What GMI Superannuation Offers
We offer an interest in the GMI Superannuation Scheme (GMI Super), a registered superannuation scheme designed for retirement savings. Membership is open to individuals and to employees of companies that have a participation agreement with the Scheme’s trustee.
The Scheme has a number of important features:
Detailed monthly reporting
Our objective is to make superannuation as simple and accessible as possible, so you can see and understand what’s happening with your savings. Here’s the reporting we provide you as a member of GMI Super, via your secure web page:
Contributions report
A daily update contributions received into your account, tagged according to the contribution type (e.g. personal lump sum payment, ongoing employee payments, employer contributions).
Investment Commentary
The Investment Commentary showing how your investments have performed compared to an appropriate benchmark, plus a brief analysis of current financial market conditions, and a summary of our investment strategy.
Investment Position report
The Investment Position report details where your savings are invested, right down to the individual security level. This report also states what fees and taxes have been deducted from your account.
Personal Details summary
Sets out the information we hold about you relevant to your account so that you can make sure we have the correct details.
We believe that the detail and frequency of our member reporting sets a new standard in the funds management industry.
No unit pricing
Superannuation schemes typically report savings in terms of so many units in a particular fund, and the price or value of each unit. That gives you very little information about where your savings are actually invested. GMI Super is different. Our monthly reports show members exactly where their money is invested (which shares, bonds, currencies, etc.). Members can independently check the valuations if they wish. Transparency is total—down to the last cent.
Single fee
Members pay a single fee for our services. This fee cannot be more than 1.5% of your account balance per annum. Even better, the fee percentage decreases as your account balance increases.
Tax efficiency
GMI Super is registered as a Portfolio Investment Entity (PIE). Being a PIE means all tax associated with your investments in the Scheme is paid by the Scheme on your behalf as a final tax, providing you have advised us of your correct prescribed investor rate (PIR).* The maximum tax rate is 28%.
No vesting or reserve accounts
There is no vesting. This means that GMI Super does not allow employers to require employees to stay with them for a certain period of time before employees can obtain the benefit of any contributions the employer may make on their behalf. In addition, GMI Super has no reserve accounts. All contributions coming into GMI Super go directly into members’ accounts.
UK pension transfers
The Scheme is registered with the UK authorities to accept transfers of UK pensions. We will arrange the transfer of UK pension funds to GMI Super. We do not charge a fee for this service however any bank charges and expenses relevant to the transfer may be payable. More detail on transferring UK pensions here.
* If you have given us an incorrect PIR, you may need to pay additional tax (and penalties) to the IRD.
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