Westpac Active Series - Product Disclosure Statement 18 April 2019
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Westpac
Active Series
Product Disclosure Statement
18 April 2019
This document replaces the product disclosure
statement dated 27 April 2018.
This document gives you important information about this investment to help you decide whether you want to invest. There is other useful information about this offer on
disclose-register.companiesoffice.govt.nz. BT Funds Management (NZ) Limited has prepared this document in accordance with the Financial Markets Conduct Act 2013.
You can also seek advice from a financial adviser to help you to make an investment decision. Issuer: BT Funds Management (NZ) Limited.
Section 1 - Key Information Summary
What is this?
This is a managed investment scheme. Your money will be pooled with other investors’ money and invested in various
investments. BT Funds Management (NZ) Limited (BTNZ, we, our or us) will invest your money and charge you a fee for its
services. The returns you receive are dependent on the investment decisions of BTNZ and its underlying investment managers
and the performance of the investments. The value of those investments may go up or down. The types of investments and the
fees you will be charged are described in this document.
What will your money be invested in?
The Westpac Active Series offers four managed funds for you to invest in (each a fund) under this product disclosure statement
(PDS). These investment options are summarised below. More information about the investment target and strategy for each
investment option is provided in section 3.
ANNUAL
FUND INVESTMENT OBJECTIVE RISK INDICATOR* FUND
CHARGES**
(estimate)
The fund aims to provide stable returns
Westpac over the short to medium term. The fund Potentially lower returns Potentially higher returns
Active invests primarily in income assets but
1.10%
Conservative also has an allocation to growth assets.
Trust Volatility is expected to be lower than the Lower risk Higher risk
Moderate Fund.
The fund aims to provide moderate returns
Westpac over the medium term. The fund has a Potentially lower returns Potentially higher returns
Active higher benchmark allocation to income
1.18%
Moderate assets than to growth assets. Volatility is
Trust expected to be higher than the Conservative Lower risk Higher risk
Fund but lower than the Balanced Fund.
The fund aims to provide medium returns
Westpac over the medium to long term. The fund has Potentially lower returns Potentially higher returns
Active a higher benchmark allocation to growth
1.24%
Balanced assets than to income assets. Volatility is
Trust expected to be higher than the Moderate Lower risk Higher risk
Fund but lower than the Growth Fund.
The fund aims to provide higher returns over Potentially lower returns Potentially higher returns
Westpac the long term. The fund invests primarily in
Active growth assets but also has an allocation to 1.31%
Growth Trust income assets. Volatility is expected to be
Lower risk Higher risk
the highest of the funds.
* The risk indicator for each fund is calculated based on the volatility of past returns over five years, which is not a full investment cycle. In some cases the risk indicator might
differ if calculated using a longer timeframe. If the relevant period had unusually low or unusually high volatility, the risk indicator may provide a less reliable indication of
the potential future volatility of the fund. See section 4 for more information.
** See section 5 for more information.
See section 4 for an explanation of the risk indicator and for information about other risks that are not included in the
risk indicator. To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at
sorted.org.nz/tools/investor-kickstarter
page 2Who manages the Westpac Active Series?
BTNZ is the manager of the Westpac Active Series. We are the specialist funds management business of Westpac in New Zealand.
Section 7 provides further information about us.
How can you get your money out?
Generally, you can withdraw any or all of your investment in a fund at any time, subject to meeting minimum withdrawal amounts
and maintaining the minimum holding. Section 2 provides more information on withdrawing your investment.
Your investment in these funds can be sold but there is no established market for trading these financial products. This means
that you may not be able to find a buyer for your investment.
How will your investment be taxed?
Each fund is a Portfolio Investment Entity (PIE) for tax purposes. The amount of tax you pay in respect of a PIE is based on your
prescribed investor rate (PIR). This can be 0%, 10.5%, 17.5% or 28%. See section 6 of the PDS (What taxes will you pay?) on page
12 for more information.
Where can you find more key information?
BTNZ is required to publish quarterly updates for each fund. The updates show the returns, and the total fees actually charged
to investors, during the previous year. The latest fund updates are available at westpac.co.nz/activeseriesfundupdates.
The manager will also give you copies of those documents on request.
page 3Table of Contents Section 1 Key information summary page 2 Section 2 How does this investment work? page 5 Section 3 Description of your investment options page 8 Section 4 What are the risks of investing? page 10 Section 5 What are the fees? page 11 Section 6 What taxes will you pay? page 12 Section 7 Who is involved? page 12 Section 8 How to complain page 13 Section 9 Where you can find more information page 13 Section 10 How to apply page 14 BTNZ is the manager and Westpac New Zealand Limited (Westpac NZ) is the distributor of the Westpac Active Series. Investments in the Westpac Active Series do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac NZ or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. The ultimate holding company of BTNZ is Westpac Banking Corporation. None of BTNZ, Westpac NZ, Westpac Banking Corporation, any member of the Westpac group of companies, The New Zealand Guardian Trust Company Limited (as Supervisor), or any director or nominee of any of those entities, or any other person guarantees the Westpac Active Series performance, returns or repayment of capital. Westpac Active Series is not offered, and this PDS does not constitute an offer, in any jurisdiction other than New Zealand. Disclosure statements under the Financial Advisers Act 2008 are available on request and free of charge from any Westpac Financial Adviser. BTNZ accepts no responsibility for the availability or content of any non-Westpac websites. page 4
Section 2 - How does this investment work?
The Westpac Active Series is governed by a trust deed which The key benefits of investing in the Westpac Active Series are:
appoints a manager and a supervisor. For information on
the roles of the manager and supervisor see section 7. –– Investment options
You can choose from a range of investment options to
Each fund invests in a different mix of asset classes and has
suit your investment goals.
a different level of risk and potential return. This means you
can choose the investment option that suits your risk profile You can also choose how much and when to make
and investment goals. additional investments or withdraw your money.
When you invest in a fund, your money is pooled together –– Professional investment management
with other investors’ money. We use this pool to buy Investment management from a team of professionals
investments for the fund. This means the Westpac Active with access to underlying investment managers and a
Series provides you with access to a wider range of broad range of assets, securities and investing styles.
investment choices and greater buying power than you
would usually have if investing alone. It also means your –– Active management
investment is managed and overseen by an experienced We believe portfolios can be positioned to take
team of investment professionals. advantage of opportunities, which is why our philosophy
is to generally apply an active approach.
The money you invest buys units in the fund(s) you choose.
Each unit represents a share of a fund and has a unit price so –– Advice
that you know what your share of the fund is worth. Changes A team of Westpac financial advisers to help with your
in the value of the assets of a fund will be reflected in the investment decisions.
unit price. Generally speaking, if the assets of the fund go
up in value, your units will be worth more and if they go –– 24/7 access
down in value, your units will be worth less. Further detail You are able to view your investment balance through
on the calculation of unit prices can be found in ‘Westpac Westpac Online Banking.
Active Series – Other Material Information’ (OMI) at
disclose-register.companiesoffice.govt.nz (Disclose).
You can alter your investment by making additional
investments or by making a withdrawal. The funds do not
make regular distributions.
The amount you may withdraw from a fund will depend on
the amount you invest and your investment returns less any
tax, fees and expenses.
Each fund is separately accounted for and the assets of one
fund cannot be used to meet the liabilities of another.
page 5Making investments Withdrawing your investments
Section 10 explains how to apply for units in the funds. To Generally, you can withdraw all of your investment in a fund
invest in the Westpac Active Series, please complete the at any time. Alternatively you can withdraw some of your
application form at the back of this PDS. investment as set out below and subject to the minimum
holdings we set.
How much you invest is largely up to you, provided the
minimum investment amounts are met. You can make lump How to withdraw Minimum amount Frequency
sum or regular investments.
500 units or $500
Lump sum Any time
How to invest Minimum amount Frequency (whichever is less)
$5,000 initially and Any time Regular Monthly, quarterly
Lump sum $1,200 annually
then $500 thereafter withdrawal or six monthly
Regular Weekly, fortnightly, To withdraw your investment in a fund, simply fill in a
$1,200 annually
investments monthly or quarterly Transaction Request Form. You can get one from any
Westpac branch, a Westpac Financial Adviser or by calling
Each fund has a minimum holding of 5,000 units or 0800 808 012.
$5,000 (whichever is less). The minimum will apply to your
investment in that fund except where you are continuing to When you request a withdrawal, payment is generally made
make regular investments into that fund. within ten business days of us receiving your request. We
may however suspend withdrawals or delay payment from a
You can make payments by contacting a Westpac Financial fund or funds if it is in the best interests of all investors in a
Adviser or by any of the options listed below. fund or to protect a fund’s PIE status. In those circumstances,
Westpac has a team of authorised financial advisers located you may have to wait a longer period of time before you
around New Zealand. To find out how Westpac can help receive a payment for your withdrawal request.
you, just call 0800 808 012 or visit in-branch and arrange an Investors may transfer units to someone else. For more
appointment with a Westpac Financial Adviser. details regarding withdrawal transactions and the transfer
You can also make payments by: process see the OMI.
–– Setting up a bill payment via internet banking. Search
registered payees for “Westpac Active Series Managed How to switch between funds
Funds”. You’ll need to enter:
–– your Unitholder number You can switch your investment between funds by
–– the name of the fund you are investing into completing a Switch Advice Form. We’ll then sell your units
–– your last name in the fund you’re switching from and use that money to buy
units in the fund you’re switching to.
–– Direct debit by completing the direct debit authority at
the back of this PDS and giving it to a Westpac Financial The minimum amount of any switch is usually 500 units
Adviser or any Westpac branch. or $500 (whichever is less). You also need to maintain the
–– Regular automatic payments or direct credits. These minimum holding in each fund.
payments must be made to Guardian Nominees
You can get a Switch Advice Form from any Westpac branch,
Limited’s bank account: 03 0584 0026000 84. If you
a Westpac Financial Adviser or by calling 0800 808 012.
choose to make a payment in this way, you will need to
include the following details on the payment reference: Switches are subject to BTNZ’s ability to suspend or delay
–– your Unitholder number withdrawals as set out above under “Withdrawing your
–– the name of the fund you are investing into (e.g. investments”.
Growth)
–– your last name
–– Cheque – made out to Guardian Nominees Limited and
crossed “Not Transferable”.
page 6page 7
Section 3 - Description of your investment options
FUND CONSERVATIVE MODERATE BALANCED GROWTH
INVESTMENT OBJECTIVE –– Aims to provide stable returns over the –– Aims to provide moderate returns over –– Aims to provide medium returns over the –– Aims to provide higher returns over the
AND OVERVIEW short to medium term the medium term medium to long term long term
–– Invests primarily in income assets but –– Has a higher benchmark allocation to –– Has a higher benchmark allocation to –– Invests primarily in growth assets but
also has an allocation to growth assets income assets than to growth assets growth assets than to income assets also has an allocation to income assets
–– Volatility is expected to be lower than the –– Volatility is expected to be higher than –– Volatility is expected to be higher than –– Volatility is expected to be the highest of
Moderate Fund the Conservative Fund but lower than the the Moderate Fund but lower than the the funds
–– Returns will vary and may be low or Balanced Fund Growth Fund –– Returns will vary and may be low or
negative at times –– Returns will vary and may be low or –– Returns will vary and may be low or negative at times
negative at times negative at times
Other
International (alternative Other
TARGET INVESTMENT MIX equities investments) (alternative
Other
Cash & cash
Cash & cash (alternative Cash & cash Other (alternative
Australasian 8% 2% investments) equivalents investments) equivalents equivalents
Cash & cash 5% investments)
equities 10% 6% 5% 8% 4% NZ fixed interest
equivalents International
7% equities International NZ fixed 7%
23% equities interest International
Listed 17%
29% 15%
property NZ fixed fixed interest
3% interest 9%
22%
Listed
property
Australasian 10%
equities
13%
NZ fixed International
Listed fixed interest International
interest equities
property 20%
International 24% Listed 37% Australasian
5% International Australasian
fixed interest equities property equities
33% fixed interest 5% 25%
28% 20%
Income Assets 80% Income Assets 60% Income Assets 40% Income Assets 20%
Growth Assets 20% Growth Assets 40% Growth Assets 60% Growth Assets 80%
RECOMMENDED MINIMUM Short to medium term Medium term Medium to long term Long term
INVESTMENT TIMEFRAME
RISK INDICATOR* Potentially lower returns Potentially higher returns Potentially lower returns Potentially higher returns Potentially lower returns Potentially higher returns Potentially lower returns Potentially higher returns
Lower risk Higher risk Lower risk Higher risk Lower risk Higher risk Lower risk Higher risk
* The risk indicator for each fund is calculated based on the volatility of past returns over five years, which is not a full investment cycle. In some cases the risk indicator might differ if calculated using a
longer timeframe. If the relevant period had unusually low or unusually high volatility, the risk indicator may provide a less reliable indication of the potential future volatility of the fund. See section 4 for
more information.
Target investment mix
Each fund has a long-term target investment mix also referred to as the benchmark asset allocation. The actual investment mix will vary from the target investment Currency exposure
mix as market prices change, and if we pursue tactical investment opportunities or seek to protect asset values in periods of economic volatility. These variations Foreign currency exposures in the funds may be fully or partially hedged as we consider appropriate. For more details on our currency strategy see the SIPO.
are restricted by permitted ranges for each asset class. We may alter the target investment mix and the ranges for each fund at any time. For further information
Use of derivatives
about each fund’s investment activities refer to the Statement of Investment Policy and Objectives (SIPO) on Disclose.
A derivative is any financial contract whose value depends on (or ‘derives’ from) the value of underlying assets such as equities, fixed interest, commodities,
Income assets currency or cash. Examples of derivatives include swaps, futures contracts, options and forward rate agreements. Derivatives may be used by the funds in
Cash and fixed interest assets are referred to as income assets because they generate income in the form of interest payments. Income assets are generally relation to each asset class and may be held directly or indirectly. The use of derivatives may be more extensive in the international fixed interest and other
considered less volatile than growth assets, so while the values will go up and down (and at times may be negative) they won’t usually move to the same extent (alternative investments) asset classes. For more details on derivatives and their use, see the SIPO.
as growth assets. Over the long term, income assets will usually provide lower returns than growth assets.
Changes to the SIPO
Growth assets We may change the SIPO for the Westpac Active Series at any time after giving prior written notice to the Supervisor. Changes to the SIPO will be advised in the
Equities and listed property are referred to as growth assets because (though they involve more risk) they have greater potential to achieve capital growth over annual report. Where required by the trust deed or law, you will receive prior notification of any material change to the investment strategy or objective for a fund.
the medium to long term than income assets. The value of growth assets will fluctuate more than income assets and growth assets are more likely to experience
Responsible investment
periods of negative returns.
Responsible investment, including environmental, social, and governance considerations, is taken into account in the investment policies and procedures of the
Other (alternative investments) Scheme as at the date of this PDS. You can obtain an explanation of the extent to which responsible investment is taken into account in the Scheme’s policies and
Alternative investments can include hedge funds and absolute return funds. Strategies like gearing and short selling may be used in some alternative investments. procedures at westpac.co.nz/activeseries
Alternative investments are currently treated as growth assets.
Further information about the assets in each fund can be found in the fund updates at westpac.co.nz/activeseriesfundupdates
Investment timeframes
Generally when we refer to investment timeframes, short to medium term means three to five years, medium term means five years, medium to long term means
five to ten years and long term means ten years or more.
page 8 page 9Section 4 - What are the risks of investing?
Understanding the risk indicator General investment risks
Managed funds in New Zealand must have a standard risk Some of the things that may cause a fund’s value to move up
indicator. The risk indicator is designed to help investors and down, which affect the risk indicator, are:
understand the uncertainties both for loss and growth that
may affect their investment. You can compare funds using the –– asset allocation – generally speaking, growth assets
risk indicator. (such as equities) are more volatile than income assets
(such as fixed interest) and are more likely to give rise to
Potentially lower returns Potentially higher returns
negative returns in the short term. Each asset class also
has specific risks. Specific risks for the asset classes in
which the funds invest are set out in the OMI.
Lower risk Higher risk
–– market risk – many factors affect market performance
generally and, therefore, the value of assets in which the
The risk indicator is rated from 1 (low) to 7 (high). The rating funds invest. These can include the state of the economy
reflects how much the value of the fund’s assets goes up and (both domestic and overseas); the performance of
down (volatility). A higher risk generally means higher potential individual entities; tax laws and other regulatory
returns over time, but more ups and downs along the way. conditions; market sentiment; political events; inflation;
To help you clarify your own attitude to risk, you can movements in interest rates and currency and broader
seek financial advice or work out your risk profile at events like changes in technology or environmental
sorted.org.nz/tools/investor-kickstarter events.
–– investment manager risk – investment decisions and the
Note that even the lowest category does not mean a risk-free performance of the entities that underlie the investments
investment, and there may be other risks that are not captured will affect returns. Even though professional investment
by this rating. managers make the investment decisions, the outcomes
This risk indicator is not a guarantee of a fund’s future cannot be predicted with certainty and results will vary.
performance. The risk indicator is based on the returns data –– credit risk – there is always a risk in relation to income
for the five years ending 31 March 2019. While risk indicators assets and derivatives that a borrower’s or other
are usually relatively stable, they do shift from time to time. counterparty’s creditworthiness may decline or they
You can see the most recent risk indicator in the latest fund may default on required payments (reducing returns or
update for each fund. meaning not all of the amount invested is recovered).
The risk indicator for each fund can be found in section 3. –– derivatives risk – derivatives may be used by the funds
as an alternative to investing in a physical asset or as a risk
The period of returns used to calculate the risk indicator in the management tool. The use of derivatives to manage risk or
PDS does not represent a full investment cycle for the funds to increase the potential return on an investment may also
and in some cases the output may be different if calculated create leverage in the funds. Derivatives may not perform
using a longer timeframe. We believe an average investment in line with expectations, resulting in unexpected gains or
cycle is generally considered to be a period of between 7 to losses and increased volatility.
10 years. If the period of returns data that a risk indicator is –– liquidity risk – there is a risk that particular investments
based on was one of unusually low or unusually high volatility cannot be traded or accurately valued due to market
the risk indicator presented in a PDS (or any fund update) conditions, which may also affect pricing and/or
may provide a less reliable indication of the potential future processing of fund transactions including withdrawals
volatility of a fund. and switches.
The principal risk of investing in funds is the risk of negative or –– concentration risk - a fund’s investments may be
lower than expected returns on your investment. concentrated in particular assets, types of assets,
investment vehicles, geographical areas or industries. In
that case, the poor performance of a single investment or
group of investments can significantly impact returns and
increase volatility. Concentration risk can also arise where
a fund’s investments are concentrated in other managed
funds, which may potentially give rise to an increased
liquidity risk (see above).
For more information on the risks of investing in the Westpac
Active Series, see the OMI.
page 10Section 5 - What are the fees?
You will be charged fees for investing in the Westpac Active Example of how fees apply to an investor
Series. Fees are deducted from your investment and will
reduce your returns. Where BTNZ invests in other funds, those Lisa invests $10,000 in the Westpac Active Moderate Trust.
funds may also charge fees. The fees you pay will be charged
The starting value of her investment is $10,000. She is charged
in two ways:
annual fund charges, which work out to about $118 (1.18% of
–– regular charges (for example, annual fund charges). Small $10,000). These fees might be more or less if her account
differences in these fees can have a big impact on your balance has increased or decreased over the year.
investment over the long term;
–– one-off fees (currently none). Estimated total fees for the first year
Fund Annual fund charges –– Fund charges: $118
As a % of net asset value (estimate)1
See the latest fund update for an example of the actual returns
Conservative 1.10% and fees investors were charged over the past year.
Moderate 1.18%
This example applies only to the Westpac Active Moderate
Balanced 1.24%
Trust. If you are considering investing in other funds in the
Growth 1.31% scheme, this example may not be representative of the actual
1
Annual fund charges are percentages of net asset values and include an estimate fees you may be charged.
of applicable underlying fund charges ranging from 0.02% to 0.11%. Actual charges
will depend on the performance of the underlying funds and their investment
managers and will vary from the estimates. Actual fund charges are available in the
latest fund updates. For more information on the basis of estimation of fees and The fees can be changed
expenses, see the OMI.
We may agree with the Supervisor to vary the fees from time
to time. Fees not currently charged may also be introduced at
Annual fund charges any time as permitted by the trust deed. The fees payable in
the Specialist Funds in which the funds may invest may also
The annual fund charges for the funds are made up of: change from time to time.
–– the management fee; and
BTNZ must publish a fund update for each fund showing
–– other administration charges. the fees actually charged during the most recent year.
Fund updates, including past updates, are available at
Management fee westpac.co.nz/activeseriesfundupdates
Each fund has an annual management fee which is accrued on
a daily basis and paid to BTNZ monthly in arrears.
Other administration charges
The Supervisor’s fee and fund expenses incurred on a normal
day to day basis in the operation and administration of the
funds are currently paid by BTNZ.
The funds may obtain exposure to asset classes by investing
directly or through other managed funds. Under our
current policy, BTNZ pays the management fees charged
by any managed fund we have selected (a Specialist Fund)
ourselves, so these fees will not affect the amount of your
returns. Specialist Funds and any funds they are exposed
to may however charge other fees, including performance
fees, and incur expenses which will affect the value of the
Specialist Funds and consequently have an impact on the
returns of the funds.
There are currently no contribution, establishment,
termination, withdrawal or switching fees.
Goods and Services Tax (GST) is not included in any of the
stated fees. GST will be added to any fees where applicable.
page 11Section 6 - What taxes will you pay?
Each fund in the Westpac Active Series is a PIE. The amount of tax you pay is based on your PIR. To determine your PIR, go to
ird.govt.nz/toii/pir/workout/. If you are unsure of your PIR, we recommend you seek professional advice or contact the Inland
Revenue Department. It is your responsibility to tell BTNZ your PIR when you invest or if your PIR changes. If you do not tell BTNZ,
a default rate may be applied. If the advised PIR is lower than the correct PIR, you will need to complete a personal tax return and
pay any tax shortfall, interest, and penalties. If the default rate or the advised PIR is higher than the correct PIR, you will not get
a refund of any overpaid tax.
You must provide us with both your IRD number and PIR to invest in the Westpac Active Series. If you do not provide your PIR, tax
is required to be deducted at the default PIR. Current PIRs can be found in the application form at the back of this PDS.
Joint investors will be treated as a single investor with a PIR equal to the highest PIR of the joint investors. If you are a joint
investor, then each of you needs to provide us with your PIR and IRD number. If any joint investor does not provide their PIR, tax
will be deducted at the default PIR.
For more information on tax see the OMI.
Section 7 - Who is involved?
About BT Funds Management (NZ) Limited
BTNZ is the manager of the funds.
Our registered office is Westpac on Takutai Square, 16 Takutai Square, Auckland 1010
You can contact us (or get in touch with a Westpac Financial Adviser) by:
Calling us on 0800 808 012
Emailing investments@westpac.co.nz
Visiting a Westpac branch
Writing to PO Box 695, Wellington, 6140
Who else is involved?
Name Role
Responsible for supervising the
Supervisor The New Zealand Guardian Trust Company Limited performance of our duties.
The New Zealand Guardian Trust Company Limited
Custodian (acting through its nominee company Guardian Holds the assets of the funds on trust.
Nominees Limited)
Administration Manager Trustees Executors Limited Provides unit registry services.
Provides fund and investment
Administration Manager MMC Limited administration services.
Westpac NZ provides support and distribution services to the funds, and receives a fee from us for these services. The funds
bank with Westpac NZ and Westpac Banking Corporation, and each of Westpac NZ and Westpac Banking Corporation may
receive commercial benefit from this arrangement.
For more information on the parties involved (including underlying investment managers and related parties) see Disclose.
page 12Section 8 - How to complain
Complaining to us Complaining to the Supervisor
If you have any concerns or issues with your investment, You can contact the Supervisor by:
contact us first. You can: Email ct-auckland@nzgt.co.nz
Email investments@westpac.co.nz Call (09) 909 5100
Call 0800 808 012 Write to Relationship Manager, Corporate Trust
Write to PO Box 695, Wellington 6140 The New Zealand Guardian Trust
Company Limited
For more contact details see section 7.
Level 14, 191 Queen Street, Auckland 1010
The Banking Ombudsman PO Box 274, Auckland 1140
We are a member of the independent dispute resolution
scheme run by the Banking Ombudsman. We encourage
Financial Services Complaints Limited
you to contact us or the Supervisor in the first instance if The Supervisor is a member of the independent dispute
you have a complaint. However you can contact the Banking resolution scheme run by Financial Services Complaints
Ombudsman by: Limited (FSCL). If the Supervisor hasn’t been able to resolve
Email help@bankomb.org.nz your complaint in a way that you think is satisfactory within
Web bankomb.org.nz 40 business days, you can contact FSCL:
Call 0800 805 950 Email info@fscl.org.nz
Write to Banking Ombudsman Web fscl.org.nz
Freepost 218002, PO Box 25327, Featherston Street, Call 0800 347 257
Wellington 6146 Write to Financial Services Complaints Limited
Visit Level 5, Huddart Parker Building, PO Box 5967, Lambton Quay, Wellington 6140
1 Post Office Square, Wellington 6011 Visit 4th Floor, 101 Lambton Quay, Wellington 6011
The Banking Ombudsman will not charge a fee to you to FSCL will not charge a fee to you to investigate or resolve
investigate or resolve a complaint. a complaint.
Section 9 - Where you can find more information
Further information about the Scheme and the funds is available on the Disclose website at
disclose-register.companiesoffice.govt.nz, which contains both an offers register and a schemes register (search
‘Westpac Active’ on each register). A copy of any information on Disclose is available on request to the Registrar of
Financial Service Providers. You may also obtain a copy of any of the documents on Disclose (for example the SIPO and
OMI), and certain other Scheme information, on request to BTNZ (for contact details see section 7).
The fund updates can be found on Disclose or westpac.co.nz/activeseriesfundupdates, or obtained on request from BTNZ.
This information is available free of charge.
page 13Section 10 - How to apply Simply fill in the application form at the back of this PDS. You’ll need to let us know how much you want to invest, which fund(s) you want to invest in and whether you’d like to make lump sum or regular investments. A Westpac Financial Adviser can help answer any questions you may have. We’ll contact you when your application is accepted or if we need more information from you. We have the right to decline any applications. If you would like more information or to get in touch with a Westpac Financial Adviser, please call 0800 808 012. page 14
Westpac Active Series Application Form 18 April 2018
This offer is only open to persons who are in New Zealand.
1. Investor details (Please select from the following options)
New Unitholder - Please complete Section 2 if you are a Personal Investor OR Section 3 for Entity Investors
OR
Existing Unitholder - P lease provide your Unitholder name and number below and then go straight to Section 4 unless you would like to update any
of your details in Sections 2 or 3
Unitholder Number
Unitholder Name FULL NAME OR ENTITY NAME
2. New Personal Investors
Individual Unitholder Joint Unitholder Child under 18^
^ The child’s details should be entered as “Applicant A” and parent/guardian details should be entered as “Applicant B”. The Manager will act on the instructions of the parent/guardian until the child
reaches the age of 18. Once the child is 18, the Manager will act on the instructions of the child.
Please nominate the primary applicant for contact purposes - Applicant A B C D
CRS number CRS number
Applicant A Westpac use only Applicant B Westpac use only
Mr Mrs Miss Ms Other PLEASE SPECIFY Mr Mrs Miss Ms Other PLEASE SPECIFY
Name FIRST MIDDLE Name FIRST MIDDLE
LAST LAST
Occupation Occupation
IRD Number IRD Number
Date of birth DD / MM / YYYY Date of birth DD / MM / YYYY
Prescribed Investor Rate (PIR) 10.5% 17.5% 28% Prescribed Investor Rate (PIR) 10.5% 17.5% 28%
Email Email
Home address NUMBER & STREET Home address NUMBER & STREET
SUBURB TOWN/CITY POSTCODE SUBURB TOWN/CITY POSTCODE
Postal address (if different from above) NUMBER & STREET Postal address (if different from above) NUMBER & STREET
SUBURB TOWN/CITY POSTCODE SUBURB TOWN/CITY POSTCODE
Home Number Home Number
Mobile Number Mobile Number
CRS number CRS number
Applicant C Westpac use only Applicant D Westpac use only
Mr Mrs Miss Ms Other PLEASE SPECIFY Mr Mrs Miss Ms Other PLEASE SPECIFY
Name FIRST MIDDLE Name FIRST MIDDLE
LAST LAST
Occupation Occupation
IRD Number IRD Number
Date of birth DD / MM / YYYY Date of birth DD / MM / YYYY
Prescribed Investor Rate (PIR) 10.5% 17.5% 28% Prescribed Investor Rate (PIR) 10.5% 17.5% 28%
Email Email
Home address NUMBER & STREET Home address NUMBER & STREET
SUBURB TOWN/CITY POSTCODE SUBURB TOWN/CITY POSTCODE
Postal address (if different from above) NUMBER & STREET Postal address (if different from above) NUMBER & STREET
SUBURB TOWN/CITY POSTCODE SUBURB TOWN/CITY POSTCODE
Home Number Home Number
Mobile Number Mobile NumberCRS number
3. New Entity Investors Westpac use only
Partnership Family or individual trust Corporate trustee
Corporate investor Deceased estate Incorporated society/association
Club or unincorporated body Other
Name of entity
Registered office address (or principal business address if none) NUMBER & STREET
SUBURB TOWN/CITY
Registration number (if any)
Prescribed Investor Rate (PIR) 0% 10.5% 17.5% 28% IRD Number
If your entity is: – a trust; or
– a company with nominee shareholders or shares in bearer form; or
– holding assets on behalf of an individual,
please provide information regarding either the source of the wealth of your entity or the source of the funds being used in this transaction:
NB: You may be required to provide further information regarding the entity.
Signatory A Name FIRST MIDDLE
LAST
Physical address NUMBER & STREET SUBURB TOWN/CITY
Date of birth D D / M M / Y Y Y Y Role within entity
Signatory B Name FIRST MIDDLE
LAST
Physical address NUMBER & STREET SUBURB TOWN/CITY
Date of birth D D / M M / Y Y Y Y Role within entity
Signatory C Name FIRST MIDDLE
LAST
Physical address NUMBER & STREET SUBURB TOWN/CITY
Date of birth D D / M M / Y Y Y Y Role within entity
Signatory D Name FIRST MIDDLE
LAST
Physical address NUMBER & STREET SUBURB TOWN/CITY
Date of birth D D / M M / Y Y Y Y Role within entity
Please provide primary contact details below.
Contact Name FIRST LAST
Email
Postal address NUMBER & STREET SUBURB
TOWN/CITY POSTCODE
Phone HOME MOBILE
4. Investment Details (see PDS section 2 “How does this investment work?” for minimum amounts)
Lump sum investment Regular investment T ransfer in (please also complete a transfer request form)
Active Conservative Trust $ $
Active Moderate Trust $ $
Active Balanced Trust $ $
Active Growth Trust $ $
Investment frequency for regular investments: Weekly Fortnightly Monthly Quarterly
Commence my regular investment on D D / M M / Y Y Y Y
–– For regular investments, please complete the attached Direct Debit form.
–– Electronic payments should be made to Guardian Nominees Limited’s bank account 03 0584 0026000 84 and should be referenced with Unitholder number, a short name of the Fund you
are investing into, and your last name. Bill payments can be set up via internet banking. See page 6 for more information.
–– Cheques should be made payable to Guardian Nominees Limited and crossed “Not Transferable”.5. Withdrawal Details (see PDS section 2 “How does this investment work?” for minimum amounts)
Please provide your bank account details for any withdrawal payments.
Bank Branch Account name
Account Number*
Bank Branch Account Number SUFFIX
* The nominated bank account must be a New Zealand bank account held in your name or jointly held in your name. If the investment is held on behalf of a trust or by
multiple customers, the nominated bank account must be held in the name of all owners or the trust. For Trusts and other entities, third party account details, such
as that of a solicitor or accountant may be accepted. If your nominated bank account is not held with Westpac, please attach an original pre-printed deposit slip or a
certified copy of a bank statement (which must be no more than 6 months old) showing your name and account number.
6. Regular Withdrawal Details (see PDS section 2 “How does this investment work?” for minimum amounts)
Regular withdrawal amount (net of tax) $ Regular Withdrawal Frequency Monthly Quarterly 6 Monthly
Commence my regular withdrawal amount on DD / MM / YYYY
Regular withdrawal payments will be paid to the bank account details provided above unless you advise us otherwise.
7. Advice (Please tick one)
I /We have received advice (Documented advice attached)
I /We have not received advice
I/We confirm that I/we do not need any advice to decide if the Westpac Active Series is the right investment for me/us. I/we accept that because I/we have not
received advice, it may not fit my/our financial situation or financial goals.
8. Signing instructions for all requests
Please tick one All to sign Any to sign Any INSERT NUMBER investors to sign
9. Signatures and Acknowledgements
By signing this Application Form you confirm that you have received, read and Privacy Statement
understood the Westpac Active Series Product Disclosure Statement dated 18 April The personal information you provide in this Application Form, or in the future, will be
2019 (PDS). You agree to be bound by the terms and conditions set out in the PDS collected and held by the Manager for purposes relating to the administration, marketing,
and the Trust Deed for the Westpac Active Series, this Application Form and any operation and management of the Westpac Active Series and compliance with any laws, rules
register entry (held on www.disclose-register.companiesoffice.govt.nz/) relating to and regulations whether in New Zealand or in any other country.
the Westpac Active Series.
Your personal information may be disclosed to, and held and used by, the following persons:
You also confirm that:
–– The Supervisor of the Westpac Active Series
1. Your investments in the Westpac Active Series are not bank deposits with, or other –– Any member of the Westpac Group
liabilities of, Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand
Limited or any member of the Westpac group of companies (together the Westpac –– Inland Revenue
Group). You understand that no member of the Westpac Group, nor the Supervisor, –– Financial Markets Authority
the Manager, or any other person guarantees the performance or returns of the –– Any other person or entity
Westpac Active Series or the repayment of any capital. Your investment is subject to where it is relevant to do so for the purposes set out above.
investment and other risks, including possible delays in withdrawal payments and loss
of income or principal invested. Your personal information may also be used by the Manager or any member of the Westpac
Group to keep you informed about other financial opportunities, products and services of the
2. Choosing which Fund(s) to invest in is your responsibility and neither the Manager nor Manager or of any Westpac Group member, including by email, by text message or by any
the Supervisor is to be regarded as representing or implying that your chosen Fund(s) other electronic means. Any email will include an unsubscribe facility.
is (or are) appropriate for your personal circumstances. Your choice of Fund(s) is a
binding direction from you to the Manager. You have the right to access and correct the personal information you have supplied, by
contacting the Manager at the address set out in section 7 of the PDS. Any update to your
3. The Manager and any of its related companies can provide information and personal information may be used to update other information held about you by any member
communications to, and are authorised to receive instructions from, you in relation to of the Westpac Group.
your investment in the Westpac Active Series using the contact details set out in your
Application Form (as updated by you from time to time). 7. I agree that if the Manager makes an incorrect payment to me, the Manager is entitled
to deduct the amount incorrectly paid from any holding I have with the Manager or any
4. To the extent that such functionality is available, information in relation to your related company of the Manager.
investment(s) in the Westpac Active Series will be visible in your Westpac Online
Banking. You consent to information and communications from the Manager or the 8. For all lump sum investments, units will be allocated at the unit price we determine applies
Supervisor (as the case may be) in respect of the Westpac Active Series (including to the day and time we receive payment in cleared funds and accept the application.
Annual Reports, Summary of Holdings, Annual Tax Statements, confirmation 9. Joint Investors: In addition to the conditions previously stated, we (the joint
information, notices and any other documents) being provided to you via Westpac investors) also:
Online Banking, or by email or any other electronic means. - a gree to hold the units as joint tenants;
5. You consent to receiving transaction confirmations relating to your investment(s) in - acknowledge that unless otherwise stated, all signatures are always required for
the Westpac Active Series on a 6-monthly basis. instructions on our investment;
6. You have read and agree to the Privacy Statement. - a gree that all liability shall be both joint and several;
- a gree that any tax will be deducted at the PIR equal to the highest PIR applicable to us.
Signature A DD / MM / YYYY
Signature B DD / MM / YYYY
Signature C DD / MM / YYYY
Signature D DD / MM / YYYY
You may be required to provide additional documentation, for example to verify your identity. Please refer to the list of acceptable verification documentation
at westpac.co.nz/AML.10. Adviser Details (if applicable)
Adviser instructions
Adviser name FIRST MIDDLE LAST
Adviser staff number Investor’s ID verified
Funds received from New to bank Westpac Managed Fund Westpac Term Deposit Westpac Other
Adviser Signature DD / MM / YYYY
Checklist
Have you completed all sections of this Application Form?
Have you signed and dated the Application Form?
Have you provided your IRD number(s)?
Have you provided an original pre-printed deposit slip or a certified copy of a bank statement (if your bank account is not held
with Westpac)?
Has the Direct Debit form been completed (if applicable)?
Have you provided a completed Tax Residency Self Certification form (if required)?
If you are a Trust, a company with nominee shareholders or shares in bearer form or an entity holding assets on behalf of an
individual, have you provided proof of your source of funds?
Westpac use only QA ref
UT account number Amount deposited $ Date deposited DD / MM / YYYYWestpac Active Series Direct Debit Form
Name of account Authority to accept
Direct Debits
Customer (acceptor) to complete bank, branch number, account number and suffix of account to be debited. (Not to operate as an assignment or agreement)
Account Number AUTHORISATION CODE
Bank Branch Account Number SUFFIX 0 3 0 6 0 3 6
(User number)
To the Manager, (Please print full postal address clearly for window envelope)
Bank Branch
Mailing Address
Town/City
I/We authorise you until further notice in writing to debit my/our account with you all amounts which Guardian Nominees Limited (hereinafter
referred to as the Initiator) the registered Initiator of the above authorisation code, may initiate by Direct Debit.
I/We acknowledge and accept that the bank accepts this authority only upon the conditions listed below.
Information to appear on my/our bank statement
I N V E S T M E N T
Payer particulars Unitholder number Payer reference
Customer signature(s)
Signature Date DD / MM / YYYY
Signature Date DD / MM / YYYY
Westpac use only
Approved Original – Retain at branch
0603 Copy – Forward to Initiator if requested
Bank stamp
Date received: Recorded by: Checked by:
11 03
DD / MM / YYYY
Conditions of this Authority to Accept Direct Debits
1. The Initiator: 3. The Customer acknowledges that:
a. Undertakes to give notice to the Acceptor of the commencement date, frequency and a. This Authority will remain in full force and effect in respect of all Direct Debits passed to my/
amount at least 10 calendar days before the first Direct Debit is drawn (but no more than 2 our account in good faith notwithstanding my/our death, bankruptcy or other revocation of
calendar months). This notice will be provided either: this Authority until actual notice of such event is received by the Bank.
i. in writing; or b. In any event this Authority is subject to any arrangement now or hereafter existing between
ii. by electronic mail where the Customer has provided prior written consent to the Initiator. me/us and the Bank in relation to my/our account.
Where the Direct Debit system is used for the collection of payments which are regular as to c. Any dispute as to the correctness or validity of an amount debited to my/our account shall
frequency, but variable as to amounts, the Initiator undertakes to provide the Acceptor with not be the concern of the Bank except in so far as the Direct Debit has not been paid in
a schedule detailing each payment amount and each payment date. accordance with this Authority. Any other disputes lie between me/us and the Initiator.
In the event of any subsequent change to the frequency or amount of the Direct Debits, the d. Where the Bank has used reasonable care and skill in acting in accordance with this
Initiator has agreed to give advance notice of at least 30 days before changes come into Authority, the Bank accepts no responsibility or liability in respect of:
effect. This notice must be provided either: – the accuracy of information about Direct Debits on Bank statements
i. in writing; or – any variations between notices given by the Initiator and the amounts of Direct Debits.
ii. by electronic mail where the Customer has provided prior written consent to the Initiator. e. The Bank is not responsible for, or under any liability in respect of the Initiator’s failure to
give written advance notice correctly nor for the non-receipt or late receipt of notice by
b. May, upon the relationship which gave rise to this Authority being terminated, give notice to
me/us for any reason whatsoever. In any such situation the dispute lies between me/us and
the Bank that no further Direct Debits are to be initiated under the Authority. Upon receipt
the Initiator.
of such notice the Bank may terminate this Authority as to future payments by notice in
writing to me/us. f. Notice given by the Initiator in terms of clause 1(a) to the debtor responsible for the payment
shall be effective. Any communication necessary because the debtor responsible for
2. The Customer may:
payment is a person other than me/us is a matter between me/us and the debtor concerned.
a. At any time, terminate this Authority as to future payments by giving written notice of
4. The Bank may:
termination to the Bank and to the Initiator.
a. In its absolute discretion conclusively determine the order of priority payment by it of any
b. Stop payment of any Direct Debit to be initiated under this Authority by the Initiator by giving
monies pursuant to this or any other Authority, cheque or draft properly executed by me/us
written notice to the Bank prior to the Direct Debit being paid by the Bank.
and given to or drawn on the Bank.
c. Where a variation to amount agreed between the Initiator and the Customer from time to
b. At any time terminate this Authority as to future payments by notice in writing to me/us.
time to be direct debited has been made without notice being given in terms of 1(a) above,
request the Bank to reverse or alter any such Direct Debit initiated by the Initiator by debiting c. Charge its current fees for this service in force from time to time.
the amount of the reversal or alteration of the Direct Debit back to the Initiator through the
Initiator’s Bank, PROVIDED such request is made not more than 120 days from the date when
the Direct Debit was debited to my/our account.JN15576-3 03-19
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