Update on the management of your retirement savings

Dear Members,


As you may be aware, ANZ New Zealand Investments Limited (ANZI) is currently one of the fund managers of those schemes. We have just been advised by ANZI that they have decided to exit their wholesale business, which means that later this year they will cease providing funds management support for those schemes.

This upcoming change won’t otherwise affect your retirement savings and you don’t need to take any action. We had already commenced reviewing our fund management arrangements before we were advised of this development.

All that has changed is that we now know that we will need to replace ANZI as part of that review, and over the next few months we will work through the replacement fund manager process in an orderly fashion.

While we are going through this transition, ANZI will remain as one of the schemes’ fund managers until a replacement has been appointed. ANZI will continue to manage investments for the schemes on the same basis as it has done to date.

The schemes and the way they are administered are not otherwise affected by this upcoming change.
Once we have completed our review, we will be in touch with you to confirm the new fund manager arrangements for the schemes.

As always, if you have any questions about your retirement savings that we administer for you, please do not hesitate to contact us.


Charlie Howe

Chief Executive