Guide to tiered fee rebates

04 October 2021

We want to help all our members save well for their retirement. That’s why we’re dropping our fees for our big savers – to help you grow your balance even further.

We want our members to grow with us. To see the difference the money they invest with us can make long-term. That’s why we’re introducing tiered fee rebates for our members.

For members with account balances of $200,000 or more, you’ll receive a rebate on your annual fund charges. The new fee structure has four tiers of rebates, with lower fees for higher balances and will apply to all new and existing clients from 28 September 2021.

We believe this will make it fairer for ALL our members – no matter where you are on your retirement journey.

How it works

If you have more than $200,000 invested in any of the Booster KiwiSaver Scheme investment funds, you’ll receive a rebate on the estimated annual fund charge on your investments above this amount.

For example, if you’ve got $350,000 invested in the High Growth Fund, you’ll pay the estimated annual fund charge of 1.36% on your balance up to $200,000, and then for any balance between $200,000 - $500,000, your annual fund charge will be rebated by 0.30% to 1.06%.

This rebate will be calculated daily as a percentage of the total value of your investment in the Scheme and applied at the end of each month to buy additional units in the relevant fund(s).

The rebate tiers are:

Rebate amounts

 

BKS Funds

BKS Asset Class Funds

On investments over $200,000 and up to $500,000

0.30%

0.14%

On investments over $500,000 and up to $1,000,000

0.50%

0.24%

On investments over $1,000,000 and up to $2,000,000

0.60%

0.32%

On investments over $2,000,000

0.82%

0.39%

Note: If you have any investment in any of the Asset Class Funds, the Asset Class rebates will be applied across your entire balance.

If you hold any portion of your investment in the Default Saver Fund or the Conservative Fund, no fee rebates will be applied to any of your balance.

Annual fund charges – tiered fee rebates

For balances up to $200,000, the standard estimated annual fund charges for your fund will apply. Your annual fund charge will be rebated for the portion of your balance over $200,000. There are four tiers of rebates, with bigger rebates for higher balances.

You can find the tiered fee rebates for your fund here. And, for more information on the new fee structure, you can download a copy of the Scheme’s PDS.