Methodology for calculating dollar fees on annual member statements

Dollar fees displayed in the Summer Kiwisaver Scheme annual member statements are calculated using the daily cents per unit (CPU) methodology.

The annual fund charge is calculated daily for each fund and reflected in the value of your investment. It covers management and administration charges paid to us out of the fund for performing our functions as manager. It also covers the scheme’s expenses (including fees charged by the Supervisor).

The annual fund charge also covers management and administration charges paid out of any other managed investment scheme that the fund invests into (including a scheme where we are the manager).

We have to estimate these charges if we are not the manager of that other scheme and the charges are not based on fixed percentages of net asset value. In that case, the fund charge as a whole will be estimated, but we will adjust the portion of the fund charge that is paid to us so that the estimated total annual fund charge is the same as shown in the Summer Kiwisaver scheme Product Disclosure Statement.

The account fee covers the costs of the administration of your account and is calculated separately to the annual fund charge and charged monthly to your account.

The sum of fees charged as displayed in the Summer Kiwisaver scheme annual member statements are the sum of the annual fund charges and monthly account fees.