grosvenor investment management limited nz

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Grosvenor investment management limited nz

The Scheme is governed by a consolidated Trust Deed dated 1 July as amended from time to time. Issuer and Manager of the Scheme. The Manager is a wholly-owned subsidiary of Grosvenor Financial Services Group Limited and is responsible for undertaking the investment management and administration of the Scheme. The address of the Manager is:.

PO Box 11 Wellington Directors of the Manager are:. David Ian Beattie, Wellington. Further information. David Ian Beattie. Mr Beattie is an alternate director for Allan Yeo of the Manager. Mr Beattie is also an alternate director for Allan Yeo of the Promoter.

Peter Douglas Cave. Mr Cave is a director of the Manager. Paul Gerard Foley. Mr Foley is the Chairman of the board of directors of the Manager. Mr Foley is an independent director. Milton John Jennings. BCom, CA. Mr Jennings is a director of the Manager. Mr Jennings is also a director of the Promoter. Established in , Fidelity Life is the largest New Zealand owned life insurance company with six offices and over employees.

He is the longest serving CEO in the local life insurance industry and longest serving director on the Board of the Financial Services Council. Murray Alexander McCaw. AMP Harvard. Mr McCaw is a director of the Manager. Mr McCaw is an independent director. Claire Francis McGowan. Dr McGowan is a director of the Manager. Dr McGowan is an independent director. Her research training was in molecular microbiology and her MBA project in risk management, with her focus on technology commercialisation and investment.

Dr McGowan has experience in the New Zealand. Allan Seng Tong Yeo. Mr Yeo is the Managing Director of the Manager. The directors can be contacted at the office of the Manager as detailed on the previous page. The address of the Manager may change from time to time. Please contact the Manager for the current address.

The directors of the Manager and their addresses may change from time to time. Please contact the Manager for the current names and addresses. The Promoter. The Promoter is the ultimate parent company of the Manager. The address of the Promoter is:. Directors of the Promoter are:. The directors of the Promoter can be contacted at the office of the Promoter as detailed above. The address of the Promoter may change from time to time.

Please contact the Promoter for the current address. The directors of the Promoter and their addresses may change from time to time. Please contact the Promoter for the current names and addresses. The Trustee. The trustee of the Scheme is Public Trust Trustee. The address of the Trustee is:. Public Trust Level 5. PO Box Lower Hutt The Trustee has been granted a licence under.

The Manager has provided a guarantee to Public Trust for the benefit of each unit holder in the Capital Guaranteed Fund. For more detail in respect of the guarantee, see pages Responsible investment, including environmental, social, and governance considerations, is taken into account in the investment policies and procedures of the Scheme as at the date of this investment statement.

You can obtain an explanation of the extent to which responsible investment is taken. The KiwiSaver Act requires. If you have been automatically enrolled into KiwiSaver when starting a new job and you wish to opt out, you have eight weeks from the date you start a new job, unless you were already a member of KiwiSaver before starting your new job.

Salary or wages includes any bonuses, commissions, gratuities, overtime or other remuneration paid through the PAYE system, but does not include redundancy payments, certain grants and pensions, or overseas living costs paid by your employer. You are entitled to make voluntary contributions as well. If you want to make contributions other than by the PAYE system, see page Your employer is obliged to make deductions from your salary or wages at the rate you select when you join the Scheme.

You can elect to change your. The compulsory employer contributions will vest immediately. Your employer may choose to make other contributions. You can transfer in money from other superannuation schemes. Other people can make contributions to the Scheme on your behalf. For the first three months after you join the Scheme, your contributions and any employer contributions will be held by Inland Revenue before they are passed on to the Scheme.

While the contributions are held by Inland Revenue, Inland Revenue will pay you interest on the contributions unless you notify them that you do not wish to receive interest. Once the three month period has ended, these contributions will be paid to the Scheme. If you are self-employed, any payments may be made directly to the Scheme. All contributions will be credited to your member account. Scheme before deciding whether to join.

If your existing savings scheme is a complying superannuation fund under the KiwiSaver Act, the benefits and rules may. If your employer already makes contributions to your existing complying superannuation fund, this may affect the amount of.

If your employer is currently contributing to your existing. Member Contributions. Your employer will deduct your regular contributions from your after tax salary or wages each pay day. If you have more than one job when you join KiwiSaver for the first time, you can choose which jobs you wish to contribute from. This could be one or more of your jobs. However, if you start a second job after you have joined KiwiSaver, you will need to contribute from both. If you wish, you can make voluntary contributions over and above your selected contribution by making additional lump sum payments from time to time.

You may also make additional payments or contributions if you are not earning salary or wages. Any additional payments may be made by a bill payment through internet banking or paid through Inland Revenue. You can also make regular deposits into the Scheme by completing the direct debit authority form attached to this investment statement. Your regular contribution will be deducted from your nominated bank account on the date selected in the direct debit authority form.

In this case, your employer may also stop their contribution. UK Pension Transfers. Trustee and the Manager do not take any responsibility regarding the suitability or otherwise of such a transfer. Employer Contributions. Any contributions made by your employer will also pass to Inland Revenue for the first three months of your membership before being paid to the Scheme.

You may also, with the agreement of your employer, enter into a salary sacrifice arrangement whereby you agree to contribute an additional percentage of your salary to the Scheme. Government Contributions. However, these credits will not be available to you if you:.

New Zealand ; or. You will receive a member tax credit based on the number of days in the year that you were eligible. The Manager will apply for the member tax credit on your behalf once a year. You will not have to do anything. If you belong to the Scheme and another superannuation scheme which is a complying superannuation fund,. Any remaining member tax credit entitlement will be paid to the other scheme when it applies. As a member of the Scheme, you are charged fees to cover the cost of ongoing management.

Detailed below are the fees and charges that may be charged by the Manager and the Trustee. These fees and charges will affect your investment returns. Information on any such variation will be contained in the supplement available from your employer. The Manager reserves the right to make fee rebates to members where it considers it appropriate to.

Any applicable rebates will be credited to your member account. Member Fee. If you have all your money fully invested in the Default Saver Fund since you joined the Scheme, you will pay no member fee unless the balance of your. This fee is deducted from your member account. Annual Management Fee.

This fee differs between Funds and is set out below. This fee is calculated daily as a percentage of the net asset value of each Fund and deducted each month. This fee is deducted from each Fund and,. The fee comprises fees payable to the Manager for providing investment management and administration services, the fee payable to the Trustee for providing.

Asset Class Conservative. Socially Responsible Investment Balanced. Socially Responsible. Investment Growth Fund. Trans-Tasman Small. Companies Share Fund. Performance Fee Options Fund only. A performance fee may apply to the Options Fund. This fee is deducted from the Options Fund and, as a result, reduces the unit price of the Options Fund. Gearing Fee Geared Growth Fund only. This fee is calculated daily as a percentage of the geared component of the Geared Growth Fund and deducted each month.

Foreign Exchange Facilitation Fee. Up to 0. This fee is deducted from each Fund and, as a result, reduces the unit price of each Fund. Account Closure Fee. If you have all your money fully invested in the Default Saver Fund since you joined the Scheme, you will pay no account closure fee. Changes to fees. Subject to the KiwiSaver Act, the Superannuation Schemes Act , the Trust Deed and the Instrument of Appointment, these fees may be increased at any time by the Manager, provided the Manager obtains consent of every member of the Scheme who would be adversely affected by the fee increase.

The Financial Markets Authority must be satisfied that any fee charged is reasonable. Other costs and charges. The Trustee is entitled to be reimbursed by the Manager for non-regular and extraordinary costs, expenses and liabilities relating to the Default Saver Fund incurred by it in acting as the trustee of the. There is currently no fee for switching or changing Funds, but we reserve the right to charge such a fee in the future. Goods and Services Tax. Under current law, some fees are wholly.

If GST should be or become payable on any of the fees, then this will be added to the fees stated. Returns from the Scheme are normally in the form of retirement benefits, with access to your funds restricted until you reach the age specified in the KiwiSaver Act except in limited circumstances. The returns you receive on your investment are reflected in the movement in the unit price for the Fund s you are invested in.

The unit price is determined by the value of the underlying assets of the Fund in which you have invested less. Returns paid to you will be adjusted for tax payable or tax rebates by automatically cashing up or issuing units in the relevant Fund on an annual basis or on a full exit. Income to the Fund s you invest in will be allocated to your member account daily. Returns on the Funds are not quantifiable in advance of when you can access them.

The amount you receive will be determined, among other things, by the amount you invest, the length of time for which you invest and the change in value of the Fund s you invest in. There is no fixed date on which the returns become payable. The Manager is the person legally liable to pay returns to you.

Withdrawals may be suspended in some circumstances. They may be suspended for up to 90 days if the Manager believes that allowing. The Trustee may agree to extend that suspension beyond 90 days. See pages 44 to 45 for further information and conditions. Returns from the Scheme are not due and payable on a particular date or with a particular frequency. The Manager has provided a guarantee to the Trustee for the benefit of members who hold units in the Capital Guaranteed Fund that:.

Capital Guaranteed Fund on the date the Capital Guaranteed Fund is terminated will not be less than the unit price of the Capital Guaranteed Fund on the immediately preceding 31 March,. If you invest in the Capital Guaranteed Fund prior to 1 April in a year subsequent to at a unit price greater than the unit price of the Capital Guaranteed Fund on 31 March in the preceding year, the amount greater than the unit price of the Capital Guaranteed Fund on 31 March in the preceding year is not protected by the guarantee.

The guarantee is not secured by a mortgage or other charge. The Manager is required to give effect to its obligations under the guarantee by transferring into the Scheme for the Capital Guaranteed Fund. The investment assets transferred must be authorised investments for the Capital Guaranteed Fund and will be valued in accordance with the valuation methodology set out in the.

Trust Deed. There are certain limitations on the guarantee. This could be caused by a further deterioration in the value. The Manager reserves the right:. Withdrawal of benefits on 31 March If you are entitled to receive benefits from the Scheme see pages 42 to 43 , you may withdraw from the Capital Guaranteed Fund on 31 March by advising the Manager on or before 5. If you withdraw from the Capital Guaranteed Fund on a date other.

Withdrawal of benefits on 31 March in each year subsequent to If you are entitled to receive benefits from the Scheme see pages 42 to 43 , you may withdraw from the Capital Guaranteed Fund on 31 March in each. By withdrawing from the Capital Guaranteed Fund on 31 March, you ensure. If you withdraw from the Capital Guaranteed Fund on a date other than 31 March in any year, you cannot be sure that the unit price you receive will not be less than the unit price on 31 March in the preceding year.

Switching to another Fund on 31 March By switching from the Capital Guaranteed Fund on 31 March , you ensure that the unit price you. Switching to another Fund on 31 March in each year subsequent to You may switch from the Capital Guaranteed Fund to another Fund in the Scheme on 31 March in each year subsequent to by advising the Manager on or before 5.

By switching from the Capital Guaranteed Fund on 31 March, you ensure that the unit price you receive will be not less than the unit. If you switch from the Capital Guaranteed Fund to another Fund. Transfers to another KiwiSaver scheme on 31 March As the Manager is unable to control when it receives a request to transfer from another KiwiSaver scheme provider in respect of a member, such requests may not be received and processed on 31 March Transfers to another KiwiSaver scheme in each year subsequent to As the Manager is unable to control when it receives a request to transfer from another KiwiSaver scheme provider in respect of a Member, such requests may not be received and processed on 31 March.

In such circumstances, you cannot be sure that the unit price you receive will be not less than the unit price on. This position will change over time. The Manager does not give any commitment to maintain net assets of any specified amount. The latest financial statements of the Manager are available on the Companies Office website: www. At the date of this investment statement, none of the Government the Crown , the Manager, the Trustee, or any director, board member or nominee of any.

The information in this section is intended as general guidance only and is based on legislation in effect as at the date of this investment statement. It is recommended that you seek professional tax advice regarding your individual circumstances, or to clarify any of the following, prior to investing. Neither the Trustee nor the Manager accepts any responsibility for the taxation consequences of your investment. Under the PIE regime, taxable income earned by the Scheme will be attributed to members in accordance with their interest in the overall Scheme.

The income attributed to you will be taxed at the rate you notify the Manager as your prescribed investor rate PIR. See page 52 for information on how to calculate your PIR. We will seek confirmation of your PIR from you on an annual basis. Members will also be able to advise the Manager of their PIR at any time, including when it changes, by contacting the Manager. Tax on all Funds will be deducted and paid at least once a year, based on your PIR.

The Manager will pay the tax liability applicable to you by using the assets of the Fund and will cancel a number of units held in each Fund, the value of which equals the tax liability. Generally, provided that you have advised the Manager of a valid IRD number and correct PIR, tax paid by the Manager on income attributed to you will be a final tax and does not have to be included in your income tax return. Additionally, the income attributed to members by the Scheme will not have an impact on family assistance eligibility, student loan repayment obligations and child support obligations.

If you advise an incorrect PIR, you may either owe tax which will need to be included in your tax return, or over-pay tax, which will not be refunded. So please ensure it is correct! Taxable income, deductible expenses and tax credits attributable to you will be attributed in proportion to your holdings on a daily basis, with tax payable by the Scheme at your PIR. The amount of tax payable by the Scheme is the total of the tax liability of all members in the Funds. Where more New Zealand tax credits are attributed to you than are required to meet your tax liability in respect of your attributed income or where a net loss is attributed to you for tax purposes, the.

Scheme will, if entitled to do so, claim a tax credit from Inland Revenue on your behalf and credit this to you by the issue of additional units. The Manager reserves the right to redeem units to provide for your proportionate share of tax liabilities at. Where possible, the Manager can claim tax deductions in respect of the fees and any other costs, charges or expenses to the extent permitted under the tax legislation.

These fees will be allocated to each member based on their holdings and are deductible in calculating your tax liability as above. Withdrawal to pay tax liability arising on transfer of foreign superannuation. Recently passed legislation changes the tax treatment of interests in foreign superannuation schemes held by New Zealand residents. The changes applied.

Under the new rules, a tax liability will arise when a lump sum payment from a foreign superannuation scheme is withdrawn, which will include where there has been a transfer to a New Zealand or Australian scheme. The KiwiSaver Act has been amended to expand the category of permitted withdrawals. If a person transfers money from their foreign superannuation. A withdrawal may also be permitted where student loan repayment obligations arise following.

An application. You should seek independent advice as to how the changes will affect the tax treatment of any interests you hold in foreign superannuation schemes and any transfers of money from such schemes. This section contains a summary of the principal risks that the money that you have contributed to the Scheme, or which has been contributed on your behalf, may not be recovered in full. The nature of the risks involved and their effect on your savings in the Scheme will vary according to the Funds selected.

However, there are also some risks which affect the Scheme generally, irrespective of which Funds you select. Some risks are more significant than others. The most important risks for you to understand fall into the following categories:.

Inappropriate fund risk. It is important that you invest in the Funds most suited to you. Investing in the wrong Fund can have a significant impact on your savings. If you invest in Funds that are too low risk for your financial situation and risk appetite, the return on your investments many fall short of your goal. If you invest in Funds that are too high risk for your financial situation and risk appetite, market volatility may be more than.

There are a number of factors you should take into account when selecting the appropriate Funds for you. You should talk to a financial adviser about your financial situation and risk appetite. Investment market risk. If the investments in which the Funds are invested do not perform well, your returns may be less than you were expecting and you could potentially receive. There are a number of investment-related risks that can cause the value of your investments to fall, including:.

This will have a greater impact on Funds with higher exposure to fixed interest securities;. This will have a greater impact on Funds with a higher exposure to shares; and. This will have a greater impact on Funds with higher exposure to corporate bonds or other fixed interest securities. Manager risk. The Manager has in place systems to manage investment management risks. In particular:. In addition, the currency risk policies and expertise of all external fund managers are checked before their appointment and monitored regularly;.

The Manager also actively changes the average maturity of. The Manager also appoints external fund managers to manage some of the share asset classes where it believes this complements in-house investment specialists. Diversification ensures that no single market or company has too great an impact on a Fund should its share price fall significantly; and. The Manager also applies minimum credit risk criteria when selecting appropriate fixed interest securities for the Funds.

There is, however, a risk that the Manager does not adequately manage the investment management risks set out above. Regulatory risk. There is the risk that future changes to the law. In addition to legislative changes in New Zealand, there is also a risk that money transferred in from occupational or personal pension plans in the UK may be at risk of unexpected UK tax liability on withdrawal from the Scheme.

Any UK tax liability is the responsibility of the member and not the Scheme. Tax risk. There is a risk of the Manager either over or underpaying tax on your behalf as a result of you providing the Manager with the wrong PIR or not advising the Manager to change that rate.

In the event of an underpayment of tax, you will be obliged to pay additional tax and potentially penalties or interest to Inland Revenue. In the event of an overpayment of tax, you will not be able to receive a refund of the overpayment of tax. Other risks.

There are other risks which may affect your savings, although these are less significant than the risks described above. These include:. The Manager manages this risk, in conjunction with the Trustee, by treating the assets and liabilities of each Fund as separate and independent from the assets and liabilities of every other Fund. However, in the unlikely event that the assets of one Fund within the Scheme are insufficient to meet the liabilities attributable to that Fund, those liabilities other than any liabilities to a member will be met from the assets of the other Funds in the Scheme.

Such allocation to meet the liabilities will be in such equitable manner as the Manager, with the approval of the Trustee, sees fit; and. Specific risks. In addition to the general risks summarised above, the following specific risks apply to certain Funds offered within the Scheme and to the Life Phases investment process:. Capital Guaranteed Fund risk. The following risks apply to the Capital Guaranteed Fund:. The Manager manages the risks involved in the Capital Guaranteed Fund by employing a relatively conservative investment strategy which has been designed to control the extent to which adverse market movements might give rise to the Manager being required to transfer assets into the Capital Guarantee Fund to ensure the guaranteed price as at 31 March.

The Manager will also alter the strategy during any year depending upon the extent to which markets move the underlying unit price up or down during the year. The Manager is unable to control the risk that an individual member switches investments out of the Capital Guaranteed Fund or withdraws their benefits during the year at a price which may be lower than the guarantee price, but the conservative strategy does somewhat limit the extent to which this may be significant.

Geared Growth Fund risk. The Geared Growth Fund is designed to enable long- term savers to gain the benefits of a leveraged or geared exposure to a portfolio of growth assets e. Gearing simply means borrowing money to invest. The Geared Growth Fund provides you with the potential for increased capital gains over the long- term, by increasing the effective size of your invested funds through the purchase of additional investments with borrowed funds.

As long as the net gains from. Gearing is considered to be an effective long-term strategy because research has shown that over the long-term, growth oriented investments can deliver the higher potential returns required. The risks associated with gearing make it unsuitable for some savers. In particular, the following risks apply to the Geared Growth Fund:. This may affect the benefits of gearing and the Manager will take this into account when setting the gearing ratio.

As a guide, the Manager will aim to limit the amount of borrowing such that total net borrowing costs do not exceed total net income earnings;. These investments will be volatile over short-term periods and this volatility is magnified through gearing; and. It is important to note that although gearing has the potential to. Investor balance. Gearing ratio. Amount borrowed for example. Total investments held by the Fund.

Value of investment held by the Fund. Loan outstanding. The following table provides an example:. Options Fund risk. The Options Fund is a high risk fund which uses an alternative investment strategy investing in funds that use options derivative contracts to generate excess return premiums over and above the return on the underlying fixed interest securities in which the funds invest.

These options contracts are based on movements in Government bond interest rates. If the 10 year bond rate of the relevant Government moves by more than a predefined margin this margin is specific to each option contract , the funds in which the Options Fund invests must pay out on the options contracts they have entered into.

If the movement in the bond rates is significant, the funds in which the Options Fund invests may be required to pay out a substantial sum and therefore the value of the units in the Options Fund will go down. More recently, in August , the Tyndall Options Fund declined in. Significant losses can therefore happen quickly and unexpectedly. Whilst over the medium to long-term the Options Fund is expected to deliver positive excess returns above average interest rate generating securities, it is not suited to investors who are.

You should therefore seek advice from a financial adviser regarding whether the Options Fund is appropriate for you and, if so, what proportion of your investment should be in the Options Fund. The Manager manages the risks involved in the Options Fund by:. This means that the exposure of the Options Fund to the downside of that gearing and use of derivatives is limited to the amount they have each invested in those underlying funds.

Life Phases risk. If at the date of the Life Phases Reallocation the value of the Fund s that you are invested in has decreased due to market movements, the reallocation process may result in a reduced likelihood of this market value decline being recovered if at all. This is because the Life Phases Reallocation switches fund balances into more conservative investments over time. Historically, conservative investments have tended to produce lower returns than growth-orientated investments.

However, your personal circumstances will change over time and these changes could result in the Life Phases asset allocation not providing a level of risk appropriate. Further information in respect of your risks is set out in the current registered prospectus for the Scheme.

Could I receive less than I invested? On termination of your investment you would receive less than you invested if:. The operation of the Geared Growth Fund could result in the liabilities and expenses exceeding the assets of that Fund. Although this is highly unlikely to occur in practice, the impact of this risk on members of other Funds is described as segregation risk on page What happens if I go bankrupt? If you become bankrupt, the Official Assignee may, in some circumstances, use all or part of your funds to help pay your debts.

Consequences of Insolvency. If the Scheme became insolvent, you would not be liable to any person, other than for payments, fees or taxes payable before the insolvency. Winding up of the Scheme. If the Scheme is wound up or put into liquidation, the following claims will rank ahead of claims by members of the Scheme:.

After allowing for the above, the remaining assets. You can make changes to your investment. You may:. Contributions Holiday. At any time after 12 months from the date Inland Revenue or the KiwiSaver scheme provider received your initial contribution, or the date you first became a member of a complying superannuation fund, you may apply to Inland Revenue to suspend your contributions for any reason.

This contributions holiday is for a minimum of three months and a maximum of five years. If you are suffering, or likely to suffer financial hardship, you can apply to Inland Revenue for a contributions holiday at any time. A contributions holiday granted under this arrangement will be for a period of three months, unless Inland Revenue agrees to a longer period.

Other Alterations. Subject to the KiwiSaver Act, the Superannuation Schemes Act , the Trust Deed and the Instrument of Appointment, the Manager may increase the fees charged to cover the cost of ongoing management of the Scheme, provided the Manager obtains consent of every member of the Scheme who would be adversely affected by the fee increase. Amendments may be made to the Trust Deed governing the Scheme.

The Trust Deed can be altered by the Trustee and the Manager. However, no amendment may be made in contravention of the. The Manager may establish new Funds and wind up any or all of the existing Funds subject to the provisions of the Trust Deed and the Instrument of Appointment.

Certain aspects of. If the legislation changes, this may impact on the Scheme, including changes in the amount you are required to contribute to the Scheme. The Scheme could be wound up. The plan applicable to your employer can be wound up if:.

Should this happen your funds can be retained in the Scheme, or may be transferred to another KiwiSaver scheme. The Scheme is designed to provide you with benefits on retirement. For this reason, there are restrictions on access to your funds. Retirement Benefit. You are entitled to access your funds on the date that you reach the qualification age for New Zealand Superannuation currently 65 and have been in. KiwiSaver for five years.

At that time you may receive a lump sum equivalent to the amount of your investment. You can also elect to retain your funds in the Scheme and will be entitled to make withdrawals as you elect, subject to any minimums imposed by the Manager from time to time for withdrawals. The Manager.

The Manager may waive or vary the minimum amounts for withdrawals at any time. You may also elect to transfer to another Grosvenor product. How can I access my funds other than as a Retirement Benefit? First Home Withdrawal. You may make a withdrawal to purchase your first home. In certain circumstances, if you have owned a home before, you may still be entitled to make such a withdrawal if you can satisfy Housing New Zealand that your financial position is the same as a person who has never owned a home.

If you are applying to. You will be entitled to withdraw an amount equal to your own contributions and your employer. You may only request a first home withdrawal after you have been a member of one or more KiwiSaver schemes for at least three years or at least three years have expired after Inland Revenue received your first contribution. The payment will be made. The funds will then be paid to your solicitor.

This withdrawal is not available for subsequent homes other than in the circumstances described above and must be for your primary residence. The Government may also provide a contribution. You will be eligible for this subsidy if you meet certain criteria, including have contributed at least the minimum percentage to a KiwiSaver scheme for at least three years does. Income and house price caps apply. Additional criteria may be imposed in the future.

To be eligible, Housing New Zealand will need to determine that you are. Significant Financial Hardship or Serious Illness. If you suffer from significant financial hardship as defined in the KiwiSaver Act, the Trustee may pay you an amount equal to your own contributions, your employer contributions and any investment returns. The Trustee will only. A withdrawal can also be made if you suffer from.

Proof will be required for a withdrawal for significant financial hardship, including a statutory declaration in respect of your assets and liabilities. For a withdrawal for serious illness, medical evidence will be required. Permanent Emigration. At any time after you have permanently emigrated to a country other than Australia, you may apply to have. You will not receive the amount of your member. If you permanently emigrate to Australia, you will be able to transfer an amount equal to your.

We will require a statutory declaration, together with satisfactory proof, that you have permanently emigrated. What happens if I leave my employer? If you leave your employer, you will remain in the Scheme unless you elect to transfer your funds to another KiwiSaver scheme. You will have to provide any new employer with a deduction notice relating to the Scheme as soon as practicable after you start with the new employer.

How do I opt out of the Scheme? You can opt out of the Scheme if you are automatically enrolled, provided you do so between the 13th. This period may be extended by Inland Revenue in some circumstances. Inland Revenue will pay you the amount of any contributions made by you. What happens if I die?

The Manager will pay to your legal or personal representatives or certain other persons in limited circumstances an amount equal to your account balance with any tax and fees deducted where applicable. Accidental Death Benefit.

The Scheme offers through an Accidental Death Benefit Policy provided by Grosvenor Assurance Limited an accidental death benefit to members who pay the standard member fee. This payment is only available if, at the date of death, the member was making regular contributions, is 18 years of age or over and is under the age of eligibility for New Zealand Superannuation currently The premium for the insurance is paid for by the Manager. The Manager reserves the right to withdraw this offer at its discretion after giving due notice to members.

This benefit is not available where you do not pay the standard member fee. The Maximum Claim. If more than one Single Catastrophic Event occurs in any one financial year from 1 July in one year to 30 June in the following year , no amount will be payable under the policy in respect of any claims made as. It excludes death caused by or resulting from intentional self-injury or suicide; or from any illegal or criminal act committed by an insured person; or any illness, disease, or as a result of, or following, any medical procedure or medical misadventure.

Transfer Out. You may elect to transfer your benefits to another KiwiSaver scheme. Statutory Declaration. Before making any withdrawal of member tax credits, you, or your personal representatives, must provide us with a statutory declaration stating those periods for which you have had your principal place of residence in New Zealand. We will also require you to sign a statutory declaration as part of any withdrawal made on the grounds of permanent emigration.

We are unable to let you withdraw any member tax credits until we are satisfied that you meet the criteria. Court Order. The Manager must comply with the provisions of any enactment that requires it to release funds under that enactment. It must also release funds if required to do so by any court order made under any enactment including an order made under the Property Relationships Act You cannot borrow against the benefits payable to you under the Scheme, nor can you use them.

If you wish to withdraw from the Scheme, you. This will enable us to confirm that you meet the requirements. Your request to withdraw from the Scheme will, subject to the restrictions on withdrawals, in normal circumstances be processed within 21 days of receipt of notice by the Manager. A withdrawal notice received prior to Withdrawals received after The 21 days allowed to effect the withdrawal is to give the Manager time to sell securities, if necessary, in order to pay the amount being withdrawn.

Subject to the provisions of any court order and all applicable laws, if you become unable to manage your affairs or become bankrupt, your benefits to the extent permitted by law may be forfeited to the Scheme, but will be applied at the discretion of the Manager or the Trustee for your benefit.

Tax Calculation on Withdrawals. All withdrawals from the Funds will be treated as redemptions of units, and a tax calculation which may differ from previous estimates may be done to determine the amount of tax, if any, due to or from you on the redeemed units. The calculation will be for the period from the first day of the current tax return period to the date of withdrawal. If you need to pay tax on the redeemed units, the Manager may withhold this tax from the amount payable to you in respect of the withdrawal.

If you are owed a tax rebate on a full. Tax will be deducted from the proceeds of all full withdrawals, with the net proceeds paid to you. For partial withdrawals, the Manager does not intend to deduct tax at the time that a partial withdrawal is made provided sufficient funds still remain to cover the calculated tax liability. The tax will be paid at the end of the tax year.

However, should the Manager consider it appropriate to do so, they may make such deduction from the amount payable to you without previously notifying you. Switches to other Funds may be treated as withdrawals for tax purposes and a tax calculation may take place at that time. The Trustee may cash in units held on your behalf to recover fees. If you have inquiries about your investment, you should contact your financial adviser. If you do not have a financial adviser, you should contact the Manager at the following address:.

General information on the Scheme can be found at www. Is there anyone to whom I can complain if I have problems with the investment? If for any reason you are not satisfied or have issues or complaints concerning your investment, then you should contact any of the following:.

Financial Dispute Resolution Level 9. Freepost ,. Financial Dispute Resolution may expect that you have already approached the Manager and have not been able to reach a resolution. Financial Services Complaints Limited Level 4. Financial Services Complaints Limited may expect that you have already approached the Trustee and have not been able to reach a resolution.

Financial Markets Authority. Financial Markets Authority Level 2. The Financial Markets Authority may expect that you have already approached the Manager or the Trustee and have not been able to reach a resolution. Prospectus and Financial Statements. Additional information about the Scheme can be found in the current registered prospectus for the Scheme which contains an offer in respect of the securities referred to in this investment statement , in the financial statements for the Scheme and the Trust Deed.

The prospectus, financial statements, Trust Deed and any other relevant documents are filed on. Annual Information. Each year we will provide you a copy of the annual report of the Scheme for the previous financial year, an annual member statement and an annual tax statement. KiwiSaver Periodic Disclosure. The quarterly and annual disclosure statements issued under the KiwiSaver Periodic Disclosure Regulations can be obtained free of charge by calling the Manager on on a business day between the hours of 8.

Copies of these disclosure statements are also available at www. Other Information on Request. The following information can be obtained free of charge by calling the Manager on on a business day between the hours of 8. Your Personal Information. By becoming a member of the Scheme, you acknowledge and authorise the Manager to:.

Your personal information is subject to strict security controls. You have the right to access this information and to correct it by contacting the Manager. When you are dealing with us by telephone, your conversation with us may be recorded and retained for verification or training purposes.

How to keep track of your member account? You can also call your financial adviser if you have one or contact us to check your account balance or if you have any other questions about your member account. What can you see and do online? When you log on you can:. Once your Scheme enrolment has been confirmed, you will be able to enjoy access to your account details by completing the following steps:. Provide your email address to your financial adviser if you have one or us.

For reasons of security, you need an email address to register for online access. If no email address was specified on your application form, you can contact your financial adviser if you have one or our Customer Care Centre on on. Get your Grosvenor KiwiSaver Scheme member number. Your member number is shown on your welcome letter. You will also need to have your IRD number available to verify your identity once you register for access.

Register for Grosvenor KiwiSaver Scheme member online access. Go to www. Next, click on the First time visitor? Click here to register link. Enter your member number and email address and click on the submit button. An email will be sent.

If the email address entered does not match the email address we have on file, you will receive an error message and you will need to contact us to update your details. Check your inbox for an email from kiwisaver gfsg.

If this email has not appeared in your inbox, please check your junk or spam mail folder. If an email has still not appeared please contact our Customer Care Centre on on a business day between the hours of 8. Click on the link within the email to proceed.

For security purposes, you will be asked to confirm your member number and IRD number before your online access is activated. Contributions may not be transferred immediately because of:. There can be a timing difference between when Inland Revenue transfers your contributions to us and when employer contributions are transferred to Inland Revenue.

Because the value of your investment will always. If you have any questions, please talk to your financial adviser if you have one or contact us on on a business day between the hours of 8. Log in to your member login area. Enter your member number and password.

You can now view your account details online. How can I make voluntary contributions? To contribute directly to the Scheme:. Using Direct Debit:. Members will also be able to advise the Manager of their PIR at any time, including when it changes, by contacting the Manager. The Manager will pay the tax liability applicable to you by using the assets of the Fund and will cancel a number of units held in each Fund, the value of which equals the tax liability.

Additionally, the income attributed to members by the Scheme will not have an impact on family assistance eligibility, student loan repayment obligations and child support obligations. If you advise an incorrect PIR, you may either owe tax which will need to be included in your tax return, or over-pay tax, which will not be refunded.

So please ensure it is correct! Funds collectively. Where more New Zealand tax credits are attributed to you than are required to meet your tax liability in respect of your attributed income or where a net loss is attributed to you for tax purposes, the Scheme will, if entitled to do. These fees will be allocated to each member based on their holdings and are deductible in calculating your tax liability as above.

Proposed permitted withdrawal. The changes are subject to consultation and are intended to apply from. Also included is an amendment to the KiwiSaver Act to expand the category of permitted withdrawals. That would allow individuals who transfer money from foreign superannuation schemes other than from Australia into a KiwiSaver Scheme the option to apply to the Scheme to withdraw funds to pay any tax liability that will be triggered by that transfer. You should also seek independent advice as to whether a withdrawal in these circumstances is permitted under the terms.

This section contains a summary of the principal risks that the money that you have contributed to the Scheme, or which has been contributed on your behalf, may not be recovered in full. The nature of the risks involved and their effect on your savings in the Scheme will vary according to the Funds selected. However, there are also some risks which affect the Scheme generally, irrespective of which Funds you select.

Some risks are more significant than others. The most important risks for you to understand fall into the following categories:. Inappropriate fund risk. It is important that you invest in the Funds most suited to you. Investing in the wrong Fund can have a significant impact on your savings. If you invest in Funds that are too low risk for your financial situation and risk appetite, the return on your investments many fall short of your goal.

If you invest in Funds that are too high risk for your financial situation and risk appetite, market volatility may be more than you are comfortable with. There are a number of factors you should take into account when selecting the appropriate Funds for you. You should talk to your financial adviser about your financial situation and risk appetite.

Investment market risk. If the investments in which the Funds are invested do not perform well, your returns may be less than you were expecting and you could potentially receive. There are a number of investment-related risks that can cause the value of your investments to fall, including:. This will have a greater impact on Funds with higher exposure to fixed interest securities;. This will have a greater impact on Funds with a higher exposure to shares;. This will have a greater impact on Funds with higher exposure to corporate bonds or other fixed interest securities; and.

Manager risk. The Manager has in place systems to manage investment management risks. In particular:. In addition, the currency risk policies and expertise of all external fund managers are checked before their appointment and monitored regularly;. The Manager also actively changes the average maturity of. Diversification ensures that no single market or company has too great an impact on a Fund should its share price fall significantly;.

The Manager also applies minimum credit risk criteria when selecting appropriate fixed interest securities for the Funds; and. There is, however, a risk that the Manager does not adequately manage the investment management risks set out above. Regulatory risk. There is the risk that future changes to the law could affect your savings in the Scheme.

In addition to legislative changes in New Zealand, there is also a risk that money transferred in from occupational or personal pension plans in the UK may be at risk of unexpected UK tax liability on withdrawal from the Scheme. Any UK tax liability is the responsibility of the member and not the Scheme.

Tax risk. There is a risk of the Manager either over or underpaying tax on your behalf as a result of you providing the Manager with the wrong PIR or not advising the Manager to change that rate. In the event of an underpayment of tax, you will be obliged to pay additional tax and potentially penalties or interest to Inland Revenue.

In the event of an overpayment of tax, you will not be able to receive a refund of the overpayment of tax. Other risks. There are other risks which may affect your savings, although these are less significant than the risks described above. These include:. The Manager manages this risk, in conjunction with the Trustee, by treating the assets and liabilities of each Fund as separate and independent from the assets and liabilities of every other Fund. However, in the unlikely event that the assets of one Fund within the Scheme are insufficient to meet the liabilities attributable to that Fund, those liabilities other than any liabilities to a Member will be met from the assets of the other Funds in the Scheme.

Such allocation to meet the liabilities will be in such equitable manner as the Manager, with the approval of the Trustee, sees fit; and. Further information in respect of your risks is set out in the current registered prospectus for the Scheme. Could I receive less than I invested? On termination of your investment you would receive less than you invested if:. The operation of the Geared Growth Fund could result in the liabilities and expenses exceeding the assets of that Fund.

Although this is highly unlikely to occur in practice, the impact of this risk on members of other Funds is described as segregation risk on page What happens if I go bankrupt? If you become bankrupt, the Official Assignee may, in some circumstances, use all or part of your funds to help pay your debts.

Consequences of Insolvency. If the Scheme became insolvent, you would not be liable to any person, other than for payments, fees or taxes payable before the insolvency. Winding up of the Scheme. If the Scheme is wound up or put into liquidation, the following claims will rank ahead of claims by members of the Scheme:. After allowing for the above, the remaining assets. You can make changes to your investment. You may:.

While there is currently no charge for this service, the Manager reserves the right to charge a fee at. Contributions Holiday. This contributions holiday is for. A contributions holiday granted under this arrangement will be for a period of three months, unless Inland Revenue agrees to a longer period. Other Alterations. Trust Deed.

The Financial Markets Authority may challenge a fee increase on the basis that it is unreasonable. The Trust Deed can be altered by the Trustee and the Manager. However, no amendment may be made in contravention of the KiwiSaver Act, the Superannuation Schemes Act or any other relevant legislation. Certain aspects of the legislation may change from time to time. If the legislation changes, this may impact on the Scheme, including changes in the amount you are required to contribute to the Scheme.

The plan applicable to your employer can be wound up if:. Should this happen your funds can be retained in the Scheme, or may be transferred to another KiwiSaver scheme. The Scheme is designed to provide you with benefits on retirement. For this reason, there are restrictions on access to your funds. Retirement Benefit. At that time you may receive a lump sum equivalent to the amount of your investment.

The Manager may waive or vary the minimum amounts for withdrawals at any time. What happens if I leave my employer? You will have to provide any new employer with a deduction notice relating to the Scheme as soon as practicable after you start with the new employer. How can I access my funds other than as a Retirement Benefit? Opt Out. This period may be extended by Inland Revenue in some circumstances. Inland Revenue will pay you the amount of any contributions made by you.

First Home Withdrawal. In certain circumstances, if you have owned a home before, you may still be entitled to make such withdrawal if you can satisfy Housing New Zealand that your financial position is the same as a person who has never owned a home. If you are applying to make a withdrawal as a second chance home buyer, you will need to provide us with a copy of the relevant notice from Housing New Zealand. You will not be able to withdraw the Government.

The payment will be made to your solicitor, who must provide a copy of the agreement for sale and purchase and an undertaking that the agreement is unconditional. The funds will then be paid to your solicitor. This withdrawal is not available for subsequent homes other than in the circumstances described above and must be for your primary residence.

You will be eligible for this subsidy if you meet certain criteria, including have contributed at least the. Income and house price caps apply. Additional criteria may be imposed in the future. To be eligible, Housing New Zealand will need to determine that you are. What happens if I die? Accidental Death benefit. This payment is. The premium. The Manager reserves the right to withdraw this offer. The Maximum Claim will be paid to the Trustee to be allocated amongst the estates of all eligible members who were the subject of a claim due to.

It excludes death caused by or resulting from intentional self injury, or suicide; or from any illegal or criminal act committed by an insured person; or any illness, disease, or as a result. Significant Financial Hardship or Serious Illness. This amount will not include the initial. The Trustee will only allow the withdrawal of sufficient funds to alleviate the hardship, and if the Trustee is reasonably satisfied that reasonable alternative sources of funding have been explored and exhausted.

For a withdrawal for serious illness, medical evidence will be required. Permanent Emigration. Transfer Out. Statutory Declaration. You are only entitled to member tax credits while you live in. Court Order. It must also release funds. This will enable us to confirm that you meet the requirements. A withdrawal notice received prior to Withdrawals received after Tax Calculation on Withdrawals.

The calculation will be for the period from the first day of the current tax return period to the date of withdrawal. If you need to pay tax on the redeemed units, the Manager may withhold this tax from the amount payable to you in respect of the withdrawal. If you are owed a tax rebate on a full withdrawal, the Manager will pay you the rebate after it is received from Inland Revenue. The tax will be paid at the end of the tax year.

However, should the Manager consider it appropriate to do so, they may make such deduction from the amount payable to you without previously notifying you. Your most important contact if you have inquiries about your investment will be your financial adviser who has a good understanding of the investments on offer. If you wish to, you may contact the Manager at the following address: Grosvenor Investment Management Limited.

General information on the Scheme can be found at www. Is there anyone to whom I can complain if I have problems with the investment? If for any reason you are not satisfied or have issues or complaints concerning your investment, then you should contact any of the following:.

Your Financial Adviser. The Manager. Financial Dispute Resolution Level 9. Freepost , PO Box The Manager is a member of Financial Dispute Resolution FDR , an independent dispute resolution scheme that can be used when a dispute is unable to be resolved. Complaints about the Scheme can be made to Financial Dispute Resolution within certain conditions. Insurance and Savings Ombudsman Customhouse Quay. PO Box 10 Financial Markets Authority. Financial Markets Authority Level 2.

The Financial Markets Authority may expect that you have already approached the Manager or the Trustee and have not been able to reach a resolution. If either the Manager or the Trustee is unable to resolve your complaint, you may also contact either the. What other information can I obtain about. Prospectus and Financial Statements. Additional information about the Scheme can be found in the current registered prospectus for the Scheme, which contains an offer in respect of the securities referred to in this investment statement , in the financial statements for the Scheme and the Trust Deed.

A copy of the prospectus and the most recent financial statements can be obtained free of charge by calling the Manager on on a business day between the hours of 8. The prospectus, financial statements, Trust Deed and any other relevant documents are filed on. Annual Information. Each year we will provide you a copy of the annual report of the Scheme for the previous financial year, an annual member statement and an annual tax certificate.

KiwiSaver Periodic Disclosure. From 21 October , the first quarterly disclosure statement for the Scheme under the KiwiSaver Periodic Disclosure Regulations , covering the three months from 1 July to 30 September , can be obtained free of charge by calling.

Further quarterly disclosure statements will be published by the Manager and made available in the same manner by the 15th working day after each quarter ending 31 December, 31 March, 30 June and. Copies of these disclosure statements will also be available at www. Other Information on Request. The following information can be obtained free of charge by calling the Manager on on a business day between the hours of 8. By becoming a Member of the Scheme, you acknowledge and authorise the Manager to:.

Your financial adviser may also have electronic access to that information;. Your personal information is subject to strict security controls. You have the right to access this information and to correct it by contacting the Manager. How to keep track of. You can also call your financial adviser or contact us to check your account balance or if you have any other questions about your account. What can you see and do online?

When you log on you can:. Once your Scheme enrolment has been confirmed, you will be able to enjoy access to your account details by completing the following steps:. Provide your email address to your financial adviser or us. For reasons of security, you need an email address to register for online access.

If no email address was specified on your application form, you. Click here to register link. An email will be sent to the email address we have on file containing further instructions. If the email address entered does not match the email address we have on file, you will receive an error message and you will need to contact.

If this email has not appeared in your inbox, please check your junk or spam mail folder. If an email has still not appeared please contact our Client Services Team on on a business day between the hours of 8. Number before your online access is activated. Contributions may not be transferred immediately because of:. Log in to your Member Login area. How can I make voluntary contributions? To contribute directly to the Scheme:. Using Direct Debit:. How to make a voluntary contribution via internet banking:.

You can select the Scheme from the list of organisations who have registered their details. This allows us to identify your funds when a payment has been made. You do not need to enter the bank account number for the Scheme. To contribute through Inland Revenue:. Sending a cheque:. Waikato Mail Centre Hamilton Paying over the counter at a Westpac Branch:.

The teller should know this. Note that Inland Revenue will hold your contributions for the first three months of your KiwiSaver membership. Your PIR is. Are you a New Zealand resident for tax purposes? In either of the last two tax years, was:. In each of the last two tax years, was either:. Is the Geared Growth Fund for me?

The Geared Growth Fund is designed to enable long-term savers to gain the benefits of a leveraged or geared exposure to a portfolio of growth assets e. Gearing simply. What are the benefits? The Geared Growth Fund provides you with the potential for increased capital gains over the long term, by increasing the effective size of your invested funds through the purchase of additional investments with borrowed funds.

As long as the net gains from your investments. Gearing is considered to be an effective long term strategy because research has shown that over the long term, growth oriented investments can deliver the higher potential returns required. As borrowing occurs within the Fund, any assets you hold outside the Scheme are not at risk, as you are not borrowing in your own name.

Gearing should be viewed as a long-term strategy, with at least a 15 year time frame. You need to be able to retain the investment during potential short term market declines, in order to obtain the. What are the risks of gearing? The risks associated with gearing make it unsuitable for some savers. It is essential to consider these risks carefully and to seek financial advice before proceeding with a gearing strategy. The underlying. Fluctuations in interest rates. If the income from investments does not change, but interest rates on borrowed funds increase, then the Fund will incur additional costs that will need to be covered.

This may affect the benefits of gearing and. As a guide, the Manager will aim to limit the amount of borrowing such that total net borrowing costs do not exceed total net income earnings. Higher short term volatility. A gearing strategy must invest a high proportion of an investment portfolio into growth assets such as property and shares to prove successful.

Reduction in capital value. Although there are long term wealth accumulation benefits to be gained from gearing, these benefits are achieved at the expense of higher variability of returns from year to year. It is important to note that although gearing has the potential to increase capital gains in a rising market; it can also compound a capital loss. The following table provides an example:. Investor balance. Gearing ratio. Amount borrowed for example.

Total investments held by the Fund. Value of investment held by the Fund. Loan outstanding. Investor's balance. Gain in investor's balance. Loss in investor's balance. If you would like to know more, talk with your financial adviser. A guide to the terms used.

Employee Contributions. Employer Contributions. If you are a KiwiSaver member making contributions from your pay, your employer may also have to make a contribution if you are eligible. The most. KiwiSaver Act. KiwiSaver Act Grosvenor Investment Management Limited. Member Tax Credit. The tax rate used to calculate your tax liability or refund in respect of your Portfolio Investment Entity taxable income or loss.

See pages 27 to 28 of the investment statement for more information. Grosvenor Financial Services Group Limited. Qualifying Age for New Zealand Superannuation. Currently age Single Catastrophic Event. Transfers from other Schemes. This is the amount that has been transferred from a different KiwiSaver scheme or a non-KiwiSaver scheme.

Public Trust. Unit Price. The price of each unit in the Fund s. This is calculated by dividing the net assets of a Fund by the total number of units on issue for that particular Fund. The prices of the units generally change in line with market movements, and can go up and down in value.

Voluntary Contributions. Are either contributions made to your account over and above your employee contributions or any contributions if you are not earning a salary or wage. Any withdrawals or transfers made from your account including the first home withdrawal; withdrawals on. Investor Risk Profile. What type of investor am I? Your investor profile will depend on the type of investor you are, your investment time frame and the level of risk you are prepared to take.

This Risk Profile Quiz can help you work out your investor profile and indicate the Fund s suitable to you. Remember, this is a guide only and may not accurately reflect your particular circumstances. Before making your choice you should refer to the investment statement and talk with your financial adviser to help you plan for your future. For each of the questions, read the statements and circle the number that most applies to you. If there is more than one person completing this quiz, please ask them to use the additional columns provided.

My current age is:. Age 55 and over. Age 45 to Age 35 to Under age Your main investment goal from now until retirement is:. I feel it should improve. What mix of investments makes you feel most comfortable? Total Score:. Your Total Score. Investor Type. Grosvenor KiwiSaver Scheme Fund. Defensive Investor. Conservative Investor. Balanced Investor. Balanced Growth Investor. Growth Investor. For more information read pages 13 to For more on the Geared Growth Fund, please read page Investment Statement dated 20 September Primary Employer Details if applicable.

Employer Name. Employer Postal Address. IRD Number. First Name s. Home Phone. Mobile Phone. Employer IRD Number. Your Elected Contribution Rate. Secondary Employer Details if applicable. Annual Reports may be sent to members by email which may include providing members an Annual Report URL where an email address is provided.

Gender Male. Are you transferring from another KiwiSaver. Are you self employed? Yes we will arrange to transfer the proceeds from your current scheme to the Grosvenor KiwiSaver Scheme. You may invest in up to five of the investment funds listed below. We recommend you discuss these with your adviser. Multi-sector Fund. Single-sector Fund. NB: If this application is for a person under 16 years of age and only one person or guardian is available to sign the application form then please provide proof that the member already holds.

We will not be able to process this application form if only one parent or guardian is available to sign the application form and this proof has not been provided. I confirm:. Please give this form to your employer or to your adviser to forward to us. If you have any queries, please contact your adviser in the first instance to discuss these. Adviser Name. Adviser Stamp.

RFA accredited for. Full Name. Residential Address. Relationship to Applicant. By signing this application form I hereby apply for admission as a member of the Grosvenor KiwiSaver Scheme. Signature of Applicant. Tick here if you do not wish to receive information about your investment in the Grosvenor KiwiSaver Scheme including annual reports electronically.

Day Month Year. Refer section 9. We are required by law to verify the identity of the applicant and all persons signing this application on behalf of the applicant. Full details of our verification and certification requirements are outlined on the following page.

For Grosvenor Use Only. Accepted by:. Client number:. Adults 18 or over. Minors 16 and Minors under New to KiwiSaver. Transfer to Grosvenor KiwiSaver Scheme. Signature Required. Applicant only. ID Required. Certified copy of Option 1, 2. Applicant minor : A certified copy of Birth Certificate. For all parents or legal guardians that have signed the application form: Certified copy of Option 1, 2 or 3.

Proof of address. A certified copy of bank statement, utility bill, rates bill or statement from a government department no more than 3 months old. A certified copy of bank statement, utility bill, rates bill or statement from a government department no more than 3 months old showing the address of each parent or legal guardian.

Option 1. Option 2. Option 3. Certification of Identity Documents. Certified copies must be legible and all photos must be clear. Certification is valid for three months. The certifier must view the original document and compare it with the copy. The certifier can then sign and date the copy and print their name, occupation and a statement as follows:.

HUAIZHENG INVESTMENT ADVISOR

KiwiSaver members under 18 receive the one-off. Starting to save early is not just a good financial habit to get into — relatively small amounts put aside regularly over a long-term can, with the benefit of compounding returns, grow into a surprisingly significant lump-sum. The following table shows how an account balance could grow with different contribution amounts. Years of saving. Total value based on kick- start only no contributions made. Total value based. What contributions are required?

If you are not receiving a salary or wages, you can decide the amount you wish to contribute or whether you wish to make any contributions at all. You can also decide how often you want to make any contributions. This applies to children as well. How are contributions made? Contributions can be made through Inland Revenue using one of three methods:. Paying over the counter at a Westpac branch. Sending a cheque to Inland Revenue. What happens if an under takes on a job? The Scheme is a default KiwiSaver scheme.

The Scheme is designed to help members save for their retirement. It is a defined contribution scheme, which means the benefits you get from the Scheme are based on your contributions, your. Contributions are recorded in your member account, and are invested in the Scheme by purchasing units in one or more of the Funds which make up the Scheme.

This is described in more detail below. There are other limited circumstances where you may be able to. You can join the Scheme either through a financial adviser or your employer, or directly. You can also join the Scheme by being automatically enrolled by Inland Revenue.

To be eligible to join, you must be:. State sector employees serving outside New Zealand may also be eligible to join in certain circumstances. Responsibility for managing these agreements has now passed to the Manager. If you are employed by a participating employer:. How does the investment work? The Scheme offers a range of Funds, each of which has a different investment objective and strategy. Details of the range of Funds available and their investment objectives and strategies are found on pages 15 to You invest in units in the Fund s of your choice.

You share in the income and capital gains or losses, as well as the fees and expenses, of the Fund s you invest in, in proportion with your investment in the Funds. The Manager may, with the agreement of the Trustee, vary the investment objectives and strategies, primary investments and maximum asset allocation limits set out in the Fund profiles on pages 15 to You are responsible for choosing the Fund s that best suits your investment needs.

We recommend. None of the Government, the Trustee, the Manager or the Promoter is responsible for your choice of Fund s. The composition of each Fund, i. Any changes made will be in keeping with the investment objectives and strategy of the Fund.

What if I have been automatically enrolled in the Scheme by Inland Revenue? If you have been automatically enrolled in the Scheme by Inland Revenue, your contributions will, until you elect otherwise, be invested in the Default Saver Fund. You may switch all or part of your investment from the Default Saver Fund to any of the other Funds at any time.

What is Life Phases? Life Phases is an investment process that automatically allocates your contributions and accumulated balance s to a Fund s based on your age. Life Phases aims to reduce your risk exposure over time by changing where your investments are allocated and moving a higher proportion of your savings into more conservative investments as you approach retirement age.

Life Phases recognises that retirement savers can usually tolerate higher investment risk at a younger age with the potential for greater returns over the long-term. Life Phases also recognises that retirement savers usually need lower investment risk as they near retirement with more stable returns. If you choose Life Phases as your investment election, you will not have to nor can you make a decision about which Fund s you should invest in.

Your investment election will be predetermined as detailed in the table below. Life Phases will allocate new contributions and switch your existing balance s Life Phases Reallocation every five years starting at 35 years of age and ending at 65 years of age.

You can opt out of Life Phases at any time by contacting the Manager and providing a new investment election. Life Phases Reallocation takes place as follows:. Life Phases Reallocation age. Grosvenor KiwiSaver Scheme Fund allocation. Up to 34 years. If you are an existing member of the Scheme and you select Life Phases, your current investment election will be reallocated and existing balance s switched to the asset allocation that matches your current age as per the table above.

The Life Phases process will begin on your birthday as in the table above. Members who have selected Life Phases will thereafter have their holdings reallocated in accordance with these changes at. In the event of a change in Life Phases Reallocation age ranges or Fund allocation, the Manager will provide notice to all Members who have selected Life Phases prior to the change s taking effect. Life Phases may not be appropriate for all members. Life Phases has been designed for the typical saver committed to saving for retirement.

Your personal circumstances will change over time and these changes could result in the Life Phases asset allocation not providing a level of risk appropriate. If your personal circumstances do change, we recommend that you consult a financial adviser to determine an appropriate investment election. What is the standard risk measure? When determining the risk level of each of the Funds, the Manager has adopted the standard risk measure approach.

The standard risk measure is based on Australian industry guidance to allow you to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period. The standard risk measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than you may require to meet your objectives. Further, it does not take into account the impact of fees and tax on the likelihood of a negative return.

Risk band. Risk level. Estimated number of negative annual returns over any 20 year period. Very low. Less than 0. Low to medium. Medium to high. Very high. What Funds are available? Capital Guaranteed Fund. Typical Asset Allocation. NZ and Aust. Asset Allocation Ranges. Fund Objective. To provide savers with a relatively consistent investment performance, subject to a capital guarantee, with the opportunity to enhance the overall return through a modest degree of capital gains over the long-term.

The Capital Guaranteed Fund aims to achieve a rate of return net of fees but before tax of at least 1. Primary Investments. New Zealand Cash 40 - Fixed Interest 0 - New Zealand Shares and 0 - 10 Australian Shares. International Shares 0 - Growth and Income Asset Allocation. What type of investor does it suit? Given the Capital Guaranteed Fund invests primarily in cash and interest- bearing assets, it would generally suit savers with a short-term timeframe up to seven years , seeking a high degree of capital stability in their investment.

Information in respect of the capital guarantee is set out on pages 32 to Information in respect of the specific risks that apply to the Capital Guaranteed Fund is set out on page Risk Level. Default Saver Fund. To provide savers with a relatively consistent, but modest, investment. Property 2. NZ and Aust Shares 7. The Default Saver Fund aims to achieve a rate of return net of fees but before tax of at least 2.

The Default Saver Fund invests in a diversified basket of predominantly interest-income oriented assets, with a small allocation to New Zealand and international shares to provide capital growth over the long-term. New Zealand Cash 5 - Fixed Interest 25 - New Zealand Shares and 0 - Property 0 - 7.

International Shares 5 - It may also be suited to:. Conservative Fund. To provide savers with a relatively consistent investment performance, with the opportunity to enhance the overall return through a modest degree of capital gains over the long-term. The Conservative Fund aims to achieve a rate of return net of fees but before tax of at least 2.

The Conservative Fund invests in a diversified basket of predominantly interest-income oriented assets, with some growth assets in New Zealand and internationally to provide capital growth over the long-term. Given the Conservative Fund invests primarily in lower risk income generating assets, it would generally suit savers with less than five years.

Fixed Interest 30 - New Zealand Shares and 5 - 25 Australian Shares. Property 0 - Total Growth. Total Income. Asset Class Conservative Fund. NZ and A Shares The Asset Class Conservative Fund aims to achieve a rate of return net of fees but before tax of at least 2. The Asset Class Conservative Fund invests mainly in a diversified basket of fixed interest assets in New Zealand and internationally, offset by some growth assets shares and listed property to provide long-term capital growth.

Given the Asset Class Conservative Fund invests primarily in lower risk income generating assets, it would generally suit savers with less than five years until being eligible to withdraw from KiwiSaver. New Zealand Cash 0 - Fixed Interest 50 - New Zealand Shares and 0 - 20 Australian Shares.

Balanced Fund. To provide savers with the opportunity to invest in a combination of income and growth assets, in order to enhance returns over the long-term through capital gains. Property 7. The Balanced Fund invests in a diversified basket of investments, balanced between income oriented assets and a similar level of growth assets, such as shares, both in New Zealand and internationally.

Shares Given the Balanced Fund has a combination of income and growth assets, it would generally suit savers with between five and ten years until they are. New Zealand Shares and 5 - 40 Australian Shares. International Shares 10 - It may also be suited to savers with between ten and 15 years until retirement who have a moderate appetite for short-term share market volatility. Socially Responsible Investment Balanced Fund. To provide savers with the opportunity to invest in a combination of income and growth assets, in order to enhance returns over the long-term through capital gains, while excluding investments which do not satisfy certain socially responsible investment criteria.

This range may be changed from time to time. The Socially Responsible Investment Balanced Fund invests in a diversified basket of investments, covering income oriented assets with a bias towards. Fixed Interest 35 - New Zealand Shares and 15 - 25 Australian Shares.

International Shares 35 - It excludes investments where the underlying activities are principally involved in the tobacco, alcohol, gambling and armaments industries. The criteria for screening out these investments may be modified over time to reflect developments in the socially responsible investment arena.

Given the Socially Responsible Investment Balanced Fund has a combination of income and growth assets, it would generally suit savers with between five and ten years until they are eligible to withdraw from KiwiSaver and who are comfortable with a more balanced allocation to income and growth assets. It may also be suited to savers with between ten and 15 years until retirement or who have a moderate appetite for short-term share market volatility.

Balanced Growth Fund. Fixed Interest To provide savers mainly with the opportunity of long-term capital growth, but to partially offset some short-term return volatility with income assets. The Balanced Growth Fund invests primarily in a diversified basket of growth oriented assets, such as New Zealand, Australian and international shares, with a modest allocation to income assets, such as cash and fixed interest.

The Balanced Growth Fund would generally suit savers with more than. New Zealand Shares and 10 - 40 Australian Shares. International Shares 20 - Total Growth Total Income Asset Class Growth Fund. The Asset Class Growth Fund invests mainly in a diversified basket of growth assets shares and listed property in New Zealand and.

The Asset Class Growth Fund would generally suit savers with at least seven years until they are eligible to withdraw from KiwiSaver and who are also comfortable with periods of market volatility that accompany a higher. Fixed Interest 10 - New Zealand Shares and 15 - 45 Australian Shares.

International Shares 25 - Socially Responsible Investment Growth Fund. To provide savers with the opportunity to achieve long-term capital growth through a diversified selection of investments, while excluding investments which do not satisfy certain socially responsible investment criteria. The Socially Responsible Investment Growth Fund invests in shares mainly listed on the Australian and New Zealand stock exchanges, but augmented with companies listed on other major global stock exchanges and more.

New Zealand Shares and 30 - Australian Shares. KiwiSaver and who are also comfortable with periods of market volatility that. The Socially Responsible Investment Growth Fund would generally suit savers with at least ten years until being eligible to withdraw from. High Growth Fund. To provide savers with a portfolio of growth oriented assets in order to maximise the potential for capital gains over the long-term. The High Growth Fund would generally suit savers with at least ten years.

New Zealand Shares and 20 - Australian Shares. International Shares 30 - Geared Growth Fund. To provide savers with the opportunity to enhance the expected performance from investing in growth assets through the use of leverage to maximise the returns from capital gains over the long-term.

The Geared Growth Fund aims to achieve a rate of return net of fees but before tax of at least 5. The Geared Growth Fund invests almost entirely in growth assets and uses leverage, through borrowing, to increase the total exposure to New Zealand, Australian and other international shares as it seeks to maximise returns for savers over the long-term.

New Zealand Shares and 20 - 70 Australian Shares. As the Geared Growth Fund effectively magnifies periods of both positive and negative performance of the Fund, it would generally suit savers with at least 15 years until they are eligible to withdraw from KiwiSaver and who are comfortable with the impact that gearing may have during periods of extended market volatility.

Gearing Ratio. Information in respect of the specific risks that apply to the Geared Growth Fund is set out on pages 38 to Enhanced Income Fund. The Enhanced Income Fund invests in short to medium-term non- government interest bearing investments, both in New Zealand and internationally.

The Enhanced Income Fund would generally suit savers with less than five years until they are eligible to withdraw from KiwiSaver, who are looking for. Fixed Interest 80 - As the Enhanced Income Fund is expected to offer steady returns, it may be particularly suited to those savers who initially plan to use a significant portion of their savings by utilising the first home withdrawal benefit. To provide savers with the opportunity to achieve long-term capital growth through a diversified selection of shares in Australian and New Zealand smaller companies in terms of market capitalisation.

Note that over time, selected smaller companies tend to out-. New Zealand Shares 0 - Australian Shares 25 - International Share Fund. To provide savers with the opportunity to achieve long-term capital growth through a diversified selection of international shares. It will include a balanced mix of index-type funds and actively managed funds and shares. The International Share Fund would generally suit savers with at least. International Shares Options Fund.

To provide savers with the opportunity to invest in an alternative trading-based strategy which aims to deliver a high level of growth over the long-term. Information in respect of the specific risks that apply to the Options Fund is set out on page The Scheme is governed by a consolidated Trust Deed dated 1 July as amended from time to time. Issuer and Manager of the Scheme. The Manager is a wholly-owned subsidiary of Grosvenor Financial Services Group Limited and is responsible for undertaking the investment management and administration of the Scheme.

The address of the Manager is:. PO Box 11 Wellington Directors of the Manager are:. David Ian Beattie, Wellington. Further information. David Ian Beattie. Mr Beattie is an alternate director for Allan Yeo of the Manager. Mr Beattie is also an alternate director for Allan Yeo of the Promoter.

Peter Douglas Cave. Mr Cave is a director of the Manager. Paul Gerard Foley. Mr Foley is the Chairman of the board of directors of the Manager. Mr Foley is an independent director. Milton John Jennings. BCom, CA. Mr Jennings is a director of the Manager.

Mr Jennings is also a director of the Promoter. Established in , Fidelity Life is the largest New Zealand owned life insurance company with six offices and over employees. He is the longest serving CEO in the local life insurance industry and longest serving director on the Board of the Financial Services Council.

Murray Alexander McCaw. AMP Harvard. Mr McCaw is a director of the Manager. Mr McCaw is an independent director. Claire Francis McGowan. Dr McGowan is a director of the Manager. Dr McGowan is an independent director. Her research training was in molecular microbiology and her MBA project in risk management, with her focus on technology commercialisation and investment. Dr McGowan has experience in the New Zealand. Allan Seng Tong Yeo.

Mr Yeo is the Managing Director of the Manager. The directors can be contacted at the office of the Manager as detailed on the previous page. The address of the Manager may change from time to time. Please contact the Manager for the current address. The directors of the Manager and their addresses may change from time to time.

Please contact the Manager for the current names and addresses. The Promoter. The Promoter is the ultimate parent company of the Manager. The address of the Promoter is:. Directors of the Promoter are:. The directors of the Promoter can be contacted at the office of the Promoter as detailed above.

The address of the Promoter may change from time to time. Please contact the Promoter for the current address. The directors of the Promoter and their addresses may change from time to time. Please contact the Promoter for the current names and addresses. The Trustee. The trustee of the Scheme is Public Trust Trustee. The address of the Trustee is:. Public Trust Level 5. PO Box Lower Hutt The Trustee has been granted a licence under.

The Manager has provided a guarantee to Public Trust for the benefit of each unit holder in the Capital Guaranteed Fund. For more detail in respect of the guarantee, see pages Responsible investment, including environmental, social, and governance considerations, is taken into account in the investment policies and procedures of the Scheme as at the date of this investment statement.

You can obtain an explanation of the extent to which responsible investment is taken. The KiwiSaver Act requires. If you have been automatically enrolled into KiwiSaver when starting a new job and you wish to opt out, you have eight weeks from the date you start a new job, unless you were already a member of KiwiSaver before starting your new job. Salary or wages includes any bonuses, commissions, gratuities, overtime or other remuneration paid through the PAYE system, but does not include redundancy payments, certain grants and pensions, or overseas living costs paid by your employer.

You are entitled to make voluntary contributions as well. If you want to make contributions other than by the PAYE system, see page Your employer is obliged to make deductions from your salary or wages at the rate you select when you join the Scheme.

You can elect to change your. The compulsory employer contributions will vest immediately. Your employer may choose to make other contributions. You can transfer in money from other superannuation schemes. Other people can make contributions to the Scheme on your behalf. For the first three months after you join the Scheme, your contributions and any employer contributions will be held by Inland Revenue before they are passed on to the Scheme.

While the contributions are held by Inland Revenue, Inland Revenue will pay you interest on the contributions unless you notify them that you do not wish to receive interest. Once the three month period has ended, these contributions will be paid to the Scheme. If you are self-employed, any payments may be made directly to the Scheme. All contributions will be credited to your member account.

Scheme before deciding whether to join. If your existing savings scheme is a complying superannuation fund under the KiwiSaver Act, the benefits and rules may. If your employer already makes contributions to your existing complying superannuation fund, this may affect the amount of.

If your employer is currently contributing to your existing. Member Contributions. Your employer will deduct your regular contributions from your after tax salary or wages each pay day. If you have more than one job when you join KiwiSaver for the first time, you can choose which jobs you wish to contribute from. This could be one or more of your jobs. However, if you start a second job after you have joined KiwiSaver, you will need to contribute from both.

If you wish, you can make voluntary contributions over and above your selected contribution by making additional lump sum payments from time to time. You may also make additional payments or contributions if you are not earning salary or wages. Any additional payments may be made by a bill payment through internet banking or paid through Inland Revenue.

You can also make regular deposits into the Scheme by completing the direct debit authority form attached to this investment statement. Your regular contribution will be deducted from your nominated bank account on the date selected in the direct debit authority form. In this case, your employer may also stop their contribution. UK Pension Transfers. Trustee and the Manager do not take any responsibility regarding the suitability or otherwise of such a transfer.

Employer Contributions. Any contributions made by your employer will also pass to Inland Revenue for the first three months of your membership before being paid to the Scheme. You may also, with the agreement of your employer, enter into a salary sacrifice arrangement whereby you agree to contribute an additional percentage of your salary to the Scheme. Government Contributions. However, these credits will not be available to you if you:.

New Zealand ; or. You will receive a member tax credit based on the number of days in the year that you were eligible. The Manager will apply for the member tax credit on your behalf once a year. You will not have to do anything. If you belong to the Scheme and another superannuation scheme which is a complying superannuation fund,. Any remaining member tax credit entitlement will be paid to the other scheme when it applies.

As a member of the Scheme, you are charged fees to cover the cost of ongoing management. Detailed below are the fees and charges that may be charged by the Manager and the Trustee. These fees and charges will affect your investment returns. Information on any such variation will be contained in the supplement available from your employer.

The Manager reserves the right to make fee rebates to members where it considers it appropriate to. Any applicable rebates will be credited to your member account. Member Fee. If you have all your money fully invested in the Default Saver Fund since you joined the Scheme, you will pay no member fee unless the balance of your. This fee is deducted from your member account.

Annual Management Fee. This fee differs between Funds and is set out below. This fee is calculated daily as a percentage of the net asset value of each Fund and deducted each month. This fee is deducted from each Fund and,. The fee comprises fees payable to the Manager for providing investment management and administration services, the fee payable to the Trustee for providing. Asset Class Conservative. Socially Responsible Investment Balanced.

Socially Responsible. Investment Growth Fund. Trans-Tasman Small. Companies Share Fund. Performance Fee Options Fund only. A performance fee may apply to the Options Fund. This fee is deducted from the Options Fund and, as a result, reduces the unit price of the Options Fund. Gearing Fee Geared Growth Fund only. This fee is calculated daily as a percentage of the geared component of the Geared Growth Fund and deducted each month.

Foreign Exchange Facilitation Fee. Up to 0. This fee is deducted from each Fund and, as a result, reduces the unit price of each Fund. Account Closure Fee. If you have all your money fully invested in the Default Saver Fund since you joined the Scheme, you will pay no account closure fee.

Changes to fees. Subject to the KiwiSaver Act, the Superannuation Schemes Act , the Trust Deed and the Instrument of Appointment, these fees may be increased at any time by the Manager, provided the Manager obtains consent of every member of the Scheme who would be adversely affected by the fee increase. The Financial Markets Authority must be satisfied that any fee charged is reasonable. Other costs and charges. The Trustee is entitled to be reimbursed by the Manager for non-regular and extraordinary costs, expenses and liabilities relating to the Default Saver Fund incurred by it in acting as the trustee of the.

There is currently no fee for switching or changing Funds, but we reserve the right to charge such a fee in the future. Goods and Services Tax. Under current law, some fees are wholly. If GST should be or become payable on any of the fees, then this will be added to the fees stated. Returns from the Scheme are normally in the form of retirement benefits, with access to your funds restricted until you reach the age specified in the KiwiSaver Act except in limited circumstances.

The returns you receive on your investment are reflected in the movement in the unit price for the Fund s you are invested in. The unit price is determined by the value of the underlying assets of the Fund in which you have invested less. Returns paid to you will be adjusted for tax payable or tax rebates by automatically cashing up or issuing units in the relevant Fund on an annual basis or on a full exit.

Income to the Fund s you invest in will be allocated to your member account daily. Returns on the Funds are not quantifiable in advance of when you can access them. The amount you receive will be determined, among other things, by the amount you invest, the length of time for which you invest and the change in value of the Fund s you invest in. There is no fixed date on which the returns become payable. The Manager is the person legally liable to pay returns to you. Withdrawals may be suspended in some circumstances.

They may be suspended for up to 90 days if the Manager believes that allowing. The Trustee may agree to extend that suspension beyond 90 days. See pages 44 to 45 for further information and conditions. Returns from the Scheme are not due and payable on a particular date or with a particular frequency. The Manager has provided a guarantee to the Trustee for the benefit of members who hold units in the Capital Guaranteed Fund that:. Capital Guaranteed Fund on the date the Capital Guaranteed Fund is terminated will not be less than the unit price of the Capital Guaranteed Fund on the immediately preceding 31 March,.

If you invest in the Capital Guaranteed Fund prior to 1 April in a year subsequent to at a unit price greater than the unit price of the Capital Guaranteed Fund on 31 March in the preceding year, the amount greater than the unit price of the Capital Guaranteed Fund on 31 March in the preceding year is not protected by the guarantee.

The guarantee is not secured by a mortgage or other charge. The Manager is required to give effect to its obligations under the guarantee by transferring into the Scheme for the Capital Guaranteed Fund. The investment assets transferred must be authorised investments for the Capital Guaranteed Fund and will be valued in accordance with the valuation methodology set out in the.

Trust Deed. There are certain limitations on the guarantee. This could be caused by a further deterioration in the value. The Manager reserves the right:. Withdrawal of benefits on 31 March If you are entitled to receive benefits from the Scheme see pages 42 to 43 , you may withdraw from the Capital Guaranteed Fund on 31 March by advising the Manager on or before 5.

If you withdraw from the Capital Guaranteed Fund on a date other. Withdrawal of benefits on 31 March in each year subsequent to If you are entitled to receive benefits from the Scheme see pages 42 to 43 , you may withdraw from the Capital Guaranteed Fund on 31 March in each. By withdrawing from the Capital Guaranteed Fund on 31 March, you ensure. If you withdraw from the Capital Guaranteed Fund on a date other than 31 March in any year, you cannot be sure that the unit price you receive will not be less than the unit price on 31 March in the preceding year.

Switching to another Fund on 31 March By switching from the Capital Guaranteed Fund on 31 March , you ensure that the unit price you. Switching to another Fund on 31 March in each year subsequent to You may switch from the Capital Guaranteed Fund to another Fund in the Scheme on 31 March in each year subsequent to by advising the Manager on or before 5. By switching from the Capital Guaranteed Fund on 31 March, you ensure that the unit price you receive will be not less than the unit.

If you switch from the Capital Guaranteed Fund to another Fund. Transfers to another KiwiSaver scheme on 31 March As the Manager is unable to control when it receives a request to transfer from another KiwiSaver scheme provider in respect of a member, such requests may not be received and processed on 31 March Transfers to another KiwiSaver scheme in each year subsequent to As the Manager is unable to control when it receives a request to transfer from another KiwiSaver scheme provider in respect of a Member, such requests may not be received and processed on 31 March.

In such circumstances, you cannot be sure that the unit price you receive will be not less than the unit price on. This position will change over time. The Manager does not give any commitment to maintain net assets of any specified amount. The latest financial statements of the Manager are available on the Companies Office website: www.

At the date of this investment statement, none of the Government the Crown , the Manager, the Trustee, or any director, board member or nominee of any. The information in this section is intended as general guidance only and is based on legislation in effect as at the date of this investment statement. It is recommended that you seek professional tax advice regarding your individual circumstances, or to clarify any of the following, prior to investing. Neither the Trustee nor the Manager accepts any responsibility for the taxation consequences of your investment.

Under the PIE regime, taxable income earned by the Scheme will be attributed to members in accordance with their interest in the overall Scheme. The income attributed to you will be taxed at the rate you notify the Manager as your prescribed investor rate PIR.

See page 52 for information on how to calculate your PIR. We will seek confirmation of your PIR from you on an annual basis. Members will also be able to advise the Manager of their PIR at any time, including when it changes, by contacting the Manager. Tax on all Funds will be deducted and paid at least once a year, based on your PIR. The Manager will pay the tax liability applicable to you by using the assets of the Fund and will cancel a number of units held in each Fund, the value of which equals the tax liability.

Generally, provided that you have advised the Manager of a valid IRD number and correct PIR, tax paid by the Manager on income attributed to you will be a final tax and does not have to be included in your income tax return. Additionally, the income attributed to members by the Scheme will not have an impact on family assistance eligibility, student loan repayment obligations and child support obligations.

If you advise an incorrect PIR, you may either owe tax which will need to be included in your tax return, or over-pay tax, which will not be refunded. So please ensure it is correct! Taxable income, deductible expenses and tax credits attributable to you will be attributed in proportion to your holdings on a daily basis, with tax payable by the Scheme at your PIR. The amount of tax payable by the Scheme is the total of the tax liability of all members in the Funds.

Where more New Zealand tax credits are attributed to you than are required to meet your tax liability in respect of your attributed income or where a net loss is attributed to you for tax purposes, the. Scheme will, if entitled to do so, claim a tax credit from Inland Revenue on your behalf and credit this to you by the issue of additional units.

The Manager reserves the right to redeem units to provide for your proportionate share of tax liabilities at. Where possible, the Manager can claim tax deductions in respect of the fees and any other costs, charges or expenses to the extent permitted under the tax legislation. These fees will be allocated to each member based on their holdings and are deductible in calculating your tax liability as above. Withdrawal to pay tax liability arising on transfer of foreign superannuation.

Recently passed legislation changes the tax treatment of interests in foreign superannuation schemes held by New Zealand residents. The changes applied. Under the new rules, a tax liability will arise when a lump sum payment from a foreign superannuation scheme is withdrawn, which will include where there has been a transfer to a New Zealand or Australian scheme. The KiwiSaver Act has been amended to expand the category of permitted withdrawals.

If a person transfers money from their foreign superannuation. A withdrawal may also be permitted where student loan repayment obligations arise following. An application. You should seek independent advice as to how the changes will affect the tax treatment of any interests you hold in foreign superannuation schemes and any transfers of money from such schemes.

This section contains a summary of the principal risks that the money that you have contributed to the Scheme, or which has been contributed on your behalf, may not be recovered in full. The nature of the risks involved and their effect on your savings in the Scheme will vary according to the Funds selected. However, there are also some risks which affect the Scheme generally, irrespective of which Funds you select. Some risks are more significant than others.

The most important risks for you to understand fall into the following categories:. Inappropriate fund risk. It is important that you invest in the Funds most suited to you. Investing in the wrong Fund can have a significant impact on your savings. If you invest in Funds that are too low risk for your financial situation and risk appetite, the return on your investments many fall short of your goal.

If you invest in Funds that are too high risk for your financial situation and risk appetite, market volatility may be more than. There are a number of factors you should take into account when selecting the appropriate Funds for you. You should talk to a financial adviser about your financial situation and risk appetite. Investment market risk. If the investments in which the Funds are invested do not perform well, your returns may be less than you were expecting and you could potentially receive.

There are a number of investment-related risks that can cause the value of your investments to fall, including:. This will have a greater impact on Funds with higher exposure to fixed interest securities;. This will have a greater impact on Funds with a higher exposure to shares; and.

This will have a greater impact on Funds with higher exposure to corporate bonds or other fixed interest securities. Manager risk. The Manager has in place systems to manage investment management risks. In particular:. In addition, the currency risk policies and expertise of all external fund managers are checked before their appointment and monitored regularly;. The Manager also actively changes the average maturity of. The Manager also appoints external fund managers to manage some of the share asset classes where it believes this complements in-house investment specialists.

Diversification ensures that no single market or company has too great an impact on a Fund should its share price fall significantly; and. The Manager also applies minimum credit risk criteria when selecting appropriate fixed interest securities for the Funds. There is, however, a risk that the Manager does not adequately manage the investment management risks set out above. Regulatory risk. There is the risk that future changes to the law.

In addition to legislative changes in New Zealand, there is also a risk that money transferred in from occupational or personal pension plans in the UK may be at risk of unexpected UK tax liability on withdrawal from the Scheme. Any UK tax liability is the responsibility of the member and not the Scheme. Tax risk. There is a risk of the Manager either over or underpaying tax on your behalf as a result of you providing the Manager with the wrong PIR or not advising the Manager to change that rate.

In the event of an underpayment of tax, you will be obliged to pay additional tax and potentially penalties or interest to Inland Revenue. In the event of an overpayment of tax, you will not be able to receive a refund of the overpayment of tax. Other risks. There are other risks which may affect your savings, although these are less significant than the risks described above.

These include:. The Manager manages this risk, in conjunction with the Trustee, by treating the assets and liabilities of each Fund as separate and independent from the assets and liabilities of every other Fund. However, in the unlikely event that the assets of one Fund within the Scheme are insufficient to meet the liabilities attributable to that Fund, those liabilities other than any liabilities to a member will be met from the assets of the other Funds in the Scheme.

Such allocation to meet the liabilities will be in such equitable manner as the Manager, with the approval of the Trustee, sees fit; and. Specific risks. In addition to the general risks summarised above, the following specific risks apply to certain Funds offered within the Scheme and to the Life Phases investment process:.

Capital Guaranteed Fund risk. The following risks apply to the Capital Guaranteed Fund:. The Manager manages the risks involved in the Capital Guaranteed Fund by employing a relatively conservative investment strategy which has been designed to control the extent to which adverse market movements might give rise to the Manager being required to transfer assets into the Capital Guarantee Fund to ensure the guaranteed price as at 31 March.

The Manager will also alter the strategy during any year depending upon the extent to which markets move the underlying unit price up or down during the year. The Manager is unable to control the risk that an individual member switches investments out of the Capital Guaranteed Fund or withdraws their benefits during the year at a price which may be lower than the guarantee price, but the conservative strategy does somewhat limit the extent to which this may be significant.

Geared Growth Fund risk. The Geared Growth Fund is designed to enable long- term savers to gain the benefits of a leveraged or geared exposure to a portfolio of growth assets e. Gearing simply means borrowing money to invest. The Geared Growth Fund provides you with the potential for increased capital gains over the long- term, by increasing the effective size of your invested funds through the purchase of additional investments with borrowed funds. As long as the net gains from. Gearing is considered to be an effective long-term strategy because research has shown that over the long-term, growth oriented investments can deliver the higher potential returns required.

The risks associated with gearing make it unsuitable for some savers. In particular, the following risks apply to the Geared Growth Fund:. This may affect the benefits of gearing and the Manager will take this into account when setting the gearing ratio. As a guide, the Manager will aim to limit the amount of borrowing such that total net borrowing costs do not exceed total net income earnings;.

These investments will be volatile over short-term periods and this volatility is magnified through gearing; and. It is important to note that although gearing has the potential to. The second graph on the right, which is an example only, shows how much better off you could be joining KiwiSaver today. The graph illustrates.

What a big difference a little extra makes. What is the impact of delaying the start of your retirement savings plan? Example only. Source: Grosvenor Investment Management Limited. Commenced saving at age Disclaimer: The results in the graphs above are simulated and are an illustration only and do not represent any indication of future performance.

Seven reasons to join KiwiSaver. Whether you are already saving or are about to start, the Government will help you save for your future. Here are some of the key features and benefits:. The subsidy may be offered to members of a KiwiSaver Scheme who meet various conditions, including having been contributing at least the minimum percentage to KiwiSaver for at least three years and subject to.

If you have owned a home before you may still be eligible for the subsidy, subject to meeting certain conditions. With the significant benefits that the Government has put in place for KiwiSaver members, many New Zealanders will benefit from opting in. The KiwiSaver. Not all members will be eligible for all benefits. Member Status. Self-employed or non-earners Over 18 years. Why choose the. Grosvenor KiwiSaver Scheme? Grosvenor deals mostly through a network of financial advisers who are authorised to provide investors.

The Grosvenor Financial Services Group administers superannuation and investment funds for close to , New Zealanders. What are the advantages that Grosvenor offers? Locally run and independent from major institutions, Grosvenor is able to provide a more customised service to New Zealand savers. Grosvenor is. Grosvenor believes in doing business the old fashioned way, while utilising the latest technology available.

This means you will receive a quality service through a financial adviser, as well as the ability to track your savings online. Through our online myKiwiSaver Update and. Our investment philosophy has been specifically designed to maximise the probability that your investment delivers consistent performances relative to.

The value of advice. Investment decisions can be daunting for many people and getting appropriate advice is. Your financial adviser can help you add value to your savings. Did you know? If you are an employer, you are not responsible for the performance of your preferred KiwiSaver provider. The important thing is for you to avoid giving financial advice to your staff — including advice on whether or not they should join KiwiSaver.

This advice should always be given by a professional financial adviser. Your Grosvenor KiwiSaver Scheme account balance kept separate. Grosvenor has a solid track record of growth and profitability over the past decade. Investor funds are held in trust and are clearly separate from the assets and liabilities of the Trustee and the Manager. See what contributions go into your account, where your money is invested, what fees and taxes you are charged and how your balance is growing.

Kids can join KiwiSaver too! You are never too young to become a KiwiSaver member. The funds are locked in until they qualify for New Zealand Superannuation currently age 65 but some amounts can be accessed earlier in certain circumstances, such as for buying a first home. The form can be downloaded at www. Applications from 16 and 17 year-olds must be co- signed by a parent or guardian, unless they have no parent or legal guardian. KiwiSaver members under 18 receive the one-off.

Starting to save early is not just a good financial habit to get into — relatively small amounts put aside regularly over a long term can, with the benefit of compounding returns, grow into a surprisingly significant lump-sum. The following table shows how an account balance could grow with different contribution amounts. Total value based. What contributions are required? If you are not receiving a salary or wages, you can decide the amount you wish to contribute or whether you wish to make any contributions at all.

You can also decide how often you want to make any contributions. This applies to children as well. How are contributions made? Contributions can be made through Inland Revenue using one of three methods:. Paying over the counter at a Westpac branch. Sending a cheque to Inland Revenue. You can also contribute directly to the Scheme by direct debit or by using the bill payment facility on your internet banking.

What happens if an under takes on a job? This is described in more detail below. There are other limited circumstances where you may be able to withdraw your funds. To be eligible to join, you must be:. State sector employees serving outside New Zealand may also be eligible to join in certain circumstances. Responsibility for managing these agreements has now passed to the Manager.

If you are employed by a participating employer:. Tax Act How does the investment work? Which Funds you invest in depends upon your financial situation and risk appetite. Your financial adviser can help you make the right choice. Details of the range of Funds available and their investment strategies are found on pages 13 to You share in the income and capital gains or losses, as well as the fees and expenses, of the Fund s you invest in, in proportion with your investment in the Funds.

We recommend that you talk with a financial adviser to make sure you choose the Fund that is right for you. None of the Government, the Trustee, the Manager or the Promoter is responsible for your choice of Fund s. Any changes made will be in keeping with the investment objectives and strategy of the Fund.

Multi-sector Funds. Conservative Fund. Typical Asset Allocation. Fund Objective — To provide savers with a relatively consistent investment. Primary Investments. What type of savers does it suit? It may also be suited to:. New Zealand Cash 0 - New Zealand Fixed Interest 20 - New Zealand Shares 0 - Australian Shares 0 - International Fixed Interest 0 - International Shares 5 - Balanced Fund.

Fund Objective — To provide savers with the opportunity to invest in a. NZ Fixed. NZ Shares. Aust Shares Investments. What type of. It may also be suited to some savers with between ten and 15 years until retirement, who do not receive employer contributions or who have only a moderate appetite for short term share market volatility. New Zealand Fixed Interest 10 - New Zealand Shares 5 - Australian Shares 5 - International Shares 15 - Balanced Growth Fund.

Fund Objective — To provide savers mainly with the opportunity of long. New Zealand Fixed Interest 5 - New Zealand Shares 10 - Australian Shares 10 - International Shares 20 - High Growth Fund. Fund Objective — To provide savers with a portfolio of growth orientated.

New Zealand Fixed Interest 0 - International Shares 30 - Geared Growth Fund. Fund Objective — To provide savers with the opportunity to enhance the. Further information on gearing and the risks involved is provided on pages 29 to 31 and page Total Growth.

Total Income. Gearing Ratio. Single-sector and specialty Funds. Enhanced Income Fund. As the Enhanced Income Fund is expected to offer steady returns, it may be particularly suited to those savers who initially plan to use a significant portion of their savings by utilising the first home withdrawal benefit, provided they are eligible. Fund Objective — To provide savers with the opportunity to achieve long-. This range may be changed from time to time. Note that over time selected smaller companies tend to out-perform larger companies, but also tend to be more volatile over shorter periods.

Australian Shares 25 - International Share Fund. The portfolio will include a balanced mix of index-type funds and actively managed funds and shares. International Shares 80 - Socially Responsible Investment Fund.

For Australian or international shares, the Socially. The portfolio will exclude companies and other investments where the underlying activities are principally involved in the tobacco, alcohol, gambling and armaments industries. The criteria for screening out these companies may be modified over time to reflect developments in the socially responsible investment arena. International Shares 0 - The Scheme is governed by a consolidated Trust Deed dated 14 September as amended from time to time.

The Scheme was registered. Issuer and Manager of the Scheme. The Manager is a wholly-owned subsidiary of Grosvenor Financial Services Group Limited and is responsible for undertaking the daily administration of the Scheme. The address of the Manager is:. PO Box 11 Wellington Directors of the Manager are:. David Ian Beattie, Wellington. Further information. David Ian Beattie. Stephen Charles Benton. Mr Benton has extensive knowledge and expertise in Government.

Peter Brian Christensen. BA Hons , Dip. Paul Gerard Foley. Mr Foley is the Chairman of the board of directors of the Manager and a member of the Audit, Risk and. Compliance Committee of the Manager. Mr Foley is an independent director. Mr Foley is also a director of the Promoter and. Murray Alexander McCaw. AMP Harvard. Mr McCaw is a director of the Manager.

Mr McCaw is an independent director. Allan Seng Tong Yeo. Mr Yeo is the Managing Director of the Manager. Mr Yeo is also a director. The directors can be contacted at the office of the Manager as detailed opposite. The address of the Manager may change from time to time. Please contact the Manager for the current address. The directors of the Manager and their addresses may change from time to time. Please contact the Manager for the current names and addresses.

The Promoter. The Promoter is the ultimate parent company of the Manager. The address of the Promoter is:. Directors of the Promoter are:. The directors of the Promoter can be contacted at the office of the Promoter as detailed above. The address of the Promoter may change from time to time. Please contact the Promoter for the current address. The directors of the Promoter and their addresses may change from time to time. Please contact the Promoter for the current names and addresses.

The Trustee. The address of the Trustee is:. Public Trust Level PO Box The Trustee has been granted a licence under. None of the Government the Crown , the Manager, the Promoter, the Trustee or any other person or company guarantees or promises the repayment. Responsible investment, including environmental, social, and governance considerations, is taken into account in the investment policies and procedures of the Scheme as at the date of this investment.

The KiwiSaver Act requires. If you have been automatically enrolled into KiwiSaver when starting a new job and you wish to opt out, you have eight weeks from the date you start a new job, unless you were already a member of KiwiSaver before starting your new job. Salary or wages includes any bonuses, commissions, gratuities, overtime or other remuneration paid through the PAYE system but does not include redundancy payments, certain grants and pensions, or overseas living costs paid by your employer.

You are entitled to make voluntary contributions as well. If you want to make contributions other than by the PAYE system, see page Your employer may choose to make other contributions. If your employer is a. Other people can make contributions to the Scheme on your behalf.

For the first three months after you join the Scheme, your contributions and any employer contributions will be held by Inland Revenue before they are passed on to the Scheme. While the contributions are held by Inland Revenue, Inland Revenue will pay you interest on the contributions that are held by them unless you notify them that you do not wish to receive interest.

Once the three month period has ended, these contributions will be paid to the Scheme. If your existing savings scheme is a complying superannuation fund under the KiwiSaver Act, the benefits and rules may be very similar to those of KiwiSaver. If your employer already makes contributions to your existing complying superannuation fund, this may affect the amount of the compulsory employer contributions that you may be entitled to receive if you join the Scheme.

If your existing superannuation scheme is not a complying superannuation fund and. If your employer is currently contributing to your existing complying superannuation fund or other. Member contributions. This could be one or more of your jobs. However, if you start a second job after you have joined KiwiSaver, you will need to contribute from both.

You may also make additional payments or contributions if you are not earning salary or wages. Any additional payments may be made by a bill payment through internet banking or paid through Inland Revenue. Your regular contribution will be deducted from your nominated bank account on the date selected in the direct debit authority form. In this case, your employer may also stop their contribution. UK Pension Transfers.

The Manager does not charge a fee for this service, although your financial adviser may. The Trustee and the Manager do. Employer contributions. Government Contributions. However, these credits will not be available to you if you:. Any remaining member tax credit entitlement will be paid to the other scheme when it applies. As a member of the Scheme, you are charged fees to cover the cost of on- going management. Detailed below are the fees that may be charged by the Trustee and the Manager.

These fees and charges will affect your investment returns. Information on any such variation will be contained in the Supplement available from your employer. The Manager reserves the right to make fee rebates to members where it considers it appropriate to. Any applicable rebates will be credited to your account. Member Fee. This fee is deducted from your member account. Administration Fee. This fee is calculated daily as a percentage of the net asset value of each Fund and deducted each month.

This fee is deducted from each Fund and, as a result, reduces the unit price of each Fund. Investment Management Fees. These fees are calculated daily as a percentage of the net asset value of each Fund and deducted each month. These fees are deducted from each Fund and, as a result, reduce the unit price of each Fund.

Balanced Growth. High Growth. Geared Growth. Single-sector Funds. Enhanced Income. Socially Responsible. Trans-Tasman Small. Companies Share. International Share. Trustee Fee. Gearing Fee. This fee is calculated daily as a percentage of the geared component of the Geared Growth Fund and deducted each month. This fee is deducted from the Geared Growth Fund and, as a result, reduces the unit price. Withdrawal Fee. Switching Fee. While there is currently no charge for this service, the Manager reserves the right to charge.

Foreign Exchange Facilitation Fee. Fee Amendments. The Financial Markets Authority must be satisfied that any fee charged. Other costs and charges. Your bank, building society or credit union may charge a direct debit fee. Under current law, some fees are wholly or partially exempt from GST. If GST should be or become payable on any of the fees, then this will be added to the fees stated.

Returns from the Scheme are normally in the form of retirement benefits, with access to your funds restricted until you reach the age specified in the KiwiSaver Act except in limited circumstances. The unit price is determined by the value of the underlying assets of the Fund in which you have invested less. Returns paid to you will be adjusted for tax payable or tax rebates by automatically cashing up or issuing units in the relevant Fund on an annual basis or on a full exit.

Income to the Fund s you invest in will be allocated to your account daily. The amount you receive will be determined, among other things, by the amount you invest, the length of time for which you invest and the change in value of the Fund s you invest in. There is no fixed date on which the returns become payable.

They may be suspended for up to 90 days if the Manager believes that allowing. The Trustee may agree to extend that suspension beyond. See page 36 for further information and conditions. The information in this section is intended as general guidance only and is based on legislation in effect as at the date of this investment statement. It is recommended that you seek professional tax advice regarding your individual circumstances, or to clarify any of the following, prior to investing.

Neither the Trustee nor the Manager accepts any responsibility for the taxation consequences of your investment. Under the PIE regime, taxable income earned by the Scheme will be attributed to members in accordance with their interest in the overall Scheme. The income attributed to you will be taxed at the rate you notify the Manager as your prescribed investor rate PIR. See page 44 for information on how to calculate your PIR.

We will seek confirmation of your PIR from you on an annual basis. Members will also be able to advise the Manager of their PIR at any time, including when it changes, by contacting the Manager. The Manager will pay the tax liability applicable to you by using the assets of the Fund and will cancel a number of units held in each Fund, the value of which equals the tax liability.

Additionally, the income attributed to members by the Scheme will not have an impact on family assistance eligibility, student loan repayment obligations and child support obligations. If you advise an incorrect PIR, you may either owe tax which will need to be included in your tax return, or over-pay tax, which will not be refunded. So please ensure it is correct! Funds collectively. Where more New Zealand tax credits are attributed to you than are required to meet your tax liability in respect of your attributed income or where a net loss is attributed to you for tax purposes, the Scheme will, if entitled to do.

These fees will be allocated to each member based on their holdings and are deductible in calculating your tax liability as above. Proposed permitted withdrawal. The changes are subject to consultation and are intended to apply from. Also included is an amendment to the KiwiSaver Act to expand the category of permitted withdrawals. That would allow individuals who transfer money from foreign superannuation schemes other than from Australia into a KiwiSaver Scheme the option to apply to the Scheme to withdraw funds to pay any tax liability that will be triggered by that transfer.

You should also seek independent advice as to whether a withdrawal in these circumstances is permitted under the terms. This section contains a summary of the principal risks that the money that you have contributed to the Scheme, or which has been contributed on your behalf, may not be recovered in full. The nature of the risks involved and their effect on your savings in the Scheme will vary according to the Funds selected.

However, there are also some risks which affect the Scheme generally, irrespective of which Funds you select. Some risks are more significant than others. The most important risks for you to understand fall into the following categories:. Inappropriate fund risk. It is important that you invest in the Funds most suited to you. Investing in the wrong Fund can have a significant impact on your savings.

If you invest in Funds that are too low risk for your financial situation and risk appetite, the return on your investments many fall short of your goal. If you invest in Funds that are too high risk for your financial situation and risk appetite, market volatility may be more than you are comfortable with.

There are a number of factors you should take into account when selecting the appropriate Funds for you. You should talk to your financial adviser about your financial situation and risk appetite. Investment market risk. If the investments in which the Funds are invested do not perform well, your returns may be less than you were expecting and you could potentially receive.

There are a number of investment-related risks that can cause the value of your investments to fall, including:. This will have a greater impact on Funds with higher exposure to fixed interest securities;. This will have a greater impact on Funds with a higher exposure to shares;. This will have a greater impact on Funds with higher exposure to corporate bonds or other fixed interest securities; and. Manager risk. The Manager has in place systems to manage investment management risks.

In particular:. In addition, the currency risk policies and expertise of all external fund managers are checked before their appointment and monitored regularly;. The Manager also actively changes the average maturity of. Diversification ensures that no single market or company has too great an impact on a Fund should its share price fall significantly;. The Manager also applies minimum credit risk criteria when selecting appropriate fixed interest securities for the Funds; and. There is, however, a risk that the Manager does not adequately manage the investment management risks set out above.

Regulatory risk. There is the risk that future changes to the law could affect your savings in the Scheme. In addition to legislative changes in New Zealand, there is also a risk that money transferred in from occupational or personal pension plans in the UK may be at risk of unexpected UK tax liability on withdrawal from the Scheme.

Any UK tax liability is the responsibility of the member and not the Scheme. Tax risk. There is a risk of the Manager either over or underpaying tax on your behalf as a result of you providing the Manager with the wrong PIR or not advising the Manager to change that rate.

In the event of an underpayment of tax, you will be obliged to pay additional tax and potentially penalties or interest to Inland Revenue. In the event of an overpayment of tax, you will not be able to receive a refund of the overpayment of tax. Other risks. There are other risks which may affect your savings, although these are less significant than the risks described above. These include:.

The Manager manages this risk, in conjunction with the Trustee, by treating the assets and liabilities of each Fund as separate and independent from the assets and liabilities of every other Fund. However, in the unlikely event that the assets of one Fund within the Scheme are insufficient to meet the liabilities attributable to that Fund, those liabilities other than any liabilities to a Member will be met from the assets of the other Funds in the Scheme. Such allocation to meet the liabilities will be in such equitable manner as the Manager, with the approval of the Trustee, sees fit; and.

Further information in respect of your risks is set out in the current registered prospectus for the Scheme. Could I receive less than I invested? On termination of your investment you would receive less than you invested if:. The operation of the Geared Growth Fund could result in the liabilities and expenses exceeding the assets of that Fund. Although this is highly unlikely to occur in practice, the impact of this risk on members of other Funds is described as segregation risk on page What happens if I go bankrupt?

If you become bankrupt, the Official Assignee may, in some circumstances, use all or part of your funds to help pay your debts. Consequences of Insolvency. If the Scheme became insolvent, you would not be liable to any person, other than for payments, fees or taxes payable before the insolvency. Winding up of the Scheme. If the Scheme is wound up or put into liquidation, the following claims will rank ahead of claims by members of the Scheme:.

After allowing for the above, the remaining assets. You can make changes to your investment. You may:. While there is currently no charge for this service, the Manager reserves the right to charge a fee at. Contributions Holiday. This contributions holiday is for. A contributions holiday granted under this arrangement will be for a period of three months, unless Inland Revenue agrees to a longer period. Other Alterations. Trust Deed.

The Financial Markets Authority may challenge a fee increase on the basis that it is unreasonable. The Trust Deed can be altered by the Trustee and the Manager. However, no amendment may be made in contravention of the KiwiSaver Act, the Superannuation Schemes Act or any other relevant legislation. Certain aspects of the legislation may change from time to time.

If the legislation changes, this may impact on the Scheme, including changes in the amount you are required to contribute to the Scheme. The plan applicable to your employer can be wound up if:. Should this happen your funds can be retained in the Scheme, or may be transferred to another KiwiSaver scheme. The Scheme is designed to provide you with benefits on retirement. For this reason, there are restrictions on access to your funds. Retirement Benefit. At that time you may receive a lump sum equivalent to the amount of your investment.

The Manager may waive or vary the minimum amounts for withdrawals at any time.

GOOD WEATHER INVESTMENT MANAGEMENT

Can I afford not to start saving today? Planning for a financially secure, comfortable and rewarding retirement is one of the most important and influential long-term decisions you will make in your lifetime. The financial decisions made now will have a lasting impact on the quality, security and financial independence of your non-working life. The Government has shifted some of the responsibility back onto individuals to provide more for their own future lifestyle and will support this with the state funded pension.

The table below shows approximately how much you will need to save for your retirement on a monthly basis,. How much you will need to save per month, based on your current age. Desired annual income once retired. Current Age. The above calculated amounts are based on the assumption that the monthly contribution is constant throughout the savings period, and if you were to retire at age 65 and require 20 years of retirement income.

Actual returns may differ both on average and on a one-off basis. The figures shown in the table above have not been adjusted for inflation, or other investments or savings you may have. It is also assumed that you will withdraw all of the amounts in your member account over 20 years. The results in the table above are an illustration only and do not represent any indication of future performance.

The graph on the right shows the total amount in the member account of three different hypothetical members who:. Starting Early Pays off. Starting now allows you more time to save and more time for your investment to grow and work for you. The graph on the right shows how much better off you could be joining KiwiSaver today.

The graph illustrates three members who:. What a big difference a little extra makes. What is the impact of delaying the start of your retirement savings plan? Commenced saving at age Age The results in the graphs above are an illustration only and do not represent any indication of future performance. Seven reasons to join KiwiSaver. Whether you are already saving or are about to start, the Government will help you save for your future.

Here are some of the key features and benefits:. The subsidy may be offered to members of a KiwiSaver scheme who meet various conditions, including having been contributing at least the minimum percentage to KiwiSaver for at least three years and subject to. If you have owned a home before, you may still be eligible for the subsidy, subject to meeting certain conditions. Superannuation currently age 65 and have been a member of KiwiSaver for five years or more. You will have the flexibility to continue to contribute.

With the significant benefits that the Government has put in place for KiwiSaver members, many New Zealanders will benefit from opting in. The KiwiSaver. Not all members will be eligible for all benefits. Member Status. Self-employed or non-earners Over 18 years. Why choose the. Grosvenor KiwiSaver Scheme? Grosvenor deals mostly through a network of financial advisers who are authorised to provide investors.

The Grosvenor Group administers superannuation and investment funds for close to , New Zealanders. What are the advantages that Grosvenor offers? Locally run and independent from major institutions, Grosvenor is able to provide a more customised service to New Zealand savers. Grosvenor is. Through our online Member Update and other email communications, we keep you informed of all matters relating to your Grosvenor KiwiSaver Scheme investment. Our investment philosophy has been specifically designed to maximise the probability that your investment delivers consistent performances relative to.

Grosvenor is one of only a few KiwiSaver providers to offer New Zealand managed socially responsible investment funds. The value of advice. Investment decisions can be daunting for many people and getting appropriate advice is of paramount importance. A financial adviser can help you add value to your savings.

Did you know? If you are an employer, you are not responsible for the performance of your preferred KiwiSaver provider. The important thing is for you to avoid giving financial advice to your staff — including advice on whether or not they should join KiwiSaver. This advice should always be given by a financial adviser. Your member account balance kept separate. Grosvenor has a solid track record of growth and profitability over the past decade.

Investor funds are held in trust and are clearly separate from the assets and liabilities of the Trustee and the Manager. See what contributions go into your account, where your money is invested, what fees and taxes you are charged and how your balance is growing.

Kids can join KiwiSaver too! You are never too young to become a KiwiSaver member. The funds are locked in until they qualify for New Zealand Superannuation currently age 65 , but some amounts can be accessed earlier in certain circumstances, such as for buying a first home. The form can be downloaded at www. Applications from 16 and 17 year-olds must be.

KiwiSaver members under 18 receive the one-off. Starting to save early is not just a good financial habit to get into — relatively small amounts put aside regularly over a long-term can, with the benefit of compounding returns, grow into a surprisingly significant lump-sum. The following table shows how an account balance could grow with different contribution amounts. Years of saving. Total value based on kick- start only no contributions made.

Total value based. What contributions are required? If you are not receiving a salary or wages, you can decide the amount you wish to contribute or whether you wish to make any contributions at all. You can also decide how often you want to make any contributions. This applies to children as well.

How are contributions made? Contributions can be made through Inland Revenue using one of three methods:. Paying over the counter at a Westpac branch. Sending a cheque to Inland Revenue. What happens if an under takes on a job? The Scheme is a default KiwiSaver scheme. The Scheme is designed to help members save for their retirement.

It is a defined contribution scheme, which means the benefits you get from the Scheme are based on your contributions, your. Contributions are recorded in your member account, and are invested in the Scheme by purchasing units in one or more of the Funds which make up the Scheme. This is described in more detail below. There are other limited circumstances where you may be able to. You can join the Scheme either through a financial adviser or your employer, or directly.

You can also join the Scheme by being automatically enrolled by Inland Revenue. To be eligible to join, you must be:. State sector employees serving outside New Zealand may also be eligible to join in certain circumstances.

Responsibility for managing these agreements has now passed to the Manager. If you are employed by a participating employer:. How does the investment work? The Scheme offers a range of Funds, each of which has a different investment objective and strategy. Details of the range of Funds available and their investment objectives and strategies are found on pages 15 to You invest in units in the Fund s of your choice. You share in the income and capital gains or losses, as well as the fees and expenses, of the Fund s you invest in, in proportion with your investment in the Funds.

The Manager may, with the agreement of the Trustee, vary the investment objectives and strategies, primary investments and maximum asset allocation limits set out in the Fund profiles on pages 15 to You are responsible for choosing the Fund s that best suits your investment needs.

We recommend. None of the Government, the Trustee, the Manager or the Promoter is responsible for your choice of Fund s. The composition of each Fund, i. Any changes made will be in keeping with the investment objectives and strategy of the Fund. What if I have been automatically enrolled in the Scheme by Inland Revenue?

If you have been automatically enrolled in the Scheme by Inland Revenue, your contributions will, until you elect otherwise, be invested in the Default Saver Fund. You may switch all or part of your investment from the Default Saver Fund to any of the other Funds at any time.

What is Life Phases? Life Phases is an investment process that automatically allocates your contributions and accumulated balance s to a Fund s based on your age. Life Phases aims to reduce your risk exposure over time by changing where your investments are allocated and moving a higher proportion of your savings into more conservative investments as you approach retirement age.

Life Phases recognises that retirement savers can usually tolerate higher investment risk at a younger age with the potential for greater returns over the long-term. Life Phases also recognises that retirement savers usually need lower investment risk as they near retirement with more stable returns. If you choose Life Phases as your investment election, you will not have to nor can you make a decision about which Fund s you should invest in.

Your investment election will be predetermined as detailed in the table below. Life Phases will allocate new contributions and switch your existing balance s Life Phases Reallocation every five years starting at 35 years of age and ending at 65 years of age. You can opt out of Life Phases at any time by contacting the Manager and providing a new investment election.

Life Phases Reallocation takes place as follows:. Life Phases Reallocation age. Grosvenor KiwiSaver Scheme Fund allocation. Up to 34 years. If you are an existing member of the Scheme and you select Life Phases, your current investment election will be reallocated and existing balance s switched to the asset allocation that matches your current age as per the table above.

The Life Phases process will begin on your birthday as in the table above. Members who have selected Life Phases will thereafter have their holdings reallocated in accordance with these changes at. In the event of a change in Life Phases Reallocation age ranges or Fund allocation, the Manager will provide notice to all Members who have selected Life Phases prior to the change s taking effect.

Life Phases may not be appropriate for all members. Life Phases has been designed for the typical saver committed to saving for retirement. Your personal circumstances will change over time and these changes could result in the Life Phases asset allocation not providing a level of risk appropriate.

If your personal circumstances do change, we recommend that you consult a financial adviser to determine an appropriate investment election. What is the standard risk measure? When determining the risk level of each of the Funds, the Manager has adopted the standard risk measure approach. The standard risk measure is based on Australian industry guidance to allow you to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period.

The standard risk measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than you may require to meet your objectives.

Further, it does not take into account the impact of fees and tax on the likelihood of a negative return. Risk band. Risk level. Estimated number of negative annual returns over any 20 year period. Very low. Less than 0. Low to medium. Medium to high. Very high. What Funds are available? Capital Guaranteed Fund. Typical Asset Allocation. NZ and Aust. Asset Allocation Ranges.

Fund Objective. To provide savers with a relatively consistent investment performance, subject to a capital guarantee, with the opportunity to enhance the overall return through a modest degree of capital gains over the long-term.

The Capital Guaranteed Fund aims to achieve a rate of return net of fees but before tax of at least 1. Primary Investments. New Zealand Cash 40 - Fixed Interest 0 - New Zealand Shares and 0 - 10 Australian Shares. International Shares 0 - Growth and Income Asset Allocation. What type of investor does it suit? Given the Capital Guaranteed Fund invests primarily in cash and interest- bearing assets, it would generally suit savers with a short-term timeframe up to seven years , seeking a high degree of capital stability in their investment.

Information in respect of the capital guarantee is set out on pages 32 to Information in respect of the specific risks that apply to the Capital Guaranteed Fund is set out on page Risk Level. Default Saver Fund. To provide savers with a relatively consistent, but modest, investment. Property 2. NZ and Aust Shares 7. The Default Saver Fund aims to achieve a rate of return net of fees but before tax of at least 2.

The Default Saver Fund invests in a diversified basket of predominantly interest-income oriented assets, with a small allocation to New Zealand and international shares to provide capital growth over the long-term. New Zealand Cash 5 - Fixed Interest 25 - New Zealand Shares and 0 - Property 0 - 7.

International Shares 5 - It may also be suited to:. Conservative Fund. To provide savers with a relatively consistent investment performance, with the opportunity to enhance the overall return through a modest degree of capital gains over the long-term. The Conservative Fund aims to achieve a rate of return net of fees but before tax of at least 2. The Conservative Fund invests in a diversified basket of predominantly interest-income oriented assets, with some growth assets in New Zealand and internationally to provide capital growth over the long-term.

Given the Conservative Fund invests primarily in lower risk income generating assets, it would generally suit savers with less than five years. Fixed Interest 30 - New Zealand Shares and 5 - 25 Australian Shares. Property 0 - Total Growth. Total Income. Asset Class Conservative Fund. NZ and A Shares The Asset Class Conservative Fund aims to achieve a rate of return net of fees but before tax of at least 2.

The Asset Class Conservative Fund invests mainly in a diversified basket of fixed interest assets in New Zealand and internationally, offset by some growth assets shares and listed property to provide long-term capital growth. Given the Asset Class Conservative Fund invests primarily in lower risk income generating assets, it would generally suit savers with less than five years until being eligible to withdraw from KiwiSaver. New Zealand Cash 0 - Fixed Interest 50 - New Zealand Shares and 0 - 20 Australian Shares.

Balanced Fund. To provide savers with the opportunity to invest in a combination of income and growth assets, in order to enhance returns over the long-term through capital gains. Property 7. The Balanced Fund invests in a diversified basket of investments, balanced between income oriented assets and a similar level of growth assets, such as shares, both in New Zealand and internationally.

Shares Given the Balanced Fund has a combination of income and growth assets, it would generally suit savers with between five and ten years until they are. New Zealand Shares and 5 - 40 Australian Shares. International Shares 10 - It may also be suited to savers with between ten and 15 years until retirement who have a moderate appetite for short-term share market volatility.

Socially Responsible Investment Balanced Fund. To provide savers with the opportunity to invest in a combination of income and growth assets, in order to enhance returns over the long-term through capital gains, while excluding investments which do not satisfy certain socially responsible investment criteria. This range may be changed from time to time. The Socially Responsible Investment Balanced Fund invests in a diversified basket of investments, covering income oriented assets with a bias towards.

Fixed Interest 35 - New Zealand Shares and 15 - 25 Australian Shares. International Shares 35 - It excludes investments where the underlying activities are principally involved in the tobacco, alcohol, gambling and armaments industries.

The criteria for screening out these investments may be modified over time to reflect developments in the socially responsible investment arena. Given the Socially Responsible Investment Balanced Fund has a combination of income and growth assets, it would generally suit savers with between five and ten years until they are eligible to withdraw from KiwiSaver and who are comfortable with a more balanced allocation to income and growth assets.

It may also be suited to savers with between ten and 15 years until retirement or who have a moderate appetite for short-term share market volatility. Balanced Growth Fund. Fixed Interest To provide savers mainly with the opportunity of long-term capital growth, but to partially offset some short-term return volatility with income assets.

The Balanced Growth Fund invests primarily in a diversified basket of growth oriented assets, such as New Zealand, Australian and international shares, with a modest allocation to income assets, such as cash and fixed interest. The Balanced Growth Fund would generally suit savers with more than.

New Zealand Shares and 10 - 40 Australian Shares. International Shares 20 - Total Growth Total Income Asset Class Growth Fund. The Asset Class Growth Fund invests mainly in a diversified basket of growth assets shares and listed property in New Zealand and. The Asset Class Growth Fund would generally suit savers with at least seven years until they are eligible to withdraw from KiwiSaver and who are also comfortable with periods of market volatility that accompany a higher.

Fixed Interest 10 - New Zealand Shares and 15 - 45 Australian Shares. International Shares 25 - Socially Responsible Investment Growth Fund. To provide savers with the opportunity to achieve long-term capital growth through a diversified selection of investments, while excluding investments which do not satisfy certain socially responsible investment criteria. The Socially Responsible Investment Growth Fund invests in shares mainly listed on the Australian and New Zealand stock exchanges, but augmented with companies listed on other major global stock exchanges and more.

New Zealand Shares and 30 - Australian Shares. KiwiSaver and who are also comfortable with periods of market volatility that. The Socially Responsible Investment Growth Fund would generally suit savers with at least ten years until being eligible to withdraw from. High Growth Fund. To provide savers with a portfolio of growth oriented assets in order to maximise the potential for capital gains over the long-term.

The High Growth Fund would generally suit savers with at least ten years. New Zealand Shares and 20 - Australian Shares. International Shares 30 - Geared Growth Fund. To provide savers with the opportunity to enhance the expected performance from investing in growth assets through the use of leverage to maximise the returns from capital gains over the long-term.

The Geared Growth Fund aims to achieve a rate of return net of fees but before tax of at least 5. The Geared Growth Fund invests almost entirely in growth assets and uses leverage, through borrowing, to increase the total exposure to New Zealand, Australian and other international shares as it seeks to maximise returns for savers over the long-term. New Zealand Shares and 20 - 70 Australian Shares. As the Geared Growth Fund effectively magnifies periods of both positive and negative performance of the Fund, it would generally suit savers with at least 15 years until they are eligible to withdraw from KiwiSaver and who are comfortable with the impact that gearing may have during periods of extended market volatility.

Gearing Ratio. Information in respect of the specific risks that apply to the Geared Growth Fund is set out on pages 38 to Enhanced Income Fund. The Enhanced Income Fund invests in short to medium-term non- government interest bearing investments, both in New Zealand and internationally. The Enhanced Income Fund would generally suit savers with less than five years until they are eligible to withdraw from KiwiSaver, who are looking for.

Fixed Interest 80 - As the Enhanced Income Fund is expected to offer steady returns, it may be particularly suited to those savers who initially plan to use a significant portion of their savings by utilising the first home withdrawal benefit. To provide savers with the opportunity to achieve long-term capital growth through a diversified selection of shares in Australian and New Zealand smaller companies in terms of market capitalisation.

Note that over time, selected smaller companies tend to out-. New Zealand Shares 0 - Australian Shares 25 - International Share Fund. To provide savers with the opportunity to achieve long-term capital growth through a diversified selection of international shares.

It will include a balanced mix of index-type funds and actively managed funds and shares. The International Share Fund would generally suit savers with at least. International Shares Options Fund. To provide savers with the opportunity to invest in an alternative trading-based strategy which aims to deliver a high level of growth over the long-term.

Information in respect of the specific risks that apply to the Options Fund is set out on page The Scheme is governed by a consolidated Trust Deed dated 1 July as amended from time to time. Issuer and Manager of the Scheme. The Manager is a wholly-owned subsidiary of Grosvenor Financial Services Group Limited and is responsible for undertaking the investment management and administration of the Scheme.

The address of the Manager is:. PO Box 11 Wellington Directors of the Manager are:. David Ian Beattie, Wellington. Further information. David Ian Beattie. Mr Beattie is an alternate director for Allan Yeo of the Manager. Mr Beattie is also an alternate director for Allan Yeo of the Promoter. Peter Douglas Cave. Mr Cave is a director of the Manager. Paul Gerard Foley. Mr Foley is the Chairman of the board of directors of the Manager. Mr Foley is an independent director. Milton John Jennings.

BCom, CA. Mr Jennings is a director of the Manager. Mr Jennings is also a director of the Promoter. Established in , Fidelity Life is the largest New Zealand owned life insurance company with six offices and over employees. He is the longest serving CEO in the local life insurance industry and longest serving director on the Board of the Financial Services Council.

Murray Alexander McCaw. AMP Harvard. Mr McCaw is a director of the Manager. Mr McCaw is an independent director. Claire Francis McGowan. Dr McGowan is a director of the Manager. Dr McGowan is an independent director. Her research training was in molecular microbiology and her MBA project in risk management, with her focus on technology commercialisation and investment. Dr McGowan has experience in the New Zealand. Allan Seng Tong Yeo. Mr Yeo is the Managing Director of the Manager.

The directors can be contacted at the office of the Manager as detailed on the previous page. The address of the Manager may change from time to time. Please contact the Manager for the current address.

The directors of the Manager and their addresses may change from time to time. Please contact the Manager for the current names and addresses. The Promoter. The Promoter is the ultimate parent company of the Manager. The address of the Promoter is:. Directors of the Promoter are:. The directors of the Promoter can be contacted at the office of the Promoter as detailed above. The address of the Promoter may change from time to time. Please contact the Promoter for the current address.

The directors of the Promoter and their addresses may change from time to time. Please contact the Promoter for the current names and addresses. The Trustee. The trustee of the Scheme is Public Trust Trustee. The address of the Trustee is:. Public Trust Level 5. PO Box Lower Hutt The Trustee has been granted a licence under.

The Manager has provided a guarantee to Public Trust for the benefit of each unit holder in the Capital Guaranteed Fund. For more detail in respect of the guarantee, see pages Responsible investment, including environmental, social, and governance considerations, is taken into account in the investment policies and procedures of the Scheme as at the date of this investment statement. You can obtain an explanation of the extent to which responsible investment is taken.

The KiwiSaver Act requires. If you have been automatically enrolled into KiwiSaver when starting a new job and you wish to opt out, you have eight weeks from the date you start a new job, unless you were already a member of KiwiSaver before starting your new job. Salary or wages includes any bonuses, commissions, gratuities, overtime or other remuneration paid through the PAYE system, but does not include redundancy payments, certain grants and pensions, or overseas living costs paid by your employer.

You are entitled to make voluntary contributions as well. If you want to make contributions other than by the PAYE system, see page Your employer is obliged to make deductions from your salary or wages at the rate you select when you join the Scheme. You can elect to change your. The compulsory employer contributions will vest immediately. Your employer may choose to make other contributions. You can transfer in money from other superannuation schemes.

Other people can make contributions to the Scheme on your behalf. For the first three months after you join the Scheme, your contributions and any employer contributions will be held by Inland Revenue before they are passed on to the Scheme. While the contributions are held by Inland Revenue, Inland Revenue will pay you interest on the contributions unless you notify them that you do not wish to receive interest.

Once the three month period has ended, these contributions will be paid to the Scheme. If you are self-employed, any payments may be made directly to the Scheme. All contributions will be credited to your member account. Scheme before deciding whether to join. If your existing savings scheme is a complying superannuation fund under the KiwiSaver Act, the benefits and rules may.

If your employer already makes contributions to your existing complying superannuation fund, this may affect the amount of. If your employer is currently contributing to your existing. Member Contributions. Your employer will deduct your regular contributions from your after tax salary or wages each pay day.

If you have more than one job when you join KiwiSaver for the first time, you can choose which jobs you wish to contribute from. This could be one or more of your jobs. However, if you start a second job after you have joined KiwiSaver, you will need to contribute from both. If you wish, you can make voluntary contributions over and above your selected contribution by making additional lump sum payments from time to time. You may also make additional payments or contributions if you are not earning salary or wages.

Any additional payments may be made by a bill payment through internet banking or paid through Inland Revenue. You can also make regular deposits into the Scheme by completing the direct debit authority form attached to this investment statement. Your regular contribution will be deducted from your nominated bank account on the date selected in the direct debit authority form.

In this case, your employer may also stop their contribution. UK Pension Transfers. Trustee and the Manager do not take any responsibility regarding the suitability or otherwise of such a transfer. Employer Contributions. Any contributions made by your employer will also pass to Inland Revenue for the first three months of your membership before being paid to the Scheme.

You may also, with the agreement of your employer, enter into a salary sacrifice arrangement whereby you agree to contribute an additional percentage of your salary to the Scheme. Government Contributions. However, these credits will not be available to you if you:. New Zealand ; or. You will receive a member tax credit based on the number of days in the year that you were eligible. The Manager will apply for the member tax credit on your behalf once a year.

You will not have to do anything. If you belong to the Scheme and another superannuation scheme which is a complying superannuation fund,. Any remaining member tax credit entitlement will be paid to the other scheme when it applies. As a member of the Scheme, you are charged fees to cover the cost of ongoing management. Detailed below are the fees and charges that may be charged by the Manager and the Trustee. These fees and charges will affect your investment returns. Information on any such variation will be contained in the supplement available from your employer.

The Manager reserves the right to make fee rebates to members where it considers it appropriate to. Any applicable rebates will be credited to your member account. Member Fee. If you have all your money fully invested in the Default Saver Fund since you joined the Scheme, you will pay no member fee unless the balance of your. This fee is deducted from your member account.

Annual Management Fee. This fee differs between Funds and is set out below. This fee is calculated daily as a percentage of the net asset value of each Fund and deducted each month. This fee is deducted from each Fund and,. The fee comprises fees payable to the Manager for providing investment management and administration services, the fee payable to the Trustee for providing. Asset Class Conservative.

Socially Responsible Investment Balanced. Socially Responsible. Investment Growth Fund. Trans-Tasman Small. Companies Share Fund. Performance Fee Options Fund only. A performance fee may apply to the Options Fund. This fee is deducted from the Options Fund and, as a result, reduces the unit price of the Options Fund. Gearing Fee Geared Growth Fund only. This fee is calculated daily as a percentage of the geared component of the Geared Growth Fund and deducted each month.

Foreign Exchange Facilitation Fee. Up to 0. This fee is deducted from each Fund and, as a result, reduces the unit price of each Fund. Account Closure Fee. If you have all your money fully invested in the Default Saver Fund since you joined the Scheme, you will pay no account closure fee. Changes to fees. Subject to the KiwiSaver Act, the Superannuation Schemes Act , the Trust Deed and the Instrument of Appointment, these fees may be increased at any time by the Manager, provided the Manager obtains consent of every member of the Scheme who would be adversely affected by the fee increase.

The Financial Markets Authority must be satisfied that any fee charged is reasonable. Other costs and charges. The Trustee is entitled to be reimbursed by the Manager for non-regular and extraordinary costs, expenses and liabilities relating to the Default Saver Fund incurred by it in acting as the trustee of the. There is currently no fee for switching or changing Funds, but we reserve the right to charge such a fee in the future.

Goods and Services Tax. Under current law, some fees are wholly. If GST should be or become payable on any of the fees, then this will be added to the fees stated. Returns from the Scheme are normally in the form of retirement benefits, with access to your funds restricted until you reach the age specified in the KiwiSaver Act except in limited circumstances. The returns you receive on your investment are reflected in the movement in the unit price for the Fund s you are invested in.

The unit price is determined by the value of the underlying assets of the Fund in which you have invested less. Returns paid to you will be adjusted for tax payable or tax rebates by automatically cashing up or issuing units in the relevant Fund on an annual basis or on a full exit.

Income to the Fund s you invest in will be allocated to your member account daily. Returns on the Funds are not quantifiable in advance of when you can access them. The amount you receive will be determined, among other things, by the amount you invest, the length of time for which you invest and the change in value of the Fund s you invest in. There is no fixed date on which the returns become payable.

The Manager is the person legally liable to pay returns to you. Withdrawals may be suspended in some circumstances. They may be suspended for up to 90 days if the Manager believes that allowing. The Trustee may agree to extend that suspension beyond 90 days. See pages 44 to 45 for further information and conditions. Returns from the Scheme are not due and payable on a particular date or with a particular frequency.

The Manager has provided a guarantee to the Trustee for the benefit of members who hold units in the Capital Guaranteed Fund that:. Capital Guaranteed Fund on the date the Capital Guaranteed Fund is terminated will not be less than the unit price of the Capital Guaranteed Fund on the immediately preceding 31 March,. If you invest in the Capital Guaranteed Fund prior to 1 April in a year subsequent to at a unit price greater than the unit price of the Capital Guaranteed Fund on 31 March in the preceding year, the amount greater than the unit price of the Capital Guaranteed Fund on 31 March in the preceding year is not protected by the guarantee.

The guarantee is not secured by a mortgage or other charge. The Manager is required to give effect to its obligations under the guarantee by transferring into the Scheme for the Capital Guaranteed Fund. The investment assets transferred must be authorised investments for the Capital Guaranteed Fund and will be valued in accordance with the valuation methodology set out in the. Trust Deed. There are certain limitations on the guarantee. This could be caused by a further deterioration in the value.

The Manager reserves the right:. Withdrawal of benefits on 31 March If you are entitled to receive benefits from the Scheme see pages 42 to 43 , you may withdraw from the Capital Guaranteed Fund on 31 March by advising the Manager on or before 5. If you withdraw from the Capital Guaranteed Fund on a date other.

Withdrawal of benefits on 31 March in each year subsequent to If you are entitled to receive benefits from the Scheme see pages 42 to 43 , you may withdraw from the Capital Guaranteed Fund on 31 March in each. By withdrawing from the Capital Guaranteed Fund on 31 March, you ensure. If you withdraw from the Capital Guaranteed Fund on a date other than 31 March in any year, you cannot be sure that the unit price you receive will not be less than the unit price on 31 March in the preceding year.

Switching to another Fund on 31 March By switching from the Capital Guaranteed Fund on 31 March , you ensure that the unit price you. Switching to another Fund on 31 March in each year subsequent to You may switch from the Capital Guaranteed Fund to another Fund in the Scheme on 31 March in each year subsequent to by advising the Manager on or before 5.

By switching from the Capital Guaranteed Fund on 31 March, you ensure that the unit price you receive will be not less than the unit. If you switch from the Capital Guaranteed Fund to another Fund. Transfers to another KiwiSaver scheme on 31 March As the Manager is unable to control when it receives a request to transfer from another KiwiSaver scheme provider in respect of a member, such requests may not be received and processed on 31 March Transfers to another KiwiSaver scheme in each year subsequent to As the Manager is unable to control when it receives a request to transfer from another KiwiSaver scheme provider in respect of a Member, such requests may not be received and processed on 31 March.

In such circumstances, you cannot be sure that the unit price you receive will be not less than the unit price on. This position will change over time. The Manager does not give any commitment to maintain net assets of any specified amount. The latest financial statements of the Manager are available on the Companies Office website: www. At the date of this investment statement, none of the Government the Crown , the Manager, the Trustee, or any director, board member or nominee of any.

The information in this section is intended as general guidance only and is based on legislation in effect as at the date of this investment statement. It is recommended that you seek professional tax advice regarding your individual circumstances, or to clarify any of the following, prior to investing.

Neither the Trustee nor the Manager accepts any responsibility for the taxation consequences of your investment. Under the PIE regime, taxable income earned by the Scheme will be attributed to members in accordance with their interest in the overall Scheme. The income attributed to you will be taxed at the rate you notify the Manager as your prescribed investor rate PIR.

See page 52 for information on how to calculate your PIR. We will seek confirmation of your PIR from you on an annual basis. Members will also be able to advise the Manager of their PIR at any time, including when it changes, by contacting the Manager. Tax on all Funds will be deducted and paid at least once a year, based on your PIR. The Manager will pay the tax liability applicable to you by using the assets of the Fund and will cancel a number of units held in each Fund, the value of which equals the tax liability.

Generally, provided that you have advised the Manager of a valid IRD number and correct PIR, tax paid by the Manager on income attributed to you will be a final tax and does not have to be included in your income tax return. Additionally, the income attributed to members by the Scheme will not have an impact on family assistance eligibility, student loan repayment obligations and child support obligations.

If you advise an incorrect PIR, you may either owe tax which will need to be included in your tax return, or over-pay tax, which will not be refunded. So please ensure it is correct! Taxable income, deductible expenses and tax credits attributable to you will be attributed in proportion to your holdings on a daily basis, with tax payable by the Scheme at your PIR. The amount of tax payable by the Scheme is the total of the tax liability of all members in the Funds.

Where more New Zealand tax credits are attributed to you than are required to meet your tax liability in respect of your attributed income or where a net loss is attributed to you for tax purposes, the. Scheme will, if entitled to do so, claim a tax credit from Inland Revenue on your behalf and credit this to you by the issue of additional units. The Manager reserves the right to redeem units to provide for your proportionate share of tax liabilities at.

Where possible, the Manager can claim tax deductions in respect of the fees and any other costs, charges or expenses to the extent permitted under the tax legislation. These fees will be allocated to each member based on their holdings and are deductible in calculating your tax liability as above. Withdrawal to pay tax liability arising on transfer of foreign superannuation. Recently passed legislation changes the tax treatment of interests in foreign superannuation schemes held by New Zealand residents.

The changes applied. Under the new rules, a tax liability will arise when a lump sum payment from a foreign superannuation scheme is withdrawn, which will include where there has been a transfer to a New Zealand or Australian scheme. The KiwiSaver Act has been amended to expand the category of permitted withdrawals. If a person transfers money from their foreign superannuation. A withdrawal may also be permitted where student loan repayment obligations arise following.

An application. International Share Fund. The portfolio will include a balanced mix of index-type funds and actively managed funds and shares. International Shares 80 - Socially Responsible Investment Fund. For Australian or international shares, the Socially. The portfolio will exclude companies and other investments where the underlying activities are principally involved in the tobacco, alcohol, gambling and armaments industries.

The criteria for screening out these companies may be modified over time to reflect developments in the socially responsible investment arena. International Shares 0 - The Scheme is governed by a consolidated Trust Deed dated 14 September as amended from time to time. The Scheme was registered. Issuer and Manager of the Scheme. The Manager is a wholly-owned subsidiary of Grosvenor Financial Services Group Limited and is responsible for undertaking the daily administration of the Scheme.

The address of the Manager is:. PO Box 11 Wellington Directors of the Manager are:. David Ian Beattie, Wellington. Further information. David Ian Beattie. Stephen Charles Benton. Mr Benton has extensive knowledge and expertise in Government. Peter Brian Christensen. BA Hons , Dip. Paul Gerard Foley. Mr Foley is the Chairman of the board of directors of the Manager and a member of the Audit, Risk and.

Compliance Committee of the Manager. Mr Foley is an independent director. Mr Foley is also a director of the Promoter and. Murray Alexander McCaw. AMP Harvard. Mr McCaw is a director of the Manager. Mr McCaw is an independent director. Allan Seng Tong Yeo. Mr Yeo is the Managing Director of the Manager. Mr Yeo is also a director. The directors can be contacted at the office of the Manager as detailed opposite.

The address of the Manager may change from time to time. Please contact the Manager for the current address. The directors of the Manager and their addresses may change from time to time. Please contact the Manager for the current names and addresses. The Promoter. The Promoter is the ultimate parent company of the Manager. The address of the Promoter is:.

Directors of the Promoter are:. The directors of the Promoter can be contacted at the office of the Promoter as detailed above. The address of the Promoter may change from time to time. Please contact the Promoter for the current address. The directors of the Promoter and their addresses may change from time to time. Please contact the Promoter for the current names and addresses. The Trustee. The address of the Trustee is:. Public Trust Level PO Box The Trustee has been granted a licence under.

None of the Government the Crown , the Manager, the Promoter, the Trustee or any other person or company guarantees or promises the repayment. Responsible investment, including environmental, social, and governance considerations, is taken into account in the investment policies and procedures of the Scheme as at the date of this investment.

The KiwiSaver Act requires. If you have been automatically enrolled into KiwiSaver when starting a new job and you wish to opt out, you have eight weeks from the date you start a new job, unless you were already a member of KiwiSaver before starting your new job. Salary or wages includes any bonuses, commissions, gratuities, overtime or other remuneration paid through the PAYE system but does not include redundancy payments, certain grants and pensions, or overseas living costs paid by your employer.

You are entitled to make voluntary contributions as well. If you want to make contributions other than by the PAYE system, see page Your employer may choose to make other contributions. If your employer is a. Other people can make contributions to the Scheme on your behalf. For the first three months after you join the Scheme, your contributions and any employer contributions will be held by Inland Revenue before they are passed on to the Scheme. While the contributions are held by Inland Revenue, Inland Revenue will pay you interest on the contributions that are held by them unless you notify them that you do not wish to receive interest.

Once the three month period has ended, these contributions will be paid to the Scheme. If your existing savings scheme is a complying superannuation fund under the KiwiSaver Act, the benefits and rules may be very similar to those of KiwiSaver. If your employer already makes contributions to your existing complying superannuation fund, this may affect the amount of the compulsory employer contributions that you may be entitled to receive if you join the Scheme.

If your existing superannuation scheme is not a complying superannuation fund and. If your employer is currently contributing to your existing complying superannuation fund or other. Member contributions. This could be one or more of your jobs. However, if you start a second job after you have joined KiwiSaver, you will need to contribute from both. You may also make additional payments or contributions if you are not earning salary or wages. Any additional payments may be made by a bill payment through internet banking or paid through Inland Revenue.

Your regular contribution will be deducted from your nominated bank account on the date selected in the direct debit authority form. In this case, your employer may also stop their contribution. UK Pension Transfers. The Manager does not charge a fee for this service, although your financial adviser may. The Trustee and the Manager do.

Employer contributions. Government Contributions. However, these credits will not be available to you if you:. Any remaining member tax credit entitlement will be paid to the other scheme when it applies. As a member of the Scheme, you are charged fees to cover the cost of on- going management. Detailed below are the fees that may be charged by the Trustee and the Manager. These fees and charges will affect your investment returns.

Information on any such variation will be contained in the Supplement available from your employer. The Manager reserves the right to make fee rebates to members where it considers it appropriate to. Any applicable rebates will be credited to your account.

Member Fee. This fee is deducted from your member account. Administration Fee. This fee is calculated daily as a percentage of the net asset value of each Fund and deducted each month. This fee is deducted from each Fund and, as a result, reduces the unit price of each Fund.

Investment Management Fees. These fees are calculated daily as a percentage of the net asset value of each Fund and deducted each month. These fees are deducted from each Fund and, as a result, reduce the unit price of each Fund. Balanced Growth. High Growth. Geared Growth. Single-sector Funds. Enhanced Income. Socially Responsible. Trans-Tasman Small. Companies Share.

International Share. Trustee Fee. Gearing Fee. This fee is calculated daily as a percentage of the geared component of the Geared Growth Fund and deducted each month. This fee is deducted from the Geared Growth Fund and, as a result, reduces the unit price. Withdrawal Fee. Switching Fee. While there is currently no charge for this service, the Manager reserves the right to charge. Foreign Exchange Facilitation Fee.

Fee Amendments. The Financial Markets Authority must be satisfied that any fee charged. Other costs and charges. Your bank, building society or credit union may charge a direct debit fee. Under current law, some fees are wholly or partially exempt from GST. If GST should be or become payable on any of the fees, then this will be added to the fees stated.

Returns from the Scheme are normally in the form of retirement benefits, with access to your funds restricted until you reach the age specified in the KiwiSaver Act except in limited circumstances. The unit price is determined by the value of the underlying assets of the Fund in which you have invested less.

Returns paid to you will be adjusted for tax payable or tax rebates by automatically cashing up or issuing units in the relevant Fund on an annual basis or on a full exit. Income to the Fund s you invest in will be allocated to your account daily. The amount you receive will be determined, among other things, by the amount you invest, the length of time for which you invest and the change in value of the Fund s you invest in.

There is no fixed date on which the returns become payable. They may be suspended for up to 90 days if the Manager believes that allowing. The Trustee may agree to extend that suspension beyond. See page 36 for further information and conditions. The information in this section is intended as general guidance only and is based on legislation in effect as at the date of this investment statement. It is recommended that you seek professional tax advice regarding your individual circumstances, or to clarify any of the following, prior to investing.

Neither the Trustee nor the Manager accepts any responsibility for the taxation consequences of your investment. Under the PIE regime, taxable income earned by the Scheme will be attributed to members in accordance with their interest in the overall Scheme. The income attributed to you will be taxed at the rate you notify the Manager as your prescribed investor rate PIR.

See page 44 for information on how to calculate your PIR. We will seek confirmation of your PIR from you on an annual basis. Members will also be able to advise the Manager of their PIR at any time, including when it changes, by contacting the Manager. The Manager will pay the tax liability applicable to you by using the assets of the Fund and will cancel a number of units held in each Fund, the value of which equals the tax liability.

Additionally, the income attributed to members by the Scheme will not have an impact on family assistance eligibility, student loan repayment obligations and child support obligations. If you advise an incorrect PIR, you may either owe tax which will need to be included in your tax return, or over-pay tax, which will not be refunded. So please ensure it is correct! Funds collectively.

Where more New Zealand tax credits are attributed to you than are required to meet your tax liability in respect of your attributed income or where a net loss is attributed to you for tax purposes, the Scheme will, if entitled to do. These fees will be allocated to each member based on their holdings and are deductible in calculating your tax liability as above.

Proposed permitted withdrawal. The changes are subject to consultation and are intended to apply from. Also included is an amendment to the KiwiSaver Act to expand the category of permitted withdrawals. That would allow individuals who transfer money from foreign superannuation schemes other than from Australia into a KiwiSaver Scheme the option to apply to the Scheme to withdraw funds to pay any tax liability that will be triggered by that transfer.

You should also seek independent advice as to whether a withdrawal in these circumstances is permitted under the terms. This section contains a summary of the principal risks that the money that you have contributed to the Scheme, or which has been contributed on your behalf, may not be recovered in full. The nature of the risks involved and their effect on your savings in the Scheme will vary according to the Funds selected.

However, there are also some risks which affect the Scheme generally, irrespective of which Funds you select. Some risks are more significant than others. The most important risks for you to understand fall into the following categories:. Inappropriate fund risk. It is important that you invest in the Funds most suited to you. Investing in the wrong Fund can have a significant impact on your savings. If you invest in Funds that are too low risk for your financial situation and risk appetite, the return on your investments many fall short of your goal.

If you invest in Funds that are too high risk for your financial situation and risk appetite, market volatility may be more than you are comfortable with. There are a number of factors you should take into account when selecting the appropriate Funds for you. You should talk to your financial adviser about your financial situation and risk appetite. Investment market risk. If the investments in which the Funds are invested do not perform well, your returns may be less than you were expecting and you could potentially receive.

There are a number of investment-related risks that can cause the value of your investments to fall, including:. This will have a greater impact on Funds with higher exposure to fixed interest securities;. This will have a greater impact on Funds with a higher exposure to shares;.

This will have a greater impact on Funds with higher exposure to corporate bonds or other fixed interest securities; and. Manager risk. The Manager has in place systems to manage investment management risks. In particular:. In addition, the currency risk policies and expertise of all external fund managers are checked before their appointment and monitored regularly;.

The Manager also actively changes the average maturity of. Diversification ensures that no single market or company has too great an impact on a Fund should its share price fall significantly;. The Manager also applies minimum credit risk criteria when selecting appropriate fixed interest securities for the Funds; and. There is, however, a risk that the Manager does not adequately manage the investment management risks set out above. Regulatory risk. There is the risk that future changes to the law could affect your savings in the Scheme.

In addition to legislative changes in New Zealand, there is also a risk that money transferred in from occupational or personal pension plans in the UK may be at risk of unexpected UK tax liability on withdrawal from the Scheme.

Any UK tax liability is the responsibility of the member and not the Scheme. Tax risk. There is a risk of the Manager either over or underpaying tax on your behalf as a result of you providing the Manager with the wrong PIR or not advising the Manager to change that rate. In the event of an underpayment of tax, you will be obliged to pay additional tax and potentially penalties or interest to Inland Revenue. In the event of an overpayment of tax, you will not be able to receive a refund of the overpayment of tax.

Other risks. There are other risks which may affect your savings, although these are less significant than the risks described above. These include:. The Manager manages this risk, in conjunction with the Trustee, by treating the assets and liabilities of each Fund as separate and independent from the assets and liabilities of every other Fund. However, in the unlikely event that the assets of one Fund within the Scheme are insufficient to meet the liabilities attributable to that Fund, those liabilities other than any liabilities to a Member will be met from the assets of the other Funds in the Scheme.

Such allocation to meet the liabilities will be in such equitable manner as the Manager, with the approval of the Trustee, sees fit; and. Further information in respect of your risks is set out in the current registered prospectus for the Scheme.

Could I receive less than I invested? On termination of your investment you would receive less than you invested if:. The operation of the Geared Growth Fund could result in the liabilities and expenses exceeding the assets of that Fund. Although this is highly unlikely to occur in practice, the impact of this risk on members of other Funds is described as segregation risk on page What happens if I go bankrupt?

If you become bankrupt, the Official Assignee may, in some circumstances, use all or part of your funds to help pay your debts. Consequences of Insolvency. If the Scheme became insolvent, you would not be liable to any person, other than for payments, fees or taxes payable before the insolvency. Winding up of the Scheme. If the Scheme is wound up or put into liquidation, the following claims will rank ahead of claims by members of the Scheme:.

After allowing for the above, the remaining assets. You can make changes to your investment. You may:. While there is currently no charge for this service, the Manager reserves the right to charge a fee at. Contributions Holiday.

This contributions holiday is for. A contributions holiday granted under this arrangement will be for a period of three months, unless Inland Revenue agrees to a longer period. Other Alterations. Trust Deed. The Financial Markets Authority may challenge a fee increase on the basis that it is unreasonable. The Trust Deed can be altered by the Trustee and the Manager. However, no amendment may be made in contravention of the KiwiSaver Act, the Superannuation Schemes Act or any other relevant legislation.

Certain aspects of the legislation may change from time to time. If the legislation changes, this may impact on the Scheme, including changes in the amount you are required to contribute to the Scheme. The plan applicable to your employer can be wound up if:. Should this happen your funds can be retained in the Scheme, or may be transferred to another KiwiSaver scheme. The Scheme is designed to provide you with benefits on retirement. For this reason, there are restrictions on access to your funds.

Retirement Benefit. At that time you may receive a lump sum equivalent to the amount of your investment. The Manager may waive or vary the minimum amounts for withdrawals at any time. What happens if I leave my employer? You will have to provide any new employer with a deduction notice relating to the Scheme as soon as practicable after you start with the new employer. How can I access my funds other than as a Retirement Benefit? Opt Out. This period may be extended by Inland Revenue in some circumstances.

Inland Revenue will pay you the amount of any contributions made by you. First Home Withdrawal. In certain circumstances, if you have owned a home before, you may still be entitled to make such withdrawal if you can satisfy Housing New Zealand that your financial position is the same as a person who has never owned a home.

If you are applying to make a withdrawal as a second chance home buyer, you will need to provide us with a copy of the relevant notice from Housing New Zealand. You will not be able to withdraw the Government. The payment will be made to your solicitor, who must provide a copy of the agreement for sale and purchase and an undertaking that the agreement is unconditional. The funds will then be paid to your solicitor.

This withdrawal is not available for subsequent homes other than in the circumstances described above and must be for your primary residence. You will be eligible for this subsidy if you meet certain criteria, including have contributed at least the.

Income and house price caps apply. Additional criteria may be imposed in the future. To be eligible, Housing New Zealand will need to determine that you are. What happens if I die? Accidental Death benefit. This payment is. The premium. The Manager reserves the right to withdraw this offer. The Maximum Claim will be paid to the Trustee to be allocated amongst the estates of all eligible members who were the subject of a claim due to.

It excludes death caused by or resulting from intentional self injury, or suicide; or from any illegal or criminal act committed by an insured person; or any illness, disease, or as a result. Significant Financial Hardship or Serious Illness.

This amount will not include the initial. The Trustee will only allow the withdrawal of sufficient funds to alleviate the hardship, and if the Trustee is reasonably satisfied that reasonable alternative sources of funding have been explored and exhausted.

For a withdrawal for serious illness, medical evidence will be required. Permanent Emigration. Transfer Out. Statutory Declaration. You are only entitled to member tax credits while you live in. Court Order. It must also release funds. This will enable us to confirm that you meet the requirements.

A withdrawal notice received prior to Withdrawals received after Tax Calculation on Withdrawals. The calculation will be for the period from the first day of the current tax return period to the date of withdrawal.

If you need to pay tax on the redeemed units, the Manager may withhold this tax from the amount payable to you in respect of the withdrawal. If you are owed a tax rebate on a full withdrawal, the Manager will pay you the rebate after it is received from Inland Revenue. The tax will be paid at the end of the tax year. However, should the Manager consider it appropriate to do so, they may make such deduction from the amount payable to you without previously notifying you.

Your most important contact if you have inquiries about your investment will be your financial adviser who has a good understanding of the investments on offer. If you wish to, you may contact the Manager at the following address: Grosvenor Investment Management Limited. General information on the Scheme can be found at www.

Is there anyone to whom I can complain if I have problems with the investment? If for any reason you are not satisfied or have issues or complaints concerning your investment, then you should contact any of the following:. Your Financial Adviser. The Manager. Financial Dispute Resolution Level 9. Freepost , PO Box The Manager is a member of Financial Dispute Resolution FDR , an independent dispute resolution scheme that can be used when a dispute is unable to be resolved.

Complaints about the Scheme can be made to Financial Dispute Resolution within certain conditions. Insurance and Savings Ombudsman Customhouse Quay. PO Box 10 Financial Markets Authority. Financial Markets Authority Level 2.

The Financial Markets Authority may expect that you have already approached the Manager or the Trustee and have not been able to reach a resolution. If either the Manager or the Trustee is unable to resolve your complaint, you may also contact either the. What other information can I obtain about. Prospectus and Financial Statements. Additional information about the Scheme can be found in the current registered prospectus for the Scheme, which contains an offer in respect of the securities referred to in this investment statement , in the financial statements for the Scheme and the Trust Deed.

A copy of the prospectus and the most recent financial statements can be obtained free of charge by calling the Manager on on a business day between the hours of 8. The prospectus, financial statements, Trust Deed and any other relevant documents are filed on.

Annual Information. Each year we will provide you a copy of the annual report of the Scheme for the previous financial year, an annual member statement and an annual tax certificate. KiwiSaver Periodic Disclosure. From 21 October , the first quarterly disclosure statement for the Scheme under the KiwiSaver Periodic Disclosure Regulations , covering the three months from 1 July to 30 September , can be obtained free of charge by calling.

Further quarterly disclosure statements will be published by the Manager and made available in the same manner by the 15th working day after each quarter ending 31 December, 31 March, 30 June and. Copies of these disclosure statements will also be available at www.

Other Information on Request. The following information can be obtained free of charge by calling the Manager on on a business day between the hours of 8. By becoming a Member of the Scheme, you acknowledge and authorise the Manager to:. Your financial adviser may also have electronic access to that information;.

Your personal information is subject to strict security controls. You have the right to access this information and to correct it by contacting the Manager. How to keep track of. You can also call your financial adviser or contact us to check your account balance or if you have any other questions about your account. What can you see and do online? When you log on you can:. Once your Scheme enrolment has been confirmed, you will be able to enjoy access to your account details by completing the following steps:.

Provide your email address to your financial adviser or us. For reasons of security, you need an email address to register for online access. If no email address was specified on your application form, you. Click here to register link. An email will be sent to the email address we have on file containing further instructions.

If the email address entered does not match the email address we have on file, you will receive an error message and you will need to contact. If this email has not appeared in your inbox, please check your junk or spam mail folder.

If an email has still not appeared please contact our Client Services Team on on a business day between the hours of 8. Number before your online access is activated. Contributions may not be transferred immediately because of:.

Log in to your Member Login area. How can I make voluntary contributions? To contribute directly to the Scheme:. Using Direct Debit:. How to make a voluntary contribution via internet banking:. You can select the Scheme from the list of organisations who have registered their details. This allows us to identify your funds when a payment has been made. You do not need to enter the bank account number for the Scheme.

To contribute through Inland Revenue:. Sending a cheque:. Waikato Mail Centre Hamilton Paying over the counter at a Westpac Branch:. The teller should know this. Note that Inland Revenue will hold your contributions for the first three months of your KiwiSaver membership. Your PIR is. Are you a New Zealand resident for tax purposes? In either of the last two tax years, was:.

In each of the last two tax years, was either:. Is the Geared Growth Fund for me? The Geared Growth Fund is designed to enable long-term savers to gain the benefits of a leveraged or geared exposure to a portfolio of growth assets e. Gearing simply. What are the benefits? The Geared Growth Fund provides you with the potential for increased capital gains over the long term, by increasing the effective size of your invested funds through the purchase of additional investments with borrowed funds.

As long as the net gains from your investments. Gearing is considered to be an effective long term strategy because research has shown that over the long term, growth oriented investments can deliver the higher potential returns required. As borrowing occurs within the Fund, any assets you hold outside the Scheme are not at risk, as you are not borrowing in your own name.

Gearing should be viewed as a long-term strategy, with at least a 15 year time frame. You need to be able to retain the investment during potential short term market declines, in order to obtain the. What are the risks of gearing?

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Passive Investing: The Evidence the Fund Management Industry Would Prefer You Not to See

We are constantly growing, and is continously crawling the internet to populate information which we find maybe useful to you. Shares Allocation 1 shares 0. Historic Data for Addresses. NZL Agios andreas nicosia betting is a growing business directory network providing listing and information of businesses and companies operating in New Zealand at no cost to the respective business owners or site. PARAGRAPHCompany Name. Shares Allocation 7 shares 0. Reference Number: We provided these information on our directory for your information and references only, and may have changed since. Company Shareholders 1 share parcel. These data are then aggregated and made available over this or other of our website. New Zealand Company Search.

Booster is a KiwiSaver Scheme provider and investment manager. We offer socially responsible investment funds and innovative money management solutions for all Kiwis. partnership with Wellington UniVentures and Otago Innovation Limited. My ambition is for Booster to represent what a NZ born and bred business. We welcomed Otago Innovation Ltd to the NZ Innovation Booster partnership, an enhanced customer experience and improved account management, tools and We launched our SRI Moderate fund, completing our suite of socially Booster (or, back then, Grosvenor Financial Services Group) knew there was a better. Grosvenor Financial Services Group | followers on LinkedIn. superannuation and investment funds for over 70, savers in New Zealand and Australia.