Booster SuperScheme Annual Statement Glossary

Your Booster SuperScheme account details

This section shows the money that went in and out of your account in the last financial year. It lists the types of money put in (contributions) and the money taken out (withdrawals).

Contributions

Any money paid into your account.

Transfers from other schemes

Any money paid into your account by another pension scheme.

Insurance premiums

Payments for extra insurance from Fidelity Life, if you’ve chosen it. Please contact your financial adviser or Fidelity Life if you have any questions about this insurance cover.

Withdrawals

The total amount of money you've taken out of your Booster SuperScheme account.

Portfolio Investment Entity (PIE) tax you've paid (or have been credited)

PIE tax is a tax on your taxable income or loss each year. It's based on your Prescribed Investor Rate (PIR) and is the total amount of PIE tax you owe after taking any tax credits into account.

PIE tax you've paid – tax we've paid to the IRD for you.

PIE tax you've been credited – tax you've got back from the Inland Revenue (IRD) and which has been paid into your account.

We deal with these payments for you by adjusting your units in the investment portfolios. See the end of the document for what a unit is.

Your PIR: On 31 March 2025, we used the PIR that we had for you to work out your tax.

Note: Your PIE tax for the financial year ending 31 March 2024 is shown on your annual member statement this year because it was paid from your account in April 2024.

Your PIE tax for the financial year ending 31 March 2025 is shown on your tax statement but will be in your annual statement next year because it's paid in the next financial year, which started on 1 April 2025.

Your investment earnings, before fees and expenses

How much you got as earnings from the performance of your investment portfolio. This could be positive or negative (a loss), depending on how your investments have performed. Here, your earnings are gross, before any:

• Fees or expenses are paid out
• Rebates are paid into your account
  
  
  

Fees you've paid

The total fees and expenses you've paid as an individual investor. They include:

• Fees taken directly out of your account, like the:
  • fees paid to your adviser, including any servicing or the contribution fees,
  • withdrawal fees, if you've taken out money.
• Your share of the fees and expenses involved in the management and administration of the investment portfolio (fund charges).
  
  
  

Your total net investment earnings

How much money you got as earnings from your investments after all the fees you've paid have been taken out.

Note: Your total net investment earnings are not the same as taxable earnings, which are given on your tax statement.

You may not be able to take out your money if your plan is ‘locked in’ by law. During the locked-in period, you cannot take out your money but you can transfer it to another registered superannuation scheme.

If you take out money between the end of the locked-in period and the maturity date of your account, you may have to pay an early withdrawal fee.

If you’ve transferred money from a UK pension scheme, there are special rules.

If you’ve got any questions about your plan, get in touch with us or your financial adviser.

Your taxable income (or loss), before fees and expenses

This could be positive or negative (a loss), depending on how your investments have performed. In New Zealand, it's gross, before any:

• Fees or expenses are paid out
• Rebates are paid into your account.
  
  
  

Deductible fees and expenses (or rebates)

The total fees and expenses you've paid as an individual investor. They include:

• Fees taken directly out of your account, like the ongoing servicing fees paid to your adviser.
  • Note: Excludes any contribution fees and withdrawal fees, which are not tax deductible.
• Your share of indirect fees charged for the investment portfolio or portfolios, like the:
  • management fee, which covers the costs of managing the portfolio.

You may have discounts on fees or expenses paid into your account (rebates).

Your taxable income (or loss), after fees and expenses

How much your taxable earnings add up to after all the fees and expenses you've paid have been taken out.

Note: Taxable earnings are not the same as your total investment earnings, which are given on your member statement.

Gross tax payable on your taxable income (or creditable on your taxable loss)

The amount of PIE tax you owe before taking tax credits into account. This comes from multiplying your taxable income or loss by your PIR.

Total tax credits may include:

• Foreign withholding tax credits
  • If investment portfolios in which you've got units have investments outside New Zealand, you may get tax credits from the IRD for the tax those portfolios have already paid. Only the tax credits used in your PIE tax calculation are shown.
• New Zealand tax credits
  • If investment portfolios in which you've got units have investments in New Zealand, you may get tax credits from the IRD for the tax those portfolios have already paid.

For more information about PIE tax you've paid (or been credited) – see above

Investment units

When you put money into an investment portfolio, you buy units. A unit is your share of the investments in that portfolio.

If you owe money, we cancel some units so what they're worth – their value – covers what you need to pay.

 

Different levels of fees & expenses, and taxes

There are two levels of fees & expenses, and taxes on investments. These are paid by:

• The portfolios you invest in – ‘investment level’. These are indirect because they are shared among all investors in the portfolio.
• You – ‘investor level’. These are direct because you pay them as an individual, not as one of a group of investors.