Understanding your annual statement
If you're a member of the BNZ KiwiSaver Scheme, each year you’ll receive an annual statement that contains information about your BNZ KiwiSaver Scheme account, for the financial year from 1 April to 31 March. You can find your annual statement online in Internet Banking.
Here’s an example of the annual statement with key information to help you understand it.
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 tax rate we held for you at the end of the tax year (31 March), and it is used to calculate the amount of tax you pay on your investment earnings. To check you’re on the right PIR, see Working 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 tax year (1 April). If you joined the BNZ KiwiSaver Scheme part way through the tax year, this will show your start date and a zero balance.
3. Money in
A summary of the money that came into your account during the tax year. It includes your contributions and any employer and government contributions you may have received. If you transferred into the BNZ KiwiSaver Scheme during the year, your transferred balance will show here too.
4. Investment returns
The total of all investment returns coming into your account during the tax year.
5. Money out
A summary of the money that went out of your account during the tax year. It shows any withdrawals you made, like for retirement or a first home. It may include tax you paid during the year, such as tax arising from a withdrawal or a fund change. It also includes a calculation of the total fees you’ve been charged for that year. More about how KiwiSaver fees are calculated PDF 42KB
6. Closing balance
The value of your account at the end of the tax year, including a summary of how your account balance has changed over the year.
7. Net tax payable/refundable
The net tax you owe, or were owed as a refund, based on the PIR we had recorded for you. You don’t need to do anything as we have already paid or claimed this amount for you in the April following the tax year-end. To see how this was calculated, you can refer to your Tax Certificate.
8. How your money is invested
The BNZ KiwiSaver Scheme funds you were invested in at the end of the tax year, and the value of your investment in each fund.
9. Account highlights
Highlights and messages specific to you and your BNZ KiwiSaver Scheme.
10. 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.
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).