Employer Scheme

Do you want the convenience of a single investment choice that adjusts automatically each month so you don’t have to review your investment strategy as you get older?

We believe your money should work for you every day and we give you online access to your personal account balance so you can track that progress. Our ability to earn an income is our passport to providing lifestyle choices for ourselves and our families. In short, it helps to maintain our quality of life. To ensure that quality of life continues after we stop working, we need to start planning for it as soon as we can. 

Retirement may seem a long way off but the sooner we start saving for it the more enjoyable it will be! Read more on the Commission for Financial Capability’s website. 

Sure, New Zealand Superannuation will pay you some money; currently a married couple gets approximately $316 a week after tax per person. Will this be enough for you in retirement? We believe it is a good idea to save for your retirement! 

There are only two sets of charges. For each member there will be:

• An administration fee of $6.00 per month. Currently no administration fee is payable by members who are making payments via their local authority employer.
• Annual fund charges ranging from 0.35% – 0.36% pa of your account balance. This fee covers the management of the Scheme, underlying fund manager fees and in-fund costs.

As a member of the scheme you and/or your Employer will be required to make contributions to the Scheme.

Where your employer participates in the Scheme:

Your contributions will be arranged through the payroll system as a regular deduction from your salary, and will depend on your salary payments, and are remitted to the administration manager on a monthly, fortnightly or weekly basis.

Where your employer does not participate in the Scheme:

Your contributions are to be remitted to the administration manager on a monthly basis or direct credited to the Scheme’s trust bank account.

Additional Contributions

You may also at any time make additional contributions to the Scheme. Details of the appropriate method of payment can be obtained from the Trustee.

Any regular or additional contributions may be subject to a minimum amount. Details of the current minimum amounts can be found in the Product Disclosure Statement for the Scheme.

You can apply to join as a Member if:

• Your local council or employer has joined the scheme as a Participating Employer and agreed to deduct and pay contributions into the scheme on your behalf.
• You are a director or officer of a Participating Employer, provided you belong to the local government industry.

Once a Member, you are entitled to remain a Member for as long as you wish, even if you leave your Council or employer for whatever reason.

This Scheme invests and accumulates savings held individually on your behalf in trust for you for your retirement. 

You can continue to use the Scheme even after you retire. 

The Scheme provides you and your dependants with certain benefits. Your contributions, and any contributions from your employer, are each allocated to separate accounts known as your Member’s Account and your Employer’s Account. These accounts are invested in one or more investment options selected by you.  Their value varies in accordance with the return achieved by the investment options chosen. 

Members can transfer existing fund balances from another employer or private superannuation scheme into SuperEasy at any time. The SuperEasy administrator makes no charge for this. 

All of this can be done by contacting your Human Resources or Payroll Department if your employer is a Participating Employer of SuperEasy, or Civic Financial Services Ltd, if you are paying contributions directly from your bank account. 

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 product disclosure statement.

However, each of the Scheme’s underlying fund managers applies responsible investment principles to the funds the Scheme invests in, including restrictions on investing in companies that operate in certain industries. We regularly review the underlying fund managers’ approach to responsible investment and take it into account when deciding whether to appoint an underlying fund manager.

Please contact Civic for further details at anytime.

The Automatic Fund is a life cycle investment option which will automatically and smoothly change your target investments to a more conservative investment mix as you grow older. 

The Automatic Fund has been designed solely for the purpose of retirement savings and is exclusive to members of the SuperEasy KiwiSaver Superannuation Scheme and SuperEasy Employer Scheme. 

The Automatic Fund’s goal is to deliver the optimum long term outcome by accepting a higher investment risk and return volatility in the early stages of a member’s working life as a trade for higher returns. When a member is younger, the Automatic Fund provides greater exposure to investments with the potential for growth, such as overseas and New Zealand equities. 

The Automatic Fund has target asset allocations which are set by the Scheme’s Trustee from time to time and which depend on the member’s age.  The initial allocation is based on the age of the member when they enter the fund. Each month the member’s savings will be reviewed against the targets that are set out in the table below: 

Within each of these asset classes, the current target asset allocation of the Automatic Fund has a range of investments including overseas equities (hedged and un-hedged), Trans-Tasman equities, property, overseas and New Zealand fixed interest securities and cash. The target asset allocation of the Automatic Fund are set out in the table below:

* The ANZ NZ Fixed Interest Strategy invests 50% into the ANZ Wholesale Sovereign Bond Fund and 50% into the ANZ Wholesale High Grade Bond Fund.

** ANZ International Fixed Interest Strategy invests 50% into the ANZ Wholesale International Sovereign Fund and 50% into the ANZ Wholesale International Credit Fund.

The Automatic Fund will automatically reduce investment risk as you get older and removes the need to continually reassess your investment strategy. Each month as you get older the Automatic Fund is designed to smoothly reduce your investment risk by reducing your target proportion of investments in growth assets (eg shares) and increasing your target proportion of investments in income assets (eg fixed interest investments). This reduces the need to recover from any short-term losses and provides you with greater stability as you approach or are in retirement.

Harbour Asset Management Limited and ANZ New Zealand Investments Ltd jointly currently manage the underlying assets in the Automatic Fund.

Harbour Asset Management Limited

As at 30 April 2021 Harbour Asset Management Limited has over $6 billion of funds under management.

ANZ New Zealand Investments Limited

ANZ New Zealand Investments Limited (ANZ Investments) is one of New Zealand’s largest fund managers and manages more than $35 billion in investments as at 30 June 2021. ANZ Investments form part of ANZ Group and their investment business has operated in New Zealand since 1989.

If you would like more information on any aspect of this fund, this is available in the SuperEasy Employer Superannuation Scheme Product Disclosure Statement, Statement of Investment and Policy Objectives, and the Scheme’s register entry, all available at www.disclose-register.companiesoffice.govt.nz.

Each of these four funds has a different investment objective and pursues a different investment strategy. Your return will depend principally on the investment option chosen by you.

The different objectives mean different proportions are invested in different assets. However, the objectives of these funds as set by the Scheme’s Trustee from time to time, are indicated by the asset allocations applicable, and currently can be summarised as follows:

Within each of these asset classes, the current target asset allocation of each Fund has a range of investments including overseas equities (hedged and un-hedged), Trans-Tasman equities, property, overseas and New Zealand fixed interest securities and cash. The target asset allocation of these Funds are set out in the tables below:

* The ANZ NZ Fixed Interest Strategy invests 50% into the ANZ Wholesale Sovereign Bond Fund and 50% into the ANZ Wholesale High Grade Bond Fund.

** ANZ International Fixed Interest Strategy invests 50% into the ANZ Wholesale International Sovereign Fund and 50% into the ANZ Wholesale International Credit Fund.

Aggressive Fund

The Aggressive Fund target asset allocations are 90% in growth assets and 10% in income assets. Its objective is to achieve a high level of real returns over the medium to long term primarily through investment in equities, accepting that the returns may be subject to significant short term variations.

The target asset allocation of this fund is set by the Scheme’s Trustee from time to time. The current target is indicated in the diagram below.

Harbour Asset Management Limited and ANZ New Zealand Investments Ltd currently jointly manage the underlying assets in the Aggressive Fund.

Harbour Asset Management Limited

As at 30 April 2021 Harbour Asset Management Limited has over $6 billion of funds under management.

ANZ New Zealand Investments Ltd

ANZ New Zealand Investments Limited (ANZ Investments) is one of New Zealand’s largest fund managers and manages more than $35 billion in investments as at 30 June 2021. ANZ Investments form part of ANZ Group and their investment business has operated in New Zealand since 1989.

Growth Fund

The Growth Fund target asset allocations are 70% in growth assets and 30% in income assets. Its objective is to achieve positive real returns over the medium to long term through investment in growth assets, while managing volatility through diversification of the Fund’s assets.

The target asset allocation of this fund is set by the Scheme’s Trustee from time to time. The current target is indicated in the diagram below.

Harbour Asset Management Limited and ANZ New Zealand Investments Ltd currently jointly manage the underlying assets invested in the Growth Fund.

Harbour Asset Management Limited

As at 30 April 2021 Harbour Asset Management Limited has over $6 billion of funds under management.

ANZ New Zealand Investments Ltd

ANZ New Zealand Investments Limited (ANZ Investments) is one of New Zealand’s largest fund managers and manages more than $35 billion in investments as at 30 June 2021. ANZ Investments form part of ANZ Group and their investment business has operated in New Zealand since 1989.

Balanced Fund

The Balanced Fund target asset allocations are 50% in growth assets and 50% in income assets. Its objective is to reduce the likelihood of negative returns over the short to medium term through higher proportions of investment in defensive assets, such as cash and bonds, while still providing a reasonable opportunity for positive real returns over the longer term by investing a reasonable proportion of the Fund in growth assets such as equities and property.

The target asset allocation of this fund is set by the Scheme’s Trustee from time to time. The current target is indicated in the diagram below.

Harbour Asset Management Limited and ANZ New Zealand Investments Ltd currently jointly manage the underlying assets in the Balanced Fund.

Harbour Asset Management Limited

As at 30 April 2021 Harbour Asset Management Limited has over $6 billion of funds under management.

ANZ New Zealand Investments Ltd

ANZ New Zealand Investments Limited (ANZ Investments) is one of New Zealand’s largest fund managers and manages more than $35 billion in investments as at 30 June 2021. ANZ Investments form part of ANZ Group and their investment business has operated in New Zealand since 1989.

Conservative Fund

The Conservative Fund target asset allocations are 20% in growth assets and 80% in income assets. Its objective is to reduce the likelihood of negative returns over the short term. It has higher proportions of investment in defensive assets, such as cash and bonds, while still providing an opportunity for positive real returns over the longer term by investing a smaller proportion of the Fund in growth assets such as equities and property.

The target asset allocation of this fund is set by the Scheme’s Trustee from time to time. The current target is indicated in the diagram below.

Harbour Asset Management Limited and ANZ New Zealand Investments Ltd currently jointly manage the underlying assets invested in the Conservative Fund.

Harbour Asset Management Limited

As at 30 April 2021 Harbour Asset Management Limited has over $6 billion of funds under management.

ANZ New Zealand Investments Ltd

ANZ New Zealand Investments Limited (ANZ Investments) is one of New Zealand’s largest fund managers and manages more than $35 billion in investments as at 30 June 2021. ANZ Investments form part of ANZ Group and their investment business has operated in New Zealand since 1989.

If you would like more information on any aspect of these funds, this is available in the SuperEasy Employer Superannuation Scheme Product Disclosure Statement, Statement of Investment and Policy Objectives, and the Scheme’s register entry, all available at www.disclose-register.companiesoffice.govt.nz.

All you have to do is complete the Application Form here.

Once completed, all you need to do is send it to your Human Resources or Payroll Department, or Civic Financial Services Ltd if you are paying contributions directly from your bank account.

You will receive an acknowledgement letter from Civic Financial Services Ltd as the administration manager advising you of your plan details, including your individual password and access code to the Member Services section of the SuperEasy Web site: www.supereasy.co.nz

The Local Government Superannuation Scheme (SuperEasy) was established on 1 June 2005 to enable employers in the Local Authority sector to provide superannuation benefits to their employees through a scheme designed for the local government sector. The Scheme was registered as a restricted workplace savings scheme on 1 April 2016.

The Trustee of the Scheme is Local Government Superannuation Trustee Ltd (LGST).

The address of the Trustee is:

Civic Chambers
7^th Floor
116 Lambton Quay
Wellington 6011

P O Box 5521
Wellington 6140

Telephone: (04) 978 1250

The Administration Manager of the Scheme is Civic Financial Services Ltd. The address is:

Civic Chambers
7^th Floor
116 Lambton Quay
Wellington 6011

P O Box 5521
Wellington 6140

Telephone: (04) 978 1250

For more information visit the Civic Financial Services Ltd website; www.civicfs.co.nz