Amanah kiwisaver plan - investment statement

 
amanah
kiwisaver plan

investment statement
+ application form

3 september 2014

Amanah KiwiSaver Plan is provided by
AmanahNZ KiwiSaver Limited, part of the
Amanah New Zealand group of companies
amanah kiwisaver plan is
   an ethical and strictly                                                      contents
   Shari'ah compliant way
                                                                      What sort of investment is   3
     of saving for your                                               this?
          retirement
                                                                      Who is involved in           5
Amanah KiwiSaver Plan has an ethical                                  providing it for me?
mandate which means:
                                                                      How much do I pay?           7
                        • NO MONEY
                             LENDING
                                                                      What are the charges?        8
                        • NO ALCOHOL
                        • NO GAMBLING                                 What returns will I get?     10
                        • NO TOBACCO
                                                                      What are my risks?           13
                        • NO WEAPONS OF
                             WAR
                        • NO PORNOGRAPHY                              Can the investment be        15
                                                                      altered?
                        • NO PORK
                                                                      How do I cash in my          15
                                                                      investment?
              Amanah KiwiSaver Plan’s ethical
                                                                      Who do I contact with        15
              standards meet the requirements of
                                                                      enquiries about my
              a strictly Shari’ah compliant fund. It
              is audited to the AAOIFI* standards.                    investment?

              Our investment philosophy means                         Is there anyone to           16
              Amanah KiwiSaver Plan advances                          whom I can complain if
              a strong ethical statement, making                      I have problems with the
              it appropriate not only for persons                     investment?
              of the Islamic faith, but for those
              who value these ethical investment                      What other information       16
              ideals.                                                 can I obtain about this
                                                                      investment?
      Amanah KiwiSaver Plan has one
investment fund - Amanah Growth Fund, an                              glossary                     17
ethical aggressive investment fund seeking
to make capital gains from its investments.
                                                                      guide to joining amanah
Your contributions to Amanah KiwiSaver                                kiwisaver plan
Plan are represented by units in Amanah
Growth Fund.
                                                                      application form
*AAOIFI is the Accounting and Audit standards of Islamic Financial
Institutions. The AAOIFI standards are adopted in the Kingdom
of Bahrain, Dubai Financial Centre, Jordan, Lebanon, Qatar,
Sudan, and Syria. The relevant authorities in Australia, Indonesia,
Malaysia, Pakistan, Kingdom of Saudi Arabia and South Africa
have issued guidelines that are based on AAOIFI’s standards and
pronouncements.
Important information
           (THE INFORMATION IN THIS SECTION IS REQUIRED UNDER THE SECURITIES ACT 1978)

Investment decisions are very important. They often      Markets Authority to varying levels, depending on the
have long-term consequences. Read all documents          type of adviser and the nature of the services they
carefully. Ask questions. Seek advice before             provide. Some financial advisers are only allowed to
committing yourself.                                     provide advice on a limited
                                                         range of products.
CHOOSING AN INVESTMENT
                                                         When seeking or receiving financial advice, you
When deciding whether to invest, consider carefully      should check—
the answers to the following questions that can be       • the type of adviser you are dealing with;
found on the pages noted below:                          • the services the adviser can provide you with;
                                                         • the products the adviser can advise you on.
What sort of investment is this?               3
                                                         A financial adviser who provides you with personalised
Who is involved in providing it for me?        5         financial adviser services may be required to give
How much do I pay?                             7         you a disclosure statement covering these and other
                                                         matters. You should ask your adviser about how he or
What are the charges?                          8         she is paid and any conflicts of interest he or she may
What returns will I get?                       10        have.
What are my risks?                             13
                                                         Financial advisers must have a complaints process in
Can the investment be altered?                 15        place and they, or the financial services provider they
How do I cash in my investment?                15        work for, must belong to a dispute resolution scheme
Who do I contact with enquiries about          15        if they provide services to retail clients. So if there is
                                                         a dispute over an investment, you can ask someone
my investment?
                                                         independent to resolve it. Most financial advisers, or
Is there anyone to whom I can complain         16        the financial services provider they work for, must also
if I have problems with the investment?                  be registered on the financial service providers register.
What other information can I obtain            16        You can search for information about registered
about this investment?                                   financial service providers at http://www. fspr.govt.nz.

                                                         You can also complain to the Financial Markets
In addition to the information in this document,         Authority if you have concerns about the behaviour of
important information can be found in the current        a financial adviser.
registered prospectus for the investment. You are
entitled to a copy of that prospectus on request.

                                                           ALL members assets held by
THE FINANCIAL MARKETS AUTHORITY REGULATES
CONDUCT IN FINANCIAL MARKETS                               the trustee
The Financial Markets Authority regulates conduct          Trustees Executors Limited, holds all of
in New Zealand’s financial markets. The Financial          Amanah KiwiSaver Plan’s assets at all times.
Markets Authority’s main objective is to promote
and facilitate the development of fair, efficient, and     All fees and expenses are paid on authority
transparent financial markets. For more information        of the Trustee.
about investing, go to http://www.fma.govt.nz.
                                                           The Trustee has been granted a full licence
FINANCIAL ADVISERS CAN HELP YOU MAKE                       under the Securities Trustees and Statutory
INVESTMENT DECISIONS                                       Supervisors Act 2011 to act as a KiwiSaver
                                                           trustee.
Using a financial adviser cannot prevent you from
losing money, but it should be able to help you make
better investment decisions.

Financial advisers are regulated by the Financial

                                                         amanah kiwisaver plan                           Page 2
what sort of investment is this?
Amanah KiwiSaver Plan is a registered KiwiSaver
scheme under the KiwiSaver Act.
                                                               summary of amanah
WHO CAN JOIN?
You can join Amanah KiwiSaver Plan if you:
                                                                 kiwisaver plan
i) Live, or normally live in New Zealand.
                                                            • What is Amanah KiwiSaver Plan?:
ii) Are a New Zealand citizen or entitled to live in New
                                                            A registered KiwiSaver scheme which strictly
Zealand permanently,
                                                            applies an ethical and Shari’ah compliant
iii) Are under the qualifying age for New Zealand
                                                            investment mandate. You receive Units in
Superannuation (currently 65).
                                                            Amanah Growth Fund, Amanah KiwiSaver
                                                            Plan’s investment fund. Amanah Growth Fund
If you are a member of an existing KiwiSaver scheme
                                                            is aggressive, seeking to grow your savings by
you can transfer from that scheme to Amanah
                                                            investing into Amanah New Zealand – a strictly
KiwiSaver Plan.
                                                            Shari’ah Law compliant New Zealand Unit Trust.
AMANAH GROWTH FUND                                          • Contributing to Amanah KiwiSaver Plan:
Your interest in the Amanah KiwiSaver Plan is               You can choose to save 3%, 4% or 8% of your
represented by units in Amanah Growth Fund.                 income. If you are employed and aged 18 years or
Amanah Growth Fund is an aggressive fund seeking            over, your employer will match your contributions
capital growth to provide long term growth for its          up to 3% of your income. If you are not employed,
members. Amanah Growth Fund is an ethical fund; its         you may make voluntary contributions (for more
investments are strictly Shari’ah compliant.                information on contributions, see page 7)
The Manager, AmanahNZ KiwiSaver Limited, has                • Benefits: You will receive a $1,000 kick-start
appointed Amanah Trust Management (NZ) Limited to           payment from the Government if you are joining
administer the Amanah Growth Fund. Amanah Trust             KiwiSaver for the first time. If you are aged 18 or
Management (NZ) Limited’s investment committee              over you may also be eligible for the member
decides where to invest your money.                         tax credit - this is an annual contribution from the
                                                            Government of up to $521.43 a year - 50 cents for
Amanah Growth Fund is developing a portfolio of             every dollar you contribute up to a maximum of
three asset classes:                                        $1,042.86 (for more information, see page 7)
  i) A long term investment into conservatively             • Withdrawing your savings: Your savings are
  selected listed equities diversified across both the      generally locked in until you reach age 65 - there
  S&P 10 industrial sectors and the world’s geographic      are limited circumstances for early withdrawals
  economies including the regional economies of             (see page 10).
  China, South East Asia and the developing and
  emerging economies;                                       • Taxation: If Amanah Growth Fund receives
  ii) Debt free real estate portfolio;                      taxable income then tax is paid at your prescribed
  iii) Cash (both in US dollars and New Zealand dollars),   investor rate (see page 12 for more information
  or, as an alternative to cash, when appropriate,          on taxation).
  gold.
                                                            • Risk: the redemption value may rise or fall.
All of Amanah Growth Fund’s investments must have
a solid asset base.                                         No amount of return on the investments is
                                                            promised, and no person or entity guarantees
Amanah Growth Fund will not purchase real estate until      or promises the repayment of investments in
it has greater than NZ$50 million under management.         Amanah KiwiSaver Plan or Amanah Growth Fund.
Cash and gold are used as a technique to preserve
wealth in times of stock market uncertainty. Initially      Amanah Growth Fund may not borrow against
Amanah Growth Fund will invest in Amanah New                your savings and will only invest your money in
Zealand.                                                    funds that have sufficient liquidity to repay your
                                                            entitlement when required (for more information
Amanah New Zealand is a New Zealand registered              on the risks of this investment see page 13).
unit trust which provides long term investment in up
to 50 US listed equities diversified across multiple S&P
industrial sectors and geographic economies that
are ethical and strictly Shari’ah compliant. These
investments are all US dollar purchases and include
corporations domiciled throughout the world that are

Page 3
substantial enough to list on the internationally owned
NYSE, AMEX and publicly listed NASDAQ
                                                                       shari'ah mandate
Amanah New Zealand promotes the application
of solid conservative investment principles – the key          All investments shall strictly comply with Shari’ah
focus being low gearing and organic growth. This               Law as defined by AAOIFI (Accounting and
is consistent with good ethics and Islamic finance             Auditing Organisation for Islamic Financial
principles.                                                    Institutions).

The key focus of Amanah New Zealand is on the                  The applicable Islamic investment principles are:
financial wellbeing of the corporation in which it             •    Riba (prohibition of interest or usury)
invests:                                                       •    Haraam (impermissible investments)
                                                               •    Maisir/Maysir (speculation and/or
  i) A high level of borrowing or debt within a                     gambling)
  corporation is a sign of potential risk. This is             •    Gharar (excessive uncertainty)
  called ‘high gearing’ and is unacceptable; all our
  investments must be ‘low geared’.                            These principles are derived from interpretations
                                                               of two sources: the Qur’an and the Sunna (the
  ii) A corporation must work for money rather than            path of the Prophet). Shari’ah Law governs all
  let the money idly work for the corporation, driving         aspects of Muslim life, and therefore imposes
  the corporation to provide goods and services. This          certain restrictions on finance and investments
  is called ‘organic growth’.                                  within the Islamic tradition.

  iii) Shari’ah law and good conservative investment           Riba/usury is the central tenet of the Islamic
  principles require at least 33% of a company to be           finance system. The use of money for the purpose
  ‘real and tangible’.                                         of making money is expressly forbidden. Wealth
                                                               must be generated from legitimate trade and
Amanah New Zealand invests in a selection of                   asset-based investment. Riba prohibits the
corporations that have a strong balance sheet, low             charging or paying of interest.
debt, and a proven record satisfying global demand
for their products or services. They do not invest in pork,    The Islamic principles of maisir and gharar
alcohol, gambling, machines of war, pornography, or            require investments to have social and ethical
money lending.                                                 benefit to wider society. These principles prohibit
                                                               investments which involve excessive uncertainty
Amanah New Zealand is New Zealand’s only strictly              or risk such as speculative investment, gambling
Shari’ah compliant investment. Its investments comply          and day trading.
with the AAOIFI standard. It has an exclusive license
from IdealRatings Inc., a reputable Shari’ah rating            The principle of haraam excludes areas of
agency. Amanah New Zealand’s investments at all                investment based on moral grounds. This
times hold AAOIFI compliance certificates issued to it         includes types of food, weapons of war, adult
by IdealRatings. These certificates are checked daily          entertainment, alcohol and gambling.
and if an investment is suspected of non-compliance
it is sold immediately (as soon as the stock exchange          Purification is the method used to cleanse
quoting the investment is open).                               any investment income that may have been
                                                               generated through non-permissible activities (for
Amanah Trust Management (NZ) Limited’s investment              example, pork or alcohol). The units of Amanah
team has a 10+ year successful track record investing          New Zealand in which Amanah Growth Fund
in US listed corporations. The addition of an ethical/         invests are purified and do not require further
Shari’ah overlay is not expected to significantly affect       purification to be Shari’ah compliant. Amanah
Amanah Growth Fund’s performance.                              KiwiSaver Plan may earn non-compliant income
                                                               from Inland Revenue, due to interest earned
Amanah Growth Fund may not: leverage investors’                on contributions. The payment of purification
money (i.e. borrow against your investment) or invest          is the member’s responsibility and can only be
in derivatives or complex structured and other high            lawfully made on the maturity of the member’s
risk financial products. Amanah Growth Fund cannot             investment. When the investment matures (or
invest in hedging instruments to manage currency risk          on a member switching KiwiSaver schemes),
as all hedging products are derivatives. Derivatives           the Manager will provide a calculation of the
are not permitted under the ethical principles of the          purification payment for donation to charity.
fund and are prohibited by Shari’ah Law. For more              Purification amounts are not intermingled with
information on currency risk, see page 13.                     other investments.

                                                              amanah kiwisaver plan                  Page 4
who is involved in providing it for me?
The KiwiSaver scheme being offered is called Amanah        AUDITOR
KiwiSaver Plan. Amanah KiwiSaver Plan was registered       William Buck Christmas Gouwland
on 15th January 2014 under the KiwiSaver Act. It           Level 4, Zurich House, 21 Queen Street
commenced accepting public investment in July              Auckland 1010
2014. Amanah KiwiSaver Plan is governed by a Trust
Deed dated 24th October 2013. Amanah Growth                PROMOTERS
Fund is established by an Establishment Deed dated         Aside from the Manager and the Directors of the
19th December 2013.                                        Manager, there are no promoters of the Plan.

The nature and principal activities have been              The names or addresses of the entities listed in this section
described in the section titled “What kind of investment   may change. The current addresses of the entities listed
is this?”                                                  above can be obtained from the Companies Office website
                                                           at www.business.govt.nz/companies.
MANAGER
                                                           The current names and addresses of the Directors of the
AmanahNZ KiwiSaver Limited                                 Manager can be obtained from the Companies Office
5 Hauraki Road                                             website at www.business.govt.nz/companies by searching
Takapuna                                                   “AmanahNZ KiwiSaver Limited.”
Auckland 0622
                                                           AmanahNZ KiwiSaver Limited is a 100% owned
Postal address:                                            subsidiary of Amanah Trust Management (NZ) Limited.
PO Box 4070                                                The directors of Amanah Trust Management (NZ)
Shortland Street                                           Limited are also the directors of AmanahNZ KiwiSaver
Auckland 1140                                              Limited. AmanahNZ KiwiSaver Limited has no staff as
                                                           there is a management contract between AmanahNZ
ADMINISTRATION MANAGER                                     KiwiSaver Limited and Amanah Trust Management (NZ)
Amanah Trust Management (NZ) Limited                       Limited under which Amanah Trust Management (NZ)
5 Hauraki Road                                             Limited provides all administrative and management
Takapuna                                                   services to AmanahNZ KiwiSaver Limited, except
Auckland 0622                                              Registry services.

Postal address:                                            Amanah Trust Management (NZ) Limited and
PO Box 4070                                                AmanahNZ KiwiSaver Limited have the same directors,
Shortland Street                                           Their biographies are at page 6.
Auckland 1140
                                                           The Directors of the Manager are correct at the date
TRUSTEE                                                    of this Investment Statement, but may change. The
Trustees Executors Limited                                 current list of Directors may be obtained from the
Level 12                                                   Companies Office website at www.business.govt.nz/
45 Queen Street                                            companies by searching AmanahNZ KiwiSaver Limited
Auckland 1010                                              or the company number: 4674859

Postal address:                                            AmanahNZ KiwiSaver Limited does not manage any
PO Box 4197                                                other KiwiSaver schemes at the date of this Investment
Shortland Street                                           Statement.
Auckland 1140
                                                           None of the persons or entities above have been
REGISTRY SERVICES                                          adjudged bankrupt or insolvent, convicted of any
The Kiwi Registry Company Limited                          crime involving dishonesty, or prohibited from acting
PO Box 31 285                                              as a director of a company in the five years preceding
Milford                                                    the date of this investment statement.
Auckland 0741
                                                           ADMINISTRATION AND INVESTMENT MANAGEMENT
CUSTODIAN                                                  All other administrative functions (other than Registry)
Trustees Executors Limited.                                are outsourced to Amanah Trust Management (NZ)
Level 12, 45 Queen Street                                  Limited, the Manager of Amanah New Zealand.
Auckland 1010                                              Amanah Growth Fund will invest wholly in Amanah
                                                           New Zealand, a Shari’ah compliant unit trust.

Page 5
RESPONSIBLE INVESTMENT
Responsible investment, including environmental,
social, and governance considerations, is taken into        directors of amanahnz
account in the investment policies and procedures of
the scheme as at the date of this investment statement.        kiwisaver limited
You can obtain an explanation of the extent to which
responsible investment is taken into account in those
policies and procedures on our website on the Internet     Gregory Fortuin - Porirua, New Zealand
at www.amanahnz.com which is publicly accessible           Gregory is the Chairman of AmanahNZ KiwiSaver
at all reasonable times; and free of charge from us,       Limited and has considerable business experience both
on request.                                                in New Zealand and Internationally. Gregory served as
                                                           director on the boards of NZ Post, Kiwibank, Transpower
                                                           and the Accident Compensation Corporation where
NO GUARANTEE                                               he chaired the Investment Committee. Gregory is the
No amount of return on the investments is promised,        former Race Relations Commissioner of New Zealand
and none of the Crown, the Manager, the Trustee, or        (2001-2002) and was the first resident representative of
any other person or company, guarantees or promises        the new South Africa in New Zealand, when appointed
the repayment of or returns on, investments in Amanah      Honorary Consul by Nelson Mandela in 1998. He
KiwiSaver Plan.                                            came to New Zealand in 1991 as Managing Director,
                                                           National Mutual Corporate Superannuation Services
                                                           and is also heavily involved in community issues across
                                                           New Zealand.

                                                           Claude Oberto - Auckland, New Zealand
                                                           Claude is a Director of AmanahNZ KiwiSaver Limited
                                                           and brings a wealth of knowledge as a management
                                                           consultant in the finance industry. He previously held
                                                           the positions of Vice President (Treasury) for Citibank
                                                           – New Zealand, Head of Financial Markets (Treasurer)
                                                           for HSBC – New Zealand and Head of Business Services
                                                           for Trustee Executors Limited. He previously worked
                                                           for the New Zealand Securities Commission, the
                                                           forerunner to the current Financial Markets Authority
                                                           (FMA), where he was involved in the implementation
                                                           of the Financial Advisers Act. He is a past chairman of
                                                           COGS (Community Organisation Grant Scheme) and
                                                           holds an MBA degree.

                                                           Dr Faruk Balli - Palmerston North, New Zealand
                                                           Faruk is a Director of AmanahNZ KiwiSaver Limited
                                                           and a member of the Amanah New Zealand Islamic
                                                           Advisory Board. He is an adjunct Professor at the
                                                           Suleyman Sah University, Turkey and has been a Senior
                                                           Lecturer at Massey University School of Economics and
                                                           Finance since 2008. Previously he worked as a Senior
   islamic advisory board                                  Economist at the Central Bank of Qatar and at Dubai
                                                           University as an Assistant Professor. His research areas
                                                           include macroeconomic aspects of international
                                                           finance, international asset allocation, income and
  Amanah KiwiSaver Plan receives Shari’ah advice           consumption smoothing and modelling volatility in
  on its investments from the Amanah New Zealand           asset prices. He has more than 20 publications in top
  Islamic Advisory Board. The Islamic Advisory             Economics and Finance journals and has served on
  Board oversees and ensures Amanah KiwiSaver              the editorial boards of various field journals.
  Plan’s ethical and strictly Shari’ah compliant.
                                                           Brian Henry - Auckland, New Zealand
  The biographies of the current Islamic Advisory          Brian is the Managing Director of AmanahNZ KiwiSaver
  Board members can be found online on                     Limited and Amanah Trust Management (NZ) Limited
  the Amanah KiwiSaver Plan website (www.                  and is responsible for all underlying asset management,
                                                           legal compliance and the corporate structuring of
  amanahnz.com).
                                                           funds. He has been in the fund management business
                                                           for 10 years and is also the Managing Director of the
                                                           US50 Fund Ltd. Brian has worked as a Barrister since 1975
                                                           and has extensive commercial litigation experience.

                                                          amanah kiwisaver plan                       Page 6
how much do i pay?
These rules are set by the KiwiSaver Act and regulations.   MEMBERS UNDER 18
They apply to all KiwiSaver schemes.                        You get all the benefits, except the employer’s
                                                            contribution of 3% of your gross “salary or wages”
EMPLOYEES                                                   and the government member tax credit. You may be
You may choose to contribute 3%, 4%, or 8% of your          eligible to get these benefits once you turn 18.
gross “salary or wages”. The default rate is 3%.
                                                            TRANSFERRING AUSTRALIAN SUPERANNUATION
Your employer (if you are over 18) must also make a         SAVINGS TO AMANAH KIWISAVER PLAN
contribution of 3% of your gross “salary or wages”.         You may transfer eligible Australian superannuation
                                                            savings to Amanah KiwiSaver Plan, however, the
You may take a contributions holiday by applying            Australian rules apply to those savings. The amount of
to the IRD after 12 months. The contribution holiday        your Australian superannuation can be withdrawn at
can be for 3 months to 5 years. You can take as many        age 60 (this age is fixed by the Australian Government).
contribution holidays as you choose. To restart your        You may not use the Australian portion of the savings
contributions, you will need to notify your employer.       to buy a first home and the annual New Zealand
                                                            government contribution is not paid on the amount of
If you take a contributions holiday your employer is        your Australian Superannuation scheme.
not required to contribute 3% of your gross “salary or
wages”.                                                     GOVERNMENT BENEFITS
                                                            $1,000 kick-start: If Amanah KiwiSaver Plan is the first
You may make voluntary contributions whilst on a            KiwiSaver scheme you join, you will be eligible for a
contribution holiday.                                       $1,000 one-off contribution from the Government. This
                                                            payment will be made to your account approximately
If you are a member of a state sector retirement            three months after you join a KiwiSaver scheme.
scheme you may join KiwiSaver but if you continue the
existing superannuation scheme you are not entitled         Member tax credit: If you are aged 18 or over, under
to any employer contribution over what you already          your qualifying date and are contributing to Amanah
receive under that existing scheme.                         KiwiSaver Plan, you will be eligible for an annual
                                                            Government contribution. The Government will match
You may change your contribution rate once every            your contributions at the rate of 50 cents per dollar, up
three months unless your employer agrees to a shorter       to a maximum member tax credit of $521.43 a year
period. You do this by advising your employer in            (you must contribute $1,042.86 a year to receive the
writing. There is a form KS2 or a letter to your employer   full tax credit).
indicating your new rate (3%, 4% or 8%).

NON EMPLOYEE - SELF EMPLOYED - NOT WORKING                     making voluntary contributions
- BENEFICIARIES - CONTRACTORS
                                                              You can make voluntary contributions to
                                                              Amanah KiwiSaver Plan in the following ways:
You may join KiwiSaver and voluntarily contribute to
your investment. The size and period (regular or one
                                                              Regularly – By contacting the Manager and
-off) of a voluntary contribution is set by you.
                                                              requesting a Direct Debit form (alternatively this
                                                              can be found online at www.amanahnz.com).
Regular contributions can be set up with our trustee by
direct debit, automatic payment or any other system
                                                              By cheque – Sending a cheque to the Manager
your bank offers to facilitate regular payments. Our
                                                              at PO
trustee’s account is:
                                                              Box 4070, Shortland Street, Auckland 1140
  Account name:
                                                              Using Internet Banking – Using your KiwiSaver
  TEA Custodians (AmanahNZ) Limited
                                                              account number or name & IRD number as the
                                                              reference:
  NZD account:
                                                              • Account name: TEA Custodians (AmanahNZ)
  12-3198-0066681-02
                                                              Limited
                                                              • Account Number: 12-3198-0066681-02
Or, via Inland Revenue:
Using your internet banking – choose pay tax option
                                                              Through Inland Revenue – Using the Pay Tax
You must include, your IRD number, the tax type “KSS”
                                                              option on your internet banking, and including
and period “0”.
                                                              your IRD Number; Tax Type “KSS”; and Period “0”
                                                              (zero)

Page 7
what are the charges?
Amanah Growth Fund’s primary investment is in              March of any year, the performance fee is 15% of
Amanah New Zealand, a unit trust managed by                the performance of Amanah New Zealand Unit Trust
Amanah Trust Management (NZ) Limited.                      above the benchmark with a maximum cap of 3% of
                                                           the FUM (the funds invested in Amanah New Zealand
Amanah Trust Management (NZ) Limited rebates all           Unit Trust by the KiwiSaver Plan). The fee is calculated
fees and expenses charged to the Amanah New                as follows:
Zealand investment units held by Amanah KiwiSaver
Plan. After the rebate of the fees and expenses            i)      The fee is calculated at the 31st March each year.
chargeable by Amanah Trust Management (NZ)
                                                           ii)     The high watermark: the fee is not payable if the unit
Limited, fees are calculated and deducted (on                      price at 31 March does not exceed the unit price on
behalf of Amanah KiwiSaver Plan) in accordance with                the 31 March in all preceding years – the initial high
charges and expenses set out below.                                watermark shall be the unit price on 31 March 2015
                                                           iii)    The benchmark is 8% annual growth.
The management fees set out below are the only
                                                           iv)     “FUM “is the FUM of the KiwiSaver Plan invested in
management fees charged to the members of
                                                                   Amanah New Zealand
Amanah KiwiSaver Plan.
                                                           v)      The formula is:
In this section FUM means the funds under management               a=      the unit price at 31/3 (the year of the
of the investments held in Amanah New Zealand by                           calculation)
Amanah KiwiSaver Plan and all calculations (except                 b=      the unit price at 31/3 the previous year
where otherwise expressly stated) are in US dollars.
                                                                   c=      the highest price of a unit at 31/3 in all
                                                                           preceding years
Fee type            Amount                                         d=      the annual growth of the unit price for the
Entry Fee           Nil                                                    year ending 31/3
Exit Fee            Nil                                            e=      8; the benchmark
Management Fee      1.39% of FUM p.a. includes 0.25% for           f=      how much the annual growth exceeds the
                    maintaining Shari’ah compliance                        benchmark
Performance Fee     15% of any return above         the            g=      the FUM at 31/3
                    benchmark    (see below          for           h=      the FUM at 31/3 of the preceding year
                    calculation)
                                                                   i=      average FUM for year
Administration &    NZ$2.70 per investor per month and
Registry Fee        0.08% p.a. of FUM                              j=      performance fee ((f/100)*i)/100*15
                                                                   k=      maximum cap 3% FUM
Trustee Fee         0.06% p.a. of FUM
Audit Fee           0.05% p.a. of FUM                      If a>c is yes; then the performance fee is:
Other scheme        Maximum of 0.20% of FUM                       Step 1: a>c; “FUM “is the FUM of the KiwiSaver Plan
costs                                                             invested in Amanah New Zealand check exceeded
                                                                  high watermark.
ENTRY AND EXIT FEES                                               If Yes, then:
We do not charge you entry or exit fees.
                                                                  Step 2: calculate the annual growth
                                                                  D= ((a-b)/b)*100
MANAGEMENT FEE
The fees charged are 1.39% of the FUM per annum                   Step 3: calculate the annual growth above the
(includes 0.25% for maintaining Sharia’h compliance)              benchmark F= D-E
which is calculated quarterly (31 January, 30 April, 31
                                                                  Step 4: calculate average FUM for the year
July and 31 October each year).                                   I= (G+H)/2

This management fee was fixed taking into account                 Step 5: calculate the            performance     above
factors such as the nature of the Fund (ethical and               benchmark J= ((F/100)*I)
aggressive) and costs for Shari’ah compliance                     Step 6: calculate the maximum fee K= G/100*3
(including Shari’ah compliance research and daily
compliance supervision and the cost of international              Step 7: calculate fee L=J/100*15
compliance systems).
                                                                  Step 8: fee lesser of k and l.

PERFORMANCE FEE                                            vi) The Manager can charge a performance fee up to but
                                                           no greater than the sum calculated in step 8.
Where the unit price of Amanah New Zealand
Unit Trust has exceeded its high water mark at 31st

                                                           amanah kiwisaver plan                          Page 8
vii)     The Manager is not charging a performance                  REGISTRY FEE
fee for the year 1 April 2014 to 31 March 2015. The first           The daily administration of member accounts and
performance fee will be calculated as at the 31 March               certain administrative services are delegated to
2016 provided the high watermark has been exceeded.                 The Kiwi Registry Company Limited. Amanah Trust
                                                                    Management (NZ) Limited deducts NZ$2.70 per
The calculation of the performance is shown in the                  member per month plus (US$) 0.08% of the FUM per
following worked example:                                           annum to cover these services. This may be recovered
A=     unit price 31/3                           $3.45              by the redemption of units in Amanah New Zealand;
B=     unit price 31/3 previous year             $3.00              from your regular contributions; or, by the redemption
                                                                    of your units in Amanah KiwiSaver Plan.
C=     highest price at any 31/3                 $3.00
D=     annual growth for the year                15%                TRUSTEE FEE
E=     8; the benchmark                          8%                 The Trustee charges the Fund a total of 0.06% per
                                                                    annum of the FUM for trustee services. AmanahNZ
F=     how much annual growth exceeds 7%
       the benchmark                                                KiwiSaver Limited and Amanah Trust Management
                                                                    (NZ) Limited subsidise the full cost of the Trustee to the
G=     FUM at 31/3                               $6,000,000.00
                                                                    extent the Trustee’s charges exceed 0.06% per annum
H=     FUM at 31/3 previous year                 $5,000,000.00      of the FUM.
I=     average FUM for year		                    $5,500,000.00
J=     performance fee                                              AUDITOR FEE
K=     maximum cap 3% FUM                        $165,000.00
                                                                    The audit fee is based off their standard professional
                                                                    fees. This may be deducted from the value of the
                                                                    units of Amanah New Zealand; from your regular
Step 1: a>c                                      yes      0.45      contributions; or, by the redemption of your units in
If yes; then:                                                       Amanah KiwiSaver Plan. The Manager will subsidise
Step 2: d= +((a-b)/b)*100                        15                 the audit fee to the extent the audit charges exceed
Step 3: f= d-e		                                 7                  0.05% per annum of FUM.
Step 4: i=(g+h)/2                                $5,500,000.00
                                                                    OTHER PLAN COSTS
Step 5: j=( (f/100)*i)                           $385,000.00        Amanah Trust Management (NZ) Limited on behalf
Step 6: k=g/100*3                                $165,000.00        of Amanah KiwiSaver Plan may charge a maximum
Step 7: l= j/100*15                              $57,750.00         of 0.20% per annum of FUM to cover other costs to
                                                                    the Plan. These include production of investment
Step 8: f = l =                                  $57,750.00
                                                                    statements. This may be deducted from the value of
                                                                    the units of Amanah New Zealand; from your regular
 Element    Amount (example)       Description                      contributions; or, by the redemption of your units in
 FUM        Absolute return        Absolute return                  Amanah KiwiSaver Plan.
            Greater than 8%        The return that must be
            average annual         achieved before a fee            CHANGES TO FEES
            growth (calculated     applies
            over up to 5 years)                                     The fees charged by Amanah KiwiSaver Plan must
                                                                    always comply with the ‘reasonable fees’ restrictions
 Fee on     15%                    The amount of any return
 excess                            above the benchmark that         outlined in the KiwiSaver Act 2006. If the fees and
 return                            is paid to Amanah Trust          expenses to be charged are increased the Manager
                                   Management (NZ) Limited          must obtain the approval of the trustee and will
 High       Yes                    Where the fee goes up and        notify the Financial Markets Authority before the
 water                             then down over multiple          implementation of the same. All changes to fees and
 mark                              periods this ensures no fee is
                                                                    expenses are subject to Financial Markets Authority
                                   payable if the Manager has
                                   previously been awarded for      oversight. If a member of a KiwiSaver scheme, or the
                                   that performance                 FMA, feels a fee connected to a KiwiSaver scheme is
 Fee        Annual                 How often the fee is paid        unreasonable then the party may, within a year, seek
 Fee        Amanah Trust           Who ultimately receive this
                                                                    a High Court annulment or reduction order for the fee.
 payable    Management (NZ)        reward
 to         Limited

The performance fee calculated in the above example does not
exceed the maximum so applying this example the sum of $57,750
is the performance fee chargeable. The Manager reminds investors
the performance fee calculation is a maximum the Manager
can charge. The Manager can reduce or completely waive the
performance fee as it is doing for the year ended 31/03/2015.

Page 9
what returns will i get?
The amount you benefit from Amanah KiwiSaver
Plan is reflective of the contributions made by you
or other parties for your benefit, withdrawal reasons,           early withdrawals
Government subsidies and returns from relevant                  what savings can i withdraw?
investment funds (currently being Amanah Growth
Fund).                                                      SIGNIFICANT FINANCIAL HARDSHIP
                                                            •   Your contributions
No rate of return is promised or guaranteed for Amanah      •   Employer’s contributions
Growth Fund and the unit price will fluctuate as the        •   Australian savings (if any)
value of the underlying assets varies.                      •   Investment gains/losses

The following rules are set by the KiwiSaver Act and        SERIOUS ILLNESS
regulations. They apply to all KiwiSaver schemes.           •    $1,000 government Kick-Start
                                                            •    Annual government contributions (MTC)
In accordance with KiwiSaver regulations, you               •    Your contributions
may not withdraw your benefits until you meet the           •    Employer’s contributions
qualifying date, unless you meet the criteria From the      •    Australian savings (if any)
New Zealand government                                      •    Investment gains/losses

WITHDRAWAL ON OR AFTER QUALIFICATION DATE                   PERMANENT     IMMIGRATION       TO AUSTRALIA
Under the KiwiSaver regime, your savings and benefits       (TRANSFER TO A COMPLYING SUPERANNUATION
are held until you reach your qualification date, unless    FUND)
you meet the criteria for an early withdrawal. Your         •   $1,000 government Kick-Start
qualification date for Amanah KiwiSaver Plan is the         •   Annual government contributions (MTC)
later of –                                                  •   Your contributions
   • The date you become eligible for New Zealand           •   Employer’s contributions
   Superannuation (at the time of this investment           •   Australian savings (if any)
   statement age 65); or                                    •   Investment gains/losses
   • The date you have been a member of any
   KiwiSaver scheme for five years.                         PERMANENT IMMIGRATION OTHER            THAN    TO
                                                            AUSTRALIA
When you reach this date you are eligible, but not          •   $1,000 Government Kick-Start
required, to withdraw your savings from Amanah              •   Your contributions
KiwiSaver Plan.                                             •   Employer’s contributions
                                                            •   Australian savings (if any)
If you die while a member of Amanah KiwiSaver Plan,         •   Investment gains/losses
we will, upon request, pay your personal
representative or a person authorised by section 65         WITHDRAWAL OF TRANSFERRED AUSTRALIAN
of the Administration Act 1969, the total value of your     SUPERANNUATION SAVINGS (AT 60)
Amanah KiwiSaver account when the application is            •   Australian savings
accepted as part of your estate.
                                                            PURCHASE OF FIRST HOUSE
EARLY WITHDRAWALS                                           •   Your contributions
The KiwiSaver regime allows you to withdraw your            •   Employer’s contributions
savings from Amanah KiwiSaver Plan before your              •   Investment gains/losses
qualification date if you meet the limited circumstances
below. For more information on any of the below early
withdrawal circumstances, or for advice regarding           If you have any questions about early withdrawals,
your eligibility, contact the Manager: 0508 AMANAH          feel free to freephone us on 0508 AMANAH (0508
or info@amanahnz.com or visit the Amanah KiwiSaver          262 624) or email us at info@amanahnz.com.
website www.amanahnz.com.

Purchase of a first home
You may be eligible to withdraw some or all of
your KiwiSaver savings (excluding Government
contributions) to put towards buying your first home.
You need to have been a KiwiSaver member or a
member of a complying superannuation scheme for

                                                           amanah kiwisaver plan                   Page 10
three or more years to exercise this option.                  needs caused by your disability or the disability of
                                                              your dependant.
Permanent Emigration other than to Australia                  • The cost of medical treatment for an illness/injury
If you permanently emigrate from New Zealand to               of you or your dependant.
anywhere apart from Australia, after one year or more         • The cost of palliative care for you or your
you may withdraw all of your funds from Amanah                dependant.
KiwiSaver Plan, or transfer your Amanah KiwiSaver             • The cost of a funeral for your dependant
savings to an authorised overseas superannuation              • You are suffering a serious illness (as defined
fund. Your withdrawal may include the Government              below).
kick-start benefit, but excludes the Member Tax Credits
which will be repaid to Inland Revenue.                     To withdraw your KiwiSaver investment on any of these
                                                            grounds, you must complete a form required by the
In order to withdraw in these circumstances you must        Trustee. You must also include a statutory declaration
provide the documentation required by the Manager,          of your assets and liabilities. The Trustee may require
including a statutory declaration and evidence that         other evidence or information to support your
you have departed New Zealand and have resided              application.
at an overseas address.
                                                            Serious Illness
Permanent Emigration to Australia                           If you are suffering from serious illness, you may be
If you permanently emigrate to Australia, this is no        able to withdraw some or all of your savings on
longer a grounds for an early withdrawal. You may           these grounds. If your withdrawal is approved, you
instead request to transfer your savings (including         may withdraw all of your savings, including crown
government contributions) to a complying Australian         contributions. Under the KiwiSaver Act, “serious illness”
superannuation fund. You are not required to transfer       is defined as an injury, illness or disability that –
your KiwiSaver savings to Australia; however, if you           • Results in you being totally and permanently
wish to transfer your savings you are required to              unable to engage in work for which you are suited
transfer the full amount. Your KiwiSaver savings that          to due to experience, education or training.
are transferred to Australia cannot be withdrawn               • Poses a serious and imminent risk of death.
until you reach the qualification date in New Zealand
(currently 65). If you transfer your KiwiSaver savings,     To withdraw your KiwiSaver investment on either of
your transferred savings will be subject to Australian      these grounds, you must complete a form required
legislation regarding transfers. For more information       by the Trustee. You must also include a statutory
on permanent emigration to Australia, contact the           declaration of your assets and liabilities. The Trustee
Manager.                                                    may require other evidence or information to support
                                                            your application.
Early     withdrawal    of     transferred    Australian
Superannuation Savings                                      Other circumstances of withdrawal
If you have transferred savings from a complying            The Trustee of Amanah KiwiSaver Plan must comply
Australian superannuation fund, your transferred            with the provisions of any enactment or court order
Australian savings will remain subject to Australian        requiring them to release funds from Amanah KiwiSaver
superannuation legislation. If you are retired, you may     Plan, including an order made under section 31 of the
be able to transfer your Australian savings at age 60.      Property (Relationships) Act 1976.
You will need to meet other Australian superannuation
withdrawal criteria to be eligible to withdraw these        PURIFICATION
savings at age 60, and cannot withdraw any New              All members receive their full investment’s value on
Zealand KiwiSaver savings at this time.                     maturity. Members who require a strictly Shari’ah
                                                            compliant investment must make a purification
Significant Financial Hardship                              payment on maturity of the investment. The Manager
If the Trustee of Amanah KiwiSaver Plan is satisfied that   does not deduct the purification payment calculated,
you are suffering from significant financial hardship       the payment being solely the member’s responsibility.
you may make a withdrawal on this ground. The
amount withdrawn on such a claim cannot exceed              Purification is the method used to cleanse any
the accumulated funds in your Amanah KiwiSaver              investment income that may have been generated
account, and cannot include your Government                 through non-permissible activities (for example, pork or
contributions. Under the KiwiSaver Act, “Significant        alcohol). The units of Amanah New Zealand in which
financial hardship”                                         Amanah Growth Fund invests are purified and do not
includes –                                                  require further purification to be Shari’ah compliant.
    • An inability to meet minimum living expenses.         Amanah KiwiSaver Plan may earn non-compliant
    • An inability to meet mortgage repayments on           income from Inland Revenue, due to interest earned
    your principal family residence, and the mortgagee      on member contributions. The payment of purification
    is seeking to enforce the mortgage.                     is the member’s responsibility and can only be lawfully
    • The cost of modifying a residence to meet special     made on the maturity of the member’s investment.

Page 11
The Manager, when the investment matures (or on a
member switching KiwiSaver schemes) will provide a
calculation of the purification payment that is required
to be donated to charity. Purification amounts are not
                                                                        tax on investment
intermingled with other investments.                                         income
TAXATION                                                                     calculating your pir
This taxation summary is the Manager’s understanding
                                                                          (prescribed investor rate)
of New Zealand tax legislation for KiwiSaver at the date
of this investment statement. Neither the Manager                Amanah KiwiSaver Plan is a Portfolio Investment Entity
nor the Trustee accept any responsibility for taxation           (PIE) as defined in the Income Tax Act. The tax rate
implications for members of the Plan.                            for your investment income from a PIE is called your
                                                                 prescribed investor rate (PIR). Your PIR is used by the
Tax on your contributions                                        Plan to calculate tax liability attributable to you and
If you are making employee contributions to the                  other members for each calculation period (or the
Plan you will not have to pay additional tax; your               date of any movements).
contributions are calculated from your before-tax
                                                                 The Manager will ask you for your PIR every year. For
salary or wages, but you still pay full tax on the amount        New Zealand resident individuals who provide their IRD
you earn.                                                        number to the Plan, there are three PIR available –

Please note – the government Kick-start contribution and
Member Tax Credits are not income or gifts for tax purposes.      Your            If you meet the following criteria -
                                                                  Prescribed
                                                                  Investor Rate
Tax on employer contributions                                     (PIR) is
Employer contributions to your KiwiSaver account
                                                                  10.5%           You are a New Zealand tax resident
are subject to tax. Your Employer Superannuation
                                                                                  who has earned $14,000 or less
Contribution Tax (ESCT) rate can be calculated using                              of taxable income (excluding PIE
the following table -                                                             income) and $48,000 or less in total
                                                                                  taxable income (combined with PIE
 ESCT rate        If the total of your taxable                                    income or loss) in either of the last
 for Employer     earnings and before-tax                                         two income years
 contributions    superannuation contributions                    17.5%           You are a New Zealand tax resident
                  made for your benefit was -                                     who does not qualify for the lowest
 10.5%            $16,800 or less in the previous tax year (1                     rate, but have earned $48,000 or
                  April – 31 March)                                               less of taxable income (excluding
                                                                                  PIE income) and $70,000 or less in
 17.5%            $16,801 - $57,600 in the previous tax year
                                                                                  total taxable income (combined
                  (1 April – 31 March)
                                                                                  with PIE income or loss) in either of
 30%              $57,601 - $84,000 in the previous tax year                      the last two income years
                  (1 April – 31 March)
                                                                  28%             You do not qualify for either of the
 33%              $84,001 or more in the previous tax year                        lower rates. You have earned more
                  (1 April – 31 March)                                            than $48,000 of taxable income
                                                                                  (excluding PIE income) and more
                                                                                  than $70,001 in total taxable income
If you haven’t worked for a full previous tax year for                            (combined with PIE income or loss)
your current employer, an estimate of your total salary                           in either of the last two income
or wages plus gross employer cash contributions you                               years.
have received or will receive may be used.
                                                                 If you do not provide the Manager with your PIR and
For tax purposes, ACC compensation and statutory parent leave    IRD number, any taxable income allocated to you will
payments are excluded from ‘salary or wages.’                    be taxed at the default rate of 28%.

                                                                 If you provide the Manager with the wrong PIR or if
                                                                 your PIR changes and you do not advise the Manager
                                                                 you may pay the wrong level of tax on your share
                                                                 of taxable income. In these circumstances you may
                                                                 have to pay further tax, or may have overpaid tax
                                                                 which cannot be recovered.

                                                                amanah kiwisaver plan                      Page 12
what are my risks?
As at the date of this Investment Statement, the            is set out. The taxation laws of the New Zealand
principal risks that the Manager believes are applicable    jurisdiction are, as with all countries, subject to change.
to Amanah KiwiSaver Plan and Amanah Growth Fund             Present government policy is to announce its intention
are:                                                        to change taxation laws so investors can understand
                                                            what is proposed and any potential impact on
   • MANAGEMENT RISK                                        investments before the change is made. This policy
   • REDEMPTION RISK                                        can however change at any time.
   • TAXATION LAW RISK
   • MARKET RISK                                            MARKET RISK
   • CURRENCY RISK                                          At the date of this Investment Statement, Amanah
   • INVESTMENT RISK                                        Growth Fund invests in Amanah New Zealand, a
   • LEGISLATIVE AND REGULATORY RISK                        Shari’ah compliant Unit Trust which invests in US listed
   • PERSONAL LIABILITY                                     equities. The listed equities invested in by the Unit Trust
   • CONSEQUENCES OF INSOLVENCY/WINDING                     are subject to general market movements, world
   UP AMANAH KIWISAVER PLAN                                 events, politics, war, weather and natural disasters.
   •TRANS-TASMAN PORTABILITY
                                                            Considerations for market risk are:
MANAGEMENT RISK                                               • The behaviour of the global economy
The investment industry considers the investment in           • The strength or weakness of the US dollar
equities as a higher risk than investment in interest         • The performance of market sectors
based products, for example, by a deposit in your             • Changes in legislation in any country where
local bank. Historically the most trusted investment          the corporations Amanah New Zealand invests in
was in government stock and financial institutions that       operate
were too big to fail.                                         • Reports by the US Federal Reserve
                                                              • Reports by central banks of all other countries
In 2009 the market learned that government securities         • New innovative technology changing an
can fail, and large financial institutions can go             investment’s competitive position
bankrupt failing to repay investors. The New Zealand          • Increases in competition or changes in industrial
finance company failures and the Global Financial             regulation
Crisis changed forever the concept of risk.                   • News and events relating to the global economy,
                                                              stock markets, government risk and individual
All investments in KiwiSaver are investments managed          company events
by financial institutions, therefore, the largest risk is     • Stock market crashes; these occur from time to
management risk. The Manager only selects fund                time, e.g. the 2008/9 Global Financial Crisis.
managers that invest in well managed corporations
which have a proven history of delivering consistent        CURRENCY RISK
revenues in the face of good and bad market cycles.         At the date of this Investment Statement, Amanah
                                                            Growth Fund invests in Amanah New Zealand, a unit
REDEMPTION RISK                                             trust which is US dollar denominated. The value of your
Redemption risk has two parts:                              investment will be exposed to currency fluctuations
1. The value of your units in the Amanah Growth Fund        between the US dollar and the New Zealand dollar.
at your withdrawal date; and
2. The ability of the Manager to make the withdrawal        The Manager does not hedge its US dollar positions.
payment to you.                                             Hedging products are derivatives which are prohibited
                                                            by the Trust Deed and by Shari’ah Law.
Amanah Growth Fund is invested in Amanah New
Zealand which invests in US equities. The value of          INVESTMENT RISK
your units in Amanah Growth Fund will change daily.         Investment risk is the risk of the value your investment in
There is however no significant exposure to withdrawal      Amanah Growth Fund going up and down. Financial
payments/liquidity risk as the Amanah Growth                advisers categorise schemes as low, medium and
Fund and Amanah KiwiSaver Plan have no external             high risk. Based on the investor’s appetite for risk,
borrowings. Amanah Growth Fund’s investments are            they advise which fund to select as their investment.
highly liquid as Amanah New Zealand holds readily           These risk classifications are defined by what Amanah
tradable quoted equities with sufficient liquidity to       Growth Fund invests in. Amanah New Zealand, the sole
repay investors when required.                              investment of Amanah Growth Fund invests in equities,
                                                            whose capital value goes up and down. Due to the
TAXATION RISK                                               ability of the capital value to increase and decrease,
The taxation position is for each investor to seek their    they are considered as high risk. This is by virtue of
own advice. At page 12 the general taxation position        Shari’ah compliance as the capital must increase and

Page 13
decrease with the profit or loss made by the Fund, with      the expenses in the operation of Amanah KiwiSaver
interest forbidden under Shari’ah Law.                       Plan and Amanah Growth Fund such as trustee’s fees
                                                             will rank equally with the claims of the investors in the
Investment risk in Amanah New Zealand is managed             event of Amanah KiwiSaver Plan or Amanah Growth
by the use of the RiskGrades™ system. RiskGrades™            Fund being wound up or put into liquidation.
are a tool for assessing risk developed by JP Morgan
and Riskmetrics Group which assesses the risk of each        If Amanah KiwiSaver Plan is wound up you will be
listed stock on a scale –                                    required to transfer to another KiwiSaver scheme.
     0-100 = low risk
     100 – 700 = medium                                      TRANS-TASMAN PORTABILITY
     700+ = high risk                                        You may transfer your eligible Australian superannuation
                                                             savings into your Member account, however, some
This provides an objective and established external          Australian superannuation rules will still apply to these
standard for the Manager to assess the market risk of        savings:
investments. A mandatory requirement of Amanah                  • The amount of your Australian superannuation
New Zealand is that its investments may not be more             savings may only be withdrawn once you reach
than low to medium risk on the RiskGrades™ spectrum.            60 years old and satisfy the Australian definition of
                                                                retirement at that age;
At the time of this investment statement, the principal         • You may not use the amounts of your Australian
investment for the Fund is Amanah New Zealand.                  superannuation savings to assist with the purchase
Performance of the Fund is therefore affected by the            of a first home;
movements of Amanah New Zealand. Amanah New                     •Annual government contributions will not be paid
Zealand’s portfolio is diversified across the 10 Standard       on the amounts of your Australian superannuation
& Poor’s industrial sectors to ensure the exposure of the       savings.
corporations complement the balance of the Fund.
This reduces the risk of exposure to one area that may       If you permanently emigrate to Australia, this is no
have an unanticipated market issue.                          longer a ground for an early withdrawal. You may
                                                             instead request to transfer your savings (including
The value of the equity investments can change due           government contributions) to a complying Australian
to factors (no matter how vigilant the Manager) that         superannuation fund. You are not required to transfer
are beyond its foresight or control. Economic, political     your KiwiSaver savings to Australia, however, if you wish
or market conditions and specific events may impact          to transfer your savings you are required to transfer the
on share prices of the corporations invested in.             full amount.

LEGISLATIVE AND REGULATORY RISK                              You can apply to transfer all of your KiwiSaver savings
Your returns may be affected by legislative and              (including government contributions) by supplying the
regulatory changes related to KiwiSaver and its              Manager with proof of your permanent emigration to
operation, and changes in both New Zealand and               Australia. Your KiwiSaver savings that are transferred
overseas which may affect the Fund’s investments and         to Australia cannot be withdrawn until you reach the
the environments they operate in. Such legislation and       qualification date in New Zealand (currently 65).
regulations, as well as government policy, are subject
to change at any time.

PERSONAL LIABILITY
You will not be obliged to pay any further money in any
circumstance, except from your agreed contributions
and any tax liability you incur if you select an incorrect
PIR or fail to notify us of a change in your PIR.

CONSEQUENCES OF INSOLVENCY/WINDING UP
AMANAH KIWISAVER PLAN OR AMANAH GROWTH
FUND

Unit holders are not liable to pay further monies to
any person as a result of the insolvency of Amanah
KiwiSaver Plan or Amanah Growth Fund. As Amanah
KiwiSaver Plan, Amanah Growth Fund and Amanah
New Zealand are prohibited by Shari’ah law and their
Restricted Investment Mandate from borrowing money
(leverage) against investor assets, there are no claims
that will rank ahead of the investors. The payment of

                                                             amanah kiwisaver plan                     Page 14
can the investment be altered?
INVESTMENT MANDATE                                       meet their needs from time to time. They can change:
The investment is an ethical and strictly Shari’ah         • The contribution rate (every 3 months or earlier
compliant fund. The investment mandate can                 if their employer agrees. The options are 3%, 4% or
be changed with the consent of the Trustee and             8%.
Manager. Before the Manager can change the                 • Contribution holidays - members can after 12
investment mandate it requires the approval of a           months apply to the Inland Revenue Department
general meeting of members.                                for a contribution holiday of between 3 months
                                                           and 5 years.
THE TRUST DEED                                             • When you achieve the qualification date (65)
The Trust Deed can be changed with the consent             you can give your employer a non-deduction
of the Trustee and Manager. Before the Manager             notice to stop further deductions being made to
can change the investment mandate it requires the          the KiwiSaver Plan.
approval of a general meeting of the investors. Minor
technical changes can be made by the agreement of        Members can at any time transfer to a different
the Trustee and Manager and later approved by the        scheme.
members. Fees can be changed by agreement with
the Trustee. Any changes are notified to the Financial   If the balance in your membership account reaches
Markets Authority.                                       zero and we notify you your membership is terminated
                                                         , you will cease to be a member of Amanah KiwiSaver
Members of all KiwiSaver schemes can adjust their        Plan.
commitment to investing in a KiwiSaver scheme to

           How do I cash in my investment?
When you are entitled to or wish to apply for a          Contact the Manager:
withdrawal (see part 5 “what returns will I get for      AmanahNZ KiwiSaver Limited
your entitlement to apply for a withdrawal) you may      PO Box 4070, Shortland Street,
request the withdrawal by writing to the Manager. You    Auckland 1140,
must provide all necessary supporting documentation
to enable the Trustee and Manager to evaluate your       OR, Email: info@amanahnz.com.
request.

  Who do I contact with enquiries about
             my investment?
If you have any inquiries about the Plan please write    Email:
to:                                                      info@amanahnz.com
Amanah KiwiSaver Plan
P O Box 4070
Shortland Street
Auckland 1140

Freephone: 0508 AMANAH (0508 262624)
Telephone: +64 9 304 0555 (if outside New Zealand).

Page 15
Is there anyone to whom I can complain
 if I have problems with the investment?
If you have any complaints about the Plan they should   complaint is not able to be resolved with the Manager
be directed to the Managing Director, by writing to:    or Trustee, you may contact Financial Services
Amanah KiwiSaver Plan                                   Complaints Limited (FSCL) at:
PO Box 4070
Shortland Street                                        Financial Services Complaints Limited
Auckland 1140                                           PO Box 5967, Lambton Quay
                                                        Wellington
You can make a complaint about the Manager to the       Email: info@fscl.org.nz
Trustee:                                                Free call: 0800 347 257
Trustees Executors Limited                              Tel: +64 4 472 3728
Level 12
45 Queen Street                                         Financial Services Complaints Limited handles all
PO Box 4197                                             disputes provided they arose after 1 April 2010, are
Auckland                                                under $200,000 and do not relate to standard fees or
New Zealand                                             interest rates.

You can also make a complaint about the Manager         For more information, see the AmanahNZ KiwiSaver
to:                                                     Plan investment statement.
Financial Markets Authority
Level 2, 1 Grey St, Wellington 6011
PO Box 1179, Wellington 6140
Tel: +64 4 472 9830
Fax: +64 4 472 8076

The Manager and the Trustee have joined an
independent dispute resolution scheme. If the

     What other information can I obtain
           about this investment?
PROSPECTUS AND TRUST DEED
The latest Prospectus and Trust deed can be obtained    FINANCIAL STATEMENTS
free of charge from the Manager at:                     These are available from the Manager and on the
Postal Address: AmanahNZ KiwiSaver Limited, PO Box      website www.amanahnz.com
4070, Shortland Street, Auckland 1140
Email: info@amanahnz.com                                FILED DOCUMENTS
Phone: 0508 AMANAH (0508 262624) OR +64 9 304 0555      The Trust Deed, financial statements and other material
(if outside New Zealand).                               documents relating to AmanahNZ KiwiSaver are filed
                                                        at the Companies Office of the Ministry of Business,
ANNUAL REPORTS AND STATEMENTS                           Innovation and Employment and are available
If you agree, we can make these reports available       for inspection including at www.business.govt.nz/
to you by email. The annual report also includes any    companies under Search Other Registries.
details of changes to the Trust Deed. If you do not
want the documents by electronic means we can
send them by post. The Manager’s contact details are
on page 5.

DISCLOSURE STATEMENTS
Amanah KiwiSaver Limited files quarterly and annual
disclosure documents with the FMA.        These are
available online if requested in writing, or on our
website.

                                                        amanah kiwisaver plan                   Page 16
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