There’s a lot of jargon used by the media and others when it comes to KiwiSaver and we started explaining some of this in our October 2019 issue. We try to use plain English but every now and again a bit of jargon is inevitable in our communications with you. Please tell us if there is something you’d like us to explain. This explanation covers the various roles involved with the governance and running a KiwiSaver scheme.
Trustee can be individuals or an organisation, and they hold all contributions and investments in trust. As the Christian KiwiSaver Scheme is a restricted scheme, the Trustee by law is the Manager.
Manager this is your KiwiSaver scheme provider, e.g. Anglican Financial Care, and is the organisation responsible for managing the scheme.
Issuer generally means the Manager of the particular KiwiSaver scheme. For the Christian KiwiSaver Scheme this means Anglican Financial Care.
Administrator, sometimes called the Administration Manager, is the organisation appointed by the Manager to handle the day to day workings of the scheme, e.g. updating your account details, your account balance and paying withdrawals. For Christian KiwiSaver Scheme this means Anglican Financial Care.
Investment manager, sometimes called Fund Manager, this is a person or organisation appointed by the Manager to look after all or some of the KiwiSaver scheme’s investments. Anglican Financial Care undertakes the investment activities for Christian KiwiSaver Scheme.
Custodian and Supervisor are other terms you might hear. The Christian KiwiSaver Scheme is a restricted KiwiSaver scheme (explained in the October 2019 issue) and therefore does not need to appoint people/organisations to these positions.
The Financial Markets Authority which is also referred to by its initials FMA, is the Government agency responsible for enforcing securities, financial reporting and company law as they apply to financial services and securities markets. They also regulate securities exchanges, financial advisers and brokers, auditors, trustees and issuers – including issuers of KiwiSaver and superannuation schemes. As the Manager and Issuer of the Christian KiwiSaver Scheme Anglican Financial Care is required to file a variety of reports to the FMA.
There is a KiwiSaver Glossary on the website under Documents/Guides & Policies that explains most of the KiwiSaver related jargon.