Our FeesFEES AND CHARGES
Our philosophy is to have a simple, all-up annual fee to cover the costs of administering and managing your savings in the Gareth Morgan KiwiSaver Scheme. Apart from the annual fee, no other additional regular or ordinary expenses will be charged to your member account or the Scheme*.
The all-up annual fee is 1% of the value of your account balance,† subject to the following minimum fee:
- The minimum annual fee for Gareth Morgan KiwiSaver is $50
This means that if your account balance is less than $5,000 your annual fee will be $50. If your balance is over $5,000 the annual fee will be 1% of your account balance.
After 1 July 2012 the Manager may charge a $50 fee (only after the Manager has given two months notice to members) to a member where the member enters the Scheme, withdraws from the Scheme, transfers to or from the Scheme, or upon a member switching their investment direction more than once a year. This $50 fee may be indexed to the Statistics New Zealand Consumers‘ Price Index every three years and therefore may increase from 1 July 2012.
* In certain circumstances the Trustee may be reimbursed for certain costs, charges, or expenses it incurs in relation to the Scheme, in addition to the annual fee. These circumstances are set out in the Gareth Morgan KiwiSaver Scheme Investment Statement. For the avoidance of doubt, the Trustee will not be reimbursed for any ordinary costs, charges and expenses incurred by the Manager in the management and administration of the Scheme.
† The annual fee is calculated and deducted from your account on a monthly basis, based on the total value of your account balance in the Gareth Morgan KiwiSaver Scheme. After 1 July 2012 this 1% fee level may increase to a maximum of 2% only if the increase is agreed between the Trustee and the Manager as necessary to cover additional costs that may arise.
‡ The minimum fees may be indexed to the Statistics New Zealand Consumers‘ Price Index every three years and therefore may increase from 1 July 2012.
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