SuperLife

Smartshares Limited (Smart) is the current Manager of SLUK. Smart has made a strategic decision to retire as the Manager and transition the management of SLUK to Lifetime Asset Management Limited (Lifetime), the manager of the specialist pension transfer Garrison Bridge Superannuation Scheme. This decision reflects Smart’s focus on streamlining its business and concentrating on its core offerings, while also fostering a valuable institutional relationship with Lifetime.

The transition is expected to provide additional value to SLUK members by improving the tax efficiency of the scheme and providing additional fund currency options following the transfer of your SLUK membership and investment to Garrison Bridge. Members’ fees will not increase and the cost of the change will not be applied to members.

SLUK investors don’t need to do anything at this stage.

• From 31 October 2025, Lifetime will manage SLUK and your investment will be moved into the new, simplified set of funds in SLUK.
• Lifetime will contact you before the proposed transfer to Garrison Bridge (Stage 2 after 31 October).
• Lifetime will contact you directly if you are in the Age Steps option, as this will be discontinued. Your current asset mix will be retained, but future automatic adjustments based on age will stop.

Public Trust (PT) acts as supervisor of SLUK and will continue to perform that role following the Completion Date (expected to be Friday, 31 October 2025) and Lifetime’s appointment as manager. PT holds all investments of SLUK on trust and will continue to do so following the Completion Date. PT also acts as the supervisor of Garrison Bridge and holds all its investments on trust.

The change of manager for SLUK will not impact the way in which PT holds SLUK’s investments.

If you are younger than age 55 today you could move to a different UK pension transfer scheme. You can find a list of New Zealand Qualifying Recognised Overseas Pension Scheme (QROPS) providers here: https://www.gov.uk/guidance/check-the-recognised-overseas-pension-schemes-notification-list#countries-m-to-r.

If you are older than age 55 you are no longer locked in SLUK and may choose to withdraw your funds, or move to a different scheme that is not a registered QROPS scheme provided that you have met the terms and conditions of release.

Note: Please tell us as soon as possible, before 24 October 2025, so we can process your request prior to the Completion Date and before Lifetime completes Stage 1 of the transition.

The annual fund fees you are currently paying will not change. They will be the same or lower.

The following is a summary of the new annual fund fees compared to the highest fund fee paid in each category of the current SLUK funds.

Lifetime will pay the transaction costs associated with establishing the new funds in SLUK and closing the current funds, not the members or SLUK.

Smart will start divesting the underlying investments in the current SLUK funds from Wednesday 29 October 2025 and your exposure to them will continue until this time.

The final valuation of the SLUK underlying funds will be calculated for Friday 31 October 2025 by Smart.

The transition to the new manager will take effect on Monday 3 November 2025, following which Lifetime will calculate and issue new unit prices reflecting the new fund compositions.

This means that your savings may be out of investment markets for a period of 2-4 days, until Lifetime completes its reinvestments into the new underlying funds. This is unavoidable as Lifetime transitions to the improved structure, but it is important that you understand that your investments will not be exposed to market movements during this transition.

Lifetime (as manager of SLUK) will communicate directly with you after 31 October 2025 to provide further details on Stage 2 which will take approximately three months to complete (Subject to FMA approval), after which SLUK will be wound up.

In the week prior to transition:

• From 24 October 2025, Smart will cease to process and hold SLUK contributions and withdrawals until after the Completion Date when Lifetime is appointed manager of SLUK.
• From 29 October 2025, the underlying investments held by the SLUK funds will be sold, and, after the Completion Date, will be reinvested in the newly established SLUK funds. There will be no other impacts through this period.

After transition, on or around 31 October 2025

• Lifetime will be the manager of SLUK.
• Your balance in SLUK will be invested into new funds in SLUK with new underlying fund manager(s).
• Contributions and withdrawals received and held after 24 October 2025 will start to be processed by Lifetime from 4 November 2025.
• Future correspondence will be sent to you by Lifetime as the manager of SLUK. No changes from you are required.
• Lifetime will be in touch with all the information required to complete Stage 2.

The table below sets out the current investment fund options, the new investment fund options and the new underlying fund manager.

Lifetime has selected a range of underlying fund managers in its investment suite, where all asset classes will be index-managed as they are in SLUK. The managers that Lifetime proposes to provide the underlying funds for the new SLUK funds to invest into are set out in the table above and include:

• Smartshares Limited
• Simplicity NZ Limited
• Kernel Wealth Limited

The NZD Cash Fund and GBP Cash Fund will be invested in Bank of New Zealand and Bank of China bank accounts in the relevant currency.

Lifetime will adopt a multi-manager model in respect of the SLU

For the SLUK diversified funds, Lifetime will use a combination of strategic asset allocations (based on long-term market views) plus an active tactical asset allocation overlay, which actively allocates funds between investment classes (based on shorter term market views). Lifetime has selected a range of underlying funds from third party managers in its investment suite. The asset allocation model and the funds selected by Lifetime will be managed under its investment governance and decision-making.

For members invested in the diversified funds, Lifetime has closely aligned the growth and income splits within its strategic asset allocations (within ± 5%) with SLUK’s current allocations.