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AMP Personal Retirement Plans Annual Report for the year ended 31 March 2020
This Annual Report covers the following Schemes:— AMP Personal Retirement Plan— AMP Passive Personal Retirement Plan - New Zealand Passive Shares Investment Fund— AMP Passive Personal Retirement Plan - International Passive Shares Investment Fund
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The Annual Report contains:Details of the Schemes 3
Information on contributions and the Schemes’ participants
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Changes relating to the Schemes 10
Other information for particular types of managed funds 12
Changes to persons involved in the Schemes 14
How to find further information 16
Contact details and complaints 16
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Details of the Schemes1
Names of the Schemes – AMP Personal Retirement Plan;
– AMP Passive Personal Retirement Plan – New Zealand Passive Shares Investment Fund; and
– AMP Passive Personal Retirement Plan – International Passive Shares Investment Fund, (collectively known as the ‘Schemes’).
Type of the SchemesThe Schemes are separate registered legacy superannuation schemes as explained in the ‘Status of the Schemes’ below.
ManagerAMP Wealth Management New Zealand Limited (Manager).
Supervisor The New Zealand Guardian Trust Company Limited (Supervisor).
Status of the Schemes
Fund Update The Schemes’ latest fund updates for the year ended 31 March 2020 for each of their respective funds were made publicly available on 26 June 2020. These are available at disclose-register.companiesoffice.govt.nz and at amp.co.nz/forms
Financial Statements and Auditor’s ReportThe Schemes’ latest financial statements and auditor’s report were dated 29 July 2020 and lodged with the Registrar on 31 July 2020. These are available at disclose-register.companiesoffice.govt.nz and at amp.co.nz/forms
1Due to the Schemes’ change of balance date to 31 March, the accounting period to which this Annual Report relates is 1 January 2019 to 31 March 2020. In addition,
the Schemes began a new statement reporting date cycle, effective 1 January 2020, shifting from 31 December/30 June to 31 March/30 September statement
reporting dates. We communicated this change to investors via an insert into the customer statements for the period ending 31 December 2019. For the Schemes to
establish the new statement reporting date cycle, the Manager issued a short “Half-Yearly” report with a statement period from 1 January 2020 to 31 March 2020.
Subsequent statements will be on “cycle” for the new statement reporting dates.
The Schemes are separate registered legacy superannuation schemes.
The Schemes are closed to new investor applications and therefore do not have Product Disclosure Statements (PDS).
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Information on contributions and the Schemes’ participants
AMP Personal Retirement PlanInvestorsA summary of the changes in investors of the AMP Personal Retirement Plan for the period commencing on 1 January 2019 and ending on 31 March 2020 (Year):
Number of investors Total amount ($)
Number of contributing investors as at 31 December 2018 3,902
Number of non-contributing investors as at 31 December 2018 8,233
Total number of scheme investors as at 31 December 2018 12,135 418,675,091
Total new investors during the Year 0
Scheme investors who ceased to be investors during the Year by reason of:
Retirement 1,188
Death 42
Transfers to other schemes 83
Other reasons 99
Total number who ceased to be investors during the Year 1,412
Total number of scheme investors as at 31 March 2020 10,723 367,684,613
Number of contributing investors as at 31 March 2020 3,419
Number of non-contributing investors as at 31 March 2020 7,304
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ContributionsThe AMP Personal Retirement Plan received the following contributions during the Year:
Investor voluntary additional contributions 203 3,442,607
Investor contributions 3,715 11,060,172
Total contributions 14,502,779
Number of investors
Total amount ($) of contributions
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AMP Passive Personal Retirement Plan – New Zealand Passive Shares Investment FundInvestorsA summary of the changes in investors of the AMP Passive Personal Retirement Plan – New Zealand Passive Shares Investment Fund for the Year:
Number of investors Total amount ($)
Number of contributing investors as at 31 December 2018 29
Number of non-contributing investors as at 31 December 2018 156
Total number of scheme investors as at 31 December 2018 185 3,700,434
Total new investors during the Year 0
Scheme investors who ceased to be investors during the Year by reason of:
Retirement 14
Death 1
Transfers to other schemes 2
Other reasons 2
Total number who ceased to be investors during the Year 19
Total number of scheme investors as at 31 March 2020 166 3,559,571
Number of contributing investors as at 31 March 2020 25
Number of non-contributing investors as at 31 March 2020 141
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ContributionsThe AMP Passive Personal Retirement Plan – New Zealand Passive Shares Investment Fund received the following contributions during the Year:
Investor voluntary additional contributions 1 2,233
Investor contributions 28 59,731
Total contributions 61,964
Number of investors
Total amount ($) of contributions
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AMP Passive Personal Retirement Plan – International Passive Shares Investment FundInvestorsA summary of the changes in investors of the AMP Passive Personal Retirement Plan – International Passive Shares Investment Fund for the Year:
Number of investors Total amount ($)
Number of contributing investors as at 31 December 2018 244
Number of non-contributing investors as at 31 December 2018 1,313
Total number of scheme investors as at 31 December 2018 1,557 31,063,010
Total new investors during the Year 0
Scheme investors who ceased to be investors during the Year by reason of:
Retirement 150
Death 2
Transfers to other schemes 11
Other reasons 26
Total number who ceased to be investors during the Year 189
Total number of scheme investors as at 31 March 2020 1,368 29,797,356
Number of contributing investors as at 31 March 2020 218
Number of non-contributing investors as at 31 March 2020 1,150
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ContributionsThe AMP Passive Personal Retirement Plan – International Passive Shares Investment Fund received the following contributions during the Year:
Investor voluntary additional contributions 14 258,554
Investor contributions 233 653,960
Total contributions 912,514
Number of investors
Total amount ($) of contributions
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Changes relating to the Schemes Here’s a summary of changes we made to the Schemes:
Changes to the Governing DocumentThe Schemes’ previous trust deed dated 22 September 2016 (Previous Deed) was amended and replaced by a new trust deed dated 11 March 2019 (Current Deed). The Current Deed allows members of the AMP Personal Retirement Plan who are affected by the wind up of fund(s) to access all money held in funds they are invested in across that Scheme, and not just the relevant default fund (see clauses 9 and 23 of the Current Deed for further information).
Changes to the Statement of Investment Policy and Objectives (SIPO)The SIPO was updated on 14 February 2019 to provide further information in reference to AMP Group’s public announcement on 8 February 2018 that it was commencing a review of its “manage for value” businesses which includes the Manager. The SIPO was updated again on 8 August 2019 to include additional details on AMP Group’s announcement that it had separated its New Zealand wealth management and advices businesses, which includes the Manager, into a largely standalone business unit, and also its strategy to explore divestment options. Subsequent to the Year, the SIPO was updated on 8 May 2020 to remove the 8 August 2019 AMP Group announcement following AMP Group’s decision to cease plans to divest. For further information, refer to the ‘Proposed changes to the Manager’s ownership and related matters’ section on page 15.
The SIPO was updated on 1 June 2019 to reflect updates to benchmark indices and the changes made to the Schemes as part of its rationalisation project that was completed earlier in the Year which included the wind-up and reinvestment of certain funds.
A copy of the most recent SIPO can be obtained from the scheme register at disclose-register.companiesoffice.govt.nz or on the AMP website at amp.co.nz/forms
Changes to the Funds offeredOn 1 June 2019, several changes were made to the Schemes’ funds to rationalise the number of funds offered within the Schemes. The objective of these changes was to reduce the costs for investors of the Schemes by consolidating several similar funds. As such, selected funds were renamed, renamed and reinvested into new underlying funds, reinvested into new underlying funds or closed with member contributions transferred into existing funds with similar investment approaches.
The table below shows a summary of the funds that have been renamed and reinvested into new underlying funds:
Fund nameAustralasian Shares (formerly NZ Shares)
Property (formerly Australasian Property)
Emerging Markets (formerly Asian Shares)
The table below shows a summary of the funds that have been reinvested into new underlying funds:
Fund nameGlobal Fixed Interest
Global Shares
The table below shows a summary of the funds that have been closed along with the existing funds into which member contributions were transferred:
Fund closed Existing fundBalanced – Other Balanced
Legg Mason Balanced ANZ Balanced Growth
Strategic NZ Shares Australasian Shares
Australian Shares Australasian Shares
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The table below shows a summary of the funds that have been renamed:
Previous fund name New fund nameOnePath Balanced Plus ANZ Balanced Growth
Related Party TransactionsAs of 1 June 2019, the underlying fund manager for the Emerging Markets fund within the AMP Personal Retirement Plan changed from Pendal Institutional Limited to AMP Capital Investors (New Zealand) Limited (ACI), a related party to the Manager which resulted in ACI receiving a new related party benefit. The Manager issued a related party certificate to the Supervisor in relation to this transaction.
All related party transactions during the Year were conducted on arms-length terms. Other than the arrangement with ACI, there have been no other material changes to any of the Schemes’ related party transactions during the Year.
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AMP Passive Personal Retirement Plan – International Passive Shares Investment Fund:
Withdrawals Total number of investorsWithdrawals during the Year by reason of:
Retirement 183
Death 2
Permanent emigration 1
Transfer to another super scheme 11
Partial withdrawals 105
Other 30
Total withdrawals 332
Other information for particular types of managed funds WithdrawalsDuring the Year, the following withdrawals were made from the Schemes:
AMP Personal Retirement Plan:
Withdrawals Total number of investorsWithdrawals during the Year by reason of:
Retirement 1,540
Death 42
Disablement 1
Permanent emigration 7
Financial hardship 4
Transfer to another super scheme 89
Partial withdrawals 837
Other 101
Total withdrawals 2,621
AMP Passive Personal Retirement Plan – New Zealand Passive Shares Investment Fund:
Withdrawals Total number of investorsWithdrawals during the Year by reason of:
Retirement 18
Death 1
Transfer to another super scheme 2
Partial withdrawals 19
Other 2
Total withdrawals 42
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Unit Prices
Unit Price as at 31 December 2018
Unit Price as at 31 March 2020
Conservative 1.9426 1.9752
Balanced 2.0971 2.1381
Dynamic 2.0688 2.0851
ANZ Balanced Growth (formerly OnePath Balanced Plus) 2.0463 2.1462
NZ Cash 1.5176 1.5373
NZ Fixed Interest 2.3129 2.3713
Australasian Shares (formerly NZ Shares) 3.6771 3.6922
Property (formerly Australasian Property) 1.9539 1.8596
Global Fixed Interest 2.2413 2.3258
Global Shares 2.0975 2.0919
Passive International Shares Hedged 2.1233 2.0291
Emerging Markets (formerly Asian Shares) 1.6788 1.5992
Passive NZ Shares 2.7905 2.9892
Passive International Shares 1.2779 1.4191
The following funds were wound up on 31 May 2019.
Unit Price as at 31 December 2018
Unit Price as at 31 May 2019
Balanced – Other 1.8978 2.0498
Legg Mason Balanced 1.7616 1.9351
Strategic NZ Shares 3.1611 3.5515
Australian Shares 2.2706 2.6398
Manager’s StatementAMP Wealth Management New Zealand Limited as Manager of the Schemes confirms that:
a) All the benefits required to be paid from the Schemes in accordance with the terms of the governing document have been paid.
b) The market value of the Schemes’ property at 31 March 2020 equalled or exceeded the total value of benefits that would have been payable had all investors of the Schemes ceased to be investors at that date and had provision been made for the continued payment of all benefits being paid to investors and other beneficiaries as at 31 March 2020.
Supervisor’s StatementThe New Zealand Guardian Trust Company Limited as Supervisor of the Schemes confirms that all the contributions required to be made to the Schemes in accordance with the terms of the governing document have been made.
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Changes to persons involved in the SchemesDirectors of the ManagerThe directors of the Manager and AMP Services (NZ) Limited (AMP Services), the Schemes’ administration manager, as at 31 March 2020 were:
Jeffery Darren Ruscoe
Jeff started with AMP in 2002 and has held a number of roles including General Manager Customer Service and General Manager Product and Marketing. Jeff is currently the Chief Client Officer and is responsible for serving AMP’s clients through its marketing, sales and partnership portfolios for AMP Wealth Management New Zealand. Jeff’s career in financial services includes roles in strategy, sales, distribution and product at AMP and marketing and investment roles at the Medical Assurance Society and the Public Trust.
Timothy Pritchard
Tim has more than 25 years’ legal experience, particularly within financial services. He started his career as a litigation solicitor with Baker & McKenzie in London before moving to New Zealand. Prior to joining AMP as Head of Legal in 2011, Tim held relevant roles with The National Bank of New Zealand and ANZ. He was awarded a Bachelor of Arts (Hons) from the University of Cambridge. Tim has been involved in many regulatory reform projects, significant contentious matters and innovative growth initiatives. In his role as General Counsel, he leads AMP’s Legal, Governance and Risk team, shaping regulatory strategy and overseeing legal, governance, compliance and risk matters.
The following changes to the directors of the Manager and AMP Services have taken place since 1 January 2019:
– Thérèse Singleton and Simon Hoole resigned as directors of both companies on 3 April 2019 to commence positions as directors of AMP Life Services NZ Limited as part of the separation of AMP Life Limited’s New Zealand business from AMP Group’s New Zealand wealth management and advice businesses; and
– Timothy Pritchard and Jeffery Ruscoe were appointed as directors of both companies on 3 April 2019.
Blair Robert Vernon
Blair joined AMP in 2009 and became Chief Executive AMP Wealth Management, New Zealand in 2019. Blair was previously Managing Director from January 2017, and prior to this served as AMP’s Director Retail Financial Services; Director of Advice & Sales and General Manager Marketing and Distribution. Blair has over 25 years’ experience across the Financial Services sector in New Zealand and Australia.
Key Personnel of the ManagerThe directors of the Manager and AMP Services are also Key Personnel of those companies during the terms of their appointments. As at 31 March 2020 the other key personnel of AMP Services were:
– Dhaya Sivakumar, Chief Operating Officer; and– Jeffery Mitchell, Chief Financial Officer.
The following changes to the key personnel of AMP Services have taken place since 1 January 2019:
– Dhaya Sivakumar was appointed Chief Operating Officer on 1 April 2019; – Jeffery Ruscoe was appointed Chief Client Officer on 1 April 2019; – Jeffery Mitchell was appointed Chief Financial Officer on 1 April 2019; and– Helen McDowall concluded her responsibilities as General Manager, Customer Services on 31 May 2019.
These changes are as a result of internal appointments in relation to the separation of AMP Life Limited’s New Zealand business from AMP Group’s New Zealand wealth management and advice businesses.
Information on the directors and key personnel can also be found on the AMP website at amp.co.nz/amp/about-amp/amp-people
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Directors of the SupervisorThe directors of the Supervisor as at 31 March 2020 were James Earl Douglas and Robin Albert Flannagan. There were no changes to the directors of the Supervisor during the Year.
Proposed changes to the Manager’s ownership and related mattersAMP Group announced in May 2020 that it has ceased plans to divest the New Zealand wealth management and advice businesses, including the Manager, following the economic and financial markets disruptions caused by the COVID-19 pandemic, and would retain those businesses within the AMP Group. The New Zealand wealth management and advice businesses will now focus on plans to develop and grow as a localized, standalone business unit within AMP’s portfolio.
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How to find further information The Government maintains a register called Disclose. This register is split into a scheme register and an offer register.
The scheme register contains information relating to various schemes and you can find information such as the Schemes’ trust deed, SIPO, financial statements and annual reports.
The offer register contains information on the investment options/funds offered by the Schemes and the Schemes’ current fund updates.
You can access either of these registers at disclose-register.companiesoffice.govt.nz and search by entering `AMP Wealth’ into the Manager/Issuer search function.
Any of the above information is available on request, by contacting us at our address listed below. There is no charge for requesting this information.
Contact details and complaints We are happy to help with any queries or complaints you may have. For enquiries, please contact the Manager of the Schemes. If you have a complaint you require help with, please contact the Customer Response Manager. Both can be contacted at:
AMP Wealth Management New Zealand Limited PO Box 55 Shortland St Auckland 1140
0800 267 111
+64 4 439 5858 (International)
[email protected] or [email protected]
If we are unable to resolve your complaint, you can also contact the Supervisor at:
The Manager, Corporate Trusts The New Zealand Guardian Trust Company Limited PO Box 3845 Wellington 6140
0800 878 782
+64 9 909 5100 (International)
You can also contact the approved independent dispute resolution schemes for the Manager and the Supervisor respectively, at:
Insurance & Financial Services Ombudsman Scheme PO Box 10-845 Wellington 6143
0800 888 202
Financial Services Complaints Limited PO Box 5967 Wellington 6140
0800 347 257
[email protected] or [email protected]
Neither of the above schemes will charge a fee to any complainant to investigate or resolve a complaint. AMP Services (NZ) Limited, as securities registrar, can also be contacted at the Manager’s address above.
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Want to know more?Phone 0800267111
Email [email protected]
Web amp.co.nz
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FormoreinformationabouttheAMPPersonalRetirementPlans,pleasevisitourwebsiteamp.co.nzorcontactuson0800 267 111ortalktoyourAdvisertoday.
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