Mercer
super trust

Annual report 2017

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MESSAGE FROM MARTIN

This year has certainly been eventful in New Zealand and globally.
Now is a great time to reflect on a few milestones we achieved together.

Complies with the new Act

This is the first year this annual report is produced under the new Financial Markets Conduct Act, so you will notice a few changes like not having the summary financial statements or the auditor’s report. The scheme officially transitioned to this regime in September last year and now the full financial statements and the auditor’s report can be accessed online on the new Companies Office website. The new requirements also mean the scheme has to produce fund updates for each investment option. The purpose of the fund update is to tell you how an investment option has performed and to help you compare it with other funds.

Commitment to Socially Responsible Investment

At Mercer we believe a sustainable investment approach is more likely to create and preserve long-term investment capital. We are committed to this policy and as such have recently updated our investment strategy to divest from companies we believe could cause harm to society and the environment.

Staying in the Mercer Super Trust

You can now continue saving in the Mercer Super Trust after leaving your employer through the Personal Investment Programme.

This report covers all the legal information we must report each year, but we also wanted to ensure you can access additional information if required and be able to do it on the go.

It’s a pleasure and a privilege to provide you with our annual report. More information can be found on the Mercer website. Our team looks forward to helping you retire with more.

 

Martin Lewington
Mercer NZ CEO and Director
of Mercer (N.Z.) Limited

 

Super Trust Benefits

News and Stories

MESSAGE FROM MARTIN

INFORMATION ON CONTRIBUTIONS AND SCHEME PARTICIPANTS

  • Membership Details

    TYPE
    CONTRIBUTING
    MEMBERS
    NON-CONTRIBUTING
    MEMBERS
    TOTAL NUMBER
    OF MEMBERS
    Number of Members as at 1 April 2016 5,687 605 6,292
    Total New Members 332
    Total Exits 688
    Number of members as at 31 March 2017 5,206 720 5,926
  • Withdrawals

    NUMBER OF MEMBERS
    Retirement 139
    Leaving service or resignation 351
    Retrenchments or redundancy 139
    Death or serious illness 8
    Transfers out 51
    Financial hardship 2
    Other partial withdrawals 256
    Total withdrawals as at 31 March 2017
    946
  • Contributions

    TYPE NUMBER OF MEMBERS TOTAL AMOUNT
    Member contributions 3,933 $14,639,898.26
    Member voluntary additional contributions $57,828,937.43
    — General member voluntary additional contributions 956 $3,053,448.45
    — Transfer Contributions 2,148 $54,241,834.04
    — Salary sacrifice contributions 2,853 $533,654.94
    Employer or other sponsor contributions $16,322,352.74
    — Employer contributions 4,627 $16,269,073.41
    — Member tax credits 139 $53,279.33
    Total contributions as at 31 March 2017 $88,791,188.43
  • Unit Prices

    TYPE At 1 April 2016* At 31 March 2017
    28% PIR 17.5% PIR 105% PIR 28% PIR 17.5% PIR 105% PIR
    Mercer Shares 1.7999 1.8971 1.7211 2.0222 2.1409 1.9506
    Mercer High Growth 1.2788 1.3149 1.6625 1.4172 1.4644 1.8595
    Mercer Growth 1.9006 1.9631 1.5179 2.0794 2.1566 1.671
    Mercer Balanced 1.8524 1.8863 1.4868 1.9831 2.0267 1.6008
    Mercer Moderate 1.8006 1.8728 1.4357 1.8878 1.9703 1.5152
    Mercer Conservative 2.0068 2.0465 1.3538 2.078 2.1254 1.4059
    Mercer Cash 1.6881 1.7302 1.1587 1.7096 1.7552 1.1765
Unit PricesUnit Prices

SOCIALLY RESPONSIBLE INVESTMENT UPDATE

At Mercer, our mission is to make a difference in people’s lives. We strive to “Make Tomorrow, Today” by helping our clients and customers advance their health, wealth and careers.

We believe a sustainable investment approach is more likely to create and preserve long-term investment capital.

As part of this, Mercer has updated our Responsible Investment Policy, which covers Sustainable Investment, Ethical Investment and Corporate Governance. This policy is available for downloading here

We have worked extensively with our Responsible Investment Team, clients and Board to broaden the ethical exclusions component of the policy.

 

What has changed? Read the policy

What has changed?

A robust framework has been developed which will see Mercer divest from companies we believe could cause substantial and irreparable harm to society and the environment. This will include companies manufacturing tobacco products, in addition to the existing exclusions for controversial weapons.

We consider a range of criteria when making this assessment, including whether the risk/return implications of excluding such companies is expected to be significant.

Performance

Whether you’re an aggressive investor with an appetite for risk, the type who likes to play it safe or somewhere in between, we’ve got an investment option for you.

 

SEE HOW YOUR INVESTMENT OPTION HAS PERFORMED Find monthly reports here Watch the latest investment Insights Video

1 YEAR RETURNS AS AT 31 MARCH 2017 (AFTER TAX AND FEES)

STATEMENTS

  • Manager’s Annual Statement

    As the manager of the Mercer Super Trust, we confirm that for the year ended 31 March 2017:

    • all the benefits required to be paid from the scheme in accordance with the terms of the governing documents have been paid;
    • the market value of the scheme property at the close of the financial year, 31 March 2017, equalled or exceeded the total value of the benefits that would have been payable had all members of the scheme ceased to be members at that date and, had provision been made for the continued payment of all benefits being paid to members and other beneficiaries as at the close of the financial year.

     

    Martin Lewington
    Mercer (N.Z.) Limited
    31 July 2017

  • SUPERVISOR’S ANNUAL STATEMENT

    As the supervisor of the Mercer Super Trust, we confirm that for the year ended 31 March 2017:

    • all contributions required to be made to the scheme in accordance with the terms of the governing documents have been made.

     

    Trustees Executors Limited
    31 July 2017

SUPERVISOR’S ANNUAL STATEMENTSUPERVISOR’S ANNUAL STATEMENT

CHANGES TO PERSONS INVOLVED IN THE SCHEME

There were no changes to the manager, the supervisor, administration manager, investment manager, securities registrar or auditor of the scheme.

There were no changes to the key personnel or the directors of the manager.

Custodian appointed:

BNP Paribas Fund Services Australasia Pty Ltd was appointed as the custodian of the scheme on 14 September 2016.

Superviser appointed:

Trustees Executors Limited was appointed as the supervisor of the scheme on 6 September 2016.

There was a change to the directors of the supervisor. Peter Metz ‘stepped down’ (resigned) as director on 6 May 2016 and Paul Hocking ‘stepped down’ (resigned) as a director on 7 December 2016.

 

Changes relating to the scheme

CHANGES RELATING TO THE SCHEME

Trust Deed

The scheme’s trust deed was amended on 5 September 2016 for the purpose of complying with the requirements of the Financial Markets Conduct Act and other enactments as required by that legislation together with updates to reflect other legislative and administrative changes affecting the scheme.

Terms of Offer of Interests in the Scheme

Due to the transition of the scheme to the Financial Markets Conduct Act during the year, the terms of offer of interests in the scheme are now governed by that legislation and a product disclosure statement dated 6 September 2016 (which has been issued in accordance with the Financial Markets Conduct Act).

Related Party Transactions

There were no changes to the nature or scale of the related party transactions. All related party transactions were conducted on normal commercial terms and conditions during the accounting period and were on arm’s-length terms.

Statement of Investment Objectives and Policy of the Scheme’s Funds

A number of changes have been made to the Statement of Investment Policy and Objectives (SIPO).

  • Financial Markets Conduct Act terminology is now used throughout, such as replacing references to the trustee with the supervisor and investment options now being referred to as funds.
  • Adding details of the supervisor’s role and responsibilities.
  • Noting section A as a Workplace Savings Scheme and section B as a Legacy Scheme.
  • The SIPO amendment period was also changed and benchmark indices were updated.

More information can be found in the SIPO. You can request a copy by contacting us on 0508 637 237.

FURTHER INFORMATION

There are lots of useful sources of further information to help you plan for your future and save for retirement. Here is a list of things you may want to check out.

 

 

HOW TO FIND FURTHER INFORMATION

 

Information relating to the Mercer Super Trust, for the offer register and the scheme register can be found here.

The scheme register includes financial statements, trust deed and statement of policy and objectives.

The offer register includes the product disclosure statement for the Scheme, information relating to membership and funds within the scheme. It also includes fund updates and other material information.

Information relating to the scheme, such as fund updates, annual report, current product disclosure statement and other useful information is available here.

You can also call us on 0508 637 237 to request this information. All the information can be obtained from us without charge.

Connect

We’ll do everything we can to resolve your query or complaint quickly.

Help is just a click or a call away, we would love to hear from you.

 

0508 637 237

We are here between 9am and 7pm, Monday to Friday,
or leave us a message and we’ll call you back

Submit your query from your online account here

Mercer Super Trust
PO Box 1849
Wellington

@Mercer_NZ

 

Complaints and queries

If you do have a complaint please call us on 0508 637 237.
Our administration team or the Complaints Officer will investigate it and respond to you as soon as possible.

CONTACT DETAILS AND COMPLAINTS