Investment option changes
Over the last quarter, a number of changes to the investment options available have been made. We have changed the names of Managed30 and Managed60 to SuperLife30 and SuperLife60. At the same time, we have introduced SuperLife80, SuperLifeIncome and SuperLifeGrowth.
For SuperLife80, the '80' represents the portion of the assets that will normally be invested in property and shares, with the balance invested in cash and bonds. We will vary the amount in property and shares around the 80, based on our view of the investment markets. The introduction of the SuperLife80 complements the existing SuperLife30 and SuperLife60 options.
SuperLifeIncome and SuperLifeGrowth have been introduced to help members implement what we call the "bucket" approach to investing. The bucket approach is explained in our booklet Thinking about your retirement. SuperLifeIncome invests in the three bond sector pools together with cash. In contrast, SuperLifeGrowth invests in the six property and share sector pools, together with cash.
With the introduction of the SuperLifeIncome and SuperLifeGrowth options, we have also simplified the way we implement the AIMAge Steps option. This now invests into the Cash, SuperLifeIncome and SuperLifeGrowth Pools and not the underlying single sector Pools.
With the introduction of changes, you do not need to do anything. However, if you are interested to find out more, details are available here.
Address and identity verification
All members now have to have provided verification of their address and identity before they can receive a benefit. This is a requirement of the new anti-money laundering legislation. The documents have to be certified as being true copies by an appropriate person. Also, in future, if you change your name (e.g. through marriage) or change your address, we need to obtain documents verifying the new name and/or new address. Click here for details on how to do this.
The law requires us to receive this information before we can pay you a benefit. Members can choose to provide it now, or at any time before a benefit is payable. We suggest that it is provided as soon as practical, to ensure that the payment of a benefit when you become entitled to one is not delayed.
Australian superannuation transfers
It is now possible to transfer your Australian superannuation to your KiwiSaver Account. There are a range of reasons that might lead you to do this. While from a financial perspective, investors will look at issues such as fees, taxes and efficiencies, most will make the decision based on whether they value convenience. It will be important for many members to have greater control over their investments. Rationalising them to their KiwiSaver scheme will therefore make sense. If convenience is less important, the decision will depend on the appropriateness of the investment strategy and of course fees and taxes.
When transferring your Australian superannuation, do not assume that it is a quick process. Our experience is that it takes time and often several months. To start the process, the first step is to complete a SuperLife Australian superannuation transfer form. SuperLife does not charge you for helping you transfer your Australian superannuation to your SuperLife KiwiSaver Account.
Annual reports
In August, the annual reports to 31 March 2013 for the superannuation and KiwiSaver scheme were published and sent to members. Copies are also on our website together with the full set of the audited financial statements. September saw the release of our latest prospectuses and investment statements.
2013 investment seminars
The remaining seminars for 2013 are in Auckland, Timaru, Christchurch and Nelson, in October. Details can be found here. You can register to attend a seminar online, or by emailing us at info@SuperLife.co.nz. If you have been to one of our seminars (or even if you have not) and want to know more about investing for your retirement, our booklet Thinking about your retirement may help.
