Westpac enhances KiwiSaver

19 November 2007

Westpac enhances KiwiSaver offering by converting hotpoints to savings contributions

Westpac has made saving for retirement even easier for its customers by introducing hotpoints from its credit card rewards programme as a form of KiwiSaver contribution.

Westpac customers earn credit card rewards through the hotpoints programme on every Westpac credit card purchase they make. And now customers can convert their hotpoints into contributions towards a Westpac KiwiSaver account of their choice, be it their own or someone else’s.

Westpac New Zealand’s Head of Wealth Management, Tracey Berry, says this innovative addition to Westpac’s KiwiSaver offering has been designed to make saving for retirement even easier for New Zealanders.

“By introducing hotpoints as a form of KiwiSaver contribution we hope to encourage New Zealanders to save more for their retirement and provide another way for Kiwis to contribute to the retirement savings of those people important to them.

“Westpac’s KiwiSaver solution has been based on taking the hassle out of the scheme, to make it easy to understand and to use for employers and customers alike,” she says.

To convert hotpoints into contributions towards a Westpac KiwiSaver account, customers need their hotpoints account number and the IRD number for the Westpac KiwiSaver member whose account they want to contribute to.

Customers must convert a minimum of 2,500 hotpoints (which equals $20.00) and above this in multiples of 125 hotpoints (which equals $1.00).

Westpac’s hotpoints feature is just one of a number of benefits the bank offers its KiwiSaver scheme members. Other benefits include:

Providing a choice of several different investment funds providing exposure to a wide range of investments; the ability for customers to view their KiwiSaver balance online through Westpac Online Banking; the ability for Business customers to make scheme payments online through Westpac’s Business Online Banking service; and a Capital Protection investment option designed to protect the investor’s contributions at maturity.

For further information on how to convert hotpoints into KiwiSaver contributions, please call 0800 861 862, from 8.30am to 5pm, Monday to Friday or visit www.hotpoints.co.nz

For more details on other features of the Westpac KiwiSaver Scheme, refer to the Investment Statement online at www.westpac.co.nz/kiwisaver or you can request a copy by calling 0508 WPAC KIWI (0508 972 254).

Terms and Conditions:

- You can only convert hotpoints and apply those as a contribution to a Westpac KiwiSaver account. You can not apply hotpoints to any other KiwiSaver Scheme.
- Hotpoints applied as a contribution to a Westpac KiwiSaver account will be invested in accordance with the investment election that applies to the applicable Westpac KiwiSaver account.
- You must convert a minimum of 2,500 hotpoints (2,500 hotpoints equals a Westpac KiwiSaver contribution of NZD$20). You can convert any number of hotpoints above the minimum amount in multiples of 125 hotpoints.
- You can convert your hotpoints and apply those as a contribution to another person's Westpac KiwiSaver account. Please note that those contributing to another person’s Westpac KiwiSaver account may face certain tax issues, including fringe benefit tax and/or gift duty. Any such tax issues are solely the contributor’s responsibility and we recommend you consult your tax advisor before making any contribution to another person’s Westpac KiwiSaver account. Westpac makes no representation about a contributor’s tax liability as a result of them converting, and applying as a contribution, any hotpoints to another person’s Westpac KiwiSaver account through this programme.

- Once hotpoints have been converted, the conversion cannot be reversed.
- Contributions to the Westpac KiwiSaver Scheme are subject to the terms of the Scheme.
- Your hotpoints balance will reflect your conversion on the day you request the conversion.
- Where you request hotpoints to be converted and applied as a contribution to a Westpac KiwiSaver account that contribution will be made within 7 days.
- The Westpac KiwiSaver Scheme is governed by a trust deed dated 4 April 2007 (as amended) and is issued by The New Zealand Guardian Trust Limited and managed by BT Funds Management (NZ) Limited. Further details on the scheme are set out in the Investment Statement available online at www.westpac.co.nz/kiwisaver or you can request a copy by calling 0508 WPAC KIWI (0508 972 254)
- Westpac hotpoints conditions of use apply and are available at www.hotpoints.co.nz
- Westpac reserves the right to vary these terms and conditions. Any changes to these terms and conditions will take effect at least 14 days after the date of notice.

ENDS

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