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NZ government actuary imposes new conditions on Huljich KiwiSaver

Monday 19th April 2010

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New Zealand’s Government Actuary has imposed greater disclosure requirement on the Huljich KiwiSaver Scheme after an investigation.

The new measures were imposed on Trustee Executors Superannuation, the Trustee for the scheme, after improper reporting was found at Huljich, which led to the resignation of managing director Peter Huljich. Chairman Don Brash subsequently took over management of the business.

The Trustee has until April 30 to put in place a Statement of Investment Policies and Objectives (SIPO) for the Huljich scheme, with a requirement that it be maintained, the GA, David Benison, said in a statement. He has demanded that a copy of the SIPO be provided to his office five days after April 30 and that he be kept informed of any amendments.

Trustee Executors will also be required to furnish quarterly reports starting in the three months ending June 30, which are to include any failures to comply with the Trust Deed and minutes of each quarterly meeting between Huljich and the Trustee.

The additional measures will continue until rescinded by the GA. Benison says he will continue to review the adequacy of the management of all KiwiSaver schemes by both trustee and manager.

The Securities Commission is investigating the fund manager after Peter Huljich resigned last month when it was revealed he was topping up the firm’s funds with his personal money to improve its investment performance.

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