The investment service provided in accordance with Section 29 (1) (b) of the Public Trustee Act 1995 will be fully phased out over the period 1 July 2019 to 30 June 2021.
Customers that will be affected by this change have been advised in writing and are required to withdraw their funds by 30 June 2021.
Investors may withdraw all of their investment in an Investment Strategy at any time.
The minimum partial withdrawal is $1,000 and minimum remaining account balance must be $5,000 for beneficiary investors, and $20,000 for all other investors.
All withdrawal requests must be made in writing on the appropriate form, which can be downloaded here (docx, 217kb).
Proceeds of withdrawals from the Cash Investment Strategy of amounts less than $1 million will be available on the next business day (subject to the request for withdrawal being received by 12pm/noon).
Proceeds of amounts greater than $1 million from the Cash Investment Strategy may not be available for thirty days after the date of request.
For all other investment strategies, proceeds of withdrawals of amounts of less than $1 million may not be available until fifteen business days after the next exit day, which is currently the first day of each month. Proceeds of withdrawals of amounts greater than $1 million may not be available until the thirtieth business day after the next exit day.
Verification of customer identity requirements must be met prior to withdrawals being processed. This is commonly referred to as the 100 point identification check. Verification of identity is a requirement of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.