TOWER KiwiSaver Scheme
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What is Cash4Schools? view answer close
Cash4SchoolsTM is a fantastic initiative from TOWER Managed Funds Limited (TMF), designed to help New Zealand schools reach their full potential. A school will receive a $20 donation from TMF** for each new member who joins or transfers to the TOWER KiwiSaver Scheme and nominates that school, as well as an ongoing donation based on a percentage of what that member has in their TOWER KiwiSaver Scheme account (currently equivalent to $5.00 p.a. per $10,000 invested for each member who participates in the programme)**.
It’s really that simple.
How does the ongoing donation work? view answer close
Each year TMF will donate an amount equivalent to 0.05% of your TOWER KiwiSaver Scheme account balance to your nominated school (see Terms and Conditions below). As your TOWER KiwiSaver Scheme account balance grows a larger amount is donated to your nominated school by TMF**. If your family, other families and community members also sign up and nominate your school, then a donation will be paid for them too.
Who pays for the donations? view answer close
TMF** pays for both the $20 sign up donation and the ongoing donation to the nominated school. Neither you, nor the TOWER KiwiSaver Scheme, or its Trustee, will pay the donation . There are no extra charges to you as a member of the TOWER KiwiSaver Scheme. So not only will you get all the benefits of investing through TMF, but now you will also get the satisfaction of knowing your decision to choose the TOWER KiwiSaver Scheme is directly helping your nominated school.
Can I also sign up my children? view answer close
Absolutely. All persons eligible to join the TOWER KiwiSaver Scheme, including children can participate in the Cash4SchoolsTM programme. KiwiSaver is a great way for children to start learning about money and the benefits of saving.
Please note that when signing up a child, the legal guardian must sign the application form. Persons under 16 may only be enrolled by all parents/guardians (acting jointly). Persons aged 16 or 17 must co-sign with a parent or guardian.
Is signing up my children a life sentence for them? view answer close
No. KiwiSaver is not a life sentence!
Some parents have held off from signing their children up to KiwiSaver because they think they are committing their children to making contributions until retirement age. Well, there's good news here. Although children in a part time job will have to contribute at the minimum contribution rate, with the TOWER KiwiSaver Scheme, if the children are not earning a salary or wage they will not have to make regular contributions to their TOWER KiwiSaver Scheme account. In addition, each KiwiSaver member can apply to take a contributions holiday after 12 months membership. Therefore, the sooner they join, the sooner they can take advantage of the benefits of KiwiSaver.
Remember, children get the one-off $1,000 Government kick-start when they first join too! Kick start your children's KiwiSaver account today!
To sign up a child all of the child's legal guardians must sign the appliction form.
Can family members or friends who are not associated with my nominated school participate? view answer close
Yes they can. Should they choose to join or transfer to the TOWER KiwiSaver Scheme, they too can nominate a school in the same way you do and the donations will continue to grow!
I have already joined the TOWER KiwiSaver Scheme, can I participate? view answer close
Yes you can. By completing the school nomination form
you can choose the school that you wish the ongoing donation to be paid to. Note that the initial $20 donation is not payable in this circumstance, only the 0.05% ongoing donation payment applies to existing TOWER KiwiSaver Scheme members who choose to participate in the Cash4SchoolsTM
programme. Nominate Your School
I have joined KiwiSaver through another provider, can I participate? view answer close
Yes you can. All you need to do to transfer to the TOWER KiwiSaver Scheme is to read the investment statement
, complete the application form
and state that you are already an existing KiwiSaver member (remember to nominate your school in this process!). We will automatically arrange for the transfer of your KiwiSaver account from your existing provider, nothing more is required.
How do I join the TOWER KiwiSaver Scheme? view answer close
You are able to sign up for the TOWER KiwiSaver Scheme either online or by completing an application form (you'll find one in the investment statement). The investment statement
, contains all the information you will need to make your decisions. Please read it carefully before completing your application. If you sign up online, you will automatically download a copy of the investment statement as part of the sign up process.
How do I nominate my school? view answer close
When you complete the application form (found at the back of the investment statement), nominate your school by inserting the school name in full in the section headed School Nomination.
If you are already in the TOWER KiwiSaver Scheme, and want to nominate a school, or wish to change your nominated school, please complete this form.
Note: It is important that you clearly write the full name of your chosen school. This way you will make sure we know who you want us to be donating money too!
There are so many reasons to join the TOWER KiwiSaver Scheme, and we have has just given you one more. If you have any questions at all about our Cash4SchoolsTM programme, or to obtain a copy of the TOWER KiwiSaver Scheme investment statement please call 0800 379 372 and we'll be happy to help.
For schools who want to register with us, please complete the School Registration Form.
**Terms and Conditions view answer close
New and existing members of the TOWER KiwiSaver Scheme are eligible to nominate a school under the Cash4SchoolsTM programme, subject to the following Terms and Conditions:
- Following registration to the Cash4SchoolsTM programme, TOWER Managed Funds Limited will provide a quarterly donation to the school equal to 0.05% pa. of funds under management for those TOWER KiwiSaver Schememembers who have nominated a school, provided that the quarterly donation payment is $50 or more. If the donation amount due to the school is below $50, the donation will be held until the next donation date, or until such time as the donation amount exceeds $50.
- TOWER Managed Funds Limited, will make a $20 one-off donation to the school for each TOWER KiwiSaver Scheme member that nominates the school as their beneficiary. The $20 donation will only be made for those members who are not already a member of the TOWER KiwiSaver Scheme.
- No additional money is payable by the members, the Trustee, or the TOWER KiwiSaver Scheme.
- TOWER Managed Funds Limited reserves the right to review and amend these terms and conditions at any time.