Two types of charges apply to members in the ANZ KiwiSaver Scheme:
- a maximum fee that can be charged to each Fund per year
- an administration fee that is charged directly to your ANZ KiwiSaver Scheme account.
These charges will affect the returns you will get.
Maximum fee charged to each Fund
We have set a maximum fee that can be charged to each Fund per year (expressed as a percentage of the net assets). The maximum fee is made up of the management fee, the trustee fee, fund expenses, and the fees and expenses of any managed funds in which the Funds invest (we call these underlying funds).
We deduct these fees from the Funds; you won’t see the charges on your ANZ KiwiSaver Scheme statement.
The actual fee may vary each year because expenses vary. However, you will not pay more than the maximum.
| Maximum fee (percentage of net assets) | ||
|---|---|---|
| Fund | To 31 March 2013 | From 1 April 2013 |
| Cash Fund | 0.51% | 0.47% |
| Conservative Fund | 1.06% | 1.02% |
| Conservative Balanced Fund | 1.06% | 1.02% |
| Balanced Fund | 1.11% | 1.07% |
| Balanced Growth Fund | 1.16% | 1.12% |
| Growth Fund | 1.21% | 1.17% |
Administration fee
We charge an administration fee of $2 per month per member for looking after your ANZ KiwiSaver Scheme account. We deduct the administration fee following the end of each month. This fee will show on your ANZ KiwiSaver Scheme statements.
You cannot claim tax deductions on administration fees, because we include the amount of these fees when we calculate your share of the taxable income.
Full details of the fees we charge to members in the ANZ KiwiSaver Scheme can be found in the latest Investment Statement.
Notes in relation to the charges:
It doesn’t cost anything to enter, leave, or to switch Funds within the ANZ KiwiSaver Scheme.
GST, where it applies, has been included in the figures given in this section. We can change fees from time to time, and can introduce new fees. We can also agree to reduce fees for some groups of members under certain circumstances. If we increase fees or introduce new fees, we will let you know. We must notify the Financial Markets Authority if we increase certain fees.
Fees and expenses must not be unreasonable. If you think we have charged too much, you can apply to the High Court to have the charge cancelled or reduced. You have one year from the time the fee was charged to make your application to the High Court. The Financial Markets Authority can also apply to the High Court to review charges.
Investments in the ANZ KiwiSaver Scheme are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together “ANZ Group”), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee OnePath (NZ) Limited. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment.
Further information and copies of the Investment Statement for the ANZ KiwiSaver Scheme are available on request, free of charge, from any branch of ANZ or by contacting ANZ Managed Funds on 0800 736 034.
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