by Jo Cheramie | 17 Jun, 2024 | General, KiwiSaver
At the Anglican Church’s General Synod/te Hīnota Whānui in May 2024, the Christian KiwiSaver Scheme received strong backing from the Church with a resolution that encourages all Anglican institutions to select the Scheme as their employer chosen KiwiSaver scheme.
The details of the KiwiSaver scheme founded on Christian values and Christian ethical frameworks was explained to the Synod and subsequently reported on the Anglican Taonga website.
The full article is here
by Jo Cheramie | 17 Jun, 2024 | General, KiwiSaver
Just like you get a Warrant of Fitness for your car, it’s important to regularly check your KiwiSaver Scheme to make sure it’s still set up the way you want. Here are some easy tips to make sure your KiwiSaver is in top shape. We recommend doing this once a year, either at the start of the year or when you get your annual member statement.
1. Check if Your Investment Profile is Right for You.
This is about where your money is invested. Does your choice of investment fund, match the level of risk you are comfortable taking?
The Sorted website has a handy tool called Investor Profiler. You answer a few questions, and it helps you find out what type of investor you are and what kind of investment mix is best for you.
2. Are You Contributing Enough?
Think about whether you can afford to put in more money or make extra contributions. If you stopped making contributions, is it time to start again?
The Sorted website also has a KiwiSaver Calculator. Answer a few questions to see how big your balance could be at age 65 and how much you could get each week in retirement. Try different contribution rates to see how they affect your savings.
3. Is your Personal Investor Rate (PIR) correct?
Your PIR is the tax rate we use to calculate the tax on your investment earnings. Make sure you’re using the right PIR. You don’t want too much tax taken from your earnings, or too little and end up with a tax bill. Your PIR for the current tax year is based on your total taxable income in either of the last 2 tax years. If that changes, your PIR might change too. Inland Revenue can also tell us to change your PIR if they think it’s wrong. Our website has a guide to help you calculate your PIR
That’s it! Checking these three things every so often will help make sure your KiwiSaver account is working for you. Our team is happy to help with any questions you have.
by Jo Cheramie | 17 Jun, 2024 | General, KiwiSaver
Complying with Anti-Money Laundering (AML) rules is essential for many businesses, including banks, law firms, real estate agents, and KiwiSaver providers. Besides verifying a new client’s identity and address, ongoing checks are required for existing clients too.
To help us meet our AML obligations, we’ve partnered with AMLHUB Services Ltd. They provide us with software and outsourcing services, giving both the Scheme and its members an efficient and affordable AML compliance tool.
When we need information for AML purposes, you will receive an email from us. It will show you exactly what you will get from AMLHUB so you can be sure the email and text you will receive are legitimate and not a scam.
By working with AMLHUB, we ensure that we stay compliant and protect our investments against money laundering and terriorism financing. If you have any questions, our team is here to help.
by Jo Cheramie | 17 Jun, 2024 | Investment
Investment returns (before tax and fees) for the quarter ending 31 March 2024 are:
| | | | | |
|---|
| | | | | |
| Fund | 3 months | 1 Year (p.a.) | 3 years (p.a.) | 5 years (p.a.) | 10 years (p.a.) |
| Growth Fund | 5.0% | 14.3% | 8.4% | 9.4% | 8.9% |
| | | | | |
| Balanced Fund | 3.7% | 11.5% | 5.8% | 6.8% | 7.1% |
| | | | | |
| Income Fund | 0.9% | 5.1% | 0.9% | 1.9% | 2.9% |
All our funds performed well in the quarter ended 31 March 2024.
The investment markets had a positive quarter thanks to strong economic data, especially from the US, and signs of slowing inflation. This boosted hopes for a “soft landing,” where the economy grows slowly without falling into a recession. Both the stock and bond markets saw gains.
However, not all developed markets are the same. During the COVID pandemic, economies shrank and central banks lowered interest rates in a similar way worldwide. Now, as time passes, economies and central banks are starting to go their separate ways. In Europe, for example, rate cuts are expected by mid-year due to weak industrial production, low retail sales, and low consumer confidence.
Investment markets are expecting a cycle of rate cuts to begin later this year, though the timing will vary by region. They also expect companies to continue showing positive earnings growth. Despite this, we remain cautious about the investment return outlook. We believe the market might be underestimating the economic risks from recent interest rate hikes.
Geopolitical uncertainty, such as tensions in Ukraine, the Middle East, and between the US and China, continues to cause market ups and downs. This has become a bigger factor in the global market compared to a decade ago.
In this environment, we remain cautious about asset prices. We stay diversified and keep higher-than-normal amounts in cash to manage risk effectively.
by Jo Cheramie | 17 Jun, 2024 | Government Contributions, KiwiSaver
Each year, the government offers a bonus (called a government contribution) to help boost your KiwiSaver account. This is a great way to get closer to your KiwiSaver goals. Here’s how you can get the maximum government contribution for KiwiSaver.
What is the Government Contribution?
The government contribution is an annual bonus from the New Zealand government for eligible KiwiSaver members. You are usually eligible if you:
Are making contributions to your KiwiSaver account,
Live mainly in New Zealand,
Are 18 or older, and
Do not qualify for the retirement benefit.
For more details about eligibility, please click here
You can get up to $521.43 per year from the government. To get this maximum amount, you need to contribute at least $1,042.86 to your KiwiSaver account each year. Even if you can’t contribute that much, you can still get some government money. For every dollar you contribute, the government adds 50 cents, up to a maximum of $521.43 per year. Here’s how it breaks down:
| | |
|---|
| Your personal contributions | | KiwiSaver government contribution |
| Weekly | Annual | Annual |
| Over $20 | Over $1,042.86 | $521.43 Max |
| | |
| $20 | $1,042.86 | $521.43 |
| | |
| $15 | $781.14 | $390.57 |
| | |
| $10 | $521.43 | $260.71 |
How to Get the Maximum Government Contribution
If you’re an employee, your contributions come from your salary. If this isn’t enough to reach $1,042.86, you can make extra voluntary contributions to get the maximum government money.
If you’re self-employed, you can make voluntary contributions directly to your KiwiSaver account.
Remember, the government contribution is calculated yearly, from July 1 to June 30. To get the full $521.43, you need to contribute $1,042.86 by June 30 each year.
Getting the maximum government contribution is a great way to boost your savings. If you do this every year, you could get over $5,000 in your KiwiSaver account from government contributions alone after ten years (not including any investment returns or losses). This can help you get closer to your retirement savings goals.
How to Check Your Contributions
To see if you’ve contributed enough, log in to the member portal on the Christian KiwiSaver Scheme website. Click on the “Maximising GCs” tab to see a summary of your qualifying contributions for the year and find out if you’ve reached the target or how much more you need to contribute.
Make the most of this government bonus and boost your KiwiSaver savings today!
by Jo Cheramie | 18 Dec, 2020 | General
Our hearts filled with wonder and awe
I greet you in the name of the infant saviour, whose birth we celebrate at Christmas, our hearts filled with wonder and awe. I bring greetings from all at Anglican Financial Care this Christmas. We are coming to the end of an extraordinary year where our lives have been disrupted by the onset of a global pandemic. The message of hope coming to us in human form in the birth of the Christ child this Christmas is needed more than ever.
The story of Jesus’ birth as St Luke tells it, provides a lot of detail that at first glance seems quite trivial. There is reference to Emperor Augustus, Quirinius the governor of Syria, evoking the names of rulers who left indelible marks on the collective memory of the people, probably because of their ruthless use of power. We hear of Joseph having to travel with Mary to Bethlehem because he is a descendant of King David for the purpose of a census, which rulers only ever organised when they needed more tax to fund their latest project. We hear of shepherds, outsiders everyone kept away from, keeping watching over their flocks under the light of the stars, evoking a reminder of the immensity of the universe God created, and yet it is the littles ones, the poor and the marginalised who first receive the Good News. All of these details might seem peripheral, but they matter a great deal. They tell us that Love has come from the heavens to dwell with us. Love has come down from heaven entering a real world where people are living real lives.
It is, in fact, a very simple message: Love has come down from heaven to dwell among us; Love that brings joy, peace, and healing to a broken world. In the birth of Christ we see Love being lived in a real human life, a vulnerable child showing us the fullness of God; God coming to our level to speak to us in a language we can easily understand. It is Love, bringing to birth the faith and hope that the world needs so much.
The arrival of a global pandemic has created much uncertainty for many. Livelihoods and incomes remain uncertain for many. In response, world governments are spending trillions of dollars to stimulate their economies and provide their citizens with income support. As this huge expenditure is rolled out across the world, now is the time to ask our governments to use that expenditure to restructure our economies to rid the world of poverty and ensure income security for the most vulnerable, and to move us into the future with a lower carbon footprint. The message of Christmas is that all human life, and all creation, is holy and precious, capable of being filled with God. If God treats every person as holy and loveable, then every human being must be treated with reverence and respect and enabled to participate in society with dignity. If creation itself is filled with the presence of God, it behoves us all to use our influence to care for the planet. Moving our economic policy settings to take action on these matters of such importance for our future would be a wonderful gift this Christmas, a way of giving thanks to God for the gift of Jesus Christ.
Love from heaven comes to dwell with us. This Love is simply present; fragile, vulnerable, dependent, and yet more splendid than we could ever have imagined. It is this Love that motivates us to act and to care, that moves and us and stirs us to ensure all people of the world may dwell in peace, and that the well-being of the planet is looked after for the future.
May the grace and peace of God indwell you and all you love this Christmas.
Dean Lawrence Kimberley
Chairperson
