The Trustee has established a process to deal with any complaints that Members might have.

The process is confidential, providing members with the ability to be satisfied that all their dealings with the Scheme have been handled properly. The first step is to contact either the Scheme Secretary or the Administration Manager in confidence to set out your complaint. Members also have the right to send their complaints directly to the Scheme’s external disputes resolution service, Financial Services Complaints Limited (FSCL).  FSCL’s contact details are:

Website:             www.fscl.org.nz,

Email:                 info@fscl.org.nz,

Telephone:          (Call Free for consumers)

0800 347257

Fax:    (04) 472 3727,

Postal Address:  PO Box 5967 Lambton Quay

Wellington 6145

If you are taking leave of absence which has been granted by your employer, then you will remain a member of the Scheme but neither you nor your employer will be required to make contributions.   If you choose to make contributions while on leave of absence, those contributions must be at the same level as when you went on leave and will not be matched by your employer.

All member contributions must be a percentage of a member’s salary and must be paid through payroll. Lump sum contributions are not permitted.  Your employer is not required to match any contributions above 7.5% of your salary.   If you would like to make or vary additional voluntary contributions, complete the ‘Application Form to Cease or Vary Contributions’ form.   This form is available from the website or from your payroll office.

There are two types of hardship benefit available to members; a Standard Financial Hardship benefit and a Property (Relationships) Act 1976 benefit. To apply for either hardship benefit, you need to complete the relevant form.   These forms are available from the website.   You will need to provide supporting documentation including the reasons for your financial hardship, evidence that you have explored other options and provide details of your remedial action plan. Payment of a hardship benefit is at the Trustees’ discretion.

If you die while you are a member of the Scheme, the Trustee will pay your benefit to your Nominated Beneficiary (if you have made a nomination) or to the administrators of your estate (if you do not have a Nominated Beneficiary). It is important to ensure that there is no conflict between your will and your Nominated Beneficiary form. ‘Nominated Beneficiary Form’ forms are available from the website or from your payroll office.

You can invest in a mix of the Balanced Fund or the Cash Fund and can change your investment fund by completing the ‘Investment Switch Form’ form and emailing or posting it to us. The form is available from the website or from your payroll office.

The changes will take effect after the Administrator has confirmed that the form has been properly completed and has processed the form. A fee is payable (shown as a deduction from your investment fund balances), whenever a change is made.

The Directors can be contacted through Mary Garner, the Administration Manager.   Her contact details are:

Phone: 0800 728 370
Post: Opus Downer Retirement Scheme, Melville Jessup Weaver, PO Box 11330, Wellington 6142
Email: mary.garner@mjw.co.nz
Fax: 04 499 0488

Your first contact is the Scheme’s administrators, Melville Jessup Weaver. Mary Garner is the Administration Manager who looks after the day-to-day running of the Scheme. You can contact Mary by toll free helpline, post, email or fax:

Phone: 0800 728 370
Post: Opus Downer Scheme, Melville Jessup Weaver, PO Box 11330, Wellington 6142
Email: mary.garner@mjw.co.nz
Fax: 04 499 0488

The investments of the Opus Downer Retirement Scheme are held in Portfolio Investment Entities (PIEs).   The income these investments earn is taxed differently depending on which asset class the investment belongs to.   The taxable income for each asset class is defined as:

The current tax rate applying to the Scheme’s taxable income is 28%.

It should specifically be noted that:

• tax is not payable on any capital gains or losses from New Zealand and Australian equities;
• taxable income for international equities is not based upon the actual investment return earned by this asset class.  Instead, taxable income is fixed at 5% of the average market value over the year.

As a result, it is possible for the taxable income of the Scheme to be positive, even if the overall investment return is negative.  This could apply for example, if there are substantial falls in Australasian and international share markets.

Interest is calculated monthly, based on actual investment returns for each investment fund and on estimates of tax and expenses. Interest each month may be negative, zero or positive. The calculated interest rates are usually provided in the quarterly Newsletters and the Annual Report, which are available on the website.

You can change the amounts in each of your investment funds or change the contribution amounts being put in each investment fund no more than once in each twelve month period.

Yes. Your contributions are voluntary and can be changed by you as at any 30 June date or with the agreement of your employer at any other date.

If you are a current active member (i.e. not a deferredmember) and entitled to benefits from another superannuation scheme, you may transfer the value of those benefits into the Scheme with the agreement of the Trustee.    Those benefits are treated like contributions by being placed in your member’s account and then being subject to the rules of the Scheme

When you become entitled to a benefit, you may elect to have the value of your benefit transferred to another approved superannuation scheme including a scheme that is operated outside New Zealand, subject to the consent of the Trustees of the accepting scheme.

When you choose to invest in a Fund, at least 10% of your total Account balances have to be invested in that Fund. Additionally, when you choose to contribute to a Fund, a contribution rate of at least 1% of your salary has to be invested in that Fund.

The trustees invest the scheme’s assets through specialist investment managers.

The Cash Fund is invested with AMP Capital Investors. The Balanced Fund has selected managers that invest in particular asset classes, as shown below:

Yes. You do not have to withdraw your benefit from the Scheme when you retire or leave service. You can choose to remain in the Scheme as a ‘deferred member’ for up to 5 years. This may be a good option if you are happy with your savings and do not need them straight away, as your savings will continue to earn interest at the rates determined for your investment fund. You can access your savings at any time so long as each withdrawal is at least $2,000 and your remaining balance is over $5,000. Subject to a maximum of four withdrawals per Scheme year (1 July to 30 June). Deferred members are not able to make contributions.

No. Under current tax legislation, you do not need to declare any payment from the Scheme if you need to complete a tax return. All required tax has been paid within the Scheme.

The investment managers deduct their fees from the assets they invest on behalf of the Scheme before the earnings are applied to your accounts. The fees vary for each asset sector and increase with the asset class risk – fees for investing fixed interest assets are less than fees for investing international equities.

The Trustee’s current policy is to determine the amount necessary to cover general fees and expenses (other than investment fees) each year. That amount is apportioned between the Balanced Fund and the Cash Fund, with the apportioned amounts being equitably spread as a charge against members, member activities and member account balances. For example, specific fees apply to switching investment funds, on changing contribution directions, on leaving the Scheme and at the end of each Scheme year.