Something new on your KiwiSaver Annual Member Statement?

A person with a cup of coffee looking at their tablet.

Around this time every year, we send our members important information about their BNZ KiwiSaver Scheme account. Your Annual Statement provides a round-up of what’s happened in your account during the year to 31 March, while your Tax Certificate summarises any tax you were owed or may have paid.

Your BNZ KiwiSaver Scheme Annual Statement to 31 March 2020 is now available for you to view online in Internet Banking and on the mobile banking app (or will be mailed to you). This year you may find additional information on your Annual Statement that you haven’t seen before, being retirement savings and income projections.

We’re including this information to help you to understand how much you could have in your KiwiSaver account when you turn 65, and what that balance could provide you in terms of a weekly income during your retirement.

The projections aim to get you thinking about what your retirement could look like if you keep doing what you’re doing, and whether you need to make any changes to your saving habits now so that you can enjoy the type of retirement you want later.

Not everyone is getting projections

Most of you will find your projections on the back of your Annual Statement, but if you’re under 18 or over 65, or haven’t been a member of the BNZ KiwiSaver Scheme for the whole year, a projection won’t be included. Don’t worry though. Instead, we give you information about some of the tools we have available to help you stay on top of your retirement planning and investing.

You’ve found your projections. So, what does it all mean?

If you find that you have projections on your Annual Statement, there are two key numbers to note. The first is your expected KiwiSaver account balance at age 65. The second is what you can expect as a weekly income based on that balance at 65.

The numbers are estimates based on the contributions you have made during the last year, money you may have received from your employer or the Government, and your account balance at the end of the year. The calculation uses a number of assumptions that have been set by the Government, including the assumed rate of return from the type of fund you are invested in. Details of these assumptions can be found at

It’s worth bearing in mind that the figures only look at the money you have in your KiwiSaver account. They don’t consider any other investments you have, or any NZ Super payments you may be entitled to, which you may be planning on using to supplement your KiwiSaver retirement income.

What should you do with this information?

Hopefully, your projections will help you see whether you’re on track for the kind of retirement you want.

If your projections show a less-than-desired outcome, it’s important not to worry. For most, retirement is still a long way off, so you should have time to make some changes. Your Annual Statement includes information about some of the choices you have.

Want to delve into this some more?

At BNZ we have an online tool to help you with your KiwiSaver decisions. If you didn’t receive retirement savings and income projections this year, then this is also a great place to start to see if you’re on track. You can find it at

Pop in your basic KiwiSaver account information, such as your age, income, current KiwiSaver account balance, your contribution rate and fund choice – and our tool will work out how much you could have by age 65. What’s more you can see what impact some simple changes could have on your future account balance – such as changing your fund choice to one that better suits your needs, or upping your contribution rate.

Our online tool also helps if you’re saving for a first home and can include NZ Super payments you may be entitled to in order to give you a more rounded picture of your retirement.

Alternatively, head into a BNZ branch and ask one of our helpful staff for some help and guidance.

Struggling to understand the other information?

Don’t worry, help is at hand. Visit for more detailed information on how to read your Annual Statement and Tax Certificate.

References to third party websites are provided for your convenience only. BNZ accepts no responsibility for the availability or content of such websites.

BNZ Investment Services Limited is the issuer and manager of the BNZ KiwiSaver Scheme. Product disclosure statements for each scheme are available on or at any BNZ branch.

Investments made in the BNZ KiwiSaver Scheme do not represent deposits or other liabilities of BNZ or any other member of the National Australia Bank Limited group, and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. None of BNZ, any other member of the National Australia Bank Limited group, the Supervisor, any director of any of them, the Crown or any other person guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or the repayment of capital. 

The information in this article is provided for general purposes only, and is a summary based on selective information which may not be complete for your purpose.  To the extent that any information or recommendations in this article constitute financial advice, they do not take into account your financial situation or goals and is not intended as personalised financial advice. While BNZ has made every effort to ensure that the information provided is accurate, you should not rely on this information to make any financial decision without first having sought advice specific to your circumstances from an authorised financial adviser. Neither BNZ nor any person involved in this article accepts any liability for any loss or damage whatsoever which may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in this article.