As an employer, you have an opportunity under the KiwiSaver legislation to select a preferred KiwiSaver scheme for your workplace.
This means that new staff that are automatically enrolled, or existing staff that choose to opt-in to KiwiSaver, will become members of your company's preferred scheme (rather than being randomly assigned to a default scheme) if they don't make a choice themselves.
Why choose a preferred KiwiSaver scheme?
There are advantages that come from choosing a preferred scheme. Here are some of the things that have been highlighted:
Because default investment funds are conservative, they may be inappropriate for many investors saving for the medium to long term. Having a preferred scheme may help ensure that more of your staff are in KiwiSaver investment funds that suit their circumstances.
- The induction process for new employees is simplified (to the extent that they choose to go with the preferred scheme).
- Having a preferred scheme helps simplify the decision making process. Currently there is a wide range of KiwiSaver schemes from which to choose. We know that the wider the choice, the harder it is to make a decision.
- Your staff can benefit from the education and support that typically comes from the provider of a preferred scheme.
- Because you and your employees deal predominantly with only one scheme provider, administration is made easier and there is less distraction amongst employees arising from differing investment results and membership experiences. Be aware, however, that new employees are likely to bring KiwiSaver schemes with them to your workplace and all employees retain the right to change schemes.
Why Booster KiwiSaver Scheme as your preferred scheme?
Accidental Death Benefit
Members of the Booster KiwiSaver Scheme may be eligible for an accidental death benefit. The accidental death benefit is available to members paying the standard member fee, and are under the age of eligibility for New Zealand Superannuation (currently 65). It is paid in the event of a member’s death as a result of an accident. For more info visit booster.
Why choose Stewart Group?
- Quarterly (or more often, if you prefer) text message (SMS) with KiwiSaver balance updates
- We are happy to meet with management and staff to answer any queries regarding the Booster KiwiSaver Scheme
- Free Financial Road Map for the management team
Please note, we provide non-personalised advice (“class advice”) on the Booster KiwiSaver Scheme Asset Class Funds only. If you require personalised advice, we have Authorised Financial Advisers who are qualified to provide you with comprehensive advice on a full range of financial service solutions including KiwiSaver and other investment options available in the Booster KiwiSaver Scheme. We do not charge a fee for KiwiSaver class advice. A fee does apply if you wish to receive personalised advice.
A Disclosure Statement is available from your adviser, on request and free of charge.
Booster Investment Management Limited (Booster) is the issuer and manager of the Scheme. Public Trust is the supervisor of the Scheme. The relevant Product Disclosure Statements for the Booster KiwiSaver Scheme are available from your adviser or by calling Booster on 0800 336 338.
None of Booster Investment Management Limited, Public Trust, or any director, board member or nominee, or any related company or party of any of those entities, or any other person guarantees the Scheme’s performance, returns or repayment of capital.