SuperSTART Craigs Investment Partners Superannuation Scheme - For the Year Ended 31 March 2021
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Craigs Investment Partners Superannuation Scheme superSTART ® 2021 Annual Report For the Year Ended 31 March 2021
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Contents
A year in review. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / 02
Details of Scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / 03
Information on contributions and scheme participants . . . . . . . . . . . . / 04
Changes relating to the Scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / 05
Other information for particular types of managed funds . . . . . . . . . / 06
Changes to persons involved in the Scheme . . . . . . . . . . . . . . . . . . . . . . . . . / 07
How to find further information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / 09
Contact details and complaints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / 09
2021 Annual Report / 1
A year in review
12 Months to 31 March 2021
The recovery continues Rising inflationary risks
World sharemarkets have continued to rebound A key feature of 2021 has been evidence of
during the early part of 2021. Having fallen 33.7% inflationary pressures, and the higher bond yields
last year in the wake of the COVID-19 pandemic, (and interest rates) that have followed. We are
at the end of March the MSCI All Country World seeing clear signs of rising cost pressures, partly
Index had rebounded 79.2% from its 2020 lows. on the back of economic improvements but
On an annual basis, world shares increased by also due to supply chain blockages, shortages
a stunning 55.3% in the 12 months to 31 March of raw materials, and other pandemic-related
2021. However, it should be noted that the end issues that may well prove transitory. However,
of March last year was very close to the absolute this has still led to an increase in longer-term
bottom of the pandemic-induced bear market. If interest rates and higher volatility across financial
one compares the MSCI All Country World Index markets generally. It has also seen a shift in
at the end of the March 2021 quarter with where investor preferences, away from the companies
it was at the beginning of 2020, it is up a much and sectors that held up best at the height of the
more modest (but still very impressive) 22.3%. pandemic and during the associated lockdowns,
toward those set to benefit most as things return
toward normal.
Co-ordinated support Looking ahead to the rest
from the RBNZ and the of the year, and into 2022
Government Despite an outlook that is still somewhat
uncertain, the global economy is expected to
Domestic equities have lagged, with the NZX 50
gain momentum during the balance of this
and the local listed property sector both falling
year, and into 2022. Vaccine progress and
slightly in recent months. This is primarily due
a gradual easing of restrictions (along with
to increases in longer-term interest rates, which
ongoing support from policymakers) should
have taken the shine off defensive, dividend
drive a continued rebound in activity as well
paying shares (which dominate the local market)
as corporate earnings. Central banks will
and seen investors refocus on companies more
be reluctant to withdraw stimulus too soon,
exposed to an economic rebound. However,
although longer-term interest rates could
it should be noted that the domestic market
continue to push higher in the months ahead.
generally held up better than most during
While it could be a bumpy ride, the outlook
the events of 2020, and many of our reliable,
for equities remains bright and any periods of
dividend paying, defensive businesses remain
weakness will create attractive opportunities for
well placed to continue growing and delivering
long-term investors.
steady long-term returns.
2 \ SUPERSTART® SUPERANNUATION SCHEME Authored by Craigs Investment Partners; Private Wealth Research Team.Details of Scheme
As Trustee of the Craigs Investment Partners Superannuation Scheme (‘superSTART®’) (the Scheme),
The New Zealand Guardian Trust Company Limited (NZGT) presents to members the annual report for the
year ended 31 March 2021.
Name of the Scheme Craigs Investment Partners Superannuation Scheme (‘superSTART®’)
Type of scheme Superannuation scheme in respect of the individual member section and a
workplace savings scheme in respect of the employer section. The Scheme is
also a restricted scheme.
Trustee (and Manager) The New Zealand Guardian Trust Company Limited
Product Disclosure Statement The Scheme is closed to new members, therefore no product disclosure
statement is required to be prepared for the Scheme.
Latest Fund Update NZGT is not required to publish quarterly fund updates due to the nature of the
Scheme.
Instead, Craigs Investment Partners Superannuation Management Limited
(CIPSML) (the administration and investment manager for the Scheme), on behalf
of NZGT, produces personalised quarterly reports tailored to each member.
The reports as at the balance date (31 March 2021) were for the quarter ended
31 March 2021.
For a copy of your reports, please sign into your account on the client portal
or contact the Client Services Team on 0800 878 278 or via email
clientservices@craigsip.com.
Financial Statements The Scheme’s latest financial statements and the auditor’s report for the period
ending 31 March 2021, are dated 7 July 2021.
They were lodged with the Registrar on 12 July 2021 and are available from
Disclose Register disclose-register.companiesoffice.govt.nz (search the scheme
register) or from craigsip.com/document-library.
2021 Annual Report / 3Information on contributions
and scheme participants
MEMBERSHIP DETAILS
The table below provides a summary of the numerical changes in the Scheme participants during the year
ended 31 March 2021.
Non Total Total
Total Scheme Participants Contributing Contributing* Membership Accumulation
Members as at 1 April 2020 160 1,261 1,421 $214,924,935
New Scheme Members
Transfers from other schemes -
Other new members -
Total New Members -
Exiting Scheme Members
Retirement 51
Transfers to other schemes 3
Death 2
Other reasons 1
Total Exiting Members 57
Members as at 31 March 2021 159 1,205 1,364 $237,154,510
* In this annual report, non-contributing members are defined as those who have not made a contribution in the two months prior to the end of the financial year
(31 March 2021) or those who have failed to make contracted payments.
CONTRIBUTION DETAILS
Total Contributions For The Year Ended
31 March 2021 Number of Members Total Amount
Member contributions 278 $1,186,075
> Member regular contributions 68 $266,836
> Member voluntary contributions 119 $485,166
> Employee contributions 91 $434,073
Employer or other sponsor contributions 90 $260,402
Total Member Contributions $1,446,477
4 \ SUPERSTART® SUPERANNUATION SCHEMEChanges relating to
the Scheme
GOVERNING DOCUMENT STATEMENT OF INVESTMENT POLICY
AND OBJECTIVES
The Scheme transitioned to the Financial Markets
Conduct Act 2013 (FMCA) and was closed to new A copy of the latest Statement of Investment Policy and
members effective 30 November 2016. The Scheme is Objectives (SIPO) can be obtained on the scheme
governed by an amended and restated Trust Deed dated register at disclose-register.companiesoffice.govt.nz or
29 November 2016 (the Trust Deed). by visiting the Craigs Investment Partners website
craigsip.com/documents.
The Trust Deed was amended by a deed of amendment
dated 8 September 2017 to reflect changes made to the During the year ended 31 March 2021, the SIPO was
United Kingdom legislation on 6 April 2017 which impact amended to:
on transfers which have been made to the Scheme from
• Reflect the establishment of the CIP Product
a United Kingdom registered pension scheme.
Committee created on 1 April 2020 which is
There were no changes to the terms of the Trust Deed responsible for approving and removing the
during the year ended 31 March 2021. Investment Options. To be included as an Investment
Option, a security must be either covered by CIP
Private Wealth Research or subject to a due diligence
TERMS OF THE OFFER process.
As a result of the Scheme’s transition to the FMCA, the • Incorporate new terminology and requirements
Scheme was closed to new members and there are no under the Financial Services Legislation Amendment
longer any offer documents for the Scheme. Act 2019 (FSLAA).
There were no material changes to the terms of the offer There were no other material changes to the SIPO during
during the year ended 31 March 2021. the year ended 31 March 2021.
The Investment Options document provides detail to
members about each individual security. This document
is reviewed on a regular basis in line with the CIP Product
RELATED PARTY CHANGES
Committee decisions around inclusions to this list of As at 31 December 2020 Deutsche Bank AG, Sydney
securities. Branch was no longer considered a related party as its
Copies of the latest Investment Options document can holding of 49.9% of Craigs Investment Partners Limited
be obtained on the Craigs Investment Partners website (CIP, the holding company of CIPSML) was acquired by
craigsip.com/documents. CIP Holdings Limited on 30 June 2020.
Frank Aldridge resigned from CIP effective 31 March
2021. Frank is a director of NZX Limited and previously a
INVESTMENT OPTION CHANGES director of CIP. Effective 30 September 2021, NZX will no
longer be considered a related party of CIPSML.
The Investment Options document is reviewed quarterly
or more regularly where appropriate, and updated as In December 2020 Comvita Limited, an issuer of
and when required. Throughout the course of the year, securities on the list of Investment Options was no
securities included as Investment Options can be longer considered a related party of CIPSML as Neil
removed or added. Where a security is removed, CIPSML Craig, a director of CIP, ceased to be a director of
will contact you to either change your investment or Comvita Limited effective 30 June 2020.
reconfirm that you would like to continue to hold and/or
In May 2020, CIP formed a strategic alliance with J.P.
invest in the removed security. If the latter, CIPSML will
Morgan Securities Australia Limited (J.P. Morgan) which
continue to remind you that the security has been
is designed to offer a broader range of products and
removed via the holdings statement within your
services to CIP and J.P. Morgan’s respective clients.
personalised quarterly reports.
There were no other material changes to the nature or
scale of the Scheme’s related party transactions during
the year ended 31 March 2021.
All related party transactions are conducted on standard
commercial terms and conditions.
2021 Annual Report / 5Other information for
particular types of managed
funds
WITHDRAWALS
During the year ended 31 March 2021 the following withdrawals were made from the Scheme.
Permitted Member Withdrawals* Number
Retirement 186
Death 2
Employment Cessation 63
Transfers to other registered superannuation schemes 3
Court order 1
* Includes partial withdrawal
PORTFOLIO RETURNS
The Scheme provides members the flexibility to build a portfolio of
investments from the extensive list of Investment Options to suit
their risk profile and investment objectives. The Investment Options
are the list of securities that the Craigs Investment Partners
Investment Committee and the Product Committee from 1 April
2020 have selected based on some key principles. Therefore, each
member’s rate of return is different due to the nature of the
Scheme.
As a member of the Scheme your return is specific to your portfolio
and set out in your personalised quarterly report.
6 \ SUPERSTART® SUPERANNUATION SCHEMETrustee’s Statement
The New Zealand Guardian Trust Company Limited
The New Zealand Guardian Trust Company Limited as
Trustee of the Scheme confirms the following:
All contributions required to be made to the Scheme in
accordance with the terms of the Trust Deed have been
made.
All benefits required to be paid from the Scheme in
accordance with the terms of the Trust Deed have been
paid.
The market value of the Scheme property at the balance
date (31 March 2021) equalled or exceeded the total
value of 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 balance date.
2021 Annual Report / 7Changes to persons involved
in the Scheme
TRUSTEE
The New Zealand Guardian Trust Company Limited The CIP Product Committee was created on 1 April 2020
There have been no changes to the Trustee of the Scheme, and is responsible for approving and removing the
including its directors and key personnel during the year Investment Options. To be included as an Investment
ended 31 March 2021 other than the appointment of Bryan Option, a security must be either covered by CIP Private
Connor as a director on 31 August 2020. Wealth Research or subject to a due diligence process.
The current directors of the Trustee at the date of this The CIP Product Committee members at the date of this
annual report are: annual report are:
• James Douglas • Stephen Jonas
• Robin Flannagan • Helen Skinner
• Bryan Connor • Mark Lister
• Regan Carey
ADMINISTRATION MANAGER, • Jude Williams
INVESTMENT MANAGER & REGISTRAR
Further information is available at
craigsip.com/people/investment-committee.
Craigs Investment Partners Superannuation
Management Limited
CUSTODIAN AND AUDITOR
There have been no changes to the administration
manager, investment manager or securities registrar during There have been no changes to the Scheme custodian or
the year ended 31 March 2021. auditor during the year ended 31 March 2021.
The Investment Committee members at the date of this
annual report are:
• Mark Lister
• Deidre Copley
• Reg Montgomery
• Mohandeep Singh
• Roger Garrett
8 \ SUPERSTART® SUPERANNUATION SCHEMEHow to find further
information
Further information relating to superSTART® is available ADMINISTRATION & INVESTMENT
on the scheme register at MANAGER & REGISTRAR
disclose-register.companiesoffice.govt.nz under Craigs
Investment Partners Superannuation Scheme. For enquiries or to obtain a copy of the Trust Deed, the
most recent financial statements, auditor’s report, a copy
The Scheme’s Trust Deed, SIPO, annual report and financial of the most recent Investment Options document, SIPO,
statements and auditor’s report are available on the or any queries relating to your benefit entitlements or the
scheme register Scheme please contact Craigs Investment Partners
at disclose-register.companiesoffice.govt.nz. Superannuation Management Limited, the Administration
A copy of the documents relating to the Scheme referred Manager, Investment Manager and Registrar, at the
to above and the Investment Options document can be following address:
obtained, on request and free of charge, by contacting the superSTART®
CIPSML Client Services Team on 0800 878 278 or emailing Craigs Investment Partners Superannuation Management
clientservices@craigsip.com. Limited
You can request an updated member’s statement 158 Cameron Road
(showing an estimate of your benefit) free of charge from PO Box 13155
the CIPSML Client Services Team on 0800 878 278 or by Tauranga 3141
emailing clientservices@craigsip.com.
Attention: Head of Emerging Wealth
Phone: 0800 878 278
Email: clientservices@craigsip.com
Contact details and COMPLAINTS
complaints If you have any problems with your membership in the
Scheme, please contact the Head of Compliance for the
Administration Manager and Investment Manager, using
the contact details above, in the first instance and if the
Administration Manager and Investment Manager cannot
resolve your problem, then please contact the Trustee.
Both NZGT and CIPSML are required to be members of an
CORRESPONDENCE AND ENQUIRIES approved dispute resolution scheme, which for both of us
is Financial Services Complaints Limited (FSCL).
Trustee If you have a problem that neither CIPSML nor NZGT can
Correspondence intended for the Trustee, resolve to your satisfaction within 40 business days you
The New Zealand Guardian Trust Company Limited, should can contact FSCL.
be addressed to: Financial Services Complaints Limited
Corporate Trusts PO Box 5967
The New Zealand Guardian Trust Company Limited Lambton Quay
Wellington 6140
Level 6, 191 Queen Street
PO Box 274, Shortland Street Level 4, 101 Lambton Quay
Auckland 1140 Wellington 6011
Attention: Relationship Manager, Corporate Trusts Phone: 0800 347 257
Phone: 09 909 5100 Email: complaints@fscl.org.nz
Email: ct-auckland@nzgt.co.nz
FSCL will not charge a fee to investigate or resolve
a complaint.
2021 Annual Report / 9HEAD OFFICE - TAURANGA ROTORUA BLENHEIM
Craigs Investment Partners House First Floor 2 Alfred Street
158 Cameron Road 1196 Whakaue Street PO Box 678, Blenheim 7240
PO Box 13155, Tauranga 3141 PO Box 1148, Rotorua 3040 P. 03 577 7410 F. 03 577 7440
E. headoffice@craigsip.com P. 07 348 1860 F. 07 348 1863 E. blenheim@craigsip.com
E. rotorua@craigsip.com
KERIKERI NELSON
Hobson House GISBORNE 9 Buxton Square
14 Hobson Avenue 66a Reads Quay PO Box 772, Nelson 7040
PO Box 841, Kerikeri 0245 PO Box 153, Gisborne 4040 P. 03 744 0100 F. 03 744 0101
P. 09 407 7926 F. 09 407 7429 P. 06 868 1155 F. 06 868 1154 E. nelson@craigsip.com
E. kerikeri@craigsip.com E. gisborne@craigsip.com
CHRISTCHURCH
WHANGAREI HAVELOCK NORTH Craigs Investment Partners House
1 Robert Street Level 1, 15 Joll Road Level 3, 76 Victoria Street
PO Box 573, Whangarei 0140 PO Box 8262, Havelock North 4157 PO Box 90, Christchurch 8140
P. 09 438 1988 F. 09 438 5167 P. 06 826 2500 F. 06 826 2501 P. 03 379 3433 F. 03 379 5687
E. whangarei@craigsip.com E. havelocknorth@craigsip.com E. christchurch@craigsip.com
QUEENSTOWN
AUCKLAND NEW PLYMOUTH
Craigs Investment Partners House
Level 32, Vero Centre First Floor, 9 Young Street
Level 3, Five Mile Centre
48 Shortland Street PO Box 8011, New Plymouth 4340
Grant Road, Frankton
PO Box 1196, Auckland 1140 P. 06 759 0015 F. 06 759 0016
PO Box 2487, Wakatipu
P. 09 919 7400 F. 09 303 2520 E. newplymouth@craigsip.com
Queenstown 9349
E. auckland@craigsip.com
P. 03 901 0170 F. 03 901 0179
WHANGANUI E. queenstown@craigsip.com
HAMILTON 17 Drews Avenue
Level 4, PwC Centre PO Box 63, Whanganui 4541 DUNEDIN
Cnr Anglesea & Ward Streets P. 06 349 0030 F. 06 348 5523 Level 4, 229 Moray Place
PO Box 1282, Hamilton 3240 E. whanganui@craigsip.com PO Box 5545, Dunedin 9054
P. 07 838 1818 F. 07 838 0828 P. 03 477 5900 F. 03 477 6743
E. hamilton@craigsip.com PALMERSTON NORTH E. dunedin@craigsip.com
First Floor
TAURANGA Cnr Broadway Avenue & Vivian Street GORE
Craigs Investment Partners House PO Box 1543, Palmerston North 4440 120 Main Street
158 Cameron Road P. 06 953 3460 F. 06 953 0640 PO Box 317, Gore 9740
PO Box 13155, Tauranga 3141 E. palmerstonnorth@craigsip.com P. 03 208 9310 F. 03 208 4161
P. 07 577 6049 F. 07 578 8416 E. gore@craigsip.com
E. tauranga@craigsip.com WELLINGTON
Level 4, 20 Customhouse Quay INVERCARGILL
PO Box 10556, Wellington 6143 Level 2, 20 Don Street
P. 04 917 4330 F. 04 917 4350 PO Box 1246, Invercargill 9840
E. wellington@craigsip.com P. 03 214 9939 F. 03 214 9933
E. invercargill@craigsip.com
0800 272 442 / craigsip.com
Craigs Investment Partners Limited is a NZX Participant Firm. Adviser Disclosure Statements are available
on request and free of charge. Please visit craigsip.com for more information.You can also read
