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Frequently asked questions
Below are some commonly asked questions from members along with their answers regarding the MFL Mutual Fund (MFL).
- 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 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 should I do before retiring?
Website access
Helpline
Savings and account details
Financial advice
- What are the requirements to set up a password?
Password requirements for the log in are:
Complex passwords are the best way to keep your savings account digitally secure.
- 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.mflmutual.co.nz and click “Log in” at the top right of the page. Then click “Forget 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 on 0800 207 207)
- 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 MFL. They cover a range of different topics, including:- Website account access and password reset
- Account balance
- Questions about fees
- Updating contact details and communication 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 my contact details?
Login to your account and edit your personal details. You can also confirm 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. Before making decisions around your investments, 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. They can help with:
- understanding and working through your contribution options
- saving for your first home and maximising your contributions
- a pre-retirement check-up to help you plan how to manage your MFL investment in retirement
- making withdrawals once you become eligible, including guidance on managing your MFL 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—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.
- Read the latest reports from Massey University’s Financial Education and Research Centre. They conduct important studies which can provide insights into what people in retirement typically spend. This may help serve as a benchmark for your financial plans.
- 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.
- 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.
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 207 207).
For more information click here.
The website offers a range of features including quick access to your account information, annual statement, and your recent activity. You can also source information about the Scheme including newsletters, investment information (for example, the Member Booklet, Statement of Investment Performance and Objectives (SIPO), monthly investment market commentary, and forms), and update your account profile (including 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.
Like most investment products, MFL charges fees for managing your investments.
Each fund has a total annual fund charge which consists of the manager’s basic fee along with other management and administration charges. These charges include the Trustee fee, fund expenses, and fees for any underlying funds. All 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 update, which is 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:
MFL Mutual Fund
06-0801-0097105-00
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 207 207.
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 207 207.
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 an appropriately qualified financial adviser to help you get the best from your savings.