Update on Proposed Policy Restructure – October 2023
- Published in Scheme News
Foundation Life and the third-party insurer have completed working through the Inland Revenue Department’s formal review process to address the unexpected tax classification issue. We are pleased to advise that the tax issue has now been resolved, which if the scheme is approved will deliver significant benefits to policyholders.
We are now finalising scheme details and the implementation timeline. The Appointed Actuary is compiling his scheme report, which will then be reviewed by the Independent Actuary, followed by the Reserve Bank of New Zealand.
Once all reviews are completed, we will seek approval from the High Court of New Zealand to send all eligible policyholders the scheme information pack incorporating full details, including how policyholders can vote. We expect the information pack to be posted, and scheme meeting held, in mid-2024.