Westpac KiwiSaver Scheme - Investment Statement Get started today, you'll thank yourself tomorrow
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Westpac
KiwiSaver
Scheme
Investment Statement
Get started today, you’ll
thank yourself tomorrow
This is an investment statement for the
purposes of the Securities Act 1978 and has
been prepared as at 18 September 2014.
BT Funds Management (NZ) Limited is the scheme provider and Westpac
New Zealand Limited is the distributor of the Westpac KiwiSaver Scheme. 1941080
Important information
(The information in this section is required under the Securities Act 1978.)
Investment decisions are very important. They often have long-term consequences.
Read all documents carefully. Ask questions. Seek advice before committing yourself.
Choosing an investment Financial advisers can help you make
When deciding whether to invest, consider carefully the answers to investment decisions
the following questions that can be found on the pages noted below:
Using a financial adviser cannot prevent you from losing money,
14 but it should be able to help you make better investment decisions.
What sort of investment is this?
16 Financial advisers are regulated by the Financial Markets Authority
Who is involved in providing it for me?
to varying levels, depending on the type of adviser and the nature of
How much do I pay? 17 the services they provide. Some financial advisers are only allowed to
20 provide advice on a limited range of products.
What are the charges?
22 When seeking or receiving financial advice, you should check –
What returns will I get?
27 – the type of adviser you are dealing with:
What are my risks?
29 – the services the adviser can provide you with:
Can the investment be altered?
31 – the products the adviser can advise you on.
How do I cash in my investment?
32 A financial adviser who provides you with personalised financial
Who do I contact with inquiries about my investment?
adviser services may be required to give you a disclosure statement
Is there anyone to whom I can complain if I have problems covering these and other matters. You should ask your adviser about
with the investment? 32 how he or she is paid and any conflicts of interest he or she may have.
What other information can I obtain about this investment? 33 Financial advisers must have a complaints process in place and
they, or the financial services provider they work for, must belong to
a dispute resolution scheme if they provide services to retail clients.
In addition to the information in this document, important information
So if there is a dispute over an investment, you can ask someone
can be found in the current registered prospectus for the investment.
independent to resolve it.
You are entitled to a copy of that prospectus on request.
Most financial advisers, or the financial services provider they work for,
must also be registered on the financial service providers register.
The Financial Markets Authority You can search for information about registered financial service
regulates conduct in financial markets providers at http://www.fspr.govt.nz
The Financial Markets Authority regulates conduct in New Zealand’s You can also complain to the Financial Markets Authority if you have
financial markets. The Financial Markets Authority’s main objective concerns about the behaviour of a financial adviser.
is to promote and facilitate the development of fair, efficient and
This is an Investment Statement for the purposes of the Securities Act
transparent financial markets.
1978 and has been prepared as at 18 September 2014.
For more information about investing, go to http://www.fma.govt.nz
BT Funds Management (NZ) Limited (BT Funds Management) is the scheme provider and Westpac New Zealand Limited (Westpac NZ) is the distributor of
the Westpac KiwiSaver Scheme. Investments made in the Westpac KiwiSaver Scheme do not represent bank deposits or other liabilities of Westpac Banking
Corporation ABN 33 007 457 141, Westpac NZ or other members of the Westpac group of companies. They are subject to investment and other risks, including
possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. The ultimate holding
company of BT Funds Management is Westpac Banking Corporation. None of BT Funds Management, Westpac NZ, Westpac Banking Corporation, any member
of the Westpac group of companies, The New Zealand Guardian Trust Company Limited (as Trustee), or any director or nominee of any of those entities, or any
other person guarantees the Westpac KiwiSaver Scheme’s performance, returns or repayment of capital. The Westpac KiwiSaver Scheme is not offered, and this
Investment Statement does not constitute an offer, in any jurisdiction other than New Zealand.
Disclosure statements under the Financial Advisers Act 2008 are available on request and free of charge from any Westpac Financial Adviser.
References to non-Westpac websites are provided for your convenience only. We accept no responsibility for the availability or content of such websites.
Your first step to a better future Welcome to the Westpac KiwiSaver Scheme*. Just by reading this, you’ve already made your first step towards saving for a better future. KiwiSaver has been set up by the Government to help New Zealanders save for their retirement. It has lots of benefits that can make it easier to save and even help boost your savings along the way. This Investment Statement sets out the important information you need to know about KiwiSaver and Westpac KiwiSaver before deciding whether to join. If you have any questions after reading this Investment Statement, just call us on 0508 972 254 or visit any Westpac branch. *The term ‘Westpac KiwiSaver’ may be used in this Investment Statement as an abbreviation for ‘the Westpac KiwiSaver Scheme’ and readers should view those terms interchangeably. Important note – allocation to the Westpac KiwiSaver Scheme through Inland Revenue or your employer You may have received this Investment Statement not because you asked for it, but because you have started a new job and been allocated to Westpac KiwiSaver either: - by Inland Revenue, or - due to Westpac KiwiSaver being your employer’s chosen KiwiSaver scheme. In either case, you are already enrolled in Westpac KiwiSaver and you do not need to complete an application form (see the back of this Investment Statement). However, because Inland Revenue only provides us with limited information about you (and because we are required by law to verify your identity as soon as possible), if you are new to Westpac please drop into any Westpac branch to provide us with your identification documents and to ensure we have the right contact details and information about you (including for investment income tax purposes).
Key information about the Westpac KiwiSaver Scheme
This section answers the main questions you may have about Westpac KiwiSaver. You’ll find more
detail on the relevant pages of this Investment Statement. All of the information is subject to change
but is correct as at the date of this Investment Statement.
General
Throughout this Investment Statement, we use “we”, “our” or “us” to refer to the Manager (BT Funds Management).
And wherever we use the word “you” or “your” this refers to a member or members of Westpac KiwiSaver.
Certain terms used in this Investment Statement are explained in the Glossary on page 34.
More information More information
What is the Westpac Page
Employer Contributions
If you are eligible, your employer is required to contribute
KiwiSaver Scheme? 14 an amount equal to 3% of your before-tax Salary or
Westpac KiwiSaver is a special type of investment Wages while you contribute from your pay. These
designed to help you save for your retirement. contributions are subject to tax.
It is a KiwiSaver scheme registered under the KiwiSaver Government Contributions
Act 2006 (the “KiwiSaver Act”). Everyone who joins KiwiSaver for the first time gets a
$1,000 kick-start paid into their KiwiSaver account.
Because KiwiSaver is a long-term savings initiative there
are some important features you need to be aware of: If you’re 18 or over, and live in New Zealand, the
Government will also contribute 50 cents for every dollar
- if you opt in to KiwiSaver you can’t opt out
you put in, up to a maximum Government contribution
- if you are automatically enrolled in Kiwisaver on of $521.43 a year. These contributions finish once you
starting a new job, you may opt out at any time reach Qualifying Age.
between the 13th day and the end of the 55th day
after you started your new job
When can I withdraw Page
- except in very limited situations your savings will be
locked in until you’re eligible for withdrawal - in most
my money? 31
cases this will be when you turn 65, or have been a KiwiSaver helps prepare you for retirement by locking
KiwiSaver member for five years, whichever is later in your savings until you are eligible for New Zealand
(“Qualifying Age”). Superannuation (currently 65).
If you were older than 60 when you joined KiwiSaver,
Who looks after the Westpac Page
your savings will be locked in until you have been a
member for at least five years.
KiwiSaver Scheme? 16
In some special circumstances you may be able to make
We (BT Funds Management) are the Manager of
an early withdrawal. These include making a first home
Westpac KiwiSaver and the investment arm of Westpac
purchase or suffering significant financial hardship or
in New Zealand. We are supervised by the Trustee who
serious illness.
is The New Zealand Guardian Trust Company Limited.
How will my money
How do I save? Page
Page
There are three types of KiwiSaver contributions, 17 be invested? 14
some of which are compulsory: Westpac KiwiSaver offers six investment options (Funds)
designed to suit different investment objectives and
Member Contributions
timeframes. Each Fund invests differently.
If you’re earning a salary or a wage you must contribute
Your options are:
an amount equal to 3% of your before-tax Salary or
Wages (unless you take a contributions holiday). These – the Cash Fund
contributions are deducted automatically from each – the Defensive Fund
pay you receive. You can choose to increase the rate to – the Conservative Fund
4% or 8%. – the Moderate Fund
– the Balanced Fund
All members can also make direct contributions to
– the Growth Fund
Westpac KiwiSaver – you can do this using online
banking. There is no minimum direct contribution
required.
2
More information More information
What are the charges? Page
The Funds are designed to provide different levels of risk
which depend on the asset classes in which they invest
The charges are: 20 and the proportion invested in each asset class.
– Administration Fee
This is $2.25 a month for each member.
Do we use related parties? Page
We may enter into transactions with and use the services of 21
– Management Fee parties related to us (such as Westpac Banking Corporation
This is an annual fee calculated daily as a percentage and Westpac NZ) in respect of Westpac KiwiSaver. These
of the gross value of the assets of each Fund and paid arrangements will be on arm’s length terms.
monthly:
We may invest directly or indirectly in funds where we are
– Cash Fund 0.30% (or a related company is) the trustee or manager. Westpac
– Defensive Fund 0.40% KiwiSaver will not incur any additional management fees for
– Conservative Fund 0.55% these investments.
– Moderate Fund 0.60%
– Balanced Fund 0.65%
– Growth Fund 0.70% Who can I ask for help? Page
– Trustee Fee Call our team on 0508 972 254 or drop in to any 32
This is an annual fee of 0.04% of the gross value of the Westpac branch.
assets of Westpac KiwiSaver. It’s divided fairly between
the Funds, calculated daily and paid monthly.
– Expenses
Expenses will be incurred in relation to Westpac
KiwiSaver. These may be paid for from the Funds.
We limit the total of the expenses recovered from
Westpac KiwiSaver to 0.10% per annum of the gross
value of the assets of Westpac KiwiSaver.
– GST
GST will be added to any fees where applicable.
What are the risks? Page
Every investment has some level of risk and can go up or 27
down in value. The main risk is investment risk - that you
may not get back the money you invest or that your returns
are less than you expect, due to changes in the value of
the assets in a Fund or Funds. The principal risks that may
produce this result are:
– Market risk
– Investment manager risk
– Credit risk
– Derivatives risk
– Concentration risk
– Liquidity risk
3Five great reasons to join a KiwiSaver scheme
KiwiSaver is a long-term savings initiative with special features designed to help boost your savings
and even help you buy your first home. Here are five specific things you should know if you’re thinking
about joining a KiwiSaver scheme.
You get $1,000 just for joining You could use your savings to
Everyone who joins KiwiSaver for the first time gets a buy your first home
$1,000 kick-start from the Government. This is paid
Once you’ve been a KiwiSaver member for three years,
into your KiwiSaver account.
you will be eligible to withdraw your savings (excluding
any Government contributions) to help you buy your first
You may get an annual savings home (or land to build that home on). In some cases you
may qualify even if you’ve owned property before.
boost from the Government
If you’re eligible and you contribute at least $1,042.86
a year, the Government will add $521.43 each year to You could get extra money
help boost your savings. Read more about this on towards your first home
page 18.
If you are eligible, you may be entitled to a first home
buyer’s subsidy. This is administered by Housing
You may get regular New Zealand. If you qualify, and you have been
regularly contributing to a KiwiSaver scheme for at
contributions from your least three years, you could get $1,000 for every year
employer you’ve been contributing, up to a maximum of $5,000.
Again, in some cases you may even qualify if you’ve
If you’re eligible and making regular contributions
owned property before.
equal to at least 3% of your gross Salary or Wages,
in most cases your employer will also need to make
contributions equal to 3% of your gross Salary or
Wages to your KiwiSaver account. These can really add
up. Read more about this on page 17.
Conditions and eligibility criteria apply to these incentives (other than the kick-start). These are the key KiwiSaver benefits applying as at the date of this
Investment Statement. They could change in future (www.kiwisaver.govt.nz or www.westpac.co.nz/kiwisaver will generally give up-to-date details).
4Six reasons to choose the Westpac KiwiSaver Scheme
Westpac KiwiSaver is currently one of the largest and fastest growing KiwiSaver schemes.
More than 330,000 Kiwis have joined our Scheme. Here are just some of the reasons why.
Experts at investing Financial advice
BT Funds Management is the investment arm of Westpac NZ has a team of financial advisers
Westpac in New Zealand and is one of New Zealand’s throughout New Zealand whose job it is to help
leading fund managers with over $6 billion of funds customers make good financial decisions, like how
under management. BT Funds Management provides to invest wisely. They are experts in KiwiSaver and
a broad range of managed funds offering access to professionally qualified to help. Speak to your local
different asset classes, securities and investing styles Westpac branch or call us on 0508 972 254 if you
with the objective of helping customers achieve their would like to talk to a Westpac Financial Adviser.
investment goals.
We’re here to help
A choice of investment options Our team is available to help you by phone, online or
Westpac KiwiSaver offers a range of investment in person at almost 200 branches nationwide.
options to suit just about everyone, no matter how far
you are from retirement. If you are unsure about which
investment option is best for you, you can speak to a
Westpac Financial Adviser or use our risk profiler tool
on page 10.
Information at your fingertips
With Westpac Online Banking you can view your
Westpac KiwiSaver account at any time,
make direct contributions and change your
Fund(s). You will also find other helpful information
at www.westpac.co.nz.
hotpoints®
Where hotpoints® are earned on
Westpac credit cards, they can
be converted into contributions
to Westpac KiwiSaver.
hotpoints® is a registered trademark of Westpac Banking Corporation.
As at the date of this Investment Statement,
Westpac KiwiSaver is a default KiwiSaver
scheme and we are a Government-appointed
default KiwiSaver provider.
5Getting the most out of KiwiSaver
Helping you buy your first home Check you’re contributing enough to
KiwiSaver can be a great way to save for your first home. If eligible, meet your goals
you may be able to withdraw both your own and your employer’s
The more you save, the faster your money should grow. You might be
contributions towards the purchase of your home, and you may also
surprised at just how much difference a little extra contribution can
qualify for a Government subsidy of up to $5,000. See page 23 for
make over time. www.sorted.org.nz has a useful calculator to help you
more details.
figure out how much you may need to save to have the lifestyle you
want in retirement.
Maintaining your lifestyle in retirement
If you decide to save more to help you reach your goal, you can
Retirement may seem like a long way off, but it’s never too early to change your contribution rate to 4% or 8%. Just let your employer
start planning. By starting to save early, you can benefit from earning know.
returns on your returns.
And remember: you can stay in KiwiSaver after you reach Qualifying Take advantage of a boost from the
Age – it just becomes more flexible. You can access your savings and Government each year
still make regular or lump-sum payments whenever you like (although
your employer is no longer required to contribute and you will no If you’re eligible, aged between 18 and the Qualifying Age, and
longer be eligible for any future Member Tax Credits). Plus you can still you can afford to, it pays to contribute extra to get the maximum
access our range of investment options. Government contribution of $521.43 each year. These contributions
are called Member Tax Credits and you can read more about them on
Your retirement could last for twenty years or more, so staying in page 18.
KiwiSaver could be a great way to keep your money working for you.
Here are some of the things you can do now to help maintain your To get the maximum Member Tax Credit of $521.43 each year, you’ll
lifestyle in retirement: need to have contributed $1,042.86 during the previous year (1 July to
30 June) and been a KiwiSaver member, and eligible, for the whole of
that year.
Make sure you’re in the right Fund
Taking the time to consider which Fund best suits your needs could Topping up is easy
make a big impact on your savings. Each of our Funds has a different
level of risk and potential return designed to suit different ages and life You can make one-off contributions or set up a regular payment
stages. It’s important to review your fund choice regularly to ensure whenever you like. Make your payment to 03-0104-0588267-05 –
your fund(s) are still right for you. You’ll find a risk profiler on page 10 make sure to include your KiwiSaver member number, last name and
(or on www.westpac.co.nz) to help you decide or you could talk to a IRD number as the payment reference. You can do this using online
Westpac Financial Adviser on 0508 972 254. banking.
Choosing your investment – things to consider
Westpac KiwiSaver offers a choice of six Funds What are the differences?
(Cash, Defensive, Conservative, Moderate, Each of our Funds invests differently. The asset classes they invest in may
Balanced and Growth) to suit different types of include Cash, Fixed Interest, Shares, Alternative Investments and Property.
investors: you’ll find more information about these The Funds invest in these assets either directly (by buying the assets)
Funds on pages 8 and 9. Each Fund invests in a or indirectly (by investing in other funds). The exact make up of your
investment option will depend on the underlying investment strategy
different way. It’s important to understand those
behind it.
differences and choose the right option for you.
If you have any questions, call our dedicated team on 0508 972 254, to
Income assets
make an appointment with a Westpac Financial Adviser.
Cash and Fixed Interest are often referred to as income assets because
they generate income in the form of interest payments. Generally, Funds
that invest in a higher proportion of income assets can be expected to
deliver modest but more consistent returns. They are less likely to go up
and down, but will usually provide lower returns over the long term.
6Growth assets Risk and return
Shares and Property are often referred to as growth assets because The chart below shows how, depending on risk levels, returns on an
(though they involve more risk) they have greater potential to achieve investment can go up and down quite differently over different time
capital growth over the medium to long term than income assets. Funds periods:
with more exposure to growth assets have the potential for higher long- - The lower risk investment contains mostly income assets.
term returns, but they are more likely to go up and down in the short
- The medium risk investment is spread more evenly between income
term and will experience periods of negative returns.
assets and growth assets.
Alternative Investments tend to be a mixture of both growth and income - The higher risk investment contains mostly growth assets.
assets and are currently treated as growth assets by the Funds.
For each investment, potential return ranges are shown (as concepts)
This graph shows how different assets have different risk and potential over two periods:
return profiles.
The red bar shows a range of potential returns over 1 year.
The grey bar shows a range of potential average annual returns over
Higher Shares 10 years.
Potential
Return
Higher Risk
Property Investment
Greater Medium Risk
positive Investment
returns
Fixed Interest
Lower Risk
Investment
Lower Cash
Potential
Return
Lower Risk Higher Risk
This is intended solely to illustrate concepts. It is not a prediction of the future Greater
negative
returns from, or the investment performance of, any of the Westpac KiwiSaver returns
Scheme investment options.
Which option should I choose?
1 year return range 10 year average annual return range
Choosing the right Fund will depend on your investment timeframe and This is intended solely to illustrate concepts. It is not a prediction of the future
returns from, or the investment performance of, any of the Westpac KiwiSaver
your attitude to risk. Scheme investment options.
Your investment timeframe The chart shows how, for each investment, the range of potential returns
over 1 year is wider than the range of potential annual returns averaged
Each Westpac KiwiSaver investment option has a minimum suggested
over 10 years. This is because extreme market events can occur which
investment timeframe. This is the length of time before you plan to
may have a major impact on short term returns. The economy generally
withdraw your investment. So the question to ask is, how long before
works in cycles, with periods of expansion followed by periods of
you reach 65 or plan to buy your first home? Investment timeframes are
lower growth or recession and then renewed expansion. The longer the
described as:
investment period, the more room there is for the effects of extreme
- Short to Medium Term - Medium Term events or market downturns to be smoothed out. Growth assets are
- Medium to Long Term - Long Term typically more sensitive to market events, so the more growth assets an
investment contains, the wider the range of potential returns across both
Your attitude to risk the 1 year and the 10 year timeframes.
This is a personal decision about what’s important to you. Would you
feel more comfortable with modest returns, with fewer movements in the Investment options
value of your investment, or would you accept more short-term ups and
The next page outlines our six investment options. You can choose one
downs with the potential for higher long-term returns?
of these options, or you can split your investment over two or more of
If your main goal is to protect the value of your investment, you may the different Funds. You’ll also find a simple risk profiler on page 10 or
go for a more conservative investment strategy by choosing a Fund
at www.westpac.co.nz (search “Risk Profiler”) that can help you better
designed to be lower risk. Or if you feel okay about experiencing
understand your attitude to risk.
negative returns from time to time, you may choose a Fund designed to
be higher risk but offering potentially higher long-term returns.
7Your investment options
Cash Fund Defensive Fund Conservative
The Cash Fund aims to provide stable
returns with low levels of volatility and
The Defensive Fund aims to provide
stable returns over the short to medium
Fund
investment risk. The Fund invests in term with low levels of volatility and The Conservative Fund aims to provide
income assets of a short term nature investment risk. The Fund invests stable returns over the medium to
such as bank deposits, floating rate notes primarily in income assets but is required long term with low levels of volatility
and money market securities. In the long to have an allocation to growth assets and investment risk. The Fund invests
term, the return of the Fund is likely to of not less than 15% and not more than primarily in income assets but also has
be lower than investments which include 25%. Returns will vary and may be low or an allocation to growth assets.
growth assets. negative at times. Returns will vary and may be low or
negative at times.
Suggested timeframe
Short to medium term Short to medium term Medium to long term
Benchmark asset allocation
100% income assets 80% income assets/20% growth assets 75% income assets/25% growth assets
Cash 100% International Alternative 2
Shares 9% Investments 2% International
Shares 9%
Australasian Cash 20%
Shares 8% Australasian
Shares 9%
Cash 33% Property 3%
Property 5%
NZ Fixed 1
International
Interest 24%
Fixed Interest 24%
NZ Fixed 1
Interest 23% International
Fixed Interest 31%
Investment ranges*
Cash Cash
NZ Fixed Interest NZ Fixed Interest
International Fixed Interest International Fixed Interest
Property Property
Australasian Shares Australasian Shares
International Shares International Shares
Alternative Investments
0 10 20 30 40 50 60 70 80 90 100 0 10 20 30 40 50 60 70 80 90 100
% %
Benchmark Benchmark
Fund Descriptions
The Fund descriptions above relate to the benchmark asset allocations. As detailed below, the actual asset allocation for each Fund will vary from
time to time.
Where we describe a Fund’s potential risk and return, the description used (e.g. ‘low’ or ‘high’) is our assessment of that Fund’s risk and return
profile. This assessment is based on the expected volatility and long term return in normal market conditions for the asset classes the Fund
invests in.
Benchmark Asset Allocation
Each Fund has a ‘benchmark’ asset allocation reflecting our intended long-term allocation to each asset class. In the Defensive, Conservative,
Moderate, Balanced and Growth Funds, the actual asset allocation will vary from this benchmark asset allocation as market prices change and
when we pursue tactical investment opportunities or seek to protect asset values in volatile economic periods. These variations may be significant
but are restricted by permitted ‘ranges’ above and below each benchmark.
Benchmark and actual asset allocations take into account both direct and indirect investments and the effects of Derivatives contracts (see the
Glossary on page 34). While Derivatives may be used in each asset class, the use of Derivatives may be more extensive in the International Fixed
Interest and Alternative Investments asset classes.
8Moderate Fund Balanced Fund Growth Fund
The Moderate Fund aims to provide The Balanced Fund aims to provide The Growth Fund aims to provide high
moderate level returns over the medium medium level returns over the long potential returns over the long term with
to long term with moderate levels term with medium levels of volatility and high levels of volatility and investment
of volatility and investment risk. The investment risk. The Fund has a higher risk. The Fund invests primarily in growth
Fund has a higher allocation to income allocation to growth assets than to assets but also has an allocation to
assets than to growth assets. Returns income assets. Returns will vary and may income assets. Returns will vary and are
will vary and may be low or negative in be low or negative in some years. likely to be low or negative in some years.
some years.
Medium to long term Long term Long term
60% income assets/40% growth assets 40% income assets/60% growth assets 20% income assets/80% growth assets
Alternative Alternative Alternative
Investments 2 5% Cash 5% Investments 2 6% NZ Fixed 1 Cash 4% Investments 2 8%
Cash 10%
Interest 7%
1
NZ Fixed
International Interest 15% International
Shares 17%
Fixed Interest 9%
International
Shares 29%
NZ Fixed 1
Interest 22% International
Property 10%
Shares 37%
Australasian
Shares 13% International
Fixed Interest 20%
Property 5%
Property 5% Australasian
International Australasian Shares 25%
Fixed Interest 28% Shares 20%
Cash Cash Cash
NZ Fixed Interest NZ Fixed Interest NZ Fixed Interest
International Fixed Interest International Fixed Interest International Fixed Interest
Property Property Property
Australasian Shares Australasian Shares Australasian Shares
International Shares International Shares International Shares
Alternative Investments Alternative Investments Alternative Investments
0 10 20 30 40 50 60 70 80 90 100 0 10 20 30 40 50 60 70 80 90 100 0 10 20 30 40 50 60 70 80 90 100
% % %
Benchmark Benchmark Benchmark
We may alter the benchmark asset allocation and ranges for each Fund at any time (however, in respect of the Defensive Fund, we can only do
this as permitted under the Instrument of Appointment). You may request copies of Westpac KiwiSaver’s investment guidelines and actual asset
allocations by contacting us.
Currency exposure
Foreign currency exposures in the Defensive, Conservative, Moderate, Balanced and Growth Funds may be fully or partially hedged as we
consider appropriate. Details of the currency strategy by asset class are contained in the Prospectus.
* This shows you the permitted range for each asset class. It also shows you the Benchmark Asset Allocation.
1. NZ fixed interest securities will generally be issues denominated in New Zealand dollars, but may also include issues made by New Zealand or
Australian entities denominated in foreign currencies.
2. Alternative Investments are investments that do not fall within the main asset classes. Alternative investments can include hedge funds,
absolute return funds, commodity investments, venture capital and private equity. Investment strategies that may be found in some alternative
investments include the use of gearing (obtaining greater exposure to markets than the net value of an underlying asset) and short selling
(selling something you do not own with a view to buying it back later at a lower price).
9Risk profiler
The following risk profiler will help you decide which investment option is right for you.
This questionnaire should be treated as a guide only, containing information of a general nature to help you determine your
tolerance for risk. The outcome of the questionnaire should not be treated as personalised financial advice or a personal financial plan.
It’s important to note that you may wish to obtain advice from a Westpac Financial Adviser (which takes into account your particular financial
situation and goals) before choosing an investment option.
If you don’t choose an investment option, your investment in Westpac KiwiSaver will automatically go into the Conservative Fund (or, if you were
allocated to Westpac KiwiSaver by Inland Revenue, the Defensive Fund). You are able to change this investment option (or any other option you
choose) at any time in the future.
If you are planning on withdrawing your savings to help with the purchase of your first home (or if you wish to qualify as a previous home owner
buyer), you may want to consider simply investing in the Cash Fund.
For each question tick the option that most closely reflects your views on investing:
1. How many years do you have until you plan to withdraw 5. Which of the following investments are you most
money from the Westpac KiwiSaver Scheme? comfortable with?
SCORE SCORE
5 years or less. 1 Short term income assets (such as bank deposits,
floating rate notes and money market securities) only. 1
5 to 10 years. 2
Mostly income assets (Cash and Fixed Interest)
10 to 15 years. 3 with a small amount of growth assets (Shares,
15 years or more. 4 Property and Alternative Investments). 2
A more even split between income assets (Cash
2. How do you rate your willingness to take and Fixed Interest) and growth assets (Shares,
financial risks? Property and Alternative Investments). 3
SCORE
Mostly growth assets (Shares, Property and
I do not like to take any risks when it comes 1
Alternative Investments). 4
to my money.
I am a conservative risk taker. 2 6. Which of the following possible performance ranges
for a long-term investment would you feel most
I am a moderate risk taker. 3
comfortable with in any one year?
I enjoy taking risks. 4
3. When faced with a major financial decision are
you more concerned about the possible losses
or the potential gains?
SCORE
Always the possible losses. 1
gains
Usually the possible losses. 2
Usually the potential gains. 3
Always the potential gains. 4
4. Investments can go up and down in value. By how much
would a long-term investment of $10,000 have to go down
losses
before you would begin to feel uncomfortable?
SCORE
I can tolerate only a minimal fall in my investment value. 1
$500 (5%). 2
SCORE 1 2 3 4
$1,000 (10%). 3
$2,000 or more (20%+). 4 TOTAL SCORE:
10Use your score from the questionnaire on the previous page and match it to an Investor Description below. Remember that the questionnaire is
only a guide. Being comfortable with your investment is one of the keys to successful investing.
If the Investor Description doesn’t sound like you, review the descriptions for the other profiles and select an investment option which has a
description that is the closest match to how you feel about investing.
Remember, if you are investing for the longer term, the longer the investment period the more room there is for the effects of extreme market
events or market downturns to be smoothed out. So consider your risk tolerance with this in mind. If you would like help with selecting an
investment option, call us on 0508 972 254 to make an appointment with a Westpac Financial Adviser.
SCORE INVESTOR DESCRIPTION INVESTMENT OPTION
You are a cautious investor looking for a high level of security.
6-7 You want to invest solely in income assets (such as Cash and
Fixed Interest). You are not willing to place any of your investment
Cash Fund
in growth assets (Shares, Property and Alternative Investments).
You are a conservative investor looking for some growth, but you
Defensive
wish to remain cautious. You would expect most of your investment
Fund
8-12 to be allocated to income assets (Cash and Fixed Interest), with the
remaining portion allocated to growth assets (Shares, Property and
Conservative
Alternative Investments*).
Fund
Moderate
You are looking for a reasonable exposure Income assets Fund
to both growth assets (Shares, Property and
13-18 Alternative Investments) and income assets or
(Cash and Fixed Interest), but would like a Balanced
higher allocation to either: Growth assets Fund
You are willing to place your main emphasis on growth assets
(Shares, Property and Alternative Investments) rather than on
Growth
19-24 income assets (Cash and Fixed Interest). You therefore wish for
Fund
most of your investment to be in growth assets.
*The Defensive Fund has no allocation to Alternative Investments.
11Important information you need to know... More details on the Westpac KiwiSaver Scheme
What sort of investment is this?
Westpac KiwiSaver is a special type of If you don’t choose a Fund, or you were automatically allocated
to Westpac KiwiSaver due to it being your employer’s chosen
investment designed to help you save for
scheme, your money will go into the Conservative Fund. If you were
retirement. This Investment Statement tells you automatically allocated to Westpac KiwiSaver by Inland Revenue, your
more about it and how it all works. But the two money will go into the Defensive Fund.
important things to note are: Read more about your investment options, how they differ and making
a choice on pages 8 and 9.
1. Your savings will generally be locked in
until you reach Qualifying Age (for most How our Funds work
people this is currently 65); and Your money buys you units in the Fund(s) you invest in. Each unit
represents a share of the total Fund: if the assets of the Fund go up in
2. If you’re employed, you’ll need to make value, your units will be worth more and if they go down in value, your
units will be worth less.
regular contributions from your income
(unless you are on a contributions holiday). Any returns on your investment are reflected in the unit price of
your Fund(s).
KiwiSaver also has other unique benefits like a
Westpac Online Banking
$1,000 Government kick-start. These benefits are
If you are registered for Westpac Online Banking, you can:
outlined (along with other useful information) in
- apply to join Westpac KiwiSaver,
the next few pages.
- view your Westpac KiwiSaver balance,
Remember you should always think carefully - make direct payments to your KiwiSaver account, and
before making any investment. So if you have - switch Funds
any questions at all please give us a call on 0508 online. However, if you are under the age of 18, some of the above
972 254 (0508 WPAC KIWI). features of Westpac Online Banking may not be available to you.
Who can join KiwiSaver?
What type of investment is this? Most Kiwis can join KiwiSaver. As long as you’re under 65 and a
Westpac KiwiSaver is a KiwiSaver scheme registered under the permanent resident, you’ll most likely be eligible.
KiwiSaver Act. Its main purpose is to provide retirement benefits and
Specifically, you are eligible if you are:
help you save for your retirement.
- a New Zealand citizen or entitled to be in New Zealand indefinitely;
Westpac KiwiSaver is a default KiwiSaver scheme and we are a
and
default KiwiSaver provider appointed by the Government.
- normally living in New Zealand, or a State Services employee
The amount you have when you qualify for a withdrawal will depend serving overseas; and
on the contributions made to your account along with any returns less
- under the qualification age for New Zealand Superannuation
any tax, fees and expenses. The exact amount will depend on the type
(currently 65).
of withdrawal you apply for.
Since this investment is a KiwiSaver scheme, there are restrictions on How do I join the Westpac KiwiSaver
when your benefits can be paid. These are explained in more detail Scheme?
under the heading “What returns will I get?”.
You can join Westpac KiwiSaver by opting in or by being enrolled
automatically (through your employer or by being allocated to Westpac
How will my money be invested?
KiwiSaver by Inland Revenue).
When you invest with Westpac KiwiSaver, your money will be
combined with others’ money in the Fund(s) you invest in. This means Opting in
you will have access to a wider range of investment choices than you
As long as you’re eligible, you can join Westpac KiwiSaver at any time.
would have investing alone. Your money is managed and overseen by
Simply complete the application form at the back of this Investment
an experienced team of investment professionals.
Statement and return it to us at the address on the form. If you are a
Westpac customer registered for Westpac Online Banking, you can
Choosing a Fund join by completing the application form available in Westpac Online
You can choose from six different Funds. Each has different levels of risk Banking.
and potential returns. Your options are the Cash Fund, the Defensive
If Westpac KiwiSaver is your employer’s chosen KiwiSaver scheme,
Fund, the Conservative Fund, the Moderate Fund, the Balanced Fund
you can become a member (see ‘You accept the terms’ and ‘You
or the Growth Fund. You can choose to split your contributions across
can choose your Fund’, below) simply by completing a KiwiSaver
the Funds.
deduction form obtained from your employer.
14If you complete a deduction form, Inland Revenue may also allocate How does the Westpac KiwiSaver
you to Westpac KiwiSaver even if it is not your employer’s chosen Scheme work?
scheme.
When you become a member of Westpac KiwiSaver we will open
However, we recommend you drop into any Westpac branch with your two accounts for you: a Transaction Account and an Investment
ID and contact details, so we have your correct details and you can Account.
choose your Fund(s).
Your Transaction Account is set up to receive contributions and
It’s important to note that if you opt in to KiwiSaver you can’t opt transfer them to your Investment Account which holds units in your
out later. Fund(s). Your monthly administration fee is paid from your Transaction
Account.
Being enrolled automatically
We will deposit the money in your Transaction Account with a major
If you’re not already a KiwiSaver member, you will be automatically
bank (at the date of this Investment Statement that’s Westpac NZ)
enrolled in a KiwiSaver scheme when you start a new job. If your
where it will earn interest until it is transferred to your Investment
employer has chosen Westpac KiwiSaver, you will automatically be
Account.
enrolled in Westpac KiwiSaver unless you choose a different scheme.
You can also be automatically enrolled in Westpac KiwiSaver by Your Transaction Account must have a balance of not less than
Inland Revenue if your employer has not chosen a KiwiSaver scheme. $50 and not more than $100. We will automatically transfer money
between your Transaction and Investment Accounts to maintain the
Here are three things you should note about being enrolled
right balance.
automatically:
You can choose to opt out: If you are automatically enrolled in Once you reach Qualifying Age, if you are making regular withdrawals
Westpac KiwiSaver you can choose to opt out between the 13th day the maximum Transaction Account balance will no longer apply.
and the end of the 55th day after being automatically enrolled (the We may adjust the minimum and maximum amounts at any time.
date you started your new job). You can find out the applicable amounts by calling 0508 972 254
You accept the terms: If you are automatically enrolled in Westpac (0508 WPAC KIWI).
KiwiSaver (and don’t opt out), you are deemed to have acknowledged We may change or remove the Transaction Account in future. If
and agreed to the terms set out in Section F of the application form. this happens, the change will not affect the value of your KiwiSaver
You can choose your Fund: Unless you actively choose a Fund, account. If we remove the Transaction Account, your contributions
any contributions will be invested in: will go directly to your Investment Account and your monthly
administration fee will be paid out of your Investment Account.
- the Conservative Fund, if Westpac KiwiSaver is your employer’s
chosen scheme; or How the Funds are valued
- the Defensive Fund, if you were allocated to Westpac KiwiSaver by When you invest in a Fund your money is used to buy units in that
Inland Revenue. Fund. These units change in price depending on the value of the
Fund’s assets and the fees and expenses payable by the Fund.
You can choose a different Fund (or Funds) at any time. Just ask for
a switch form at any Westpac branch or you can do this in Westpac We generally calculate a unit price for each Fund on each business
Online Banking. Read more about changing your investment under day. There may however be some occasions when we are not able to
“Can the investment be altered?”. calculate a unit price.
If you were allocated to Westpac KiwiSaver by Inland Revenue and you You can read more about the pricing of units in the Prospectus.
then choose a Fund or Funds (this can include confirming to us that You can get a copy by calling 0508 972 254 (0508 WPAC KIWI).
you have chosen to remain in the Defensive Fund), when we action that
You can also call us at any time to find out the value of your
request you will no longer be considered a Default Member.
investment in Westpac KiwiSaver.
Transferring to the Westpac KiwiSaver
Scheme
You can transfer your savings between KiwiSaver schemes at any
time, even if you are aged 65 or older. If you’d like to transfer from
another KiwiSaver scheme simply complete the application form at
the back of this Investment Statement or in Westpac Online Banking
and return it to us. We’ll do the rest. If you’d like to talk to someone
about transferring schemes call us on 0508 972 254 (0508 WPAC
KIWI). You can only be a member of one KiwiSaver scheme at a time.
15Who is involved in providing it for me?
The Westpac KiwiSaver Scheme has a Manager, Administration Managers
Promoters, a Distributor and a Trustee who all BT Funds Management looks after the overall management and
administration of Westpac KiwiSaver. We use specialists for some
play different roles. It is managed by BT Funds
functions:
Management which is the investment arm of Westpac
- Trustees Executors Limited provides unit registry services.
in New Zealand. The Manager’s performance is Its principal place of business is Level 5, 10 Customhouse Quay,
overseen by the Trustee, The New Zealand Guardian Wellington 6011.
- MMC Limited provides fund accounting and unit pricing.
Trust Company Limited. Westpac KiwiSaver is made
Its principal place of business is Level 13, Citigroup Centre,
available to customers through Westpac NZ. 23 Customs Street East, Auckland 1010.
- The Hongkong and Shanghai Banking Corporation Limited
provides custodial support services. Its principal place of business
Westpac KiwiSaver is a KiwiSaver scheme registered under the
is Level 9, HSBC House, 1 Queen Street, Auckland 1010.
KiwiSaver Act. It has accepted members since 1 July 2007 and is
currently governed by a Trust Deed dated 20 September 2012. Trustee
The Trustee, The New Zealand Guardian Trust Company Limited,
Manager
is responsible for supervising the performance of our duties and for
Membership interests are issued by BT Funds Management (NZ)
holding (itself or through its nominees or custodians) all of the assets
Limited, which is legally responsible for administering Westpac
of Westpac KiwiSaver. The Trustee is licensed to act as a trustee
KiwiSaver.
under the Securities Trustees and Statutory Supervisors Act 2011.
Our principal place of business is Westpac on Takutai Square,
The Trustee’s principal place of business is Level 15, 191 Queen
16 Takutai Square, Auckland 1010.
Street, Auckland 1010.
Our contact address is Westpac on Takutai Square, 53 Galway Street,
Please note: the addresses of the Manager, Promoters,
Auckland 1010.
Administration Managers and Trustee (and the directors of us and
Our directors are: Westpac NZ) may change at any time without us notifying you.
- Leigh James Bartlett of Auckland You can always find company address details and lists of directors
- Patrick Keble Farrell of Sydney, Australia online at www.business.govt.nz/companies.
- Ian Nicholas New of Wellington
- Simon James Power of Auckland General
Investment management
See the Prospectus for director biographies. Information on the
roles that are key to the management of our business is available in We utilise the skills and expertise of specialist investment managers
the prospectus, by calling us on 0508 972 254 or by visiting www. for certain asset classes. We do this by buying units in other funds
westpac.co.nz and searching for the document entitled “Key roles (Specialist Funds). The investment managers of the Specialist Funds
may include us or our related companies and may change at any time
within BT Funds Management”.
without us notifying you. Westpac KiwiSaver currently has no directly
appointed investment managers.
Promoters
We consider a number of factors when selecting Specialist Funds,
Promoter is a special term used in the Securities Act 1978.
including the investment managers of those Specialist Funds. When
Essentially it describes any people or companies involved in planning
assessing those investment managers we look for specialists who
or developing Westpac KiwiSaver. BT Funds Management, and
have a well-defined and robust investment philosophy and process,
Westpac New Zealand Limited and its directors (except anyone
and who possess above average research skills. We regularly monitor
who is a director of both companies), are all Promoters of Westpac
investment performance, portfolio holdings, compliance, changes to
KiwiSaver.
key investment personnel and business factors (among other matters).
Westpac NZ’s principal place of business is Westpac on Takutai You can find out more about the Specialist Funds and their investment
Square, 16 Takutai Square, Auckland 1010. Westpac NZ’s contact managers in the Prospectus, by calling us on 0508 972 254 (0508
address is Westpac on Takutai Square, 53 Galway Street, WPAC KIWI) or by searching for a document called “Westpac
Auckland 1010. KiwiSaver Scheme Investment Managers” that you’ll find at
The Westpac NZ directors who are Promoters are: www.westpac.co.nz.
- Malcolm Guy Bailey of Feilding Responsible investment
- Philip Matthew Coffey of Sydney, Australia
Responsible investment, including environmental, social, and
- Janice Amelia Dawson of Auckland
governance considerations, is not taken into account in the
- Christopher John David Moller of Lower Hutt
investment policies and procedures of the Scheme as at the
- Peter David Wilson of Otaki
date of this Investment Statement.
Distributor
Westpac NZ is the distributor of Westpac KiwiSaver.
16How much do I pay?
KiwiSaver is designed to make it easier for you If you work for yourself in your own business and receive any Salary
or Wages from your business that you need to deduct PAYE from, you
to save for retirement. So if you’re employed, you
will be treated as both an employee and an employer for KiwiSaver
will have to make regular minimum contributions purposes, and will need to make both employee and employer
from your Salary or Wages. If you are self- contributions for yourself.
employed or not currently working you can
Making lump sum payments
usually choose how much you contribute. You can make lump sum payments direct to Westpac KiwiSaver
at any Westpac branch or by transferring money from your bank
account to BTNZ KiwiSaver Nominees Limited
Your employee contributions (account number 03-0104-0588267-05).
If you’re under the Qualifying Age and you’re earning a Salary or
If you choose to make a payment this way, we will need:
Wages you’ll need to make regular contributions.
- your IRD number
You can choose to contribute a regular amount equal to 3%, 4% or - your last name
8% of your gross (before-tax) Salary or Wages. If you don’t choose a - your member number
contribution rate, your rate will be 3%.
If you are unsure of your member number call us on 0508 WPAC
You can also make extra contributions to Westpac KiwiSaver at any KIWI (0508 972 254). You’ll also find this on any Westpac KiwiSaver
time. Read more about this under the headings “Making lump sum statements or letters we’ve sent you.
payments” and “Making regular contributions”.
You can also choose to change your contribution rate between 3%, 4% Making regular contributions
and 8% or even take a contributions holiday from time to time. Read You can set up a regular investment plan when you join Westpac
more about these options under “Can the investment be altered?”. KiwiSaver by completing both the application form and the direct
debit authority (at the back of this Investment Statement).
Your ‘Salary or Wages’
You can also do this whenever you like using online banking.
For the purpose of KiwiSaver, your Salary or Wages includes any
money you receive as a bonus, commission, extra salary, gratuity
Contributions from other people
or overtime pay. It also includes ACC compensation payments and
parental leave payments out of public money. It doesn’t include People other than your employer can also make regular contributions or
accommodation benefits or redundancy payments. lump sum payments on your behalf. They can do this directly (as above).
They can also make payments to your account through Inland
Your employer will deduct contributions Revenue, though it may take longer for these contributions to
from your pay reach your account than if they had contributed directly. See Inland
If you are an employee earning a Salary or Wages, your employer will Revenue’s website (www.ird.govt.nz) for more details.
deduct your contributions automatically from your after-tax Salary or
Wages and pay them directly to Inland Revenue who will pass them Default Members
on to Westpac KiwiSaver.
If you are a Default Member (i.e. you were allocated to Westpac
If no tax deductions are required to be made from your Salary or KiwiSaver by Inland Revenue and have not chosen a Fund) and you
Wages under the PAYE rules (and you’re not a private domestic wish to make a direct payment to Westpac KiwiSaver, you must
worker) then you won’t need to contribute from your pay. provide us with the necessary identification and proof of address
documents first (you may have already provided this information if
New to KiwiSaver? you are an existing Westpac banking customer). See section E of
If you haven’t been a member of a KiwiSaver scheme before and you the Application Form for applicants 18 or over at the back of this
contribute through your Salary or Wages, Inland Revenue will hold Investment Statement or www.westpac.co.nz/AML for the documents
the contributions they receive for you in an interest-bearing account we require.
for the first three months after you join, before passing them on to
You can do this at any Westpac branch.
Westpac KiwiSaver.
More about employer contributions
Contributions if you are self-employed or
Your employer is required by law to make regular contributions to your
not earning salary or wages
KiwiSaver account unless:
If you are self-employed and do not receive Salary or Wages subject - you are under 18
to PAYE deductions, or you are not currently working, you can still - you have reached Qualifying Age (currently 65 in most cases)
make direct contributions to Westpac KiwiSaver. There is currently - you are on a contributions holiday
no minimum contribution required although many people choose - they are already making contributions for your benefit to another
to contribute at least $1,042.86 each year (1 July to 30 June) to superannuation scheme which discharges their employer
receive the maximum Member Tax Credits. You can choose to make contribution obligations (see the Prospectus for more information).
contributions by direct debit or as lump sum payments.
17Your employer’s contributions must equal 3% of your gross (before Claiming Member Tax Credits
tax) Salary or Wages excluding any parental leave payments out of
We’ll claim Member Tax Credits on your behalf after 30 June each
public money or ACC compensation. They will have contribution
year, and at the time you reach Qualifying Age, and they will be used
tax deducted from them as outlined under “Tax on employer
to purchase units in your Fund(s) at that time (or added to your benefit
contributions”. Your employer can also make additional voluntary
contributions for your benefit. All employer contributions must be if you are leaving Westpac KiwiSaver). If you were not eligible for
made through Inland Revenue. Member Tax Credits for the full year (for example because you first
joined KiwiSaver, returned from overseas or turned 18 during that
Government contributions year), then you’ll receive a reduced amount in proportion to the length
of time you were eligible for Member Tax Credits during that year.
Under current law, the Government will also make some contributions
to KiwiSaver for your benefit. If you also contribute to a complying superannuation fund, any
Member Tax Credits will be paid to the fund or scheme that applies
Kick-start for them first. This could mean your Member Tax Credits are payable
The Government will pay a $1,000 kick-start when you first join to that other fund rather than Westpac KiwiSaver.
KiwiSaver. Inland Revenue will usually pay your kick-start about three
months after you join. Member Tax Credits can change
The rules regarding Member Tax Credits, and their availability, may
Member Tax Credits change from time to time.
Each year (while you contribute and are eligible) the Government
will also make contributions known as Member Tax Credits. These Transferring funds from other New Zealand
are currently 50c for every dollar you contribute, up to the maximum schemes
Member Tax Credits of $521.43 a year (around $10 a week). If you choose, you can transfer money from another New Zealand
superannuation scheme into Westpac KiwiSaver. If you wish to do so,
Member Tax Credits are calculated annually based on the total
please contact the other scheme provider directly to arrange
contributions you have made during the last year (1 July to 30 June)
the transfer.
and the number of days during that year that you were eligible to
receive Member Tax Credits. You can also transfer to Westpac KiwiSaver from another KiwiSaver
scheme. As you can only be in one KiwiSaver scheme at a time your
You will be eligible for Member Tax Credits if:
existing scheme account will close when you transfer.
- you are at least 18 years old, and
- you have not yet reached Qualifying Age (currently 65 in most Any money received will be treated as a contribution to Westpac
cases), and KiwiSaver and invested into your Fund(s). The amount transferred to
- you mainly live in New Zealand. your account will be whatever amount is notified to us by the manager or
trustee of the other scheme less any fees associated with the transfer.
Getting the most out of Member Tax Credits
To receive the maximum annual Member Tax Credits of $521.43, Transferring a UK pension
you need to contribute at least $1,042.86 to your KiwiSaver account At the date of this Investment Statement you can transfer any amount
between 1 July and 30 June each year. This amount can be made up from a UK pension scheme into Westpac KiwiSaver. This is allowed
of contributions from your pay, as well as any lump sum contributions because Westpac KiwiSaver is currently a Qualifying Recognised
you make. Overseas Pension Scheme (QROPS) approved by HM Revenue and
Customs (HMRC). Simply call 0508 972 254 to ask about the process
To maximise your Member Tax Credits, you may need to make an
for completing a transfer from a UK pension scheme.
additional lump sum payment if, for all or part of the year:
- your salary was less than $35,000, or It’s possible that the QROPS status of Westpac KiwiSaver could
- you took a contributions holiday, or change. If you want to check the QROPS status of Westpac KiwiSaver
- you weren’t employed. just call the number above.
If you contributed via your employer, you should contact Inland Transfers from an overseas (non-Australian) scheme to a KiwiSaver
Revenue directly on 0800 KIWISAVER (0800 549 472) to find out scheme are treated as withdrawals from the overseas scheme
exactly how much you have contributed. and may be subject to tax. They may also affect your student loan
repayment obligations and any income-tested benefits. However, you
Not living in New Zealand? may be permitted to make a withdrawal to meet any such additional
You won’t generally be eligible for Member Tax Credits for any tax liabilities or repayment obligations (see page 24).
time that you mainly live outside New Zealand, unless you’re living
overseas as a Government employee (or volunteering, or working for
token payment, for specified charities). So if you have lived (or plan to
live) overseas for a period you need to call us on 0508 972 254
(or +649 367 3317) to let us know.
18You can also read
