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Documents and Frequently Asked Questions

 

 
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Documents

Quarterly Reports - Funds Updates

+ 2024
Q3
Q2
Q1
+ 2023
Q4
Q3
Q2
Q1
+ 2022
Q4
Q3
Q2
Q1
+ 2021
Q4
Q3
Q2
Q1
+ 2020
Q4
Q3
Q2
Q1
+ 2019
Q4
Q3
Q2
Q1
+ 2018
Q4
Q3
Q2
Q1
+ 2017
Q4
Q3
Q2
Q1
+ 2016
Q4
 
 

Product Disclosure Statement

A copy of the current PDS dated 19 January 2024 can be downloaded below, obtained (at no charge) by contacting MB Funds Limited on +64 3 928 1440 or email us at ranfurly@mbfunds.nz. Alternatively, the PDS may be viewed online on the Disclose Register on the offer register for the Scheme at https://disclose-register.companiesoffice.govt.nz.

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Statement Of Investment Policy & Objective

A copy of the current SIPO can be downloaded below, obtained (at no charge) by contacting MB Funds Limited on +64 3 928 1440 or email us at ranfurly@mbfunds.nz. Alternatively, the SIPO may be viewed online on the Disclose Register on the offer register for the Scheme at https://disclose-register.companiesoffice.govt.nz.

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Other Material Information (OMI)

A copy of the OMI can be downloaded below, obtained (at no charge) by contacting MB Funds Limited on +64 3 928 1440 or email us at ranfurly@mbfunds.nz. Alternatively, the OMI may be viewed online on the Disclose Register on the offer register for the Scheme at https://disclose-register.companiesoffice.govt.nz.

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Privacy Statement

The Ranfurly Superannuation Scheme Privacy Statement can be viewed in full below.

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Ranfurly - Funds in the Scheme (OMI)

A copy of the OMI – Funds in the Scheme can be downloaded below, obtained (at no charge) by contacting MB Funds Limited on +64 3 928 1440 or email us at ranfurly@mbfunds.nz. Alternatively, the OMI – Funds in the Scheme may be viewed online on the Disclose Register on the offer register for the Scheme at https://disclose-register.companiesoffice.govt.nz.

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“You start a project as a young person
and then at the end you are another person.
You are ready to go for your pension.”
— Santiago Calatrava
 
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Frequently Asked Questions

 

GENERAL

+ What is the Ranfurly Superannuation Scheme?

The Ranfurly Superannuation Scheme is a New Zealand superannuation scheme regulated by the Financial Markets Authority (FMA). The scheme is a QROPS and is a mutually recognised offer in Australia.

+ Why should I invest in the Ranfurly Superannuation Scheme?

Ranfurly Superannuation Scheme offers a well-regulated and tax efficient pension solution. Open to New Zealand and international investors, the scheme is regulated in NZ, a QROPS and taps into Baillie Gifford managed funds in NZD and GBP. Members can transfer their pension or start a pension and stay invested with a top performing manager or if over 55 years of age take flexible access and get the opportunity of a tax free withdrawal.

+ What is a qualifying recognised overseas pension scheme (QROPS)?

A QROPS is a Qualifying Recognised Overseas Pension Scheme. For an overseas scheme to be deemed as such, it must satisfy criteria stipulated by HM Revenue & Customs (HMRC). The scheme ‘qualifies’ in that; HMRC agrees that it is similar enough to UK pension schemes that UK pension holders can transfer their pension pot to the off shore scheme. This is in order that members can live abroad as an expat without their pension being subject to UK rules.

+ Why choose QROPS?

For a scheme that ‘qualifies’ as a QROPS, HMRC agrees that it is similar enough to UK pension schemes that UK pension holders can transfer their pension pot to the off shore scheme. This is in order that members can live abroad as an expat without their pension being subject to UK rules.

+ Do MB Funds offer any other retirement schemes?

Yes MB Funds Limited, the scheme manager, is the manager of both the Ranfurly Superannuation Scheme and the IVCM (NZ) PIE Superannuation Fund.

+ Where can I find more information on the Ranfurly Superannuation Scheme?

The scheme Product Disclosure Statement and other scheme documents providing information on the scheme and investments can be found below. Ranfurly - Product Disclosure Statement

ELIGIBILITY

+ Am I eligible for the Ranfurly Superannuation Scheme?

The Ranfurly Superannuation Scheme is open to anybody who wants to save for retirement. You do not need to be a New Zealand resident to become a member of the scheme.

+ What if I am not a New Zealand national?

The Ranfurly Superannuation Scheme is open to anybody who wants to save for retirement. You do not need to be a New Zealand resident to become a member of the scheme.

+ What if I only have a small pension pot?

The Ranfurly Superannuation Scheme has no minimum amount required to invest into the scheme.

+ What if I don't have a pension already?

You can start your pension savings at any time. You don’t need to have a pension with another provider or to transfer a pension from another pension provider.

APPLYING

+ How do I apply for membership of the Ranfurly Superannuation Scheme?

To become a member of the Ranfurly Superannuation Scheme you need to complete and sign an Application Form. A financial adviser or our transfer agent can help you with this process.

Ranfurly - Application Form

+ Do I need a financial advisor?

Yes, pension savings and pension transfers are complex and have long term implications, so it is important to understand the requirements and to get it right. We require all members to have a financial advisor that have been approved by the scheme.

+ What if I don't have a financial advisor?

You should contact us on ranfurly@mbfunds.nz or +64 3 928 1440 and we will put you in touch with an approved financial adviser.

+ Can I use my own financial advisor?

Yes, we need to register your financial advisor to distribute the scheme but as long as they are suitably licensed to give advice in the jurisdiction you are resident in there should be no problems.

CONTRIBUTIONS

+ How much can I contribute?

You can contribute as much or a little as you like. The scheme has no minimums or maximums.

+ Is tax relief available on UK pension contributions to the Ranfurly Superannuation Scheme?

New Zealand Tax Residents - UK pension transfer to the scheme under the QROPS rules are tax relieved if you are a New Zealand resident. (Lifetime allowance charges may apply). New Zealand tax may apply to the transferred amount. You should consult your tax advisor.

Non-New Zealand Tax Residents - UK pension transfer to the scheme under the QROPS rules may be subject to a 25% Overseas Transfer Charge if you are not a New Zealand resident. (Lifetime allowance charges may apply). No New Zealand tax will apply to the transferred amount.

Non-New Zealand Tax Residents – transfer from another QROPS to the scheme are not subject to 25% Overseas Transfer Charge if the original UK pension transfer was before the 9 March 2017 or you have already paid an Overseas Transfer Charge on you UK pension transfer.

If you are a New Zealand resident and you have previously paid an Overseas Transfer Charge on you UK pension transfer, you may be able to recover the charge if you transfer from your current QROPS to the Ranfurly Superannuation Scheme.

We recommend that you seek independent tax advice

TRANSFERS

+ Can I transfer my existing UK pension into the Ranfurly Superannuation Scheme?

Yes, the scheme is a Qualifying Recognised Overseas Pension Scheme, so it can accept tax relieved UK Pension transfers.

+ Can I transfer my existing QROPS into the Ranfurly Superannuation Fund?

Yes, the Ranfurly Superannuation Scheme accepts transfers from other QROPS schemes

+ Can I transfer my existing overseas pension into the Ranfurly Superannuation Scheme?

Yes, the Ranfurly Superannuation Scheme can accept transfer of UK pension and pension from other countries as long as there are no restrictions in that country. Please contact us if you want to find out if a transfer is possible.

+ How do I transfer my pension?

To transfer a pension to the scheme or from another QROPS to the scheme you need to complete an application form for the Ranfurly Superannuation Scheme and a transfer/withdrawal form for your existing scheme.

UK pension transfer are complex, and we recommend you use a transfer agent to assist with the process. QROPS NZ provides a transfer service to the scheme.

+ What if I move to another country?

You do not need to be New Zealand resident to be a member of the Ranfurly Superannuation Scheme. If you are New Zealand resident and move to another country within 5 years of your UK pension transfer, you will be charged the 25% Overseas Transfer Charge on your transfer.

+ What if I return to the UK?

Your QROPS pension transfer can remain in the scheme or you can elect to transfer you member account to a UK pension scheme.

+ Can I transfer my Ranfurly Superannuation Scheme investment to another provider?

Members can transfer their investment in the scheme to another provider at any time as long as UK pension transfers amounts are transferred to another QROPS scheme.

+ What is the cost of transferring to another provider?

There is no charge or penalty for transferring to another pension provider.

+ What is the Overseas Transfer Charge

The Overseas Transfer Charge is a 25% UK tax charged on a UK pension transfer amount when you transfer your UK pension to a pension scheme that is not resident in your country of tax residency. This charge may also apply if, in the five clear and complete UK tax years after your transfer, your tax residency changes or you on-transfer your UK Pension Transfer Accumulation to another scheme that is not New Zealand resident.

INVESTMENTS

+ What are my investment options?

The Ranfurly Superannuation Scheme currently has 5 investment options depending on your preferred currency and attitude to investment risk.

  • Sterling Growth Fund
  • Sterling Balanced Fund
  • Sterling Conservative Fund
  • New Zealand Dollar Growth Fund
  • New Zealand Dollar Balanced Fund
  • New Zealand Dollar Conservative Fund (Closed to new investors)
+ Which option is the best for me?

Your investment election depends on your attitude to investment risk and which currency you want to hold your investment in. You can invest in more than one fund and more than one currency at the same time. You should discuss your investment election with your financial adviser.

+ Do I have to decide where to invest my money straight away?

You can decide where to invest your money when the pension funds are received by the scheme. You do not need to decide when you first apply to become a member of the scheme.

+ Does Ranfurly offer investment advice?

No the scheme manager, Ranfurly Strategic Limited, is a licensed Managed Investment Scheme Manager it is not licensed to give advice. You should get your investment advice from your financial advisor.

+ Can I change my investments?

You can switch your investment between the funds in the scheme at any dealing date.

+ Can I hold cash in the Ranfurly Superannuation Scheme?

The scheme invests members money in the Baillie Gifford funds. The scheme does no offer a cash investment option.

+ Will new investment options be added to the Ranfurly Superannuation Scheme?

The scheme manager will add new investment options to the scheme where there is demand for a new currency or risk option.

+ How can I keep track of my investments?

The scheme provides members with an online portal to view their investment balances at any time.

RETIRING BENEFITS

+ Can I withdraw my money at any time?

The Ranfurly Superannuation Scheme is a regulated pension scheme that must meet the requirements of a New Zealand regulated superannuation scheme and a QROPS. This means there are restrictions on withdrawing your pension funds before the early retirement age of 55.

+ What is the minimum retirement age for the Ranfurly Superannuation Scheme?

The current normal minimum pension age for a UK pension transferred pension is 55. The Normal Minimum Pension Age is set by the HMRC. The HMRC have confirmed an increase to the Normal Minimum Pension Age from 55 years to 57 years from 5 April 2028. This change will affect you if you joined the scheme after 21 November 2021 and you are younger than 57 years of age on the 5 April 2028.

For any other pension the normal retirement age is 65, however, early retirement and transitional options exist.

+ What is the maximum retirement age for the Ranfurly Superannuation Scheme?

There is no maximum age for retirement.

+ How much can I withdraw at retirement?

You can take a lump sum of up to 100% of your investment in the scheme at your normal retirement age or you can make income for life withdrawals or any combination of the two.

+ How do I take income from the Ranfurly Superannuation Scheme?

You complete a withdrawal form detailing your income withdrawal requirements and we will make regular payment in the currency of your choice from you member account.

+ Will I be taxed on income paid from the Ranfurly Superannuation Scheme?

Payments from the scheme are considered capital withdrawals and you do not pay tax on the amount withdrawn. Members of the scheme are taxed on their investment income under the Portfolio Investment Entity (PIE) tax rules.

+ How quickly can I get my money out of the scheme?

You can take as much or a little as you want once you reach your normal retirement age or you can transfer out of the scheme at the next available dealing date.

+ Do I have to take all my benefits in one go?

No, you can take as much or a little as you want once you reach your normal retirement age.

+ Can I purchase an annuity?

Yes, your member account can be used to purchase an annuity with an annuity provider.

+ What happens if I die

Your member account balance will be paid to your estate on your death

FEES

+ What fees do I pay?
  • The scheme does not charge an entry fee.
  • The scheme has a 1% management fee. Currently the scheme manager meets all the cost of operating the scheme from the management fee – administration, supervision, custody, regulatory, legal and audit.
  • If you withdraw more than 25% of your UK Pension Transfer Accumulation or Other Contribution you will pay an early withdrawal fee of 3% of the amount withdrawn over 25% of your UK Pension Transfer Accumulation or Other Contribution less 1% for every complete 12 months you have been a Member of the Scheme. We may waive the early withdrawal fee in certain circumstances.
  • The scheme does not charge fees on transfer out of the scheme.
  • More information in scheme fees can be found on page 9 of the Ranfurly - Product Disclosure Statement
+ Is there a charge for making a withdrawal?

If you withdraw more than 25% of your UK Pension Transfer Accumulation or Other Contribution you will pay an early withdrawal fee of 3% of the amount withdrawn over 25% of your UK Pension Transfer Accumulation or Other Contribution less 1% for every complete 12 months you have been a Member of the Scheme. We may waive the early withdrawal fee in certain circumstances.