What is Supervisor (Independent Trustee)?
The supervisor is an independent licensed entity that holds KiwiSaver scheme assets in trust for members and oversees the manager.
Detailed Explanation
Required under the Financial Markets Conduct Act 2013. The supervisor holds member assets separately from the manager's own assets, monitors compliance with the trust deed and SIPO, approves hardship and other discretionary withdrawals, and reports breaches to the FMA. If a manager fails, the supervisor appoints a replacement.
Example
Public Trust, Trustees Executors, and The New Zealand Guardian Trust are licensed supervisors of multiple KiwiSaver schemes.
Frequently Asked Questions
What if my provider goes bust?
Your assets are held by the supervisor, separate from the manager's balance sheet, and remain ring-fenced for members.