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KiwiSaver 'bailout' complied with rules: Westpac
Thursday 1st of August 2013
In 2011, BT Funds Management invested KiwiSaver funds in Te Rau Aroha Longevity Trust (TRAL) notes to the value of $8.75 million, with a term of 10 years. The notes had a face value of $12 million.
They were designed to provide an income as people whose lives were insured died. The resulting payouts would also fund ongoing premiums. But the scheme hit trouble when that did not happ...
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