Statement of reasons

This notice extends the expiry date of the Securities Act (Works Superannuation Scheme) Exemption Notice 1999 ( “the principal notice”) from 31 October 2004 to 31 October 2009. This notice also corrects a minor error in the definition of eligible employee.

The Securities Commission considers it appropriate to grant an extension of the terms of the principal notice so that the exemption continues because—

• •the original offers of membership were made in accordance with the Superannuation Schemes Act 1989 and were not subject to the investment statement and prospectus requirements under the Securities Act 1978 at that stage; and

• •there is a relatively small number of employees in the Works Superannuation Scheme. Although the number of eligible employees that are likely to join the Works Superannuation Scheme is low, the exemption is still required for this limited number of potential eligible employees. Due to the small number of eligible employees the benefit that would be gained by an investment statement and prospectus would be out-weighed by the cost; and

• •the conditions of the exemption require that any eligible employees who wish to join the Works Superannuation Scheme receive information relevant to their investment decision.