Why haven’t I received a letter regarding my Bonus Bonds account details like my family member/friend/neighbour has? We attempted to contact all bondholders with up-to-date contact information through email or letter.
If you haven’t heard from us, it’s because we don’t have your right contact information, so please phone our specialized Contact Centre staff on 0800 266 374 or + 64 3 474 1299 from outside New Zealand (charges may apply) Monday to Friday, 8am to 6pm NZT.
It will speed up the process if you have the details of your bondholding on hand when you phone, but if you don’t have these, we may still be able to assist you. When you call, we’ll let you know whether you need to offer any more identification or information.
What happens to Bonus Bonds that aren’t claimed?
ANZ said on Tuesday that it is still waiting for 804,000 bondholders to contact them with their account information. This includes those who may have received Bonus Bonds as a gift or who may have purchased Bonus Bonds in the past.
On August 26, 2020, ANZ Investment Services (NZ) Ltd announced that it would stop accepting new Bonus Bond investments after more than five decades. Low interest rates “continued to diminish the prize pool,” according to ANZ managing director retail and business banking Ben Kelleher.
ANZ NZ managing director of personal banking Ben Kelleher confirmed that bondholders who stayed in the plan through the wind-up process would be paid $1.10 per Bonus Bond.
“If there are any remaining monies to be disbursed,” Kelleher stated, “another minor payment may be made next year.”
Unclaimed funds will be sent to the Treasury, according to ANZ. A date has yet to be determined.
ANZ encourages anyone who believes they have Bonus Bonds to contact them “now or early in the New Year.”
Bondholders should contact ANZ to confirm their bank account details for monies to be paid into if they haven’t previously done so.
“We need to make sure payment is made to the account the client wants the funds sent to, even though we hold account information for several bondholders,” Kelleher explained.
ANZ said it aims to make a payment by Christmas to the 232,000 bondholders who have already given their account information.
Payments would “continue to be processed regularly, until completion of the wind-up,” according to an ANZ spokesman, for bondholders who have yet to contact them with their information.
Bondholders can speak with the team about what kind of identification is needed and what information is currently accessible, according to Kelleher.
Q6. How can persons who believe they have Bonus Bonds but no records go about getting them?
People who received Bonus Bonds as a youngster or as a present may have forgotten about them.
ANZ encourages anyone who believes they may have Bonus Bonds to contact them.
Bondholders can get further information by calling 0800 266 374 or visiting the Bonus Bonds website.
Is it possible to check my Bonus Bonds online?
You can manage your Bonus Bonds at any time of day or night, from anywhere with an internet connection.
Please be aware that you will no longer be able to access MyBonusBonds to check your balance, update your contact information, or send your wind-up instructions as of November 5th. If you have any questions or need to make any adjustments to your Bonus Bonds, please contact our Bonus Bonds staff at the numbers listed below.
What happens to Bonus Bonds that aren’t claimed?
After the plan is closed, Treasury will oversee the process of claiming funds.
Anyone who believes they may have Bonus Bonds should contact ANZ right away so they can receive their payments as soon as possible.
How do people contact ANZ about Bonus Bonds?
You can call the designated phone line at 0800-266-374 if you suspect you might be a Bonus Bondholder. Visit www.bonusbonds.co.nz for more details.
Have Bonus Bonds been distributed?
The remaining $680 million owing to investors who had their money locked up in the defunct Bonus Bonds fund for more than a year has been reimbursed by ANZ.
ANZ announced the closure of the Bonus Bonds fund in August last year, offering the largest single winding up of a fund in New Zealand history, with $3.25 billion to be returned to investors.
However, after initially planning to repay the remaining bondholders by October of this year, ANZ announced that the payment plan had been postponed.
The delays were caused by a lack of IT professionals and the necessity to invest in IT systems in order to make payments to investors, according to the report.
Bonus Bonds NZ is owned by who?
Bonus Bonds are units in the Bonus Bonds Scheme (‘Scheme’) and are not deposits or other obligations of ANZ Bank New Zealand Limited (‘ANZ’), Australia and New Zealand Banking Group Limited (‘ANZ Group’), or their subsidiaries (the ‘ANZ Group’).
How Do Bonus Bonds Work in New Zealand?
ANZ Investment Services (New Zealand) Ltd (ANZIS) has announced that it would no longer accept new Bonus Bonds Scheme investments as low interest rates continue to diminish the prize pool.
ANZ’s Managing Director Retail and Business Banking, Ben Kelleher, said, “We’re continuously examining our investment products to ensure they best serve the interests of investors.”
âLow interest rates have cut the scheme’s investment returns, reducing the prize pool’s size. Those tendencies are now clear to be likely to persist in the medium run. As the world economy grapples with the effects of Covid-19, the Official Cash Rate, which is currently at a historically low 0.25 percent, may fall even more in early 2021.
âWith immediate effect, the ANZIS Board has concluded that it is no longer suitable to accept fresh investment into Bonus Bonds, and the scheme will be wound up by the end of October. The procedure of winding up the scheme includes returning payments to bondholders.
âThe scheme will continue to function prior to the start of the wind-up, with two further prize draws expected.â
In 1970, the New Zealand government issued Bonus Bonds through the Post Office. Instead of earning interest or receiving investment profits or losses, each qualified Bonus Bond provides bondholders with one entry into a monthly prize draw in which the scheme’s investment returns are distributed as prizes. The monthly draw’s top prize is $1 million.
The prize draws for September and October are expected to go ahead as planned, and customers can continue to redeem their Bonus Bonds until the winding up process begins. ANZIS, on the other hand, may choose to wind up earlier if there is a high demand for redemptions or if it otherwise believes it is in the best interests of investors.
âInvestors have a couple of options. They can either redeem their Bonus Bonds before the scheme begins to wind down, or they can stay in the scheme and be entitled to a part of the leftover reserves after expenses when the scheme is wound up, according to Mr Kelleher.
Those that stay during the wind-up period will have their investments locked in for the duration of the process, which might take up to 12 months.
âThe board feels that current reserves are sufficient to assure bondholders that their initial investment will be repaid. The reserves are the difference between the value of the scheme’s assets and the demands of bondholders.
With the Covid-19 limits in place, Mr Kelleher advised bondholders to think about whether it was the best time for them to redeem their bonds, and provided information in the FAQs.
Mr Kelleher said that a member’s visit to an ANZ branch was not required right away.