Important Information:
This investment statement is prepared for the purposes of the Securities Act 1978. (The information in this section is required under the Securities Act 1978) Investment decisions are very important. They often have long-term consequences. Please read all documents carefully. Ask questions and seek advice before committing yourself.
Here is a PDF version of the MSF Kiwisaver Scheme Investment Statement - Feb 2011 
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 1 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 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.
For the purposes of the Securities Act 1978 this Investment Statement was prepared at 1 February 2011.
WHAT SORT OF INVESTMENT IS THIS?
The securities offered are interests in MSF KiwiSaver Scheme (the Scheme). The Scheme is established under the trust deed for the Security Mutual Fund (the Trust Deed). The Trust Deed also governs the Security Mutual Fund (the Superannuation Scheme), a superannuation scheme registered under the Superannuation Schemes Act 1989. The Scheme is a registered KiwiSaver scheme under the KiwiSaver Act 2006 (the Act). The Scheme is a trust principally for the purpose of providing retirement benefits directly or indirectly to natural persons.
The Scheme, as a KiwiSaver scheme, is subject to the Act and a range of other laws and agreements. In this Investment Statement, we refer to the Act and those other laws and agreements as the Governing Requirements.
The Scheme enables you and other Members to pool your investments and obtain the benefit of professional investment management. The Scheme currently has one investment portfolio, the Balanced Fund, which invests in a combination of international and local shares, international and local fixed interest securities and cash. Investment returns are reflected by a credit to your Member Account, which will fluctuate with changes in the value of the Scheme's investments. At any time the value of your interest in the Scheme may go up or down.
The Scheme generally gains exposure to the various investment sectors by making investments in a range of underlying investment funds operated by one or more different fund managers appointed by the Trustee or by the person to whom the Trustee delegates investment management functions from time to time. The investment manager and underlying fund managers may change from time to time in the manner set out in the Trust Deed.
WHO IS INVOLVED IN PROVIDING IT FOR ME?
The name of the Scheme is MSF KiwiSaver Scheme. The Scheme was established by the Trust Deed on 21 December 2007 as a trust principally for the purpose of providing retirement benefits directly or indirectly to natural persons. The Scheme is a registered KiwiSaver scheme under the Act.
Trustee
The Trustee of the Scheme is Mutual Superannuation Fund Limited (the Trustee). The Trustee's address is 198 Federal Street, Auckland.
The Trustee holds the Scheme¡¦s assets in trust for the Members of the Scheme in accordance with the Trust Deed and the law.
The directors of the Trustee are:
- Noel Barclay
- Gary Denis Lawless
- Robin Michael Seal
- Richard Ernest Yates
- Maureen Heine
Administration Manager
Aon New Zealand is responsible for the administration of the Scheme (the Administration Manager). The address of the Administration Manager is:
Level 2, AMP Centre
29 Customs Street West
Auckland 1010.
None of Aon New Zealand, the Government or any other person guarantees in any way the securities offered by this Investment Statement.
Responsible investment including environmental, social, and governance considerations, is not taken into account in the investment policies and procedures of the Scheme as at the date of this Investment Statement.
HOW MUCH DO I PAY?
Member Contributions
Your contributions: Any minimum contribution required by the Act must be made. As at the date of this Investment Statement, if you are an employee the Act requires a contribution of 2% of the gross salary or wages you receive from your employer (and from any other new employment where you commence new employment while a member of a KiwiSaver Scheme) and allows you to elect (by telling the relevant employer) to contribute at the higher rate of 4% or 8% of your gross salary or wages from that employer. The Government could change these rates in the future.
You are not required to make contributions relating to the gross wages or salary you receive from an employer if Inland Revenue has granted you a contributions holiday which covers that employer. For more information about contributions holidays, refer to the information under the heading Can The Investment Be Altered below.
Lump sum or regular contributions: Lump sum or regular contributions to the Scheme (for example, one-off payments or regular contributions by you or your employer), or any payments you want to make if you are not an employee (for example, if you are self-employed or a contractor)) can be made via Inland Revenue or (except in the case of contributions by your employer) directly to the Trustee. However, unless otherwise required by the Trustee or by the terms of the Portfolio you are not required to make any other contributions to the Scheme.
As at the date of this Investment Statement, if you contribute to the Scheme directly to the Trustee you are required to make the following minimum contributions:
- Minimum initial lump sum contribution - $1,000
- Minimum subsequent lump sum contribution - $500
These minimums apply over and above any amounts that are deducted from your pay and contributed to the Scheme through Inland Revenue, or are otherwise paid into the Scheme via Inland Revenue.
Other information: You can transfer amounts from other superannuation or KiwiSaver schemes to the Scheme. The amount received (which will be whatever amount is notified to the Trustee by the trustee(s) of the other scheme) will be treated as a contribution to the Scheme. To the extent permitted by the Governing Requirements the Trustee may impose terms and conditions on transfers to the Scheme.
Note that contributions received by Inland Revenue during the three-month period after your first KiwiSaver contribution is received by Inland Revenue, will generally not be passed on to the Scheme until as soon as practicable after the end of that three-month period. During that period, they will be held by Inland Revenue in an interest-bearing holding account.
Payments made by way of deduction from your pay are required to be deducted from every pay by your employer in accordance with Inland Revenue PAYE rules and paid by your employer to Inland Revenue who will pass them to the Trustee in accordance with the Act. If your employer does not deduct the required contributions at the necessary rate it could, under the Act, be charged a penalty.
Other contributions can be made at whatever frequency you want, as long as you meet any minimum contribution amounts that apply to you. Payments to the Trustee in respect of the Scheme are to be made to the Trustee. If paying by cheque, please make your cheque in $NZ and payable to the Trustee. Cross your cheque not transferable.
If contributions are deducted from your pay in excess of the required amount and received by the Trustee, Inland Revenue may require the Trustee to refund the amount of the excess to it (generally in order for that money to be refunded to the relevant person). If the Trustee is required to do this (or if the Trustee has an option to refund amounts and decides to do so (such as where your employer contributes more than it is required to) the Trustee will repay Inland Revenue from your interest in the Scheme. If your interest in the Scheme is less than the amount to be refunded the Trustee may (subject to the Governing Requirements and any other rule of law) recover the shortfall from you personally.
You may be required to reimburse the Trustee for any tax liability the Trustee incurs on your account and is unable to recover from your interest in the Scheme.
Your contributions and any contributions made by your employer or otherwise for your benefit will be credited to an individual account established in your name in the Scheme.
Compulsory Employer Contributions
An employer is, in most circumstances required to make contributions to KiwiSaver schemes in respect of their employees who are members of KiwiSaver schemes. The compulsory employer contribution is 2% of an employee's gross salary or wages. These contributions payable by an Employer may be paid directly to the Scheme or in accordance with section 93 of the Act.
Employer contributions to the Scheme of 2% of a Member's gross salary or wages are exempt from employer's superannuation contribution tax (ESCT),. The employer will be required to deduct ESCT at the applicable rate from any contributions above that level. The net of ESCT contribution will be paid into the Scheme on the member's behalf.
Members who are not Employed
For Members who are not employed and who wish to join a KiwiSaver scheme, contributions can still be made by any of the methods described in respect of direct and additional contributions.
Your interest in the Scheme
A Member's Contribution Account and an Employer's Contribution Account will be established in your name within the Scheme (which together comprise your interest in the Scheme). Your Member Account will be credited and debited (as appropriate) with your Contributions;
- the Crown's kick-start contribution of $1,000;
- any contributions from your employer;
- the Crown's Member tax credit;
- any amount transferred from another superannuation scheme or KiwiSaver scheme and credited to this account;
- investment returns (refer to What Returns Will I get?);
- any tax credits or debits in respect of your Member's account;
- any benefit paid to you or on your behalf from this account;
- the fees of the Scheme (described elsewhere); and
- permitted withdrawals, e.g. first home withdrawal.
Crown Contribution
If, in joining the Scheme, it is the first time you have joined a KiwiSaver scheme, the Crown will make a contribution of $1,000 to the Scheme for your benefit. This Crown's contribution will be made approximately three months after your first contribution to the Scheme.
The $1,000 Crown contribution and any Member tax credits paid in respect of a Member are not taxable income or a gift to the Member for tax purposes.
Member contributions to a KiwiSaver scheme will be matched by a tax credit contribution of up to $20 per week ($1042.86 a year) on a dollar for dollar basis. This may change in the future. The tax credit will not apply in respect of Members under age 18, or Members who have reached New Zealand Superannuation qualification age and are entitled to withdraw their benefit, or, subject to certain limited exceptions, in respect of Members who do not have their principal place of residence in New Zealand. Any tax credit will be paid on an annual basis into your Member Account. As the rules for the payment of the tax credit are prescribed by law (rather than by the Trust Deed for the Scheme), the rules relating to tax credits are subject to any changes in those laws.
WHAT ARE THE CHARGES?
The following charges are or may be payable by you to the Trustee, or to persons associated with the Trustee. The charges may be payable directly or indirectly, and will affect the returns you receive.
The Trustee may rebate or reduce any charge other than the Trustee's fee in respect of any Portfolio, Member or class of Member. The Trustee may also vary the amount or calculation basis of any of these fees, or introduce new fees, from time to time. The Trustee is not required to give you advance notice of any variation to the Scheme¡¦s charges.
Trustee's Fee
The Trustee can charge a fee for acting as Trustee of the Scheme. Where payable, the fee would be up to 0.075% per annum in total calculated on the funds under management of the Scheme.
Administration Management Fee
The Administration Manager charges an administration management fee for providing administration management services to the Scheme. This fee is currently $5 per member per month.
As at the date of this Investment Statement there is no entry fee payable. The Trustee may charge a transfer fee of up to $10.00 to Members who transfer their entire investment to another KiwiSaver scheme.
A Member services fee is charged by the Administration Manager up to a maximum of $5.00 per month per Member. This fee is exempt from GST and is limited by agreement with the Administration Manager.
The fees payable to the Trustee for acting as Trustee and Administration Manager of the Scheme may be altered by the Trustee at any time.
Other fees and expenses, such as audit, legal and accounting fees, paid by the Scheme will be deducted from the Scheme¡¦s assets.
The Trustee fee will, where applicable, be deducted from the returns of the Scheme before they are allocated to Members.
WHAT RETURNS WILL I GET?
Returns from the Scheme are in the nature of lump sum benefits. Benefits are based on the accumulation of contributions paid into the Scheme by the Member and, if applicable, the Member's employer.
Mutual Superannuation Fund Limited, as the Trustee of the Scheme, is the person legally liable to pay your benefits in accordance with the Trust Deed and the Governing Requirements. However, the Trustee does not guarantee the benefits or promise the amount of them nor can it state the amount of return you will receive at the date of this Investment Statement.
As at the date of this Investment Statement, the Act allows you to apply for payment of part or all of the value of your interest in the Scheme if you:
- reach the age of entitlement to New Zealand Superannuation (currently 65), subject to first having been a KiwiSaver member for five years;
- die (in which case your personal representatives are entitled to apply for a withdrawal); or
- permanently emigrate to another country, subject to you first being away from New Zealand for one year.
As at the date of this Investment Statement, the Act also allows you to apply for payment of part or all of the value of your interest in the Scheme, excluding the initial Crown contribution, from the Scheme in the following circumstances:
Significant Financial Hardship
Where the Trustee determines that you are suffering significant financial hardship within the meaning of the Act. The Act currently defines significant financial hardship as including:
- your inability to meet minimum living expenses;
- your inability to meet mortgage repayments on your principal family residence resulting in the mortgagee seeking to enforce the mortgage on the residence;
- the cost of modifying a residence to meet special needs arising from your or a dependant's disability;
- the cost of medical treatment for your or a dependant's illness or injury;
- the cost of palliative care for you or a dependant;
- the cost of a funeral for a dependant; or
- your suffering from a serious illness.
The Act currently requires you to provide a statutory declaration concerning your assets and liabilities as a condition to applying for this benefit.
Serious Illness
Where the Trustee is reasonably satisfied that you are suffering from serious illness. Under the Act serious illness currently means an injury, illness or disability:
- that results in you being totally and permanently unable to engage in work for which you are suited by reason of experience, education or training or any combination of those things; or
- that poses a serious and imminent risk of death.
The Act currently requires you to provide a statutory declaration concerning your assets and liabilities as a condition to applying for this benefit.
First Home
For the purchase of a qualifying first home where you are eligible under the Act. As at the date of this Investment Statement, you are eligible to withdraw for this purpose your interest in the Scheme if you
have not made a first home withdrawal from any KiwiSaver scheme before and three years have expired since Inland Revenue received the first contribution in respect of you (whether to the Scheme
or another KiwiSaver scheme) or, if you have never made contributions to the Scheme by deduction from your pay, you have been a member of one or more KiwiSaver schemes for a total period of three years or more.
A purchase will qualify if it is of an estate in land (alone, as a joint tenant or as a tenant in common) and:
- the land is, or is intended to be, your principal place of residence and you have not at any time before applying to make the withdrawal held an estate in land (either alone, as a joint tenant or as a tenant in common);
- the land is, or is intended to be, your principal place of residence and you are a qualifying person under regulations made under the Act (as at the date of this Investment Statement, there are no such qualifying persons; or
- the purchase is otherwise made in circumstances prescribed in any regulations made under the Act (as at the date of this Investment Statement, there are no such regulations).
Any withdrawal for a first home will be paid to your solicitor. The Trustee may request from your solicitor a copy of the agreement for sale and purchase showing you as the purchaser, an undertaking that the agreement is unconditional, and an undertaking that the funds will be paid to the vendor as part of the purchase price and will be repaid to the Scheme if settlement is not completed by the due date or any extended date.
Other Withdrawals or Returns
A withdrawal from the Scheme may also be made where the Trustee is required to comply with any enactment requiring the release of funds from the Scheme, such as for the purposes of a Court order
under the Property (Relationships) Act 1976.
You are entitled to transfer the full value of your interest in the Scheme (net of taxes and fees) to another KiwiSaver scheme that you join, and the Governing Requirements could also result in you being required to transfer to another KiwiSaver scheme. Subject to complying with the Governing Requirements, the Trustee may transfer the value of your interest in the Scheme to another KiwiSaver scheme on whatever terms and conditions it determines. The Trustee does not need your consent to do this if the Government Actuary approves the transfer.
Your interest in the Scheme will not include Member tax credits if you withdraw your interest in the Scheme for the purposes of purchasing your first home, as a result of significant financial hardship or if you permanently emigrate. If you withdraw your interest in the Scheme for the purposes of purchasing your first home or as a result of significant financial hardship then your Member tax credit will remain in your account. However, if you permanently emigrate and you withdraw your benefit, any Member tax credit paid into your account since joining will be returned to the Crown.
The amount of a tax credit may not be withdrawn before a Member provides a statutory declaration stating the periods for which the Member has their principal place of residence in New Zealand. The amount of a tax credit may not be withdrawn to the extent to which the Trustee has notice that a claim for a tax credit is wrong.
A Member tax credit is not taxable or subject to GST.
Key Factors Impacting on Returns
The value of your interest in the Scheme will depend on the contributions made (including whether you have taken a contributions holiday at any time), the fees charged and the investment returns achieved (net of taxes). The value of your interest in the Scheme will fluctuate with changes in the value of the Scheme's investments. At any time the value of your interest in the Scheme may decline or increase. The value of your interest in the Scheme will be affected by, amongst other things:
- changes in the investment markets;
- movements in interest rates and currency exchange rates; and
- political and other economic events.
Benefit Payments
Benefits are paid by direct credit to your bank account, by cheque in circumstances agreed by the Trustee, or as otherwise required by virtue of the type of benefit (for example, first home withdrawals will be paid to your solicitor). Because payments can be made in a variety of circumstances, the date when a benefit will be paid to you is not known.
You can ask for a benefit to be paid by contacting the Trustee. The Trustee may require you to provide evidence of your entitlement to a withdrawal and may defer payment of your withdrawal until such evidence, to the Trustee's satisfaction, is provided.
Taxes
The following is intended as general guidance and is based on legislation current as at the date of this Investment Statement:
Calculation and Payment of Tax
Under current legislation the Scheme is liable to pay income tax on its assessable income, less
deductible expenses, at the rate of 30% (reducing to 28% during the 2011/12 tax year).
All benefits made from the Scheme will be tax paid.
Tax legislation is complex and may have different or further consequences than those described in general terms above. Tax legislation and rates of tax may also change. Members should seek independent professional tax advice before investing or withdrawing.
Investment Portfolios
The Scheme currently offers the Balanced Portfolio.
Investment Strategy: To achieve positive investment and good capital growth, over the medium to longer-term, through a range of assets classes, including international and New Zealand shares, international and local fixed interest securities, property and cash.
Return/risk profile: Aims to provide consistent returns and seeks to reduce volatility by including a range of asset classes. In the shorter term, returns will reflect sharemarket rises and falls.
Typical investor: Suited to investors seeking mid to long-term growth, and superior risk-adjusted returns.
The underlying fund managers, investment strategy, objective and asset mixes of the Scheme may be altered from time to time at the discretion of the Trustee.
As at the date of this Investment Statement the Balanced Portfolio may invest in the Security Mutual Fund (a superannuation scheme of which Mutual Superannuation Fund Limited is also the trustee).
WHAT ARE MY RISKS?
All investments carry risk. There are risks associated with the scheme that could affect your ability to recover the amount of your contributions or impact on the returns payable from the scheme.
If, in any period, the investments in which the Scheme's assets are invested incurs a negative rate of return or any losses, the returns on your investment could be negative, in which case your account would be reduced accordingly and may result in your receiving a benefit that is less than your own contributions to the Scheme.
The principal risks applying to the Scheme that could affect returns (and which are common to most KiwiSaver and superannuation schemes generally) are:
- Investment risk: The risk of a result of negative returns on the Scheme's investments or that the returns for the Scheme are insufficient to meet the applicable expenses.
- Liquidity risk: The risk associated with an inability on the part of the Scheme 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 benefits.
- Regulatory risk: The risk of future changes to tax, KiwiSaver or general superannuation legislation which could affect the operation of the Scheme or your benefits, or of the Trust Deed being amended in a manner permitted by law that has the effect of reducing benefits.
- 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, you 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.
Because of the impact of fees it is reasonably foreseeable that you will receive less than your contributions if you cease to be a Member a short time after joining.
You will not be required to pay in respect of the Scheme more money than is disclosed under the heading ‘How Much Do I Pay?' above, and under the heading ‘Consequences of insolvency and winding up of the Scheme' below.
Consequences of insolvency
If the Scheme becomes insolvent (i.e. its liabilities exceed its assets) you will not be personally liable in respect of any debt or liability of the Scheme beyond your interest in the Scheme (except in the case of tax paid on your account that the Trustee is unable to recover from your interest in the Scheme, or for any ‘shortfall' in meeting amounts to be refunded to Inland Revenue, as described under the heading ‘How Much Do I Pay?' above).
If the Scheme is put into liquidation or wound up, the following claims on the assets of the Scheme will rank ahead of the claims of Members:
- any outstanding expenses or liabilities of the Scheme;
- any claims preferred at law;
- tax; and
- the costs of winding up the Scheme.
The claims of Members of the Scheme on the assets of the Scheme rank equally.
CAN THE INVESTMENT BE ALTERED?
Changes to Contributions
You can change your contribution rate between the fixed rates of 2%, 4% to 8% by notifying your employer. If you have more than one employer, you can specify a different rate for each employer. As at the date of this Investment Statement, you cannot do this more than once every three months unless your employer agrees.
The fixed rates can be altered or supplemented by the Government in accordance with the Act.
If you are making direct contributions to the Trustee, or other contributions to Inland Revenue, you can change the amount of those contributions at any time, subject to you continuing to meet any required minimum amounts and any other terms the Trustee may require in the future.
Contributions Holiday
You may apply to Inland Revenue for a contributions holiday. If that contributions holiday is granted any employer included within the contributions holiday (and any other employer you want to use the holiday for) does not need to deduct contributions from your pay for the duration of the holiday.
As at the date of this Investment Statement, contributions holidays will be granted by Inland Revenue:
- if Inland Revenue has received a contribution in respect of you and is satisfied you are suffering, or are likely to suffer, financial hardship; or
- one year has passed since the earlier of IRD or the provider of any KiwiSaver scheme receiving a contribution in respect of you.
A contributions holiday must currently be for a minimum of three months and a maximum of five years, although if the holiday was taken because of financial hardship the holiday will be for a three month period unless Inland Revenue agrees to a longer period. You can revoke and reinstate your contributions holiday by notifying your employer. However, unless your employer agrees you cannot take a contributions holiday for that employer for less than three months.
Contributions holidays will not affect any contributions made directly to the Trustee, although you can generally change the amount of these contributions at any time (see ‘Changes to Contributions' above).
Scheme's Investment
Unless the Trustee determines that to do so would materially prejudice the interests of Members generally, or a breach of the Governing Requirements would result, the Trustee may generally vary all or any of the terms of the Scheme's investments (for example, underlying fund managers, mixture of investments, investment strategy and objective, policy, guidelines and procedures and minimum contribution and holding requirements).
Alterations to the Scheme
The Trustee may amend the Trust Deed subject to the provisions of the Governing Requirements and certain other legislation.
Amendments to KiwiSaver Act
Certain aspects of the Scheme and all other KiwiSaver schemes, such as specified minimum contribution levels and the circumstances in which benefits may be withdrawn, are prescribed by the KiwiSaver Act. The Act may be amended from time to tom by the Government and any such amendments may impact on the Scheme.
HOW DO I CASH IN MY INVESTMENT?
As a KiwiSaver scheme, there are limited circumstances in which you are entitled to withdraw from the Scheme. These are set out under the heading ‘What Returns Will I Get?' above. Except in the limited circumstances set out below you are not entitled to terminate, cancel, surrender or otherwise make or obtain payment of a benefit from the Scheme other than as set out in ‘What Returns Will I Get?', nor are you entitled to sell, transfer, assign or otherwise grant any other person an interest in your interest in the Scheme.
The Trustee may determine from time to time, in respect of some or all Members, that if, in its opinion, a Member becomes of unsound mind, incapable of managing his or her own affairs or bankrupt, his or her interest shall to the maximum extent permitted by law be forfeited to the Scheme and (subject to the Governing Requirements) the Trustee shall apply such amount for the benefit of the Member or his or her dependents in such manner as the Trustee, in its discretion, thinks fit.
You are entitled to transfer the full value of your interest in the Scheme (net of taxes and fees) to another KiwiSaver scheme that you join, and the Governing Requirements could also result in you being required to transfer to another KiwiSaver scheme. Subject to complying with the Governing Requirements, the Trustee may transfer the value of your interest in the Scheme to another KiwiSaver scheme on whatever terms and conditions the Trustee determines. The Trustee does not need your consent to do this if the Government Actuary approves the transfer.
The Scheme can be wound up if:
- the Trustee so decides;
- the Governing Requirements requires it; or
- so ordered by a Court or regulatory authority pursuant to any statutory power.
After allowing for taxes and the expenses associated with the winding up the Scheme, the Trustee will pay all benefits that became payable before the winding up. The Trustee will then provide for the payment to you of an amount equal to your interest in the Scheme. If there is insufficient to cover this, your benefit and the benefit payable to other Members would be reduced on a pro-rata basis. The amount due to you will be paid in accordance with the Act or other legislation governing KiwiSaver (which, as at the date of this Investment Statement, requires a transfer of the relevant amount to another KiwiSaver scheme).
If this happens you will receive the amounts detailed under the heading ‘What Are My Risks?' above.
Upon any withdrawal the Trustee may make an adjustment to your investment by reducing your interest in the Scheme to make payment of any tax attributed to you.
WHO DO I CONTACT WITH ENQUIRES ABOUT MY INVESTMENT?
If you have any enquiries about the Scheme, please contact:
Mutual Superannuation Fund Limited
198 Federal Street
Auckland
Phone: 09 3798052
Fax: 09 3798761
E-mail: 
