1. Compliance
  2. Superannuation
  3. Your on-going obligations

Your on-going obligations

 

FMC Act provisions

You can read more about the FMC Act 2013 provisions and new obligations and responsibilities for superannuation scheme trustees here.

Your obligations

The core obligations of superannuation scheme trustees are set out in the Superannuation Schemes Act 1989.

In summary, these obligations include the need to:

  • prepare annual reports and audited accounts (sections 13 and 14)
  • distribute annual reports, including full or summary accounts, to members (section 17)
  • lodge copies of any amendments to the trust deed within 14 days of execution (section 12)
  • ensure that if the scheme is not entirely accounts-based (i.e. contributions to the scheme are not allocated on a defined basis to individual members) an actuary examines its financial position at least 3 yearly and the actuary's report is lodged with FMA (section 15)
  • when they wind up a scheme, follow the process prescribed in the Act (section 21)

Documents together with your cheque should be posted to: FMA Compliance Services, PO Box 1179, Wellington 6140.

Providers must also comply with obligations that apply to all issuers whether they make offers under the FMC Act or Securities Act.

Prospectus registration

Superannuation schemes which are open to new members need a registered prospectus, unless:

  • they are employer superannuation schemes invoking the prospectus exemption prescribed in the Securities Act (Employer Superannuation Schemes) Exemption Notice 2004 or
  • they are church clergy or other restricted-offer schemes invoking the prospectus exemption prescribed in the Securities Act (Eligible Service Superannuation Schemes) Exemption Notice 2004.

See prospectus registration for more information.

Breaches and Offences

Under the Superannuation Schemes Act 1989 it is an offence to fail to provide information required under the Act (section 25).

There are a number of other offences under this section including failing to carry out directions from the FMA and knowingly supplying false or misleading information about a superannuation scheme.

Where a company commits an offence against the Act, every officer of the company who knowingly authorises or permits the offence also commits an offence against the Act.

For more information see section 25 of the Act.

See breaches & offences in the offer information under Securities Act section.