The Aon KiwiSaver Survey · The Aon KiwiSaver Survey as at 31 December 2013 email:...
Transcript of The Aon KiwiSaver Survey · The Aon KiwiSaver Survey as at 31 December 2013 email:...
Who We Are
What We Do
Aon Hewitt serves as a strategic partner to leading global organizations on significant issues impacting millions of employees worldwide.
The evolution of the workforce and global economy have placed human capital issues at the forefront in the executive suite.
In order to be successful, corporations need to engage in a fierce global talent search, work to build and manage multinational teams in developed and emerging markets, and implement succession
planning programs, while at the same time, keeping costs on budget as rising expenses for health care and other benefits soar.
Aon Hewitt, a division of Aon New Zealand, provides independent actuarial, financial and statistical advice. We provide administration services for superannuation and employee benefit schemes,
and we provide advice on death, disablement and health insurances.
Aon KiwiSaver Survey
For over 20 years we have been compiling surveys of investment performance in New Zealand.
With the introduction of KiwiSaver in 2007 we decided to broaden our surveys, which had until now only covered wholesale funds, to also include KiwiSaver funds.
We contacted all registered KiwiSaver providers and we believe we have put together one of the most comprehensive KiwiSaver surveys currently in the market.
Our survey shows the returns for each fund over the last quarter, 12 months, 24 months, 36 months, 60 months and 72 months. We have also included the asset allocation details of each fund as at the
survey date. This shows what proportion of each fund is invested in Shares, Property, Bonds and Cash.
Disclaimer:
We asked each Provider to supply us with returns Gross of Tax and Net of Percentage-Based fees. This means that no allowance may have been made for other fees such as dollar-based
administration, audit, legal and trustee fees.
We have not verified the information supplied by each Provider.
This publication provides general information only and should not be relied upon in making an investment decision.
Investors should seek professional advice which takes into account their personal circumstances before making an investment decision.
No liability will be accepted for loss resulting from reliance on information contained in this report which proves to be inaccurate and/or incomplete.
Disclosure of interest: Aon Hewitt acts as the asset consultant for the Trustees of AonSaver and several Employer KiwiSaver Schemes.
No part of this document may be reproduced without acknowledging Aon New Zealand as the source.
Aon Hewitt - Shaping the Workplace of the Future
You should not use this survey to estimate your own return, which will be net of all fees, dependent on your PIR rate (10.5%, 17.5% or 28.0%) and affected by the timing and amounts of your
contributions.
Aon Hewitt is the global leader in human capital consulting and outsourcing solutions. With more than 29,000 professionals in 90 countries, Aon Hewitt makes the world a better place to work for clients and their employees.
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FUM Last Last Last Last Last Last
Manager ($m) Qtr Rk Yr Rk 2 Yrs Rk 3 Yrs Rk 5 Yrs Rk 6 Yrs Rk
(%) (%) (%pa) (%pa) (%pa) (%pa)
AMP Conservative Fund 163 1.5 12 5.2 12 6.5 12 5.9 11 6.0 12 5.9 3
AMP Default Fund 1,179 1.8 6 6.1 6 6.3 13 5.0 16 5.3 16 4.6 15
ANZ Conservative Fund 304 1.5 11 5.2 11 6.8 10 6.4 4 6.3 9 5.6 6
Aon KiwiSaver Russell Conservative 56 3.4 1 6.4 5 9.7 1 8.1 1 10.3 1 7.2 1
ASB Conservative Fund 1,898 1.5 9 4.8 15 5.7 15 5.4 14 5.7 14 5.1 8
Brook Conservative Fund 0 1.6 8 8.0 1
Company D 6 2.2 3 6.1 7 7.2 6 6.4 7 6.6 6
Fidelity Capital Guaranteed Kiwi 37 0.9 18 4.1 18 5.3 17 4.5 17 4.5 17
Fidelity Conservative Kiwi Fund 46 1.2 16 5.4 8 8.1 3 6.1 9 6.3 10 5.4 7
FirstChoice Active Conservative 7 2.2 2 7.9 2 8.1 2 6.4 5 7.1 4 4.9 10
FirstChoice Conservative 85 1.5 9 4.8 15 5.7 16 5.4 15 5.7 15 5.0 9
Mercer Conservative 744 2.1 4 7.4 3 7.7 4 6.4 6 7.9 2 5.9 2
Mercer Super Trust Conservative 2 2.1 5 7.3 4 7.3 5 5.8 12 7.7 3 4.8 13
OneAnswer Conservative Fund* 258 1.4 14 5.3 9 6.9 8 6.4 3 6.4 7 5.7 4
OnePath Conservative Fund 708 1.5 13 5.0 13 6.5 11 6.5 2 6.4 8 5.6 5
Tower KiwiSaver Cash Enhanced 480 1.1 17 4.3 17 5.9 14 5.5 13 5.8 13 4.8 14
Tower KiwiSaver Conservative Fund 77 1.2 15 5.2 10 6.9 7 6.0 10 7.0 5 4.9 11
Westpac Conservative Fund 1,140 1.6 7 5.0 14 6.8 9 6.1 8 6.2 11 4.9 12
Minimum 0.9 4.1 5.3 4.5 4.5 4.6
Median 1.5 5.2 6.8 6.1 6.3 5.1
Maximum 3.4 8.0 9.7 8.1 10.3 7.2
* formerly named SIL
Conservative Fund Results
Returns are Gross of Tax & Net of Percentage-Based Fees as at 31 December 2013
Asset Allocation for Fund Managers
Aust Equities Int Equities Aust Prop Global Prop
Multi-Strat NZ Bonds Int Bonds Cash
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Conservative Fund Returns (%pa) Gross of Tax and Net of Percentage-Based Fees over the Last Six Years
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Bottom Quartile of Returns
Top Quartile of Returns
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FUM Last Last Last Last Last Last
Manager ($m) Qtr Rk Yr Rk 2 Yrs Rk 3 Yrs Rk 5 Yrs Rk 6 Yrs Rk
(%) (%) (%pa) (%pa) (%pa) (%pa)
AMP Moderate Fund 171 1.9 8 7.4 8 8.4 8 6.5 8 6.7 8 5.0 6
ANZ Conservative Balanced Fund 310 2.3 3 8.7 3 9.9 4 8.1 4 8.0 4 5.8 4
Aon KiwiSaver Russell Lifepoints® 2015 4 3.5 2 7.9 5 10.8 2 8.2 2 10.9 2 6.4 2
Aon KiwiSaver Russell Moderate Fund 10 3.9 1 10.8 1 12.5 1 8.8 1 11.6 1 6.4 1
ASB Moderate Fund 529 2.1 6 7.7 6 8.4 6 6.7 6 7.4 6 4.9 7
FirstChoice Moderate Fund 20 2.1 6 7.7 7 8.4 7 6.7 7 7.4 7 4.8 8
OneAnswer Conservative Balanced Fund* 87 2.3 4 8.8 2 9.9 3 8.1 3 8.1 3 6.0 3
OnePath Conservative Balanced Fund 6 2.2 5 8.0 4 8.9 5 7.7 5 7.4 5 5.5 5
Minimum 1.9 7.4 8.4 6.5 6.7 4.8
Median 2.2 7.9 9.4 7.9 7.7 5.6
Maximum 3.9 10.8 12.5 8.8 11.6 6.4
* formerly named SIL
Moderate Fund Results
Returns are Gross of Tax & Net of Percentage-Based Fees as at 31 December 2013
Moderate Fund Returns (%pa) Gross of Tax and Net of Percentage-Based Fees over the Last Six Years
Asset Allocation for Fund Managers
Aust Equities Int Equities Aust Prop Global Prop
Multi-Strat NZ Bonds Int Bonds Cash
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FUM Last Last Last Last Last Last
Manager ($m) Qtr Rk Yr Rk 2 Yrs Rk 3 Yrs Rk 5 Yrs Rk 6 Yrs Rk
(%) (%) (%pa) (%pa) (%pa) (%pa)
AMP Balanced Fund 426 2.5 27 10.8 25 11.6 20 7.6 21 8.2 24 4.4 21
AMP OnePath Balanced Plus Fund 85 3.2 19 15.0 5 15.1 4 10.5 3 11.1 5 6.2 2
AMP Moderate Balanced Fund 254 2.2 28 9.2 29 10.0 29 6.9 26 7.4 27 4.4 22
AMP Tower Balanced Fund 17 2.5 26 9.6 27 11.0 24 7.0 25 8.5 20 4.8 13
AMP Tyndall Balanced Fund 13 3.3 13 12.6 14 12.6 13 8.3 14 9.2 14 4.3 24
ANZ Balanced Fund 605 3.1 20 12.3 18 12.9 12 9.6 7 9.5 13 5.9 5
ANZ Balanced Growth Fund 487 4.1 5 16.1 2 16.0 2 11.0 2 11.0 6 5.9 6
Aon KiwiSaver OnePath Balanced 14 2.9 23 11.5 20 13.6 9 9.2 9 11.6 3 6.6 1
Aon KiwiSaver Russell Lifepoints® 2025 9 4.1 2 12.6 13 13.8 8 9.0 11 12.1 2 5.4 8
Aon KiwiSaver Russell Balanced 35 4.7 1 15.4 4 15.5 3 9.6 8 12.7 1 5.3 9
Aon KiwiSaver Tyndall Balanced 4 3.3 14 11.7 19 12.0 17 7.7 20 8.7 18 4.6 17
ASB Balanced Fund 390 3.5 11 12.4 15 11.8 18 8.1 15 9.0 16 4.5 18
Brook Balanced Fund 2 2.6 25 12.9 12 10.2 27 6.5 29 6.2 29 5.1 11
Company C 48 3.3 15 11.2 23 10.1 28 7.3 24 7.9 26
Company D 21 4.1 3 13.3 10 13.6 10 9.0 10 9.9 10
Fidelity Balanced Kiwi Fund 108 2.6 24 9.8 26 11.3 23 6.6 28 6.7 28 5.4 7
Fidelity Ethical Kiwi Fund 11 3.2 16 15.7 3 13.8 7 8.9 12 8.6 19
FirstChoice Active Balanced Fund 27 3.6 9 13.1 11 12.1 16 7.6 22 8.5 21 3.9 26
FirstChoice Balanced Fund 26 3.4 12 12.4 16 11.8 19 8.1 18 8.9 17 4.4 20
Mercer Balanced 49 3.6 10 13.3 9 12.1 15 8.1 17 10.3 7 4.4 19
Mercer Super Trust Moderate 36 3.2 17 11.4 21 10.7 25 7.5 23 9.2 15 4.8 14
Mercer Super Trust Active Balanced 53 3.6 7 13.4 8 12.2 14 8.1 16 10.1 9 4.4 23
Balanced Fund Results
Returns are Gross of Tax & Net of Percentage-Based Fees as at 31 December 2013
Asset Allocation for Fund Managers
Aust Equities Int Equities Aust Prop Global Prop
Multi-Strat NZ Bonds Int Bonds Cash
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FUM Last Last Last Last Last Last
Manager ($m) Qtr Rk Yr Rk 2 Yrs Rk 3 Yrs Rk 5 Yrs Rk 6 Yrs Rk
(%) (%) (%pa) (%pa) (%pa) (%pa)
OneAnswer Balanced Fund* 249 3.2 18 12.4 17 13.0 11 9.6 6 9.6 11 6.1 3
OneAnswer Balanced Growth Fund* 230 4.1 4 16.3 1 16.1 1 11.1 1 11.1 4 6.0 4
OnePath Balanced Fund 18 2.9 22 11.2 22 11.4 21 8.8 13 8.5 22 5.1 10
OnePath Balanced Growth Fund 21 3.8 6 14.9 6 14.0 6 10.0 5 9.6 12 4.7 15
Staples Rodway Balanced Fund 17 3.6 8 13.9 7 14.6 5 10.4 4 10.3 8 4.7 16
Tower KiwiSaver Balanced 340 1.8 29 9.5 28 10.3 26 6.8 27 8.0 25 4.3 25
Westpac Balanced Fund 536 3.1 21 11.1 24 11.3 22 7.8 19 8.4 23 4.8 12
Minimum 1.8 9.2 10.0 6.5 6.2 3.9
Median 3.3 12.4 12.1 8.1 9.2 4.8
Maximum 4.7 16.3 16.1 11.1 12.7 6.6
* formerly named SIL
Balanced Fund Returns (%pa) Gross of Tax and Net of Percentage-Based Fees over the Last Six Years
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Asset Allocation for Fund Managers
Aust Equities Int Equities Aust Prop Global Prop
Multi-Strat NZ Bonds Int Bonds Cash
Bottom Quartile of Returns
Top Quartile of Returns
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FUM Last Last Last Last Last Last
Manager ($m) Qtr Rk Yr Rk 2 Yrs Rk 3 Yrs Rk 5 Yrs Rk 6 Yrs Rk
(%) (%) (%pa) (%pa) (%pa) (%pa)
AMP Aggressive Fund 156 3.3 18 15.8 14 15.8 10 8.3 16 9.5 15 2.3 20
AMP Growth Fund 337 3.1 19 14.0 18 14.0 16 8.0 18 9.0 19 3.0 18
ANZ Growth Fund 894 5.0 4 19.8 3 19.1 2 12.4 2 12.4 5 5.7 3
Aon KiwiSaver Russell Lifepoints® 2035 8 4.8 7 16.9 13 16.5 7 9.8 6 12.9 3 4.6 8
Aon KiwiSaver Russell Lifepoints® 2045 7 5.4 1 20.9 1 18.9 3 10.4 4 13.8 1 3.8 13
Aon KiwiSaver Russell Growth Fund 14 5.2 2 19.2 4 17.8 4 10.3 5 13.5 2 4.7 7
ASB Growth Fund 376 4.5 12 17.0 11 14.9 13 9.2 10 10.2 11 3.9 12
Brook Growth Fund 8 3.6 16 18.0 9 14.4 15 8.5 15 8.4 20 6.5 1
Company D 4 5.0 3 17.3 10 16.7 6 9.8 7 10.8 8
Fidelity Aggressive Kiwi Fund 18 4.5 11 15.6 15 15.5 12 7.3 20 9.9 13 4.8 5
Fidelity Growth Kiwi Fund 48 3.5 17 13.3 20 13.5 20 7.1 21 7.3 21 4.6 9
FirstChoice Active Growth Fund 27 4.9 6 18.1 8 15.5 11 8.6 14 9.5 17 3.5 15
FirstChoice Growth Fund 22 4.5 12 17.0 11 14.8 14 9.2 11 10.2 11 3.7 14
Mercer High Growth 41 4.7 9 18.6 6 16.0 9 9.5 9 11.6 6 3.3 16
Mercer Super Trust Growth 9 4.1 14 15.5 16 13.7 18 8.7 13 10.6 10 3.9 11
Mercer Super Trust High Growth 5 4.7 8 18.8 5 16.2 8 9.6 8 11.4 7 3.2 17
OneAnswer Growth Fund* 165 4.9 5 19.9 2 19.1 1 12.5 1 12.5 4 5.9 2
OnePath Growth Fund 18 4.6 10 18.6 7 16.7 5 11.2 3 10.6 9 4.3 10
Staples Rodway Growth Fund 9 3.0 20 11.9 21 12.5 21 8.1 17 9.2 18 5.3 4
Tower KiwiSaver Growth Fund 114 2.2 21 13.5 19 13.7 19 7.8 19 9.6 14 3.0 19
Westpac Growth Fund 319 3.7 15 14.4 17 13.8 17 9.1 12 9.5 16 4.7 6
Minimum 2.2 11.9 12.5 7.1 7.3 2.3
Median 4.5 17.0 15.5 9.2 10.2 4.1
Maximum 5.4 20.9 19.1 12.5 13.8 6.5
* formerly named SIL
Growth Fund Results
Returns are Gross of Tax & Net of Percentage-Based Fees as at 31 December 2013Asset Allocation for Fund Managers
Aust Equities Int Equities Aust Prop Global Prop
Multi-Strat NZ Bonds Int Bonds Cash
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Growth Fund Returns (%pa) Gross of Tax and Net of Percentage-Based Fees over the Last Six Years
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Top Quartile of Returns
Bottom Quartile of Returns
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Returns are Gross of Tax & Net of Percentage-Based Fees as at 31 December 2013 Returns are Gross of Tax & Net of Percentage-Based Fees as at 31 December 2013
FUM Last Last Last Last Last Last FUM Last Last Last Last Last Last
Fund ($m) Qtr Rk Yr Rk 2 Yrs Rk 3 Yrs Rk 5 Yrs Rk 6 Yrs Rk Fund ($m) Qtr Rk Yr Rk 2 Yrs Rk 3 Yrs Rk 5 Yrs Rk 6 Yrs Rk
(%) (%) (%pa) (%pa) (%pa) (%pa) (%) (%) (%pa) (%pa) (%pa) (%pa)
Aon Milford 66.7 3.2 7 19.1 8 22.4 2 15.4 1 Fidelity Options Kiwi Fund 69.1 4.8 1 9.2 1 12.4 1 6.9 1 13.1 1 9.2 1
FirstChoice Active High Growth Fund 3.1 8.9 1 27.9 1 19.6 7 9.3 8 9.2 7 Mercer Super Trust Fixed Interest 1.2 1.1 2 2.2 2 4.4 2 5.1 2 7.8 2 6.8 2
FirstChoice Global Sustainability 5.9 5.9 6 27.3 2 20.8 4 10.1 7 11.3 5 OneAnswer NZ Fixed Interest* 5.6 0.2 3 -2.3 4 1.7 4 5.1 3 5.3 3 5.5 4
Mercer Super Trust Shares 1.6 6.3 5 24.7 5 20.6 6 11.7 4 12.7 3 3.2 4 OneAnswer Int Fixed Interest* 2.1 0.2 4 0.1 3 3.2 3 4.7 4 4.4 4 6.2 3
Mercer Super Trust TransTasman 1.7 3.1 8 22.3 6 22.8 1 14.6 2 13.8 1 5.5 1
Mercer Super Trust Global 1.7 7.6 4 25.6 4 19.4 8 10.3 6 11.9 4 1.9 5
OneAnswer Australasian Shares* 15 0.7 10 18.1 9 21.0 3 14.5 3 12.9 2 4.5 2 Please remember that these sector funds may invest their money in
OneAnswer International Shares* 23.4 8.8 2 26.4 3 20.7 5 11.5 5 10.0 6 4.1 3 very different ways and it is important when choosing an investment
OneAnswer Sustainable Growth* 2.0 7.6 3 21.0 7 14.4 9 7.3 9 6.3 9 to understand exactly what you are investing in.
Tower KiwiSaver Equity Fund 35.2 2.5 9 16.5 10 14.0 10 6.0 10 9.1 8 0.5 6
* formerly named SIL
Returns are Gross of Tax & Net of Percentage-Based Fees as at 31 December 2013 Returns are Gross of Tax & Net of Percentage-Based Fees as at 31 December 2013
FUM Last Last Last Last Last Last FUM Last Last Last Last Last Last
Fund ($m) Qtr Rk Yr Rk 2 Yrs Rk 3 Yrs Rk 5 Yrs Rk 6 Yrs Rk Fund ($m) Qtr Rk Yr Rk 2 Yrs Rk 3 Yrs Rk 5 Yrs Rk 6 Yrs Rk
(%) (%) (%pa) (%pa) (%pa) (%pa) (%) (%) (%pa) (%pa) (%pa) (%pa)
Mercer Super Trust Real Assets 0.9 3.1 2 14.0 1 11.6 3 8.9 3 12.1 3 1.6 3 AMP Cash Fund 61.0 0.8 1 3.2 1 3.3 2 3.4 1 3.6 1 4.5 1
OneAnswer Australasian Property* 8.5 3.8 1 11.1 2 17.5 1 14.6 1 12.3 2 4.7 1 ANZ Cash Fund 160.6 0.7 10 2.8 11 2.8 8 3.0 7 2.8 9
OneAnswer International Property* 5.0 1.2 3 5.7 3 14.2 2 9.2 2 15.0 1 2.0 2 AonSaver OnePath Cash Fund 3.2 0.5 13 2.4 13 2.5 13 2.6 13 2.7 12 3.5 11
AonSaver Tyndall Cash Fund 1.3 0.7 5 3.0 5 3.3 1 3.3 2 3.4 4 4.2 4
ASB - NZ Cash Fund 257.9 0.7 6 2.9 6 2.7 11 2.7 11 2.7 10 3.6 8
FirstChoice NZ Cash Fund 8.7 0.7 6 2.9 6 2.7 11 2.6 12 2.7 11 3.6 9
Mercer Cash 9.5 0.7 2 3.1 3 3.0 6 3.2 3 3.6 2 4.4 2
Mercer Super Trust Cash 2.2 0.7 3 3.0 4 3.0 5 3.1 6 3.5 3 4.3 3
OneAnswer Cash Fund* 19.2 0.6 11 2.7 12 2.7 10 2.9 9 2.6 13 3.5 10
OnePath Cash Fund 1.6 0.7 9 2.9 10 2.9 7 3.1 5 3.0 6 3.9 6
Please remember that these sector funds may invest their money in Staples Rodway Conservative 17.7 0.7 8 2.9 8 3.0 4 3.0 8 2.8 8 3.6 7
very different ways and it is important when choosing an investment Tower KiwiSaver Preservation 22.2 0.6 12 3.2 2 3.2 3 3.1 4 3.2 5 4.0 5
to understand exactly what you are investing in. Westpac Cash Fund 201.6 0.7 4 2.9 9 2.8 9 2.8 10 2.9 7 3.4 12
* formerly named SIL
Fixed Interest / Other
Cash
Equities
Property
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My fund hasn't performed very well. What should I do?
Past performance is no guarantee of future performance.
It is important that you understand what you are actually investing in because while there are many different funds available they won't all be suitable for you.
We believe it is important to show you each fund's asset allocation, so that you know how much is invested in equities, property, bonds and cash.
The performance of your fund will depend critically on how much it invests in each of these asset classes.
Some funds may be invested in only a few shares, some funds may be invested in hundreds of shares.
If you are concerned, then consult an independent investment advisor to help work out what is best for you.
The chart below shows the range of annualised returns over all the funds in our survey in the last 6 years. From the chart we can see that all of the funds earned money over the
previous 6 years.
Four funds earned between 0% pa and 2% pa and one fund earned between 8% pa and 10% pa.
The returns in your survey are different than the returns my KiwiSaver Provider is reporting. What's going on?
We asked Providers to give us returns that are gross of tax and net of percentage-based fees. This means that, generally, all expenses should have been excluded from the reported returns.
We did this to make as fair a comparison as possible between unitised schemes and non-unitised schemes (mainly company superannuation schemes).
Why aren't my Provider's returns in the survey?
There are many reasons, not just poor performance, why a Provider may have chosen not to include their returns.
For example, several KiwiSaver schemes have only a few members and aren't open to the general public.
If your Provider isn't in the survey, then encourage them to submit their returns for future surveys.
What do the coloured bands on the graphs represent?
The top quartile, or top 25% of funds surveyed, will be plotted in green on the graphs. The bottom quartile, or bottom 25% of funds surveyed, will be plotted in pink on the graphs.
I'm thinking of joining KiwiSaver but there are so many Providers and so many funds, where do I start?
You should consult an independent investment advisor to help work out what is best for you.
Frequently Asked Questions
You should not use this survey to estimate your own return, which will be net of all fees, dependent on your PIR rate (10.5%, 17.5% or 28.0%) and affected by the timing
and amounts of your contributions.
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Distribution of KiwiSaver Returns over the last 6 Years
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AMP KiwiSaver Scheme
ANZ KiwiSaver Scheme The 2011 Budget made changes to KiwiSaver, with the aim of reducing the cost to the
Aon KiwiSaver Scheme Government of the current incentives. By maintaining the kick-start and only halving the member
ASB KiwiSaver Scheme tax credits, KiwiSaver remains an attractive proposition for members.
Brook Professional KiwiSaver Scheme However, the changes to Employer's Superannuation Contribution Tax (ESCT) will reduce the amount
Fidelity KiwiSaver Scheme going to members' accounts and create more work for employers contributing to KiwiSaver schemes
FirstChoice KiwiSaver Scheme and superannuation schemes. These changes are covered in more detail below.
Mercer KiwiSaver Scheme
OneAnswer KiwiSaver Scheme (formerly SIL KiwiSaver Scheme)
OnePath KiwiSaver Superannuation Scheme ESCT rate changed
Staples Rodway KiwiSaver Scheme Up to 31 March 2011 Employer contributions to KiwiSaver schemes were tax free up to 2% of salary
Tower KiwiSaver Scheme or wages. As part of the 2011 budget changes enacted, this exemption ceased from 1 April 2012
Westpac KiwiSaver Scheme and employer contributions are now taxed at each employee's marginal tax rate, as follows:
ESCT threshold amount* Tax rate
$0 - $16,800 10.5%
$16,801 - $57,600 17.5%
$57,601 - $84,000 30.0%
$84,001 and over 33.0%
*The ESCT threshold amount is the total of the employee's income plus
Company C These are private company KiwiSaver schemes the superannuation and KiwiSaver contributions made by the employer.
Company D that are not open to the general public
Member Tax Credits reduced
The amount of the Member Tax Credits (MTCs) has reduced by half, meaning that members who
contribute at least $1,042.86 to their KiwiSaver scheme or complying superannuation fund
each year now only receive MTCs of $512.43. MTCs are based on contributions made
each year from 1 July to 30 June and the reduction took effect in the 2011-2012 year.
Note: KiwiSaver contribution rates increased
Conservative Funds should have between 0% and 30% in growth assets, such as Equities and Property. The minimum employee contribution rate to KiwiSaver schemes and complying superannuation
Moderate Funds should have between 31% and 45% in growth assets, such as Equities and Property. funds increased to 3% on 1 April 2013. This is now also the default contribution rate although
Balanced Funds should have between 46% and 70% in growth assets, such as Equities and Property. members can still elect to contribute at 4% or 8%. The employer contribution rate was also
Growth Funds should have more than 71% in growth assets, such as Equities and Property. increased to 3% at the same time.
List of Scheme Providers in Survey Latest KiwiSaver Changes
KiwiSaver and Superannuation Changes
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