What sort of investment is this?
This is an investment in a Superannuation Scheme.
The Britannia Retirement Scheme is a contributory, cash accumulation superannuation scheme which provides retirement benefits based upon the accumulated value of member contributions plus the investment returns achieved from year to year. You can withdraw a lump sum prior to retirement only in limited circumstances.
The Britannia Retirement Scheme is also a Qualifying Recognised Overseas Pension Scheme (QROPS) which means that members will be able to transfer their UK pension monies to the Scheme.
For more information see Section 1 of the Product Disclosure Statement - please click here.
Britannia Financial Services Limited is the Scheme Manager and The New Zealand Guardian Trust Limited is the Scheme Supervisor, as defined under the Financial Markets Conduct Act 2013.
What Funds does the Britannia Retirement Scheme invest in?
The Scheme re-invests contributions on your behalf in one, or a combination of, the Funds listed below. Each Fund has a differing level of risk and expected returns.
- Cash Enhanced Fund
- Moderate Fund
- Balanced Fund
- Growth Fund
Withdrawals of your accumulated Scheme funds are treated differently depending on whether they are:
- Withdrawals of UK sourced pension funds: These are withdrawals of funds you have transferred to the Scheme from a UK registered pension scheme or from a another QROPS, and the New Zealand and UK accumulations on them. Withdrawals of these amounts will be subject to withdrawal restrictions under the UK QROPS Rules.
- Withdrawals of non-UK sourced funds: These are withdrawals of funds you have contribued to the Scheme from non-UK sources and any accumulations on them (such as voluntary contributions made from a non-UK source). Withdrawals of these amounts are subject to specific withdrawal restrictions under the New Zealand Superannuation Scheme Rules.
You may, but are not required to, make lump sum contributions with our approval subject to a minimum NZ$1,000 or equivalent in foreign currency.
For more information see Section 2 of the Product Disclosure Statement - please click here.
All investments involve a degree of risk. Investment returns are not guaranteed and there is a risk that returns may be negative and you may recover less than you contribute to the Britannia Retirement Scheme.
The potential return on an investment is generally related to the risk of the investment. The key factor that determines your returns is the investment performance of the relevant Fund(s) you are re-invested in. The performance of a Fund is principally determined by the Fund’s asset allocation, the performance of individual investments, market sentiment, interest rates, currency movements, fees and expenses. A lack of diversification of a portfolio can increase the asset class risk.
For more information see Section 4 of the Product Disclosure Statement and the Scheme’s online information which can be found at www.companiesoffice.govt.nz/disclose.
You will be charged fees for investing in the Scheme. Fees are deducted from your investment and will reduce your returns. If Britannia invests in other funds, those funds may also charge fees. The fees you pay will be charged in two ways:
- Regular charges, for example, annual fund charges. Small differences in these fees can have a big impact on your investment over the long term.
- One-off fees, for example, contribution fees or fees for transferring to another scheme or for other specific actions you take.
Annual Fund Charges are exclusive of GST and are made up of the management fee, the underlying fund managers’ fees and other administration fees, which are accrued on a daily basis and reflected in the unit price of the Fund.
- Cash Enhanced Fund – 1.30%
- Moderate Fund – 1.50%
- Balanced Fund – 1.50%
- Growth Fund – 1.55%
We may deduct a fee agreed between you and your financial adviser for initial advice (generally relating to the transfer of funds to the scheme) and any ongoing administration relating to your investments in the Scheme.
For more information see Section 5 of the Product Disclosure Statement - please click here.
If you have any questions about your investment, you can:
- Contact your financial adviser (if you have one)
- Email us at Team@opt-ltd.co.nz
- Call us on 0800 28 28 33 toll free within New Zealand; or
- Write to us at our address Britannia Financial Services Limited, PO Box 302369, North Harbour 0751, New Zealand.
This information is extracted from the Britannia Retirement Scheme Product Disclosure Statement. It is a summary only and should not be a substitute for reading the full Product Disclosure Statement which is available free of charge. A Disclosure Statement from your financial adviser is also available on request and free of charge.
The above information is generic in nature and should not be construed to be personalised advice for your situation.