Public Trust
NAME OF THE ORGANISATION
"Public Trust" refers to the statutory corporation and Crown entity, Public Trust, constituted under the Public Trust Act 2001 (the PT Act).
ACTS ADMINISTERED
Public Trust is successor to the former Public Trust Office that was founded in 1872 to provide a stable, independent and impartial trustee. It is a major provider of trustee and related services.
Public Trust has administrative responsibility for the PT Act and the Howard Estate Act 1978.
FUNCTIONS AND RESPONSIBILITIES
A. Functions
Public Trust is a statutory corporation and Crown entity. Its principal functions as set out in the PT Act are to:
- Develop, promote, conduct or otherwise participate in the business of providing comprehensive estate management and administration services, including associated legal, financial, and other services; and
- Carry out, perform, or otherwise fulfil functions conferred on Public Trust by the PT Act or any other Act; and
- Carry out, perform, or otherwise fulfil other functions requested by the Minister Responsible for Public Trust (Responsible Minister), acting in agreement with the Minister of Finance, and agreed to by Public Trust; and
- Develop, promote, conduct, or otherwise participate in such other business as Public Trust determines with the approval of the Responsible Minister, acting in agreement with the Minister of Finance.
B. Objectives
The principal objective of Public Trust prescribed in the PT Act is to operate as an effective business and to that end:
- Be as efficient as comparable businesses that are not owned by the Crown; and
- Prudently manage its assets and liabilities; and
- Maintain financial viability in the long-term; and
- Be a good employer; and
- Be an organisation that exhibits a sense of social responsibility by having regard to the interests of the communities in which it operates.
C. Independence
Public Trust is required by the PT Act to act in an independent manner free from any direction or other instruction from its owner, the Crown, in managing or administering estates and in fulfilling any other fiduciary obligations.
D. Business and Statutory Activities
1. Those conferred on Public Trust by the PT Act
1.1. Wills
Advising on, making, accepting appointments as executor and trustee either alone or jointly.
1.2 Deceased estates, testate or intestate
Acting as executor, administrator or trustee either alone or jointly.
1.3 Family trusts
Advising on, making, establishing or accepting appointments as trustee.
1.4 Charitable trusts
Advising on, making, establishing or accepting appointments as trustee.
1.5 Other miscellaneous trusts
Advising on, making, establishing or accepting appointments as trustee.
1.6 Agencies
Making enduring powers of attorney or accepting appointment as acting
as agent for individuals or corporate entities over a wide range of
property/asset management related activities.
1.7 Funds management,br> Managing and promoting pooled investment schemes for internal (estate and trust) and external (public) customers.
1.8 Unclaimed property
Managing unclaimed property generally.
2. Those conferred on Public Trust by other legislation
2.1 Administration of specific missing or absentee owner property
2.1.1 Property Law Act 1952, Property Law Act 2007 (effective from 1 January 2008) – dealing with mortgages where owner is missing or unknown.
2.1.2 Rating Powers Act 1988 – dealing with surpluses where owner is missing or unknown.
2.1.3 Companies Act 1993 and Insolvency Act 1967 – dealing with surpluses and managing the Liquidation/Bankruptcy Surplus Accounts.
2.1.4 Public Works Act 1981 and Crown Minerals Act 1991 – representing missing owners and/or dealing with compensation on their behalf.
2.2. Regulatory
2.2.1
Insurance Companies Deposits Act 1953, Life Insurance Act 1908 and
Mutual Insurance Act 1955 – administering statutory deposits of
insurers.
Trustee Act 1956 – audit of trust management.
2.3 Incapacitated persons
2.3.1 Acting as property manager under Part 4 Protection of Personal and Property Rights Act 1988.
Holding managers performance bonds under section 37 Protection of Personal and Property Rights Act 1988.
Audit of property manager’s management or financial statements under
section 46 Protection of Personal and Property Rights Act 1988.
2.4 Guardian Trustee
2.4.1 Health and Disability Commissioner Act 1994, Human Rights Act 1993, Privacy Act 1993 and Part 9A Protection of Personal and Property Rights Act 1988 – managing awards of damages for minors or incapacitated persons.
2.4.2 Government Superannuation Act 1956 – managing benefits payable to minors.
2.4.3 Life Insurance Act 1908 – managing policy proceeds payable to minors.
2.4.4 Minors’ Contracts Act 1969 and the Family Proceedings Act 1980 – investigating contracts or agreements to which a minor is a party.
2.5 Trustee of last resort
2.5.1 Government Superannuation Act 1956 – managing benefits payable to deceased persons.
2.5.2 Trustee Act 1956 – appointment as substitute trustee where Court discharges an existing trustee.
2.5.3 Administration Act 1969 – appointment as administrator where executors neglect to obtain grant of administration.
2.5.4 Insolvency Act 1967 – appointment as administrator of insolvent estates.
2.5.5 Law Reform Act 1936 – acting as nominal defendant where insured dead and no grant of administration obtained.
2.6 Corporate trustee
2.6.1 Acting as trustee or supervisor under the Securities Act, the Superannuation Act and other legislation in respect of various publicly available investment schemes.
3. And associated legal, financial and other services.
STRUCTURE
Governance and Management
Public Trust is governed by a Board of between five and nine members appointed by the responsible minister acting with the agreement of the Minister of Finance. The Board is required to supervise or direct the management of the affairs of Public Trust.
The Chief Executive of Public Trust is appointed by the Board and may not be a member of the Board. The Chief Executive is responsible to the Board for the efficient and effective management of the affairs of Public Trust.
Operational Structure
There are four major components of the operational structure of Public Trust:
Sales and Service
This component is responsible for all Public Trust front office (sales and service) activities relating to private trusts and estates. It comprises a retail sales network of 35 Customer Centres throughout the country and a Call Centre in Christchurch.
Operations
This component is responsible for all Public Trust back office (administration) activities relating to private trusts and estates. It comprises three Service Centres situated in Auckland, Lower Hutt and Christchurch.
>Corporate Trusts
This component is responsible for all Public Trust activities relating to corporate trusts. It comprises teams situated in Wellington corporate office and in Auckland.
Corporate Trustee Services is responsible for providing management services to New Zealand Permanent Trustees Limited, its principal subsidiary.
Finance and Planning
This component is responsible for selected Public Trust activities relating to its support and functioning as a business entity. It comprises finance, information services, tax, funds administration and investment teams situated in corporate office.
In addition, there are separate, dedicated teams in corporate office responsible respectively for programme management, legal, compliance and risk management, secretarial, products and segments, information services, marketing and communications, human resources and internal audit.
RECORDS
Estates
Most correspondence and other papers relating to estates, trusts, agencies, Common Fund loans and the affairs of incapacitated persons are filed under the name of the person concerned.
Office Administration
A miscellaneous records system is maintained for the filing of miscellaneous correspondence dealing with the functions of the office as opposed to the individual estates, trusts, mortgages, etc. These records are kept primarily under the following headings called "Series":
Finance and budgets
Stores
Advertising and propaganda
Ministerial
Treasury Regulations
Acts, circulars, publications, reports
Forms and stationery
Premises
Cleaning
Telephones
Tax
Insurance
Fire appliances
Farm Supervision
Furniture and fittings
Legal
Marketing
Estate matters and wills deposit
Audit
Staff
Business Extension
Civil Defence
Loans, mortgages and securities
Management Systems
Motorcars, typewriters, and mechanical appliances
Information Systems
Interest
Statistics.
Financial Records
All records relating to budgets, forecasting, financial and management reports, fixed assets, revenue and capital expenditure, investments and tax are held in the corporate office in Wellington.
Accounting Management and Financial Records
Public Trust runs a centralised computer system and corporate office and the customer, call and service centres have access to online entry and enquiry facilities using a digital data network.
The computer system provides a national index of clients, administration and accounting for clients and corporate assets, asset management and monitoring, budgeting and statistical reporting.
Availability of Information to the Public
1. Statutory requirements regarding secrecy and confidentiality
Section 34 of the PT Act requires that every member of the Board of
Public Trust, every member of a Board appointed committee, and every
employee of Public Trust must:
- maintain and aid in maintaining the secrecy of all matters coming to his or her knowledge about the affairs of any estate under administration in Public Trust, or in relation to the affairs of any person concerned in any such estate, except
- as may be authorised by law or for the purpose of assisting to carry out the powers and functions of Public Trust or the member’s or employee’s own proper duties.
Accordingly, aside from the exceptions outlined above under no circumstances will information be disclosed about:
- wills of living persons, be discussed with or disclosed to any person other than the will maker;
- particular estates under administration, to inquirers other than beneficiaries.
Under the Privacy Act 1993, individuals have the right to request personal information about themselves held by Public Trust.
2. Where to direct enquiries for information
Information contained in:
- printed pamphlets available about Public Trust;
- the Directory required by section 18 Official Information Act 1982 in so far as it concerns Public Trust;
- the Public Trust Act 2001 or regulations made thereunder; and
- the annual reports, Statements of Intent and financial statements of Public Trust;
is available online at www.publictrust.co.nz, or on enquiry at or through Public Trust corporate office or any of its customer, call or service centres.
Information enquiries by will makers should be directed to the most convenient customer centre of Public Trust.
Information enquiries by persons having an interest in an estate administered by Public Trust should be directed to the most convenient customer centre or service centre of Public Trust.
Information required about other estate matters, or matters of a general nature concerning Public Trust other than in respect of employee matters, general statistics or the business of Public Trust itself, should be directed to the most convenient customer centre or service centre of Public Trust.
Any other information, and particularly that concerning employees, statistical matters or the business of Public Trust itself, should be directed to the corporate office of Public Trust.
3. How to request information
Information required should be
requested in writing. The Official Information Officer in corporate
office is the person most likely to be dealing with the request.
4. Official Information
Official Information within the meaning
of the Official Information Act 1982 does not include information held
by Public Trust:
as agent for a person or held for the sole purpose of safe custody on behalf of a person, or
in the capacity as a trustee or in any other fiduciary capacity.
When acting as a trustee or in any other fiduciary capacity, Public Trust therefore cannot be required to disclose under the provisions of the Official Information Act the reasons for making decisions in such capacity or personal information held about a person.
DOCUMENTS RELATING TO DECISION-MAKING PROCESSES
Public Trust has policies and procedures (referred to as Best Practice) to guide decision-making in the following areas:
- Help for Best Practice
- Accounting – Corporate
- Accounting – Customer
- Advances and Overdrafts
- Agencies – General
- Agencies – Investment
- Agencies – Personal Assist
- Agencies – Rental
- Agencies – Tax
- Charges and Other Fees
- Contract Acceptance and Review
- Conveyancing
- Customer Communication
- Customer Feedback
- Customer Management
- Dealing with Assets
- Dealing with Liabilities
- Deceased Estates Administration
- Delegations
- Document Management (DME)
- Document Safe Custody
- Enduring Powers of Attorney (EPA)
- Execution of Documents
- Insurance in Estates and Agencies
- Investment as Trustee
- Investment Funds in Public Trust
- Legislation Governing Public Trust Operations
- PPPR
- Pre-paid Estates Administration
- PT1
- Records Management
- Rental Property Management
- Sales and Service Reporting
- Small Estates and Trusts
- Social Responsibility (MOJO)
- Staff Benefits and Policies
- Statutory Functions Administration
- Tax
- Time Recording (TIME)
- Trusts
- Vantive
- Wills.
In addition, Public Trust has a Code of Conduct for employees.
CONTACT
Corporate Office
Mid City Tower
141 Willis Street
PO Box 5067
Wellington
Ph: (04) 978 4500
Fax: (04) 978 4460
Customer Centres
Botany
318 Ti Rakau Drive
PO Box 259 294
East Tamaki
Ph: (09) 534 3383
Fax: (09) 534 2836
Blenheim
Forum Building
Cnr of Queen and High Streets
Box 40
Blenheim
Ph: (03) 578 4189
Fax: (03) 984 3010
Christchurch Central
Chas Luney Building
Cnr Manchester & Armagh Streets
Box 13846
Christchurch
Ph: 0800 371 471
Fax: (03) 977 3770
Dunedin
Cnr Moray Place and Filleul Street
Box 5815
Dunedin
Ph: (03) 955 3724
Fax: (03) 955 3730
Gisborne
Ground Floor, Rockforte Tower
Grey Street
Box 340
Gisborne
Ph: (06) 867 6899
Fax: (06) 868 5093
Greymouth
Cnr Mawhera Quay and Tainui Street
Box 367
Greymouth
Ph: (03) 906 053
Fax: (03) 768 4088
Hamilton
354 Victoria Street
Box 429
Hamilton
Ph: (07) 834 6700
Fax: (07) 834 6701
Hastings
301 North Karamu Road
Box 249
Hastings
Ph: 0800 371 471
Fax: (06) 974 6230
Hawera
Unit D, Princes Court Complex
Box 445
Hawera
Ph: (06) 278 4052
Fax (06) 902 2150
Henderson
6 Alderman Drive
Box 21359
Henderson
Ph: 0800 371 471
Fax: (09) 836 9119
Invercargill
28 Don Street
Box 831
Invercargill
Ph: (03) 218 7359
Fax: (03) 948 3720
Kapiti
Coastlands Shoppingtown
Box 254
Paraparaumu
Ph: 0800 371 471
Fax: (04) 904 4383
Levin
Cnr Oxford & Bath Streets
Box 45
Levin
Ph: (06) 368 8214
Fax: (06) 949 6170
Lower Hutt
40–42 Queens Drive
PO Box 30743
Lower Hutt
Ph: (04) 978 4800
Fax: (04) 978 4938
Manukau City
NZI House
Cnr Osterley & Putney Ways
Box 76275
Manukau City
Ph: (09) 985 5346
Fax: (09) 985 5570
Masterton
Cnr Chapel & Perry Streets
Box 16
Masterton
Ph: (06) 377 4079
Fax: (06) 377 5630
Napier
136 Hastings Street
Box 244
Napier
Ph: (06) 835 3313
Fax: (06) 835 8348
Nelson
9 Buxton Square
Box 441
Nelson
Ph: (03) 548 8324
Fax: (03) 546 8956
New Plymouth
24 Currie Street
Box 648
New Plymouth
Ph: 0800 371 471
Fax: (06) 968 6160
Orewa
7 Tamariki Avenue
Box 288
Orewa
Ph: (09) 904 4084
Fax: (09) 427 9340
Palmerston North
4 The Square
Box 1041
Palmerston North
Ph: (06) 357 9033
Fax: (06) 952 6390
Porirua
Unit 5, Kilkerran Place
Box 50142
Porirua
Ph: (04) 978 4682
Fax: (04) 237 5830
Pukekohe
3 Hall Street
Box 26
Pukekohe
Ph: (09) 237 1104
Fax: (09) 237 1105
Rotorua
1261 Hinemoa Street
Box 1540
Rotorua
Ph: (07) 348 4061
Fax: (07) 349 2316
Takapuna
Cnr Lake & Huron Streets
Box 33046
Takapuna
Ph: (09) 985 5322
Fax: (09) 985 5440
Taupo
40 Tamamutu Street
Box 441
Taupo
Ph: (07) 378 6654
Fax: (07) 378 6212
Tauranga
69 Spring Street
Box 13245
Tauranga
Ph: (07) 927 7075
Fax: (07) 927 7030
Thames
459 Pollen Street
Box 15
Thames
Ph: (07) 868 6580
Fax: (07) 868 6222
Timaru
25–33 Canon Street
Box 559
Timaru
Ph: (03) 956 3732
Fax: (03) 956 3740
Upper Hutt
2 Gibbons Street
Box 40344
Upper Hutt
Ph: (04) 527 8900
Fax: (04) 939 9170
Wanaka
Albove Selectrix
Plantation Road
Wanaka
Ph: 0800 371 471
Fax: (04) 443 5278
Wanganui
88 Victoria Avenue
Box 234
Wanganui
Ph: (06) 348 9429
Fax: (06) 348 9435
Wellington
117–125 Lambton Quay
Box 5024
Wellington
Ph: (04) 978 4648
Fax: (04) 978 4640
Whakatane
Cnr The Strand & Richardson Street
Box 104
Whakatane
Ph: (07) 308 8755
Fax: (07) 308 5625
Whangarei
92 Bank Street
Box 642
Whangarei
Ph: (09) 438 2919
Fax: (09) 430 8337
Service Centres
Central Service Centre
40–42 Queens Drive
PO Box 30743
Lower Hutt
Ph: (04) 978 4800
Fax: (04) 978 4938
Northern Service Centre
323 Great South Road
Private Bag 17906
Greenlane
Auckland
Ph: (09) 526 2450
Fax: (09) 525 3113
Southern Service Centre
Level 3, 218 Manchester Street
PO Box 4549
Christchurch
Ph: 0800 371 471
Fax: (03) 364 8444
Call Centre
Level 2
Ernst and Young Building
Cambridge Terrace
PO Box 13853
Christchurch
Ph: 0800 371 471
Fax: 0800 364 8442
