SuperLife

Understanding your annual KiwiSaver statement

  1. Opening balance
  2. This shows how much you had in your KiwiSaver account at the beginning of the financial year (1 April last year).

  1. Your contributions
  2. This shows how much you have contributed to your KiwiSaver account in the 12 months to 31 March (this year).

    Find out more about contributing to KiwiSaver, what your employer’s obligation is, and what the government will contribute to your KiwiSaver.

  1. Investment earnings
  2. This shows you how much your investment funds have earned over the 12 months to 31 March. This amount changes, depending on how your investment funds have performed.

    Any other money coming into your account, such as interest or credits from Inland Revenue, or foreign tax credits, is also shown in this section.

    Taxes, fees and expenses are deducted from these investment earnings.

    Your investments are taxed at the prescribed investor rate (PIR) you have provided us. The PIR we hold for you is shown in the top right hand corner of this statement.

    A wrong PIR means you could be over paying or under paying tax on your investment earnings. If you have underpaid tax, you may need to complete a tax return.

    You can work out your PIR here. If you are unsure of your PIR, you should seek independent professional advice from a tax adviser or speak to Inland Revenue.

  1. Total net investment returns
  2. This is how much your investments have returned (after taxes, fees and expenses) for the 12 months to 31 March.

  1. Withdrawals
  2. Your KiwiSaver statement also shows how much you have withdrawn from your account. This could be for retirement, your first home purchase, or for other approved early withdrawals.

  1. Closing balance
  2. This shows how much you had in your KiwiSaver account at the end of the financial year (31 March).

  1. Investment funds
  2. Your savings are invested in funds you have selected, based on what your risk tolerance is for different types of investment assets such as cash, bonds and shares.

  1. Total fees
  2. The total fees are made up of these components:

    Fund Charges: Fund charges vary for different funds and are deducted from and reflected in your investment earnings. The fund charges include the fees and costs charged by the supervisor and custodian (together with the fees and costs charged by any other funds we may invest in). They also include our regulatory and compliance costs.

    Administration Fee: The administration fee is $30 per year and is deducted from your account balance at $2.50 each month (net of tax). The administration fee is stated net of an income tax deduction applied in calculating your PIE tax payable (the deduction is paid to us). The gross fee is calculated using your PIR.

    Financial Adviser Fee: You will only be charged the financial adviser fee if you have a financial adviser and have agreed with your adviser that he/she will be paid a fee for providing you financial advice. The amount of this fee is to be agreed between you and your financial adviser. The financial adviser fee (if applicable) is deducted from your account balance each day and paid to your financial adviser.

    The financial adviser fee is not deducted when we calculate the PIE tax a member pays. This means that if you are being charged this fee, you should discuss with your accountant or tax adviser whether you can seek a deduction for this fee by including it in your tax return. The annual tax statements we send you will set out how much you have paid in financial adviser fees.

     

  1. Projections - What you are on track to receive
  2. From June 2020, If you are between the ages of 18 and 65, and have been with SuperLife for the entire financial year (12 months to 31 March) SuperLife (and all KiwiSaver providers) is legally required to let you know how much savings you are on track to receive by the time you reach 65. We have to make projections of what the lump sum and the weekly equivalent will be until you reach 90.

    The calculations are set by the government and based on factors such as how much you have saved, what your contribution rate is, and what type of funds you are invested in.

    We then use a range of assumptions (such an inflation rate and investment return rates) set by the government, to work out your future retirement savings. Learn more about the projections here.

    The future retirement savings are projections only and not a guarantee from SuperLife or the government.

  1. Will your retirement savings be enough?
  2. This section of the annual statement helps you make some decisions on your retirement savings. The projected lump sum you will get, and what it works out to per week, gives you an idea of whether you will have enough savings when you retire.

    Knowing what your projected retirement savings will be, you might want to think about whether you need to save a bit more in your KiwiSaver, and whether you are in the right type of funds at this stage in your life.

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