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Frequently asked questions
Below are some commonly asked questions from members along with their answers regarding the SIL Mutual Fund (SIL).
- What are the requirements to set up a password?
- How do I reset my password?
- What are the key features of the website?
- What does Helpline support with?
- How do I contact Helpline?
- How can I check my balance?
- How do I access my annual statement?
- How do I change investment options?
- How do I change my contact details?
- What are the current fees?
- How do I change my contribution amount?
- What financial advice is available?
- When can I access my money?
- What are some tools to help me plan for my future retirement?
Website access
Helpline
Savings and account details
Financial advice
- What are the requirements to set up a password?
Complex passwords are the best way to keep your savings account digitally secure.
Password requirements for the log in are:
- At least 8 characters
- A lowercase letter
- An uppercase letter
- A number
- A symbol
- Password can't be the same as your last 10 passwords
- How do I reset my password?
You can reset your password online at any time. Visit www.silfunds.co.nz and click “Log in” at the top right of the page. Then click “Forgot your password?” under the “Log In” button.
To reset your password, or to activate your account on this site, you require:
- Your member number (shown on your annual statement)
- A valid email address and mobile number registered in our system (if you’re unsure what email address and mobile number are recorded, please call Helpline)
- Your date of birth
- What are the key features of the member website?
- What does Helpline support with?
Helpline is your first contact for any questions about the SIL. They cover a range of different topics including:
- Website account access and password reset;
- Account balance;
- Investment option change;
- Questions about fees;
- Updating contact details and communications preferences;
- Questions on key documents such as annual reports and benefit statements.
- How do I contact Helpline?
- How can I check my balance?
- How do I access my annual statement?
You can access your year-end annual statements for prior financial years.
- How do I change investment options?
You can refer to the Member booklet for information regarding each investment fund.
The Scheme offers you five investment funds – Balanced Plus, New Zealand Fixed Interest, New Zealand Share, International Share and Cash Plus. You have the flexibility to choose a single fund or a combination of funds for your current account balance or future contributions. You can make changes to your investment fund(s) allocation at any time.
Are there any switch fees?
There are no fees for switching investments, and you can make unlimited switches. However, since retirement saving is a long-term undertaking, it’s generally best to stay focused on your overall savings strategy rather than making frequent short-term changes based on market fluctuations.
Changing your investment
You can switch or change your investment funds at any time and redirect your ongoing contributions to a different fund if you wish. Switching funds is treated like a withdrawal, so your unit holdings may be adjusted to account for any tax liability. You can submit an investment switch request:
- online by logging in to www.silfunds.co.nz and going to the Investment tab to complete your switch request,
- by completing a Switch Request form available under ‘Documents’ on the website, or
- by calling the Helpline on 0800 405 845.
- How do I change my contact details?
Login to your account and edit your personal details. You can also indicate your communication preferences, opting for either email or post. - What are the current fees?
- How do I change my contribution amount?
- What financial advice is available?
Before making financial or investment decisions, it is recommended that you contact a suitably qualified financial adviser.
If you already work with a financial adviser, feel free to reach out to them. Mercer's financial advice team can provide specific advice in relation to your savings in SIL and general information on other types of financial products. They can help with:
- choosing an investment fund that matches your short-, medium-, and long-term savings goals
- understanding and working through your contribution options
- saving for your first home, including selecting the right investment option and maximising your contributions
- a pre-retirement check-up to help you plan how to manage your SIL investment in retirement
- making withdrawals once you become eligible, including guidance on managing your SIL account and understanding your options
- KiwiSaver, offering general information on how to get the most out of your KiwiSaver savings
- When can I access my money?
Access to your funds is generally restricted until you reach 60 years of age. You have a range of options when you turn 60, as not everyone wants or needs to access all their savings at once. Once you’re eligible to withdraw, you can choose to:
- leave your investment in the scheme until you need it (and choose whether or not to continue contributing)
- withdraw some of your investment (either as a lump sum or regular withdrawals), or
- withdraw your investment in full and close your account (if you choose this option, you won’t be able to open another account in the future).
- What are some tools to help me plan for my future retirement?
Some things you may want to consider could be:- New Zealanders are living longer, which is great as long as the money lasts. Unfortunately, there's a possibility it won't. See how a little more in your account today could make a big difference to your tomorrow. Use the Retirement Income Simulator here.
- Use some online financial planning tools (for example, www.sorted.org.nz/tools)
- Read the latest reports from Massey University’s Financial Education and Research Centre, as they do studies into what people in retirement typically spend. This may help serve as a benchmark for your financial plans.
- Before making financial or investment decisions, it is recommended that you contact a suitably qualified financial adviser. If you already work with a financial adviser, feel free to reach out to them. Mercer's financial advice team can provide specific advice in relation to your savings in MFL and general information on other types of financial products. Click here to learn more.
- Sorted.org.nz have a range of different online tools that can help with financial planning for retirement, KiwiSaver, budgeting, home buying, and investing. Visit www.sorted.org.nz/tools for more details.
Answers
WEBSITE ACCESS
National Cyber Security Centre recommends long and strong passwords because they are much harder for attackers to crack. They recommend creating a passphrase that is a string of four or more words as it is easier to remember and is stronger than a random mix of letters.
(If you don't have all of the above information, or if you are having trouble using this service, please call Helpline on 0800 405 845).
For more information click here.
The website offers a range of features including quick access to your account information, annual statements, and your recent activity. You can also source information about the Scheme including newsletters, investment information (for example, the Member Booklet, Statement of Investment Policy and Objectives (SIPO), monthly investment market commentary, and forms), and update your account profile (including investment option switches, contact details, and communication preferences).
HELPLINE
Helpline’s contact details are available here.
SAVINGS AND ACCOUNT DETAILS
Your online account shows your current balance as at the time you logged in. It shows the total balance, and a breakdown of contributions.
Before making any changes to your investment strategy, it is recommende
d that you speak with a financial adviser. You can contact your financial adviser or request a call back from one of Mercer’s financial advisers by calling the Helpline on 0800 405 845.
Like most investment products, SIL charges fees for managing your investments.
These fees are combined into one annual fund charge, which includes the management fee, Trustee fee, fund expenses and fees of underlying funds. Fees are calculated daily as a percentage of the fund’s net asset value.
Fees are deducted from your investment and reduce the unit price of the fund. You can view the actual fees charged during the most recent financial year for each fund in the latest fund updates, which are available here.
There are no fees for contributions, exiting or withdrawals.
You can make lump sum or regular contributions anytime using these methods:
Internet banking
Make your payment to:
Superannuation Investment Limited
01-0102-0211888-00
Please make sure you include your member number (also known as investor number) as your reference.
Direct debit
You can set up regular contributions (fortnightly, monthly, quarterly or annually) by completing a Direct Debit form and sending it to Mercer. You can increase, reduce or pause your payments anytime by submitting a new form or calling 0800 405 845.
If you invest in more than one fund, your contributions will be split according to the percentages from your most recent payment.
FINANCIAL ADVICE
There is no individual charge to you for this service.
You can complete an online form to arrange a call back from Mercer's financial advice team or arrange a call back via the Helpline team by calling on 0800 405 845.
Further detail on the service is available via Mercer's financial advice disclosure statement.
New Zealanders are typically living longer so it’s important to make sure your savings will support you throughout your retirement. Before you make any big financial decisions, we recommend you speak to your financial adviser to an appropriately qualified financial adviser to help you get the best from your savings.