KiwiSaver Statistics November 2008
KiwiSaver membership continues to grow with 867,388 members at 29 November 2008, up from 837,908 at 31 October 2008. This still represents only 23% of elegible people under 65 years of age and Thorners continue with their belief that only those that do not understand KiwiSaver are the non members.
There are also only 15,942 employers who have partnered with a preferred KiwiSaver provider. Employers seem to be wary of doing this but the benefits of having a financial services provider available to answer staff queries can remove the stress of being unable to provide the financial advice staff are looking for. Benefits of preferred agreements can also include reduced monthly fees on KiwiSaver accounts and free life cover for members.
Talk to us soon to see if KiwiSaver is correct for you, your children, your grandchildren and if in business, to see how a preferred agreement can work for you and your staff.
Click here to email Thorners or Call Us on (04) 528 8088
Click here to view our disclosure statement.
Super Gold Card Holder Insurance Offer
Thorners are pleased to announce that they have been accepted as a Super Gold Card Holder merchant for home, contents, vehicle and pleasure craft insurance cover.
An additional 10% discount is available to all Super Gold Card Holders aged 55 and over who take out an Ansvar Insurance policy for personal use.
Contact us today for a quote no matter where you live in New Zealand.
Check our website for information on who we are www.thorner.co.nz
Click here to email Thorners or Call Us on (04) 528 8088
Government Approves KiwiSaver Changes
Changes approved by the Government today are attributed to making the KiwiSaver scheme affordable for tax payers, members and employers.
There have been no changes to these Kiwisaver provisions…
- The $1,000 kick start payment will not change
- The $20 a week member tax credit will not change
- The first home withdrawal, deposit subsidy and mortgage diversion provisions will not change.
Changes to KiwiSaver however are…
- The employer tax credit is to be discontinued from 1April 2009
- Compulsory employer contributions are to be capped at 2% effective from 1 April 2009
- The member fee subsidy will be discontinued from 1 April 2009
- From 1 April 2009 the minimum member contribution rate will reduce to 2% and all new employees will have a 2% default rate. Existing members will be able to reduce to 2% but this is not recommended.
Thorners is still of the belief that only those that do not understand Kiwisaver are those that are not members.
Contact us to obtain more information and a copy of our disclosure statement.
Click here to email Thorners or Call Us on (04) 528 8088
KiwiSaver Mortgage Diversion
Thinking about whether to take advantage of the Mortgage Diversion facility available through Kiwisaver? Before making any decision, there are some things to consider.
After contributing to Kiwisaver for 12 months, you can apply for Mortgage Diversion to help pay off your home loan with a portion of your Kiwisaver contributions. If elegible, you can divert a fixed amount up to 50% of your kiwisaver contributions (from the date your Mortgage Diversion request is approved) towards your home loan. Government and Employer contributions cannot be diverted.
By doing this you will benefit from paying off your home loan faster. However, you will need to weigh this up against the fact that you’ll also be contributig less to your KiwiSaver account and, ultimately, your retirement savings.
Something else to consider is the impact on your potential matching Government contributions. You will need to meet the elegibility criteria and contribute at least $20 per week towards your Kiwisaver account after mortgage diversion payments are allocated.
From 1 November 2008, most schemes are looking to charge a $25 set up fee for mortgage diversion and this will be deducted from your Kiwisaver account on approval of your mortgage diversion request.
2008 Vero Free Home and Contents Insurance for a year
Thorners are proud to announce that local resident and Red Hot business coach John Gray was the winner of their 2008 Spring Festival competition.
All of Thorners clients taking out a new product were entered in the draw and John was delighted to hear he had won a years free home and contents cover courtesy of Vero Insurance.
Pictured below are John Gray and Maree Hammersley-Myers, Managing Director of Thorners General Insurances.
Reviewing your home and contents cover may be time well spent.
Call us today for a quote and policy review.
Click here to email Thorners or Call Us on (04) 528 8088
Business Administrator required
