Government Actuary Response Welcomed

Government Actuary Response Welcomed

Trustees Executors Superannuation Ltd, the Trustee for the Huljich KiwiSaver Scheme, today welcomed the directions provided by the Government Actuary. As a result of an inquiry into the Scheme, David Benison, the Government Actuary, has requested the Trustee to on-send many of the reports it receives from Huljich, and to notify him of any non compliance by Huljich Wealth Management, the Manager of the Scheme.

“We are more than happy to provide the Government Actuary with this information,” Trustees Executors spokesperson Clynton Hardy said.

“We have offered total co-operation throughout the inquiry, providing all correspondence and reports that have been asked for.

“The level of reporting now being required happens as a matter of course with the six KiwiSaver default providers. Though it is not currently required by law for other providers like Huljich, the approach clearly does give the regulator more comfort.

“As Trustee, we are very actively engaged with the new Huljich Board and management to ensure the interests of members remain paramount. It is important to note that the Trustee is responsible for monitoring that the terms of the Trust Deed are being adhered to, not to actively manage the investment of the scheme itself. Those decisions are the responsibility of the Manager,” said Mr Hardy.

“Having said that, we see the Government Actuary’s requirement with respect to the Huljich scheme as another step in the evolving supervision of KiwiSaver Schemes. “In addition, we would like to see a number of other changes. The first is that all KiwiSaver Trustees be made subject to the recently introduced Securities Trustees and Statutory Supervisors Bill.

“The second is that Managers be recognised as the issuers of KiwiSaver Schemes.

“We will be raising these issues with the Government,” Mr Hardy concluded.

ENDS

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