What are the charges?
Two types of charges apply to all members:
These charges will affect your returns.
We charge each member a membership fee of $2 per month for looking after your KiwiSaver account. We deduct the membership fee following the end of each month. If you’re invested in more than one fund, this fee will be deducted from the fund with the highest balance in your OneAnswer KiwiSaver Scheme account. This fee will show on your OneAnswer KiwiSaver Scheme account statement.
Annual fund charge
An annual fund charge is charged to each fund per year (calculated as a percentage of the net assets). The annual fund charge is calculated daily and will reduce a fund’s unit price. There is an annual maximum to the annual fund charge.
The annual fund charge is made up of the following:
The annual fund charge we charge to each of the Funds are shown in the table.
Notes in relation to charges
Update your prescribed investor rate (PIR) online
As the OneAnswer KiwiSaver Scheme is a Portfolio Investment Entity (PIE), we use your PIR to calculate how much tax to pay on your share of the OneAnswer KiwiSaver Scheme’s taxable income. We pay this tax for you from your KiwiSaver account by cancelling units in your KiwiSaver account equal to the value of the tax you need to pay.
In certain circumstances we receive tax refunds. When we do, we add units to your KiwiSaver account equal to the value of your share of the tax refund.
If you give us a PIR that is too high, you will not be able to claim a refund of overpaid tax from Inland Revenue.
If you give us a PIR that is too low, you may need to file a tax return and be responsible for paying any additional tax, penalties, and interest.
Therefore, to make sure you’re taxed at the right rate, it’s important to make sure we’re using the correct PIR for you. You can use the handy table below to determine your PIR and then update it online if needed.
If you have considered the two previous income years and determine that you qualify for two different rates, your PIR is the lower rate.
* Your attributed PIE income or loss for an income year is the amount of income or loss attributed to you by PIEs (including the scheme) in that income year, as recorded in the tax certificates issued by PIEs to you at the end of each income year. An income year generally runs from 1 April of the previous year to 31 March of the current year.
What are my risks?
KiwiSaver is an investment. Like any investment, it involves taking some risk. The level of risk will vary depending on the fund your savings are invested in, as each fund is exposed to different levels and types of risk. You need to decide how these risks apply to your personal circumstances. In very general terms:
These (and other) risks may mean you get back less from your investment in the OneAnswer KiwiSaver Scheme than you hoped for, and it is also possible that you might not receive back the full amount you contributed to the OneAnswer KiwiSaver Scheme.
We decide which risks are significant by thinking about how likely the unwanted event is and what effect it might have if it happens.
There is no guarantee that the investment objectives of the funds will be achieved. See the guide and product disclosure statement for more information.
You should consider the information set out in the guide and product disclosure statement, and talk to a financial adviser if you need more information.
Understanding the risks
For the OneAnswer KiwiSaver Scheme, we believe that the most significant risks will usually fall into the following broad categories:
You should familiarise yourself with these risks which are explained in the guide and product disclosure statement and how they relate to the fund, or funds, you’re invested in.
All of our case studies are examples to help you understand how choices can affect KiwiSaver savings. The figures used are for illustration only and may not reflect actual returns.
The figures in our case studies:
“David & Nicole”:
The lump sum calculation assumes: