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Aug. 10—Effective Dec. 1, 2016, the Financial Markets Conduct Act 2013 “imposes substantial new disclosure, governance and licensing requirements and corresponding costs for stand-alone defined benefit and defined contribution retirement plans,” Towers Watson reported in a July 22 news release.
New Zealand employers that sponsor their own stand-alone plans will be required to have their plans evaluated by an attorney to ensure they comply with the FNC Act, appoint a licensed independent trustee, prepare a product disclosure statement, update the statement of investment principles and objectives, post the PDS and the SIPO to a public website and prepare annual fund updates. According to TW, “complying with the new regime will involve significant work and cost.”
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The Towers Watson news release is available at http://www.towerswatson.com/en/Insights/Newsletters/Global/global-news-briefs/2015/07/new-zealand-defined-benefit-and-defined-contribution-retirement-plans-face-new-requirements, a Melville Jessup Weaver newsletter explaining the new requirements in detail at http://mjw.co.nz/wp-content/uploads/2015/03/mjw411-super-schemes-topix_0.pdf.
For more information on New Zealand HR law and regulation, see the New Zealand primer.
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