Fees and charges

The fees and charges you’ll pay for investing in the Booster KiwiSaver Scheme are set out here.

Member fee

The standard member fee is $3 per month.

But you’ll pay no member fee if you meet both these conditions, which are that:

• you've had all your money fully invested in the Default Saver Fund since joining the Booster KiwiSaver Scheme
• the balance of your member account is $10,000 or less. 

And you'll pay $2.50 per month if your balance is greater than $10,001.

This means that you'll pay the standard member fee if you either:

• invest your money in a fund(s) that was not the Default Saver Fund and later switch your money into the Default Saver Fund
• rejoin the Booster KiwiSaver Scheme and you previously invested your money in a fund(s) that was not the Default Saver Fund.

If you're paying the standard member fee, you won't be charged if your balance is less than $500.

The member fee is deducted from your member account.

The free accidental death cover is only available if you pay the standard member fee, even if the fee is waived due to your low balance.

Annual management fee

This fee differs between funds and is set out below.

This fee is calculated daily as a percentage of the net asset value of each fund and deducted each month. Because this fee is deducted from each fund, the unit price of each fund is reduced.

The fee comprises fees payable to the:

• Manager for providing investment management and administration services
• Supervisor for providing trustee services.

The fee covers the Manager’s and the Supervisor’s regular costs, expenses and liabilities incurred in running the Booster KiwiSaver Scheme.

Booster KiwiSaver Scheme fees per investment fund

Fund	Fee per year
Capital Guaranteed Fund	0.90%
Enhanced Income Fund	0.82%
Default Saver Fund	0.38%
Moderate Fund	1.07%
Asset Class Conservative Fund	1.16%
Balanced Fund	1.17%
Balanced Growth Fund	1.22%
Asset Class Growth Fund	1.30%
High Growth Fund	1.27%
Geared Growth Fund	1.27%
Trans-Tasman Share Fund	1.17%
International Share Fund	1.32%
Options Fund	1.15%
Socially Responsible Investment Balanced Fund	1.17%
Socially Responsible Investment Growth Fund	1.17%

Specific fund fees

Some funds have extra fees, which are related to the management costs.

Performance-based fees

Options Fund

A performance fee may apply to the Options Fund.

The Options Fund invests in the Nikko AM Wholesale Option Fund. Nikko Asset Management New Zealand Limited is entitled to a performance fee of 10% of the gross return of the Nikko AM Wholesale Option Fund for returns achieved by the Nikko AM Wholesale Option Fund above 16% each year.

This fee is deducted from the Options Fund and, as a result, reduces the unit price of the Options Fund.

Moderate, Balanced, Balanced Growth, High Growth and Geared Growth Funds

These funds may invest in Booster Tahi LP. Booster Tahi LP is a limited partnership managed by the general partner, Booster Funds Management Limited (a related party), which invests in private – or unlisted on a stock exchange – small- to medium-size New Zealand companies.

Booster Funds Management Limited may charge performance fees to Booster Tahi LP. Each fund investing in Booster Tahi LP will bear a proportionate share of any performance fee that's charged. This fee is deducted from each fund and, as a result, reduces the unit price of each fund.

Gearing fee

This is worth 1.1% p.a. of the geared component of the Geared Growth Fund, but does not apply to any other fund.

This fee is calculated daily as a percentage of the geared component of the Geared Growth Fund and deducted each month.

This fee is deducted from the Geared Growth Fund and, as a result, reduces the unit price of the Geared Growth Fund.

Foreign exchange facilitation fee

This is worth up to 0.50% of any net foreign exchange transactions undertaken by a fund.

This fee is deducted from each fund and, as a result, reduces the unit price of each fund.

This fee does not apply to the:

• Default Saver Fund
• Enhanced Income Fund
• Options Fund
• Asset Class Conservative Fund
• Asset Class Growth Fund.

Account closure fee

If you want to close your Booster KiwiSaver Scheme account, you must pay an account closure fee of $30.

If you've had all your money fully invested in the Default Saver Fund since you joined the Booster KiwiSaver Scheme, you won't pay the account closure fee.

This means that you will pay the $30 fee if you either:

• invest your money in a fund(s) that was not the Default Saver Fund and later switch your money into the Default Saver Fund
• rejoin the Booster KiwiSaver Scheme and you previously invested your money in a fund(s) that was not the Default Saver Fund.

This fee is deducted from your member account.

Other costs and charges

Booster and/or Public Trust are entitled to be reimbursed out of the Booster KiwiSaver Scheme for all non-regular and extraordinary costs, expenses and liabilities which they incur in acting as the manager or supervisor of the Booster KiwiSaver Scheme and which are not otherwise covered by the annual management fee.

This does not apply to the Default Saver Fund

Booster and/or Public Trust are not entitled to be reimbursed out of the Default Saver Fund for non-regular and extraordinary costs, expenses and liabilities which they incur in acting as the manager or supervisor of the Booster KiwiSaver Scheme and which are not otherwise covered by the annual management fee.

Public Trust is entitled to be reimbursed by Booster for non-regular and extraordinary costs, expenses and liabilities relating to the Default Saver Fund, which it incurs in acting as the supervisor of the Booster KiwiSaver Scheme and which is not otherwise covered by the annual management fee.