Tools and resources

 

To achieve lifelong financial security, you need to plan for the future. How else will you know if you will have enough retirement savings to maintain your lifestyle both now and in retirement? Here are some resources that you may find useful.    

Retirement Income Simulator

New Zealanders are living longer, which is great - so you’ll want a solid retirement plan. Without one, those extra years can bring uncertainty. See how a small boost in your account today could secure your tomorrow. Use the Retirement Income Simulator here.

ABCs of useful terms

Looking to upskill your financial knowledge? Explore our ABCs of financial terms here.

Significant financial hardship quiz

You may be eligible to access some of your SIL funds early if you are experiencing significant financial hardship. Although it’s important to remember that your investment savings is a long-term investment and withdrawing your investments early can have a significant impact on your future first home or retirement savings.

If you’re not sure if you are eligible for a significant financial hardship withdrawal, use our online quiz to check. It only takes around two minutes and if you appear to be eligible for a withdrawal, the application form will be available to download. Please note this quiz is not a guarantee of approval. Your application will be assessed and ensure that the applicant is suffering or is likely to be suffering financial hardship based on the supporting evidence provided. The application will require you to provide at a minimum:

  • A correctly completed statutory declaration
  • Suitable identification and proof of address
  • Three months’ worth of all bank statements for your household (this may include other family members)
  • Evidence of all outstanding bills/costs that you wish to have considered as part of the application
  • You may be asked to provide further evidence or details as part of the Scheme Trustee's assessment

PIR calculator

SIL operates as a Portfolio Investment Entity (PIE), which means the taxable income is allocated to members based on the number of units they hold. Your Prescribed Investor Rate (PIR) determines the amount of tax payable on your behalf.

Taxes on your investment are paid by cancelling units from your account equal to the value of the tax liability.

In some cases, SIL may receive tax refunds. When this occurs, units will be added to your account reflecting your share of the refund.

It is your responsibility to ensure your PIR is accurate. If your PIR is set too low, you may need to pay any tax shortfall during the income tax year-end process. If your PIR is set too high, any excess tax withheld will first reduce your income tax liability for the year, with any remaining amount refunded to you.

If you are not sure about your tax rate, you can work it out using a PIR calculator available at www.silfunds.co.nz or visit the Inland Revenue Website. Alternatively, please refer to the PIR table below:


*‘previous two income years’ refers to the two years prior to the tax year that the PIR is being applied to. An income year is generally the period from 1 April to 31 March of the following year. However, an income year can start and end on alternative dates if Inland Revenue consents. The tax year is always the period from 1 April to 31 March of the following year.

To update your PIR and also advise us of your IRD number (if we don’t have it on record), you can do so online by logging in to your account at www.silfunds.co.nz and going to the ‘Personal Details’ page, or by calling the Helpline on 0800 405 845.