UniSaver is a workplace savings scheme designed to help you save for your retirement. Only employees of participating universities and certain other employers (participating employers) may become members. UniSaver is a trust under a trust deed. It is a restricted scheme, which means that one of our directors is required to hold a licence under the Financial Markets Conduct Act 2013 (FMCA).
UniSaver has a standard section and a complying fund section (locked section). The locked section offers government contributions from the Crown in exchange for locking in contributions in the same way as KiwiSaver.
The scheme is a managed fund. This means that your money is pooled with other members’ money and invested by us. A managed fund can give you access to investments that you may not be able to access as an individual.
All contributions are divided into units when paid into your member accounts and are invested in your chosen investment option(s). We hold each investment option’s assets on trust. A unit represents a share in an investment option you are invested in, so you have an interest in your share of the assets held in that investment option. Your units don’t give you legal ownership of the assets but do give you the right to returns from them.
The benefits you receive depend on the contributions made by you and your employer (if applicable), fees deducted directly from your accounts and the value of the units in your member accounts. The value of your units will change based on investment gains or losses and deductions attributable to your investment option(s).
If the assets of an investment option are insufficient to meet its liabilities, the assets of other investment options may be applied to meet those liabilities.
Joining the scheme
Who can join?
Use this diagram to see if you can join UniSaver.
To join, complete the Membership application at the back of this product disclosure statement (PDS).