Changes to the Fidelity Life commission report - clarification

[ Tuesday, 27 July 2010 ]

Changes to the Fidelity Life commission report - clarification
Clarification on KiwiSaver Commission Writeback



Changes to the Fidelity Life commission report - clarification

The KiwiSaver Finder's Fee writeback, referred to in yesterday's Marketing Flash, will apply to transfer outs occurring after 27 July 2010, where the member has been a Fidelity KiwiSaver Member for less than 12 months.

The writeback will be 100% of the finders fee paid if the KiwiSaver member transfers to another provider. This is a standard provision of our agency agreement, but the writeback policy on KiwiSaver has not been implemented previously. Due to the recent trend in the market for large blocks of business to switch providers we feel that this is a necessary measure.

Members that have reached maturity, permanently emigrated, died or closed due to serious illness will not generate a writeback.

Fidelity Life remains confident that with its stellar fund performance, unique Capital Guaranteed Kiwi Fund, and outstanding growth in Fidelity KiwiSaver members, very few members have any reason to switch to another provider.

Yvonne Williams
Manager KiwiSaver



27 July 2010

This email was sent by Fidelity Life Assurance Company Limited, 81 Carlton Gore Road, Newmarket, Auckland 1023.
While Fidelity Life Assurance Company Limited (Fidelity Life) has made its best endeavours to ensure the information in this Marketing Flash is accurate, neither Fidelity Life nor any company or person associated with the document takes any responsibility for any incorrect or outdated information contained herein or for actions taken as a result.  In preparing the email, the author has not taken any individual investor's personal circumstances into account and this email should not be relied upon as the basis for an investment decision.  This email is intended for Fidelity Life advisers only and is not to be distributed to members of the public.  This email is not a recommendation or an offer of securities under the Securities Act 1978.  Investments will be accepted only on the application form in the investment statement, a copy of which can be obtained free of charge from Fidelity Life. No part of this email can be copied or reproduced without the prior permission of Fidelity Life.
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