Page 29 Advertisements Column 2

Press, 24 October 1989, Page 29

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4 " 4,l ' ■■■' b s ' - ‘h'''' 1 t'C .■ x J i"J'"T ' t At'' *; /"' f -/■ ... ' 1,1 8,1 "l; 1 18 ' II 11 ' J *' 'i" li! ' "' l "' 1 ' lr ' 1 ' ''k fo l3 ?'*'- 1 ‘- ffl '" l 'g* - ' ■“‘■F i -H' l ■l l - 1 ' Hr, A! 1 il-lr 4 ! “l !■' J.' .-I ■... 1, j 7 e 31 7 ♦ NATIONAL PROVIDENT October 1989 AN IMPORTANT MESSAGE TO ALL NATIONAL PROVIDENT FUND MEMBERS In view of the recent publicity about DFC New Zealand Limited and some associated - misleading newspaper reports, we are writing to reassure you that the hinds you have invested in National Provident - and the benefits and pensions you derive from them - are completely secure. The facts are: First: Over half The Fund’s assets are invested in the lowest risk investments available - Government Stock and Local Authority Stock which is either guaranteed by the Government or underwritten by ratepayers. In addition, just under a quarter of assets are in Treasury Bills and Bank Bills. All these assets are clearly of a very nigh quality. Second: DFC represented approximately 5% of The Fund’s total asset portfolio of over $3 billion. None of DFC’s liabilities were guaranteed by National Provident. Furthermore, as you may be aware, National Provident is currently pursuing a claim against the Crown under warranties given by the Government when it sold DFC to National Provident. The claim centres on the National Provident Board’s view that the information provided in DFC’s accounts at the time of sale was not representative of DFC’s true financial position. Third: Because DFC formed part of The Fund’s equity portfolio, the losses associated with our investment in DFC shoukf be considered in the context of the overall performance of this equity portfolio. The gains from The Fund’s equity investment returns for the first six months of this financial year have in fact been substantial. Indeed, in the financial year to 30 September, 1989 - after fully writing off the investment in DFC - National Provident achieved, overall, an after-tax profit which is greater than the profit achieved in the previous full financial year. We will shortly be publishing The Fund’s half-year results and it will be clear to you from these that real benefits are now flowing from the hard work of restructuring over the last 18 months. Finally: As a member of National Provident you also have the security of knowing that your investment is covered by a Government guarantee. • f|j|gj * For defined contribution and cash accumulation-type schemes, the guarantee protects - f -. your capital (the amount you have contributed, together with accumulated interest) and guarantees that you will receive at least 4% (after tax) interest each year.. ♦ If you are a member of a defined benefit-type scheme, your benefits are also. guaranteed by the Government. ; Jih t There is no better guarantee available. f : These facts should clearly allay any concerns you may have about the security of your funds. ’ Should you have any questions, or if you wish to talk about this personally, please do not hesitate to contact your local National Provident office or call our toll free number - (0800)732-752. If you wish, we will arrange for a representative of The Fund to call on iyou. Z 7/ / - C\ f \ 'YV'j John Perham Paul Collins fS W Chief Executive Chairman : - h /- r ' . II 11l yi _ - j