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Understanding your annual statement

If you’re a member of the BNZ KiwiSaver Scheme, you’ll receive an annual statement each year. It contains a summary of what’s happened in your BNZ KiwiSaver Scheme account for the financial year (1 April to 31 March). You can find your annual statement online in Internet Banking.

Here’s an example of the annual statement, along with information to help you understand each section.

1. Member information

Your name, account number, and IRD number. Make sure you have this information available if you contact us.

Your prescribed investor rate (PIR) also appears here. This is the PIR we hold on record for you at the end of the financial year (31 March). It is used to calculate the amount of tax you pay on your investment earnings for the financial year (1 April to 31 March).  Work out your prescribed investor rate (PIR).

If any of this information is incorrect, please get in touch with us. 

2. Opening balance

The value of your account at the start of the financial year (1 April). If you joined the BNZ KiwiSaver Scheme part way through the financial year (1 April to 31 March), this will show the date you became a member of the scheme, and a zero balance.

3. Money in

A summary of the money that came into your account during the financial year (1 April to 31 March). It includes:

  • your total contributions (including your employee contributions, voluntary contributions, and any Fly Buys and BNZ Cash Reward conversions)
  • any employer and government contributions you may have received
  • any interest received on contributions
  • withdrawals requested by Inland Revenue, if these were processed after 21 August 2021
  • your transferred balance, if you transferred into the BNZ KiwiSaver Scheme during the year
  • any tax refund you may have received. 
    Note: We claim this amount for you at the end of the financial year (31 March), so you don’t need to do anything. To find out how this was calculated, you can refer to your tax certificate.

4. Investment returns

The total investment return of your account during the financial year (1 April to 31 March). Your investment returns will show as investment gains or investment losses.

5. Money out

A summary of the money that went out of your account during the financial year (1 April to 31 March). It shows:

  • any withdrawals you made (such as for retirement or a first home)
  • the total amount of management fees paid (learn how KiwiSaver fees are calculated PDF 42KB) 
  • withdrawals requested by Inland Revenue, if these were processed between 9 April to 20 August 2021
  • any tax you paid for the year.
    Note: We pay this amount for you at the end of the financial year (31 March), so you don’t need to do anything. To find out how this was calculated, you can refer to your tax certificate.

6. Closing balance

The value of your account at the end of the financial year (31 March), including a summary of how your account balance has changed over the year. 

7. How your money is invested

The BNZ KiwiSaver Scheme fund(s) you were invested in at the end of the financial year (31 March), and the value of your investment in each fund. 

8. Account highlights

Highlights and messages specific to you and your BNZ KiwiSaver Scheme account.

9. What you are on track to receive at age 65

This section provides information about your retirement savings and income projections. It helps you understand the lump sum you could have in your KiwiSaver account when you turn 65, and what your weekly income could be in retirement, based on the lump sum amount.

You’ll see details about your projection calculations, and guidance for outcomes that are relevant to you. The projections use information that’s specific to you, but are calculated using a prescribed formula and a set of assumptions determined by the NZ Government. The numbers are estimates only, and aren’t guaranteed.

You won’t have this section in your annual statement if you are under 18, over 65, or weren’t a member of the BNZ KiwiSaver Scheme for the whole year (ending 31 March).