whether to invest, consider carefully the answers to the following questions that can be found on the pages noted below:

The Gareth Morgan KiwiSaver Scheme.......................................................................................................3
What sort of investment is this?....................................................................................................................4
Who is involved in providing it for me?.........................................................................................................4
How much do I pay?........................................................................................................................................5
What are the charges?....................................................................................................................................8
What returns will I get?....................................................................................................................................9
What are my risks?........................................................................................................................................13
Can the investment be altered?..................................................................................................................14
How do I cash in my investment?...............................................................................................................15
Who do I contact with enquiries about my investment?.........................................................................16
Is there anyone to whom I can complain if I have problems with the investment?...........................17
What other information can I obtain about this investment? ................................................................17

Engaging an investment adviser

An investment adviser must give you a written statement that contains information about the adviser and his or her ability to give advice. You are strongly encouraged to read that document and consider the information in it when deciding whether or not to engage an adviser.

Tell the adviser what the purpose of your investment is. This is important because different investments are suitable for different purposes, and carry different levels of risk.

The written statement should contain important information about the adviser, including—

• relevant experience and qualifications, and whether dispute resolution facilities are available to you; and
• what types of investments the adviser gives advice about; and
• whether the advice is limited to investments offered by one or more particular financial institutions; and
• information that may be relevant to the adviser's character, including certain criminal convictions, bankruptcy, any adverse findings by a court against the adviser in a professional capacity, and whether the adviser has been expelled from, or prohibited from joining, a professional body; and
• any relationships likely to give rise to a conflict of interest.

The adviser must also tell you about fees and remuneration before giving you advice about an investment. The information about fees and remuneration must include—

• the nature and level of the fees you will be charged for receiving the advice; and
• whether the adviser will or may receive a commission or other benefit from advising you.

An investment adviser commits an offence if he or she does not provide you with the information required.

This document is an Investment Statement for the purposes of the Securities Act 1978.

Prospectus

A prospectus has been registered under the Securities Act 1978 and contains an offer of securities to which this Investment Statement relates and is available free of charge on request and from our website: www.gmk.co.nz.

Gareth Morgan Investments Limited Partnership Advisers

Gareth Morgan KiwiSaver Limited (GMK or Manager), the manager of the Gareth Morgan KiwiSaver Scheme (Scheme) has delegated the investment management of the Scheme to Gareth Morgan Investments Limited Partnership (GMILP).

GMILP has a team of professional investment advisers whose advice is confined to GMILP’s portfolio management service and, from time-to-time, information about the Scheme.

Neither GMILP nor GMK offer any commissions to anyone to promote or sell the Scheme or any other products associated with GMILP or GMK.

Copies of GMILP's advisers' disclosure statements are available on the Gareth Morgan Investments website: www.gmi.co.nz.
 

THE GARETH MORGAN KIWISAVER SCHEME

Join us for a savings revolution – we bring a fresh approach and new ideas to managing your savings.

Transparency – the better informed you are the better decisions you can make about your savings.
Our objective is to make KiwiSaver as simple and accessible as possible so that you can see and understand what is happening to your precious savings.

• Reporting – if you have access to the web you can receive monthly account updates, and can see where your savings are invested; latest and long-term performance; and the fees that have been deducted from your account for the services we provide.
• Fees and expenses – these can be a nightmare to untangle and compare. Our approach has been to have one simple fee to cover all regular on-going Scheme costs and expenses. We quantify this fee (currently 1% per annum of your account balance, subject to a minimum annual fee of $50) so that you know in advance the regular fee that will be charged to your account.
• No unit pricing – savings products typically report savings in terms of so many units in a particular fund, and the price or value of each unit. That gives you very little information about where your savings are invested. The Scheme is different and does not have unit pricing – if you invest in the Scheme you can see where the savings in your member account are invested.
• No vesting or reserve accounts – the Scheme does not allow vesting and has no reserve account. This means all money coming into the Scheme goes directly to your account.
• Savings – our sole focus is to look after your savings. We do not offer banking, finance or insurance services.

Investment choices – commonly savers are asked to choose a fund or funds they would like their savings to go into. We do not offer, manage or have any relationship with specific funds. You tell us how you would like your savings managed – what we call an "investment direction". You can choose any one of three investment portfolios in your investment direction – Conservative, Balanced, Growth; or choose a combination of all three, or any two.
 
 Our offer to you is for Gareth Morgan KiwiSaver Limited (the Manager) to manage your savings under the conditions set out in the KiwiSaver Act 2006 (KiwiSaver Act) and associated regulations.

WHAT SORT OF INVESTMENT IS THIS?

The securities offered in this Investment Statement are an interest in the Gareth Morgan KiwiSaver Scheme, a registered KiwiSaver scheme designed for long-term savings and enables you and other members to attain the benefits of professional investment management.

Membership of the Scheme
This Investment Statement is for individual members (who can apply to join the Scheme by filling out the application form enclosed with this Investment Statement, or available online at www.gmk.co.nz) and employees of employers who have selected the Scheme as its Employer's Chosen Scheme (and such employees have been allocated to the Scheme pursuant to the KiwiSaver Act).
 
Investment portfolios
Contributions to the Scheme by you, or on your behalf, are credited to a member account in your name.  Money in your member account will be invested in one or more investment portfolios, as directed by you. You can choose from the three investment portfolios listed below:

• Conservative.
• Balanced (Default Investment Portfolio).
• Growth.

You may choose to invest your member account in any one or a mix of these investment portfolios.  This choice is made in completing the application form. If you select a mix of investment portfolios please state in the investment direction that you give us by indicating the proportions of each investment portfolio in multiples of 5%. If the proportions in your investment direction are not stated in 5% multiples the Manager will round the proportions to the nearest 5%. Please ensure the proportions you give add up to 100%. If you do not provide an investment direction, or provide an incorrect investment direction on application for membership to the Scheme, your member account will be invested in the Default Investment Portfolio. For example if you provide an investment direction that adds up to only 95%, the remaining 5% will be allocated to the Default Investment Portfolio. In other cases, where the Investment Direction is not clear, the Manager will invest your whole member account in the Default Investment Portfolio until the Manager has received a correct investment direction from you.

The investment portfolios consist of asset classes that are within the investment guidelines that the Manager and the Trustee agree from time to time.

Further details on investment guidelines are available on the Manager’s website at www.gmk.co.nz.

The existing asset allocation ranges contained in the investment guidelines for the investment portfolios are as follows:

 
The asset allocation ranges listed above refer to the underlying exposure and not the vehicle by which the exposure is obtained. This means that the Manager may invest directly into the asset class, or gain exposure to the asset class indirectly (e.g. through a managed fund).

The Manager and the Trustee of the Scheme may agree to alter the asset allocation ranges stated above. If the asset allocations ranges stated above are varied the Manager shall provide the updated asset allocation ranges on its website, which is www.gmk.co.nz.

Hedging
Under the terms of the Investment Management Agreement, GMILP is permitted to enter into foreign exchange and forward cover contracts in respect of the Scheme, any investment portfolio, or any part of them, where it considers it is in the best interests of the Scheme and its members to enter into such a contract. Under the terms of the Management Agreement, the Trustee and Manager may agree, from time to time, to place a limit on the size of these contracts.

WHO IS INVOLVED IN PROVIDING IT FOR ME?

The Scheme
The name of the scheme is the Gareth Morgan KiwiSaver Scheme (Scheme). The Scheme is a defined contribution KiwiSaver scheme established by trust deed on 2 April 2007, as further amended and consolidated by deeds dated 7 September 2007 and 18 February 2010 (Trust Deed) . The Scheme was registered as a KiwiSaver scheme under the KiwiSaver Act on 27 April 2007. You are entitled to make withdrawals from the Scheme in certain circumstances (as set out in the section entitled "What returns will I get?") and the value of these withdrawals is determined by the contributions you (and, if applicable, your employer and the Government) make to the Scheme, together with any investment earnings.

The Trustee
The trustee of the Scheme is Public Trust. The Trustee can be contacted at the following address:

Public Trust
Level 10
141 Willis Street
Wellington 6011

The Manager
Gareth Morgan KiwiSaver Limited has been appointed as the administration and investment manager, custodian and registrar of the Scheme under a Management Agreement entered between itself and the Trustee. The Manager has delegated the investment management functions to GMILP under an Investment Management Agreement.  The Manager can be contacted at the following address:

Gareth Morgan KiwiSaver Limited
Level 10,
109 Featherston St
PO Box 10068
Wellington 6143

The Promoters
GMK and each of its directors, namely, Andrew Masters Gawith, Gareth Huw Thomas Morgan, Charles Andrea Purcell and Samuel Gareth Morgan, are promoters of the Scheme. They can be contacted at the address of the Manager detailed above. GMK is also the sponsor of the Scheme (Sponsor).

Responsible Investment Policy
Responsible investment, including environmental, social and governance considerations, is taken into account in the investment policies and procedures of the Scheme as at the date of this Investment Statement. You can obtain an explanation of the extent to which responsible investment is taken into account in those policies and procedures on the Trustee's website on the Internet at www.trustee.co.nz, which is publicly accessible at all reasonable times; and from the Trustee, free of charge, upon request. 

In addition, further information about our policies and procedures can be found on the GMK website at www.gmk.co.nz

HOW MUCH DO I PAY?

How much do I contribute?
The amount that you must contribute to the Scheme will depend on whether you make contributions to the Scheme directly, or if you have contributions deducted from your salary or wages by your employer and paid to the Scheme via Inland Revenue.

New employees of an employer who has selected the Scheme as the employer's chosen scheme will automatically become members of the Scheme unless the employee actively chooses another KiwiSaver Scheme provider within three months of joining KiwiSaver. New employee members may also choose to opt out of membership of the Scheme at any time from the 13th day to the 55th day after starting the new employment.

A new employee wishing to opt out of the Scheme must give an opt out notice either to their employer or Inland Revenue in the form of the opt out notice contained in the employee's KiwiSaver information pack or in any other form acceptable to Inland Revenue.    

Contributions required by an employee
As at the date of this Investment Statement, if your employer makes deductions of contributions from your salary or wages and pays those contributions to the Scheme via Inland Revenue, the contributions that your employer is required to deduct must be, 2%, 4% or 8% of your gross salary or wages that you earn at that job. You choose which rate you wish to pay.  If you do not make a choice your contribution rate will be 2%.

If you were contributing 4% or 8% prior to 1 April 2009, then you will continue to retain that rate unless you choose otherwise or you start new employment and do not notify your new employer of your contribution rate (in which case the 2% minimum rate will apply).

You are not required to make these contributions if you have been granted a contributions holiday by the Commissioner of Inland Revenue. For information on applying for a contributions holiday please refer to the section on contributions holidays on page 14 under the heading "Can the investment be altered?"

Gross salary or wages has the meaning given to it in the KiwiSaver Act. In summary "Gross salary or wages" includes most taxable payments of salary or wages that your employer pays to you and includes overtime and bonuses.

All contributions that Inland Revenue receives on your behalf during the three-month period after the earlier of the date Inland Revenue receives your first KiwiSaver contribution and the date when Inland Revenue is given notice (or otherwise knows) that you are a member of the Scheme will generally be forwarded to the Scheme as soon as practicable after the end of that three-month period. During such three-month period contributions will be held in an Inland Revenue holding account and will accumulate interest at the Commissioner’s rate. The three-month period may be extended until the amount contributed meets the minimum threshold amount agreed between Inland Revenue and the Manager.

Compulsory employer contributions
Employers must make contributions to their employees' KiwiSaver schemes, subject to certain exceptions.  The rate of compulsory employer contributions is currently 2% of the employee's gross salary or wages.

All employer contributions to the Scheme must be paid through Inland Revenue.

For the purposes of calculating compulsory employer contributions, the definition of an employee's gross salary or wages excludes ACC and weekly compensation payments and paid parental leave payments.

Employer contributions do not count towards your contribution rate.

If you are currently a member of a superannuation scheme offered by your employer that was registered before 17 May 2007 and expires after 1 April 2008 (or could join such a scheme under a collective agreement that was in force before 17 May 2007 and expires after 1 April 2008), any contributions required by your employer to that scheme may count towards the compulsory employer contributions required for the Scheme to the extent that they vest in you by the end of the first five years of your membership in that scheme.

Under current legislation, and subject to certain conditions, any compulsory employer contributions may be split between the Scheme and a complying superannuation fund (as defined in the Act) if you agree this with your employer. If you do not agree the proportion in which your employer's compulsory contributions will be split, they will be allocated to your KiwiSaver scheme balance first, up to the minimum requirement under the Act with the remainder then allocated to your complying superannuation fund.

Contributing via Inland Revenue
You, or anybody else on your behalf (except your employer) may at any time make payment of contributions to Inland Revenue, who will then forward such contributions through to the Scheme, by:

• using the "Pay Tax" option on your bank's internet banking facility;
• sending a cheque to Inland Revenue made out to Inland Revenue Department; or
• paying over the counter at a Westpac Bank branch.

When making such contributions via Inland Revenue, the contribution must be accompanied by your name, address, tax file number (IRD number), using the tax type reference KSS and any other information that Inland Revenue requires.

Contributions required by a member who is not an employee
If you are not employed, or you would like to make contributions directly to the Scheme, you can make contributions directly to the Scheme in either of the following two ways (or you can contribute via Inland Revenue as described in the section above). The first is to set up a direct debit payment to the Scheme's bank account as described below. The second is by making lump sum contributions also as described below.

Direct debit payment
To make a direct debit payment directly to the Scheme's bank account, from your bank account, please fill out the direct debit form enclosed with this investment statement and send it in with your application form.

Alternatively, please contact the Manager, using the contact details in the section entitled "Who do I contact with enquiries about my investment?", for a direct debit form. If you would like to contribute to the Scheme by direct debit payment the minimum contribution is $50 and must be in New Zealand dollars. If you would like to alter, stop or recommence your direct debit payment, you may do so at any time by providing written notice to the Manager (subject to 10 business days notice). If you alter your direct debit payment please ensure the minimum direct debit contribution of $50 is met.

Lump sum contributions
You and other persons (excluding your employer) may contribute additional lump sums at any time on your behalf by way of cheque, provided such contributions are at least $50 and are made in New Zealand dollars. These lump sums contributed will not give rise to any additional contribution entitlements from your employer.

Payments by cheque must be made out to the Gareth Morgan KiwiSaver Scheme Trust and forwarded to the Trustee at the address below:

Public Trust
C/- Gareth Morgan KiwiSaver Limited
Freepost 210729
Level 10
109 Featherston Street
PO Box 10068
WELLINGTON 6143

Direct debit payments and payment by cheque must be accompanied by your IRD number. If any payments are not accompanied by your IRD number the Manager may not be able to process the payment and credit your member account.

Transfers of funds from UK Pension plans to the Scheme
The following summary of the implications of transferring a member's UK Pension plan funds to the Scheme is based on the Manager's understanding of UK Pension rules as at the date of this Investment Statement. Future changes to those rules could subsequently adversely affect the treatment of UK Pension fund transfers to the Scheme and payments from the Scheme.

The Scheme is a qualified recognised overseas pension scheme registered with Her Majesty's Revenue and Customs (HMRC). This means that transfers from a UK Pension plan to the Scheme will not incur HMRC tax charges if the amount transferred is within the UK 'lifetime allowance' threshold (£1.75 million in the 2009/2010 tax year).

If a member's UK Pension plan contains any guaranteed minimum benefits such as those contained in a defined benefit scheme or a final salary scheme, such guarantees will not apply to any sums transferred from the UK Pension plan to the Scheme.

Members transferring funds from a UK pension plan to a KiwiSaver scheme will only be able to access their locked-in funds by making a permitted withdrawal under the KiwiSaver Act.

Important information regarding withdrawals of UK Pension plan funds from the Scheme are located under the heading entitled "What returns will I get?" on page 9.

Transferring a member's UK Pension plan funds to the Scheme is an important decision. It is recommended that members discuss proposed transfers with their UK and New Zealand tax advisers as well as their UK pension provider.

Crown contributions and other benefits
If the Scheme is the first KiwiSaver scheme you join, the Government will pay an initial contribution of $1,000 to the Scheme, which will be credited to your member account. This Government contribution will be made at a time that is about three months after the Commissioner of Inland Revenue receives your first contribution to the Scheme or the Commissioner receives notice of your membership of the Scheme.

The Government will also pay a member tax credit to match most contributions that you make to the Scheme, on a dollar for dollar basis, up to $20 per week ($1,042.86 per annum). In your first year of membership, the amount of member tax credit paid will be in proportion to how much of the year you were a member of KiwiSaver. The member tax credit will be paid annually soon after the end of each member credit year (ending 30 June), or at the time you cease to be a member of the Scheme (except where you transfer to another KiwiSaver scheme). This may change in the future. The member tax credit will not apply in respect of members under age 18, or members who have become entitled to make a withdrawal on the "KiwiSaver end payment date", or subject to certain limited exceptions, in respect of members who do not have their principal place of residence in New Zealand. The "KiwiSaver end payment date" is the later of the New Zealand superannuation qualification age (currently age 65) or where you have been a member of a KiwiSaver scheme for five years. If you have selected two or more investment portfolios in your investment direction, the member tax credit will be credited proportionately among such investment portfolios.

The initial $1,000 Government contribution and any member tax credit paid in respect of you is not considered income or a gift to you for tax purposes.

If you also contribute to one or more complying superannuation funds as well as a KiwiSaver scheme, the member tax credit will be split between the KiwiSaver scheme and those fund(s) and will be paid by the Government to the relevant scheme provider in accordance with relevant legislation.

The Gareth Morgan KiwiSaver investment cycle
New contributions from members are made into the Scheme bank account and are immediately linked to members’ accounts. These new contributions from members remain in the Scheme bank account and earn interest until the end of the month in which the new contributions were made. At the end of each month, members’ new contributions are transferred to the relevant investment portfolio(s) according to members’ Investment Directions. A residual amount of new contributions is retained for each member in the Scheme bank account to pay the member’s fees and taxes.

The transferred funds will normally be invested by around the middle of the month, but the Manager has full discretion over the timing of the investments within each month and the proportion of transferred funds that will continue to be held in cash. Therefore, in the extreme case, a new contribution received on the 1st of the month may not actually be invested until the last day of the following month, and even then not all of that new contribution would necessarily be invested in stocks or bonds.

Requests to transfer funds out of the Scheme or to amend an Investment Direction are also actioned at the end of the month in which the request was made or confirmed.
 

WHAT ARE THE CHARGES?

The fees that you pay are set out below.

Single Fee
Members of the Scheme pay a single fee to cover all regular ongoing Scheme costs and expenses. This fee is currently 1% per annum of your member account balance (subject to a minimum annual fee of $50), calculated and deducted monthly by the Manager on behalf of the Trustee.

For the avoidance of doubt, this fee covers all regular ongoing Scheme costs and expenses including (but not restricted to) trustee services, administration, investment management, registry and custody costs, marketing, auditing, legal, printing and posting.

Other fees may be charged (see below) to the account of an individual member for services requested by that Member from the Manager or Trustee. 

The minimum annual fee stated above may be indexed by the Trustee, upon the recommendation of the Manager, every three years using Statistics New Zealand's Consumers' Price Index.  This means that this minimum annual fee may increase.

Under the terms of the Scheme's Trust Deed the 1% fee charged to cover all regular ongoing Scheme costs and expenses can be increased up to a maximum of 2% where the Manager and Trustee agree to increase the fees to a level that will cover additional costs that arise. The Manager has made a commitment not to increase the 1% fee level until 1 July 2012 at the earliest.

Trustee Fee
Out of the single fee stated above the Trustee will be paid up to 0.05% per annum of the value of a member's account for providing ordinary trustee services.  The Manager will cover any shortfall in paying this minimum amount out of its own funds if the amounts deducted from members' accounts in the manner described above do not cover this minimum fee.

Manager's Fee
The amount of the single fee remaining, after the Trustee has been paid up to 0.05% per annum for ordinary trustee services, will be paid to the Manager to cover all the services that the Manager has assumed responsibility for under the Management Agreement entered into with the Trustee.

Other Fees
Under the terms of the Trust Deed, the Trustee may authorise the Manager to charge and deduct a  fee of $50 each time the Manager carries out any of the following duties:

• A member entering the Scheme.
• A member withdrawing from the Scheme.
• A member transferring to or from the Scheme.
• Upon a member switching their investment direction more than once each Scheme year (the first switch is free).

Such fees will be deducted from the member account of the member in respect of whom the fees were incurred.  The Manager will not charge these fees until 1 July 2012 at the earliest. After 1 July 2012 the Manager may charge these fees if it has given  three months' notice to members.

The Trustee may also authorise the Manager to charge a $50 fee in respect of processing a member's financial hardship, serious illness or first home withdrawal.  This fee will only apply to members who joined the Scheme after 18 February 2010.  As at the date of this Investment Statement there is no intention to charge this fee.

The fees stated in dollar amounts above may be indexed by the Trustee, upon the recommendation of the Manager, every three years using Statistics New Zealand's Consumers' Price Index. This means that these fees may increase.

The Manager will not charge a fee for processing the transfer of any UK Pension funds to the Scheme. However, members may incur bank charges associated with transferring the funds and may be required to pay fees the relevant UK Pension plan charge prior to the transfer of the funds. 

Extraordinary Fees
The Trustee is entitled to be reimbursed, in addition to the fees stated above, for all other costs, charges and expenses properly incurred by it and it alone in connection with or in relation to the Scheme where the following apply:

• the Trustee has consulted with the Manager prior to incurring such costs, charges and expenses; and
• a prudent professional trustee would consider it reasonable to incur such costs, charges and expenses in order to assist the Trustee or the Scheme to comply with its obligations and duties under the Scheme's Trust Deed and at law.

Such costs, charges and expenses will be deducted from the member account of the member in respect of whom they were incurred. If such costs, charges or expenses were incurred in respect of two or more members then the costs, charges or expenses will be apportioned between those members on an equitable basis.

Alteration of fees
Other than as stated above the Manager and Trustee have no ability to increase fees without obtaining the consent of all affected members.

GST
All fees are stated on a GST exclusive basis. Under current law some fees are wholly or partially exempt from GST. If GST is payable on any of the fees then the GST component is payable in addition to the fee stated.  The Manager has agreed with the Trustee that, until further notice, the Manager will pay any required GST on behalf of members from the fee it receives from the Trustee.

Tax
The fees stated above are charged to a member's member account. The Manager may claim tax deductions in respect to these fees to the extent permitted at law. This means that you may get the indirect benefit of such tax deductions.

WHAT RETURNS WILL I GET?

Returns from the Scheme are paid to you in the form of permitted withdrawals. As the Scheme has been set up under the KiwiSaver Act to help you to save for your retirement, you cannot withdraw funds from your member account until you become eligible to make a withdrawal as set out on page 11 of this Investment Statement under the heading "Withdrawals permitted under the KiwiSaver Act". When you are entitled to make a withdrawal you will receive up to the full value of your member account.

Factors that may affect returns:
The amount that is in your member account and that you get when making a permitted withdrawal will depend on such factors as:

• the amount you, other persons, your employer (if any) and the Government have contributed;
• the amount transferred to the Scheme from a UK pension scheme (if any) including the impact of currency exchange rates on the funds transferred;
• the returns achieved on the Scheme's investments (which may vary); and
• the mix of investment portfolios that you choose to invest your member account in.

The amount of your returns, therefore, is not quantifiable as at the date of this Investment Statement. Because the payment of your withdrawal depends on when you become eligible for the withdrawal the dates on which the returns will be paid to you are unknown as at the date of this Investment Statement.

The investment returns you receive will depend on the mix of investment portfolios that you choose, the performance of each investment portfolio, taxes and the amount of fees and expenses deducted from your member account. The returns from each investment portfolio are not guaranteed and may vary significantly from year to year. There may be times when the investment portfolios you have chosen do not perform as expected or could even be negative, despite the skill and care of GMILP, to whom the Manager has delegated investment management functions in respect of the Scheme. This could be due to the state of the economy (international and domestic), world markets, interest rate movements, the performance of individual companies contained in your investment portfolios, or Government policy.

The Trustee is legally liable to pay any returns to you.

None of the Trustee, GMK (as Sponsor and Manager), GMILP, the Crown nor any other person guarantees or promises the return of capital or income from the Scheme, or any investment portfolio.

Taxation
The information in this section is intended as general guidance only and is an indication of the relevant legislation in effect as at the date of this Investment Statement. We recommend that you seek professional tax advice regarding your individual circumstances prior to investing so that you clearly understand the taxation implications of such an investment. Investors should also periodically monitor the tax implications of investing in the Scheme and should not assume that the position will remain the same as it is when they start investing.  Neither the Trustee nor the Manager accepts any responsibility for the taxation consequences of your investment in the Scheme.

The Scheme is a registered portfolio investment entity (PIE). The following comments are based on the Scheme remaining a PIE.

In the Scheme – Portfolio Investment Entity (PIE) Tax
As the Scheme is a PIE, income earned by the Scheme will be attributed to all members in accordance with the proportion of their interest in the overall Scheme. The income attributed to each member will be taxed at the member’s “prescribed investor rate”. A prescribed investor rate is similar to an individual's marginal tax rate, but it is capped at 30%. The Manager, as the Trustee’s agent, will pay tax on behalf of the members and undertake any adjustments to members' interests in the Scheme in order to comply with the PIE tax requirements.

When you make an application to become a member of the Scheme you will be able to advise the Manager of your prescribed investor rate.  .  For information on determining your prescribed investor rate please visit the Inland Revenue website at www.ird.govt.nz/toii/pir/workout/. Alternatively, the “IR855 - Portfolio Investment Entity: Information for resident individuals who invest in PIEs” booklet can be obtained either by visiting an Inland Revenue branch or by calling 0800 227 774.

You will also be able to advise the Manager of your current prescribed investor rate at any time, including when your prescribed investor rate changes, by contacting the Manager using the contact details provided in the section entitled “Who do I contact with enquires about my investment?”. If you do not provide a prescribed investor rate to the Manager, the income attributed to you in the Scheme will be taxed at the 30% rate.

Generally, provided that you advise us of the correct prescribed investor rate, tax paid by a PIE on income attributed to members will be a final tax. Therefore, in most circumstances you will not have an obligation to file a return in respect of PIE income.

If your PIE income is taxed at a higher prescribed investor rate and you are eligible for a lower prescribed investor rate, but you have not advised the Manager of this, you will not be able to receive a refund of the overpayment (but may get a tax credit, subject to limitations). Additionally, if you have advised the Manager that you are eligible for a lower prescribed investor rate, and this is incorrect and you are only eligible for a higher prescribed investor rate, you may be liable to Inland Revenue for further tax and penalties, and have to file a tax return.

Members should note that the Commissioner of Inland Revenue will be able to require the Trustee to disregard a prescribed investor rate notified by a member if the Commissioner considers the rate to be incorrect.  The default prescribed investor rate of 30% would then apply in respect of that member.

The Scheme pays PIE tax to Inland Revenue on a quarterly basis.

If a PIE makes a tax loss this will be available to members in the form of a rebate (which can satisfy a tax liability but does not give rise to a refund) with a proportionate share credited to each member's account.

As the Scheme is a PIE, any capital gains made by the Scheme in respect to shares in New Zealand resident companies and certain Australian resident listed companies will be excluded from the calculation of taxable income. Most overseas shares and interests in managed funds held by the Scheme will be taxed pursuant to the fair dividend rate (FDR) method. Under FDR, the Scheme will be deemed to have derived income equal to 5% of the opening market value (and adjusted for quick sale) of its overseas shares and interests in managed funds (and any dividends or other returns flowing from overseas shares and interests in managed funds will not be separately taxed in New Zealand). Also under FDR, tax deductions may not be made for any losses in respect of holdings in overseas shares and interests in managed funds. Other income of the Scheme (e.g. interest on bank deposits) will be subject to the relevant normal tax rules. Tax may be imposed in overseas jurisdictions in relation to overseas investments (although this may give rise to a tax credit in New Zealand).

Contributing to the Scheme –Employer Superannuation Contribution Tax (ESCT) exemption
Contributions by members who are employees are deducted from tax-paid wages and salaries (although the level of contribution is calculated on gross (pre-tax) wages and salaries).
Generally, employer contributions to the Scheme are subject to ESCT except where a member has elected to have the employer contributions taxed as salary or wages and subject to PAYE. At the date of this Investment Statement, and as a result of legislation that came into effect on 1 April 2009 an exemption from ESCT applies to the minimum compulsory employer contribution of 2% of the relevant member's gross salary or wages (while the member is contributing at the rate of 2% or more of his or her gross salary or wages). Any additional employer contributions will be taxed at a rate of up to 33%.

Withdrawals permitted under the KiwiSaver Act

The withdrawals you are entitled to under the KiwiSaver Act, as at the date of this Investment Statement, are as set out below. It is possible that pursuant to the KiwiSaver Act, the terms of the Trust Deed, or other documents governing your relationship with the Scheme, the Trustee may require or access certain information from you, in order to ensure that you are eligible for the withdrawal. It is also possible that the Government may further amend legislation relating to KiwiSaver, which may change the amounts and the circumstances in which you are permitted to withdraw from the Scheme.

KiwiSaver end payment date withdrawal
When you reach the age of entitlement to New Zealand Superannuation, which is currently 65, or have been a member of a KiwiSaver scheme or a complying superannuation fund (or of a complying superannuation fund and a KiwiSaver scheme) for five years, whichever is the later, you are entitled to withdraw from the Scheme an amount equal to the value of your member account. You may choose to leave some or all of the balance of your member account in the Scheme after you become eligible to withdraw from the Scheme.  Where you choose to leave your entitlement in the scheme following your KiwiSaver end payment date, the Manager may place restrictions on minimum regular and irregular withdrawal amounts and the frequency of withdrawals.  The value of your member account will consist of your net contributions (including any net employer contributions), transfers from other schemes, plus the initial Crown contribution, and Member Tax Credits (if applicable); plus or minus net investment earnings or losses (gross earnings or losses less fees and taxes) on these contributions.

Death withdrawal
If you die while you are a member of this Scheme, on application to the Scheme by your personal representatives, your estate will be paid an amount equal to the balance of your member account.

If the requirements of section 65 of the Administration Act 1969 are met the Trustee may also pay to the relevant person any sum authorised by that section, subject to that Act, without requiring administration of the estate of the deceased member.  As at the date of this Investment Statement the maximum sum payable under section 65 of the Administration Act 1969 is $15,000.

Significant financial hardship
You may make an application to withdraw all or part of your member account (if any), excluding the $1,000 initial Crown contribution and the amount of any member tax credits (disregarding any positive or negative investment returns on such amounts), on the grounds of significant financial hardship as determined by the Trustee in accordance with the KiwiSaver Act.

In order to approve a withdrawal application on the grounds of significant financial hardship, the Trustee must be reasonably satisfied that reasonable alternative sources of funding have been explored and have been exhausted. The Trustee may also direct that the amount withdrawn be limited to a specified amount.

Under the KiwiSaver Act significant financial hardship includes significant financial difficulties that arise because of:

• a member's inability to meet minimum living expenses; or
• a member's inability to meet mortgage repayments on his or her principal family residence resulting in the mortgagee seeking to enforce the mortgage on the residence; or
• the cost of modifying a residence to meet special needs arising from a disability of a member or a member's dependant; or
• the cost of medical treatment for an illness or injury of a member or a member's dependant; or
• the cost of palliative care for a member or a member's dependant; or
• the cost of a funeral for a member's dependant; or
• a member suffering from a serious illness.
  

Withdrawal in cases of serious illness
A member may make a withdrawal of an amount up to the value of his or her member account, where the Trustee is reasonably satisfied that the member is suffering from serious illness in terms of the KiwiSaver Act. As at the date of this Investment Statement, under the KiwiSaver Act serious illness means an injury, illness or disability:
•    that results in the member being totally and permanently unable to engage in work for which he or she is suited by reason of experience, education or training or any combination of those things; or
•    that poses a serious and imminent risk of death.

Withdrawal for purchase of home

You may make a withdrawal of an amount no greater than the value of your member account, excluding the $1,000 Crown contribution and any member tax credits, for the purpose of purchasing a home where you meet the criteria and comply with the requirements in the KiwiSaver Act.

Under the KiwiSaver Act you are eligible to make a withdrawal for the purpose of purchasing a first home where you have not previously made such a withdrawal from any KiwiSaver scheme and you satisfy one of the following two criteria:

• at least three years have passed since Inland Revenue first received contributions for credit to a KiwiSaver scheme of which you are or were a member; or
• where no such contributions have been paid via Inland Revenue, you have been a member of a KiwiSaver scheme for a period of three years or more.

If you are eligible to make such a withdrawal the following criteria also apply before you are entitled to make the withdrawal for the purchase of an estate in land (whether by yourself, or with another person):

• the land is or is intended to be your or your family's principal place of residence and you have not previously applied to make such a withdrawal; or
• the land is, or is intended to be, your or your family's principal place of residence and you are a "qualifying person" under the regulations made under the KiwiSaver Act; or
• the purchase is made in the circumstances prescribed in regulations under the KiwiSaver Act (no such regulations have been made as at the date of this Investment Statement).
  

You may still be eligible to make a withdrawal for the purchase of a home as a "second chance" home buyer if Housing New Zealand notifies the Trustee that your financial position is what would be expected of a person who has never owned a home.

If you make a withdrawal for the purpose of purchasing a home, the withdrawal will be paid to your solicitor. The Trustee may require from your solicitor, before payment of the withdrawal, a copy of an agreement for the sale and purchase of land showing you as the purchaser; an undertaking that the agreement is unconditional; and an undertaking that the funds from the withdrawal will only be to the vendor as part of the purchase price or returned to the Scheme if settlement is not completed.

Members of the Scheme may also qualify for a first-home deposit subsidy to help with the cost of a home loan deposit. The proposed first home deposit subsidy is $1,000 for each year that a member has been making regular contributions to a KiwiSaver scheme (to a maximum of $5,000). The member will have to have been saving for a minimum period of three years to access this deposit subsidy. Any first home deposit subsidy will be payable by the Government and not the Scheme. For more information on the first home subsidy, including applicable income and regional house price caps, visit the Housing New Zealand Corporation website www.hnzc.co.nz.

Withdrawal or transfer to foreign scheme in cases of permanent emigration
If you leave New Zealand permanently you may, on application to the Trustee, and subject to compliance with the requirements of the KiwiSaver Act, withdraw an amount equal to the value of your member account (excluding the total amount of any member tax credits), no earlier than one year after you have permanently left the country. Alternatively, you may, on application to the Trustee, at any time after you have permanently left New Zealand, and subject to compliance with the requirements of the KiwiSaver Act, have the Trustee transfer an amount equal to the value of your member account (excluding the total amount of any member tax credits) to a foreign superannuation scheme authorised for that purpose under regulations made under the KiwiSaver Act.

Release of funds required under other enactments
The Trustee must comply with any enactment requiring it to release funds from the KiwiSaver Scheme, including a requirement to release funds by order of any Court under any enactment (including the Property (Relationships) Act 1976).

Method of payment of withdrawal
The Trustee must, at your request, pay a permitted withdrawal as a lump sum.

Withdrawal of funds transferred to your KiwiSaver Scheme from a UK Pension plan
The following summary of the implications of withdrawing a member's UK Pension plan funds to the Scheme are based on the Manager's understanding of UK Pension rules as at the date of this Investment Statement. Future changes to those rules could subsequently adversely affect the treatment of UK Pension fund transfers to the Scheme and payments from the Scheme.

The withdrawal of funds transferred to the Scheme from a UK Pension plan may be subject to UK tax charges of up to 55% of the amount withdrawn if the withdrawal is not consistent with retirement saving or provision for retirement. The Manager reserves the right to retain such funds from a member's account as are necessary to pay any tax levy due to HMRC. For further details on when these UK tax charges may apply contact the Manager.

The Scheme has agreed to inform HMRC of any withdrawals, payments or transfers made from a relevant member's account when that member is a UK tax resident or has been a UK tax resident in the previous five UK tax years.
 

WHAT ARE MY RISKS?

Although it is unlikely over the long term, it is possible that at any time the balance of your member account will be less than the amount you and your employer (if any) have contributed. It is also possible you may not receive the returns outlined under the section entitled "What returns will I get?". This is because all investments carry risk. There are risks associated with the Scheme that could affect members’ ability to recover the amount of their contributions or impact on the returns payable from the Scheme as described in this Investment Statement. The principal risks applying to the Scheme that could affect returns (and which are common to most KiwiSaver and superannuation schemes) are:

• Investment risk: The risk of negative movements in the value of the Scheme’s investments (either generally or in respect of investment portfolios in which a member invests). The investment risk associated with each portfolio depends upon the portfolio’s mix of investment assets. Generally, investment assets that offer the highest potential returns also have the highest risk. Funds that have higher exposure to shares will generally suffer bigger and more frequent investment losses and gains over the long term than funds that carry a high weighting of fixed interest assets. You should choose your investment direction to best match your needs and attitude towards risk. Investors should note that while GMILP takes steps to manage investment risk, no risk management process will eliminate investment risk;
• Liquidity risk: The risk of the Scheme not being able to meet monetary obligations in a timely manner. The risk arises where there is a mismatch between the maturity profile of investments and the amounts required to pay withdrawals. GMILP will generally invest in securities with good liquidity, which can usually be exited within a week. However, in order to fully exit a security without causing an adverse price effect, exiting may take several weeks and in extreme cases may take up to six months;
• Regulatory risk: The risk of future changes to tax, KiwiSaver or general superannuation legislation which could affect the operation of the Scheme or members’ interests in the Scheme, or of the Trust Deed being amended in a manner required or permitted by law that has the effect of reducing members’ interests in the Scheme;
• Credit risk: The risk of the Scheme becoming insolvent and being placed into receivership, liquidation or statutory management or being otherwise unable to meet its financial obligations. If this occurs, members may not recover the full amount of their interest in the Scheme;
• Administration risk: The risk of a technological or other failure impacting on the Scheme or financial markets in general; and
• Tax rate risk: The risk of the Manager either over or underpaying tax within the Scheme on behalf of a member as a result of the member providing the Manager with the wrong Prescribed Investor Rate or not advising the Manager to change that rate when it needed to be changed. In the event of an underpayment of tax a member will be obliged to pay additional tax (and potentially penalties or interest) to Inland Revenue.
• UK Tax risk: The risk that a transfer or withdrawal of UK Pension plan money from the Scheme permitted under the KiwiSaver Act will give rise to a member's liability for UK tax on that withdrawal.

Due to the possible impact of these risk factors outlined above, and the impact of fees, it is reasonably foreseeable that you could receive less than your contributions if you cease to be a member a short time after joining.

The value of your member account can decline.

Except in certain circumstances described below in relation to tax, you will not be required to pay in respect of the Scheme more money than is disclosed under the headings "How much do I pay?" on page 5 or "Consequences of insolvency" below. The circumstances in which you may be required to pay more money in respect of the Scheme, in relation to tax, are where the Trustee incurs tax on your behalf and your interest in the Scheme is not large enough to cover the tax liability that the Trustee incurred.

The amount payable to members in the event of a windup of the Scheme will depend on the price for which the investments are able to be sold at that time, and the amount of expenses, taxes and liabilities payable.

Consequences of insolvency
Members have no liability to pay money to any person as a result of the insolvency of the Scheme.

If the Scheme becomes insolvent, it will be wound up in accordance with the termination procedures under the Trust Deed. Claims on the assets of the Scheme that will rank ahead of members in the event of the Scheme being put into liquidation or being wound up will include any outstanding Trustee expenses (including fees) or liabilities of the Scheme, any claims preferred at law, tax and the costs of winding up the Scheme. The Manager of the Scheme will not be entitled to claim any outstanding fees in the event the Scheme becomes insolvent. If there are any withdrawals payable under the Trust Deed and which had become payable prior to the winding up date and remain unpaid as at the winding up date, the withdrawals will be paid prior to members who had not at that stage become entitled to make a withdrawal.

Members will rank equally between themselves and will be paid in accordance with the Trust Deed. If the Scheme winds up and a member is not entitled to make a withdrawal then the member's interest in the Scheme is required under the KiwiSaver Act to be transferred to another KiwiSaver scheme.

While in normal circumstances profit and loss will be maintained in each portfolio, in the unlikely event of insolvency or liquidation of the Scheme the assets of one portfolio may be used to meet the liabilities of the other.

CAN THE INVESTMENT BE ALTERED?

Contributions
Members who are not subject to having contributions deducted by their employers (ie members who are not employees and who contribute directly to the Scheme and not via Inland Revenue) can increase or decrease their contributions at any time and suspend or recommence those contributions at any time on giving notice to the Trustee, subject to the minimum requirements set out under the heading "How much do I pay?".

Members who have not opted out of the Scheme and who make contributions to the Scheme by having their employers make deductions from their salary or wages, may only suspend those contributions by applying for a contributions holiday to the Commissioner of Inland Revenue. Currently such members can change their contribution rate between 2%, 4% or 8% of their gross salary or wages (or any other amount permitted under the KiwiSaver Act) by giving notice to their employer. Under the KiwiSaver Act, any member who has their employer deduct contributions from their salary or wages may not change his or her contribution rate in relation to that employer at intervals that are less than three months apart unless the employer agrees.

Fees
Fees may be altered as described above under the heading entitled "What are the charges?".

Contributions holiday
A member who has deductions of contributions made from their salary or wages by their employer may apply to the Commissioner of Inland Revenue for a contributions holiday. A member cannot apply for a contributions holiday to the Commissioner of Inland Revenue until 12 months have expired since the earlier of:

• the date after the Commissioner of Inland Revenue received the first contribution in respect of that member from the member's employer; or
• the date that the Manager received the first contribution in respect of that member.

A member may apply for a contributions holiday at any time where the member is suffering or likely to suffer financial hardship.

To apply for a contributions holiday a member who has contributions deducted from their salary or wages by their employer must make an application to the Commissioner of Inland Revenue which sets out the following:

• the member's name and address;
• the member's tax file number (IRD number);
• the name and address of each of the member's employers to whom the member intends that the contributions holiday will apply;
• the period of time for which the holiday is required (this must be for a minimum period of three months and a maximum period of five years);
• details of financial hardship if the application is being made on this ground; and
• any other information that the Commissioner of Inland Revenue requires.

The Commissioner of Inland Revenue is required to grant the member a contributions holiday if the criteria above are complied with. The Commissioner will give notice to the member and each of the member's employers to whom the contributions holiday will apply and will also give notice to the Manager of the Scheme.

A member on a contributions holiday may revoke or reinstate the contributions holiday by giving notice to his or her employer or employers. However, the member may not revoke or reinstate a contributions holiday at intervals of less than three months apart unless the member's employer agrees otherwise.

A member who is on a contributions holiday, may still make voluntary contributions to the Scheme.

Investment Direction
Members can amend their investment direction to switch investment portfolios without charge once during each Scheme year. If a member amends their investment direction more than once in a Scheme year a charge may apply.  See the section entitled "What are the charges".  A member may only make a maximum of three changes to his or her investment direction each year.

Trust Deed
The Trustee, with the consent of the Sponsor may amend the Trust Deed, subject to the requirements of and to the extent permitted in the KiwiSaver Act. Where an amendment will adversely affect a member that member's consent will be required before the amendment can be made.

Investment policies, objectives and guidelines
The Manager may vary its investment objectives and policies and the investment guidelines, and the asset allocation ranges of the three investment portfolios at any time in agreement with the Trustee. If the investment policies, objectives, guidelines and asset allocation ranges are altered the Manager shall update its website, www.gmk.co.nz to advise the Scheme's members.

Any changes to the asset allocation ranges of the three portfolios will be communicated to members. Members with online access will receive email notification a minimum of two weeks in advance of such update together with receiving an update to their monthly report. Members without online access will be sent a letter notifying them of any update a minimum of two weeks in advance of any change to asset allocation ranges.

Law changes
The KiwiSaver Act and other legislation may be amended from time to time by the Government, and any such amendment may impact the Scheme.

 

HOW DO I CASH IN MY INVESTMENT?

The main circumstances in which withdrawals will be payable under the Scheme are described above under "What returns will I get?".

Withdrawals are payable on the KiwiSaver end payment date, death, significant financial hardship, for the purpose of purchasing a first home, in the event of serious illness or permanent emigration.

The Trustee may authorise the Manager to charge a $50 fee in respect of processing a member's financial hardship, serious illness or first home withdrawal.  This fee will only apply to members who joined the Scheme after 18 February 2010.  At the date of this Investment Statement there is no intention to charge this fee.

If you become bankrupt you lose your right to your interest in the Scheme. What this means is that the Trustee will hold and use your savings at its discretion to benefit you or your dependants as the Trustee in its absolute discretion determines. Please note that under the law your interest in the Scheme may not be protected from bankruptcy claims against you.

The Trustee is authorised to realise investments to the extent necessary to make payment of any tax and may if obliged by law deduct from any withdrawal or a member's member account any tax assessed or payable by or in respect of a member.

The Manager, on behalf of the Trustee, will deduct any fees, costs, expenses or other liabilities payable in respect of a member from the member's account.

A member is also not permitted to sell, assign, mortgage, charge or pass to any other person their interest in the Scheme in any way.

The Scheme shall be wound up if:

• GMK as Sponsor notifies the Trustee that the Scheme is to be wound up;
• The Scheme ceases to have any beneficiaries and the Sponsor resolves that it be wound up;
• The Trustee considers the Scheme is, or will be, unable to fulfil its purpose and resolves that the Scheme be wound up;
• The Scheme is required to be wound up by law and the Trustee resolves that the Scheme be wound up; or
• By order of the Government Actuary.

If the Scheme is wound up your interest in the Scheme that is left after costs, debts and any withdrawals due are paid will be transferred to another KiwiSaver scheme of your choice or, if you fail to make a choice, transferred to Inland Revenue to be allocated to a Default Provider.

The Trustee may cash up your investment to meet all fees and costs. You may be charged a fee when you withdraw from the Scheme. See the section entitled "What are the charges".

Transfers
Transferring to another KiwiSaver scheme
You may apply to join another KiwiSaver scheme in which case the Manager shall transfer an amount equal to the value of your member account to the other KiwiSaver scheme upon receipt of written acceptance of terms from the transferee scheme trustees. On transferring, you will cease to be a member of the Scheme. You may be charged a fee for transferring your interest to another KiwiSaver scheme. See the section entitled "What are my charges".

Members who have transferred funds from a UK Pension plan to the Scheme should note that in certain circumstances there may be adverse UK tax consequences of a transfer to another KiwiSaver scheme that is not a Qualifying Recognised Overseas Pension Scheme (QROPS), withdrawals of UK Pension funds from the Scheme that are over a member's UK 'Lifetime Allowance' limit (currently £1.75m), or withdrawals of funds that are not consistent with retirement savings or provision for retirement. For further details on when these UK tax charges may apply contact the Manager.

Transferring from another superannuation scheme
You may transfer any amount into this Scheme from any other KiwiSaver or superannuation scheme. The amount that you transfer will be credited to your member account as determined by the Trustee. You may be charged a fee for transferring your interest in another scheme to this Scheme. See the section entitled "What are my charges".

Termination of membership
You will cease to be a member of the Scheme if at any time the balance of your member account is nil or negative. You will also cease to be a member of the Scheme where:

• You have received payment of the total value of your member account on the KiwiSaver end payment date;
• You have made a withdrawal following permanent emigration; or
• You transfer to another KiwiSaver scheme.

WHO DO I CONTACT WITH ENQUIRIES ABOUT MY INVESTMENT?

You can direct questions in writing to:

Member Services Officer
GMK
PO Box 10 068
Wellington 6143

Or email questions@gmk.co.nz

Or visit www.gmk.co.nz

Alternatively, you can contact Member Services at the following telephone number, during normal business hours – 9am to 5pm Monday to Friday.

0800 427 384

IS THERE ANYONE TO WHOM I CAN COMPLAIN IF IT HAVE PROBLEMS WITH THE INVESTMENT?

Complaints about the Scheme should be made in writing to:

Member Services Officer
Member Services
Gareth Morgan KiwiSaver Limited
Level 10
109 Featherston St
PO Box 10 068
Wellington 6143

Or email

complaints@gmk.co.nz

Alternatively, you can contact Member Services at the following telephone number, during normal business hours:
0800 427 384

You can also contact the Trustee at:

General Manager
Corporate Trustee Services
Public Trust
Level 10
141 Willis Street
Wellington

Alternatively, you can contact the Trustee at the following telephone  number, during normal business hours:
0800 371 471

There is no ombudsman to whom complaints in respect of the securities offered in this Investment Statement can be made.

WHAT OTHER INFORMATION CAN I OBTAIN ABOUT THIS INVESTMENT?

 Trust Deed, Prospectus and Financial Statements
Other information about the Scheme and the securities is contained or referred to in the Trust Deed, registered prospectus and financial statements for the Scheme.

A copy of the Trust Deed, registered prospectus and the most recent financial statements of the Scheme and the annual report of the Scheme are available on request from GMK during normal business hours, free of charge. These documents are also available from the website: www.gmk.co.nz. Copies of these documents (except the annual report) along with any material contracts set out in the registered prospectus may be viewed on the Companies Office website www.companies.govt.nz under "Search Other Registers". Copies are also available (on payment of a fee) by telephoning the Ministry of Economic Development Business Service Centre on 0508 266 726.

A fee may be payable for any document viewed on the Companies Office website or requested from the Companies Office.

Annual Information
The Manager will provide to each member on an annual basis:

• the annual report of the Scheme;
• an annual tax certificate; and
• an annual member statement.

These documents will be sent as an email attachment unless a hard copy is requested to be posted by members. In addition, members will be reported to monthly via the web.

On request information
Upon contacting the Manager, using the contact details provided under the heading "Who do I contact with enquiries about my investment?", the following documents or information can be requested free of charge:

• a copy of the Scheme's Trust Deed;
• the latest value of your interest in the Scheme;
• the prospectus for the Scheme;
• a copy of financial statements for the Scheme and any auditor's report;
• the most recent annual report of the Scheme; and
• a copy of the most recent Investment Statement.

These documents will generally be made available via the website www.gmk.co.nz or be sent as an email attachment. However, they will be available in hard copy and posted to members upon request.

 Download the Investment Statement as a PDF File