NZPA News Dec.pm65 - New Zealand Police Association

December 2002New Zealand Police Association NewsletterA message from PSS Trustees…Police SuperannuationScheme Introduces MemberInvestment Choice andUpgrades WebsiteNot surprisingly, many callers to the Scheme’s0800 telephone enquiry service have beenconcerned about recent investment returns,which continue to reflect the impact of almosttwo and a half years of decline in worldsharemarkets.History shows that despite the fact that shareinvestments are more likely to produce anegative result, they also provide better longertermreturns. As a result most superannuationschemes continue to invest a significantpercentage of their assets in shares.This strategy suits members with a few years togo until retirement, as sharemarket returnsshould improve before they withdraw theirsavings. However, those nearing retirement runthe risk that they may need to withdraw theirsavings earlier and realise the loss beforemarkets have recovered.Members to have more control over theirsuperannuationThe size of the Scheme now allows the Trusteesto give members more control over the way theirsavings are invested by offering them a choice offunds with a range of risk/return profiles. Thissystem, generally referred to as memberinvestment choice, is a feature of manyAustralian employer-sponsored superannuationschemes. In New Zealand member investmentchoice has been offered by most retail schemesfor some time but is not, as yet, offered by manyemployer-sponsored schemes.With effect from 1 April 2003 members will beable to direct their contributions (and those ofthe Commissioner) into one or two of the threefunds available.The September newsletter from the PSS Trusteesand the October issue of Police Association News(available on www.policeassn.org.nz) describethe options that will be offered.Member investment choice kits will be sent tomembers in late February. The kits will include adetailed description of each fund andinformation to help each member choose thefund(s) that best suits his or her personalcircumstances and requirements.Website Updates make monitoring andmanaging your Superannuation easierTo make monitoring and managingsuperannuation easier and more efficient formembers, at the same time the SuperFacts sitewill be upgraded to include information aboutmember investment choice. A fully customised‘risk profile’ calculator will also be added to thesite to help members to develop their ownpersonal investment strategy.The upgraded site will also incorporate variousadditional features including a range ofinteractive functions. For example, members willbe able to make investment choice changes online, confirm and update their personal detailsand view their contributions.Other New FeaturesOther new features include access to a library ofarticles as well as a variety of budgeting toolsand the ability to download copies of theScheme’s documents such as the investmentstatement and annual report.Have you moved recently?If you have or perhaps you’re about to, please let us knowso we can update your records. You can do this by:• writing to us at PO Box 12-344;• calling on freephone 0800 500 122;• faxing us on (04) 496 6819;or emailing us at: membership@policeassn.org.nz.You need to let us know your membership number, newaddress and sworn staff, your new station.170