Anglican Church Backs Christian KiwiSaver Scheme

Anglican Church Backs Christian KiwiSaver Scheme

by | 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

Your KiwiSaver Check Up

Your KiwiSaver Check Up

by | 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.

Partnering with AMLHUB

Partnering with AMLHUB

by | 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.

Your KiwiSaver Check Up

Get Your Government Money

by | 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!

    Investment Returns at 30 June 2023

    Investment Returns at 30 June 2023

    by | 2 Aug, 2023 | Investment, KiwiSaver

    Investment returns (before tax and fees)* for the quarter ending 30 June 2023 are:

    Fund 3 months 1 Year (p.a.) 3 years (p.a.) 5 years (p.a.) 10 years (p.a.)
    Growth Fund 3.9% 11.4% 9.0% 8.5% 8.5%
    Balanced Fund 2.9% 8.3% 5.8% 6.1% 6.8%
    Income Fund 0.7% 2.3% 0.0% 1.5% 2.6%

    * rounded to one decimal place.

     

    Economic growth has been somewhat sturdy as we report on another positive quarter. In our mind, there are two key questions in the market at this point.

     

    Will interest rates rise further from here?

    Reductions in energy prices (e.g. oil), easing supply constraints, and reduced spending on goods have all contributed to a reduction in headline inflation. There are some lingering concerns around the pricing of certain services such as costs of travel, hospitality, wages, and food. However, central bankers around the world have managed to, for the most part, cool inflation in a red-hot economy.

     

    Are share prices today correct in anticipating a rosy future?

    Share and bond markets have very differing views today about future outcomes. Share investors are optimistic, feeling the worst has passed and better times are ahead. However, bond investors are cautious because of their concerns about inflation.  

     

    Share investors feel optimistic largely because share prices have increased significantly in the past year. For the year ended 30 June 2023, the prices were up for indices such as the USA Dow Jones (12% price increase), S&P 500 (18% price increase) and NASDAQ (25% price increase). There has also been the belief that the gains from artificial intelligence (AI) may be significant, especially for some technology companies.

     

    At the same time, share investors may feel that the market is currently experiencing some form of stability. The VIX, an index that measures the expected volatility in share prices, is reporting that the stock market expects to be half as volatile compared to what it reported in October last year.

     

    Bond investors remain cautious, given that interest rates have risen strongly in the past year. There is still considerable uncertainty about whether central banks will raise rates further. Whilst headline inflation (the rate reported by the Consumer Price Index) has reduced, domestic inflation (which mainly considers housing, transport, medical, electronics prices etc. and does not include food and energy prices) remains stubbornly high and of concern to central banks.

     

    While we are reporting on another positive quarter, there is a sense that investors are not all in agreement in their feelings about the market at this point in time because there are plenty of reasons to be both optimistic and cautious.

     

    We think interest rates could rise further, and shares come under pressure at these levels. We remain cautiously invested, diversified and continue to hold higher-than-normal amounts in cash.

    Care and compassion in action: Christian KiwiSaver Scheme partners with Debtfix

    Care and compassion in action: Christian KiwiSaver Scheme partners with Debtfix

    by | 2 Aug, 2023 | General, KiwiSaver, Membership

    In a significant step towards supporting the financial well-being of our members, Christian KiwiSaver Scheme is proud to announce its partnership with Debtfix – an organisation dedicated to reducing debt here in New Zealand.

     

    Debtfix offers managed processes that fix debt and help people control their finances. Our partnership with Debtfix aims to provide our members with valuable resources and, more importantly, allows us to enact our value of care and compassion to those in need.

     

    Debt and budgeting issues have become increasingly prevalent in today’s fast-paced and uncertain economic landscape. Many New Zealanders struggle with mounting debts, loans, and general difficulty in budgeting.

     

    Such financial challenges can have a profound impact on the ability to save for retirement and achieve other long-term financial goals. Recognising these challenges, we have sought to partner with Debtfix to help some of our members who may be experiencing these challenges.


    Key Benefits of the Partnership


    1. Debt Management Expertise:     Debtfix brings experience and expertise in managing debt which includes working with creditors, banks, finance companies, courts and anyone else on your behalf. You won’t have to worry about dealing with several organisations. Through this collaboration with Debtfix, Christian KiwiSaver Scheme members can access personalised debt support and strategies to reduce their financial burdens.


    2. Budgeting:     An essential aspect of achieving financial stability is budgeting. Even if you are not in debt, having a simple budget can help you understand where your money is going – which can help you create and achieve your financial goals. Debtfix offers a budgeting service tailored to each individual’s unique financial situation, helping them better manage their income, expenses, and savings.


    3. KiwiSaver Significant Financial Hardship Facilitator:     In this partnership, Debtfix allows us to achieve better outcomes for members who have to make a KiwiSaver withdrawal due to Significant Financial Hardship. Not only will Debtfix help facilitate the withdrawal process, but they will also be able to provide more comprehensive support with their debt and finance expertise for those members experiencing significant financial hardship.


    4. Proven experience with real people:     Talking about finances with another person can be a really sensitive and difficult conversation – let alone talking about debt. Debtfix has experience working with people experiencing debt, and they also have some great stories of helping people through their financial challenges and burdens. To have a look at what some of their clients have said about them, take a look at their website: https://www.debtfix.co.nz/what-our-clients-say

     

    This collaboration between Christian KiwiSaver Scheme and Debtfix is an exciting opportunity for us to help our members and put our values into action. We hope this partnership enables our members to take control of their finances, overcome debt challenges, and maximise the potential of their KiwiSaver investments.

     

    Debtfix’s services are absolutely free for Christian KiwiSaver Scheme members. If you are interested in using their service or if you would like to make an inquiry, please email us at info@christiankiwisaver.nz

     

    If you would like more information about Debtfix, please visit their website https://www.debtfix.co.nz/