Benefits of myFutureFund
myFutureFund lets people provide a financial boost for a child’s future. It is flexible enough to be tailored to suit your individual circumstances. There are no rules imposed on when a benefit can be paid or what purpose the benefit is for. The only requirement is the approval of the FutureFundGuardian is required until the member’s 25th birthday.
This scheme has been designed with flexibility in mind, so that it can be adjusted to suit you and your family’s unique circumstances. With myFutureFund you determine:
- The amount you save – Savings can be as much or as little as you like.
- When and how you save – You can stop, start and change payments at any time. Savings can be made regularly (e.g. weekly, monthly) or by lump sum payments and can be by direct debit, direct credit, internet banking or by cheque. In most cases, parents/grandparents will save on a regular basis e.g. $10 a week or $100 a month. It is an ideal vehicle to receive cash presents for birthdays and Christmas.
- Who can save – myFutureFund is not just for parents; part of myFutureFund’s flexibility means that more than one person can save for the same child at the same time including grandparents, other relatives, godparents and friends.
- What the savings will be used for – whether it be for their health, education, a wedding, helping them into their first home or general life expenses. The FutureFundGuardian has final say.
myFutureFund can also be combined with SuperLife's KiwiSaver scheme to meet the total savings needs of a child. What’s better, if you join up a child who is under 18 years old into myFutureFund and SuperLife for KiwiSaver, we waive the myFutureFund dollar administration fee until they turn 18.
Read more about myFutureFund.
To sign up a child to myFutureFund all you need to do is complete the membership form (includes investment statement) along with a direct debit form and send them to SuperLife Limited. The savings will be invested under SuperLife in the child’s FutureFund account.
KiwiSaver is great for all New Zealanders including children.
By joining KiwiSaver, a child qualifies for the $1,000 kick-start. The sooner a child joins, the sooner they benefit from the $1,000. By helping your child/grandchild get the $1,000 kick-start, you set them off on the savings path and greater financial understanding. The $1,000 will build up with investment earnings and can help them buy their first home, or for their ultimate retirement.
When a child joins KiwiSaver there are some rules and regulations that they may need to adhere to. For example, if a child is working e.g. in a part-time job, and they join KiwiSaver they will still benefit from the free $1,000 but they will also need to save at least 2% of their part-time wages for at least a year. After this time they can then choose to stop saving to KiwiSaver by going on a contributions holiday.