Estimated annual fund charges p.a. (1)

Other fees and charges

UniSteps

Description: With UniSteps, the mix of growth and income assets changes automatically as you get older. Up until age 45, your savings are invested in approximately 80% growth assets. From then, the percentage of growth assets is reduced gradually to approximately 20% at age 69. UniSteps uses three investment options – Growth, Balanced and Conservative (see next page) – to transition your savings from predominantly growth assets to predominantly income assets over time. The risk/return profile of UniSteps changes depending on the proportion of your savings invested at any given time in these options. The overall fund charges also change. Here are examples at ages 49, 54, 59 and 64.

Objective: To reduce your allocation to growth assets progressively over time using Growth, Balanced and Conservative as ‘building blocks’.

     0.58%

 



     0.55%

     0.52%

     0.48%

All members

$291.05 for a first-home withdrawal.

$108.85 for a significant financial hardship or subsequent home withdrawal.

Retained members only (2)

Withdrawal fee:

$39.66 for second and subsequent withdrawals in any calendar year.

Annual administration charges: $52.32.

Growth

Description: Invests predominantly in growth assets (e.g. shares) with a smaller percentage in income assets (e.g. fixed interest).

Objective: To provide a long-term (10 years plus) return after tax and investment expenses of 3.75% above inflation. There is a reasonably small risk (approximately 1 in 20 years) of a member losing more than 12.5% in any year, with a current likelihood of a negative return of 1 year in every 4.

     0.60%

Balanced

Description: Invests in a portfolio balanced between growth assets (e.g. shares) and income assets (e.g. fixed interest).

Objective: To provide a long-term return after tax and investment expenses of 3.0% above inflation. There is a reasonably small risk (approximately 1 in 20 years) of a member losing more than 8% in any year, with a current likelihood of a negative return of 1 year in every 4.

     0.55%

Conservative

Description: Invests predominantly in income assets (e.g. fixed interest) with a smaller percentage in growth assets (e.g. shares).

Objective: To provide a long-term (10 years plus) return after tax and investment expenses of 2% above inflation. There is a reasonably small risk (approximately 1 in 20 years) of a member losing more than 2.5% in any year, with a current likelihood of a negative return of 1 year in every 7.

  
     0.44%

Cash

Description: Invests fully in New Zealand cash.

Objective: To provide a return broadly in line with that of the S&P/NZX Bank Bills 90-Day Index after tax. There is a low risk of experiencing a loss in any one year, however returns may not keep up with inflation.

     0.23%