The Global Asset Trust

The Global Asset Trust is a registered superannuation scheme. The scheme's principal activity is to engage in investment activities on behalf of its unit holders. The unit holders are the National Provident Fund (NPF) schemes for which the Board of Trustees of the National Provident Fund (the Board) is the Trustee. The board is also the Trustee of the Global Asset Trust.

The Global Asset Trust is divided into separate unit funds, representing various asset classes, which have issued units to the NPF schemes in accordance with their respective asset allocation strategies.

The investment assets of the Global Asset Trust are managed by specialist investment managers in accordance with investment mandates set and monitored by the Board.

JPMorgan Chase Bank, N.A. is the master custodian to the Global Asset Trust.

National Provident Fund Restructuring Act 1990

Included here are extracts from New Zealand legislation National Provident Fund Restructuring Act 1990.  containing the enactments of the global asset trust. We advise you to apply due diligence on the whole act in its entirety. 

Interim management of GAT subsidiaries which are unit trusts

National Provident Fund Restructuring Act 1990
Section 29
(1) The Crown (acting through the National Provident Fund Department) shall be deemed to have been appointed by the Board as manager of all of the administration of each GAT subsidiary which is a unit trust, and of the investments of each such GAT subsidiary, for the period commencing on the transfer day and ending with the day that is 3 months after the day on which either the Crown or the Board gives written notice to the other of termination of such management, or 31 March 1992, whichever is the earlier.
(2) The terms and conditions of such appointment (other than the period), including as to fees and expenses, shall be those agreed from time to time between the Crown and the Board.

Winding Up

National Provident Fund Restructuring Act 1990 Schedule 5 s2
Provisions to be included in trust deeds for DBP annuitants scheme and DBP contributors scheme

(2) Upon a winding up of the DBP annuitants scheme, the Crown shall pay into that scheme the amount necessary to increase the market value of the property of that scheme to the value it would have had if—

(a) property had been allocated to that scheme by the proposal in accordance with clause 4(10) of Schedule 2 but without the deduction of the amount of $230 million (or such other amount as may have been agreed between the Crown and the Board for the purposes of that subclause); and

(b) the investment of the property of the scheme had been appropriate to its liabilities; and

(c) subparagraphs (ii) and (iii) of clause 2(1)(a) applied,—
such assessment to be made by an actuary appointed by the Board and approved by the Crown.