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| newsletter to
members |
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| update from the trustee |
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| If you sign in to your account today, you’re sure of a big
surprise |
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| Next time you sign in to your online account, you’ll see it looks very different. We’re confident
you will find the new site easy to find your way around and a significant improvement on the old
online portal. It uses a dashboard approach so you can find the information you’re looking for at
a glance, including your account balance and a graph showing your contributions and investment
earnings over time. The new platform includes a simple calculator to show how your savings are
tracking as well as a link to the personal retirement planner for more detailed planning. The new
platform has been designed by Mercer, the scheme administrator, and provided at no additional cost. |
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| High fees eat into your savings |
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| UniSaver investment fees are much lower than the average KiwiSaver scheme. For example,
the investment fee for UniSaver Balanced is 0.68% of funds invested per year. The average
for KiwiSaver schemes is 1.01%.* That difference matters, especially over the long term. Let’s
take the example of two funds based on these numbers. Say both return 5% per year after tax
and before fees, and you invest $650 a month in each fund. After 25 years, your balance in the
UniSaver fund would be around $351,000. Your balance in the fund with the higher fee of 1.01%
would be around $335,000. That’s a difference of around $16,000. After 30 years, the difference
would be much greater – around $28,000. |
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| * Source: Morningstar KiwiSaver Survey December 2020 |
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| Nominations for member-elected directors close 17 May |
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| UniSaver members have direct representation on the Board of UniSaver Limited, the scheme’s
manager and trustee. We call for nominations every 3 years for two member-elected directors.
An election is held if we receive more than two nominations. If you have a desire and believe
you have the skills required to contribute to the running of the scheme at the Board level,
please consider putting your name forward. Each nominee must be endorsed by seven scheme
members. Nominations close on Monday 17 May. |
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| Changes to government support for first-home buyers |
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| A number of changes came into effect on 1 April 2021 to help more New Zealanders to purchase
a first home. These avenues of support are separate from the first-home withdrawal facility
offered by UniSaver. The changes include: |
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lifting the house price caps for new properties and existing properties in most regions |
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raising the income caps to enable more people to access First Home Grants and First Home
Loans – the income cap is now $95,000 for a single person and $150,000 for two or more
people. |
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| These changes apply equally to the criteria for previous home owners who wish to make a
withdrawal towards purchasing a subsequent home. |
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| New tax rate for higher-income earners |
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| Another change came into effect on 1 April. The government introduced a new tax bracket for
employer superannuation contribution tax (ESCT). Until now, employer contributions have been
taxed at 33% for employees earning over $84,001. There is now a new band of 39% for people
earning over $216,000. You don’t need to do anything if this change affects you. Your employer
will change your tax rate. ESCT is not applied in the same tiered way as personal income tax
rates, and only one rate is applied to the total amount of the employer contribution. |
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| Proof of bank details required for benefit payments |
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| We can only pay benefits into an account in your name. This means we cannot pay benefits into
family trust accounts, business accounts or accounts in someone else’s name. That’s why we
need to ask for supporting evidence of your bank account details when you make a withdrawal,
and it also helps prevent a slip-up in transcribing your account number. The evidence needs to
show the name the account is in and the bank account number. The simplest way is to take a
screenshot from your internet banking or a photocopy of the top of a bank statement, or ask your
bank to print and sign a verification of account slip. Once Mercer has this information on file, you
won’t need to provide it again unless you change your account. This extra step is designed to
help protect members against fraud. It’s also required by our auditor. |
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| Why am I receiving this email? |
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| You may be receiving this newsletter having chosen previously to unsubscribe. This option was included in our email communications
in error. We have an obligation to communicate with you to keep you informed about your investment in UniSaver. It’s a regulatory
requirement to provide you with an annual statement of your account and let you know of any material changes to the scheme. We try
to strike a balance between keeping you up to date and not overloading you with information. This newsletter is designed so you can
scan it quickly, get up to date and get on with your day. We welcome feedback on ways we can make our communications targeted and
useful. Please contact the trustee via the scheme secretary if you have comments or suggestions (derek.vincent@mercer.com). |
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