Your questions answered

You may have a number of questions following the changes announced around the Bonus Bonds scheme, so we’ve provided the following FAQs to help answer these.

• Expand/collapse listBonus Bonds wind up
  • Expand/collapse listCan I still cash in my Bonus Bonds?

    No further redemption requests are being accepted. Valid redemption requests received by us before 9pm on 31 October 2020 will continue to be processed and paid. In a wind-up, all remaining funds in the Scheme are locked in to be distributed as part of the wind-up.

    We are confident that bondholders remaining in the scheme at the commencement of the wind-up will receive a share of reserves. While the process to confirm the final amount that each bondholder is entitled to is complicated and may take twelve months or more, we expect to distribute a large portion of what each bondholder is entitled to prior to November 2021. If this happens, bondholders will receive their total distributions in more than one payment.

    To pay out to each unit holder the distribution amounts bondholders are entitled to from the wind-up, we will need a NZ bank account and up to date contact details, but there’s nothing that bondholders currently need to do. We’ll be in touch through letters, email or further advertising if there’s anything required of you.

  • Expand/collapse listWhat are reserves?

    Bondholders had always paid $1 for a Bonus Bond and had been able to redeem them for $1. As with all managed investment schemes, there was the possibility that an investor could lose money and in the case of Bonus Bonds, that the price could be changed up or down. In order to keep the price of a Bonus Bond at $1 we held reserves as a buffer to protect against a fall in the Bonus Bonds unit price. In a wind-up, these reserves form part of the total pool of assets to be distributed to bondholders in the wind-up process.

    Reserves in the scheme were $74m at 1 April 2020.

  • Expand/collapse listA lot of customers redeemed their bonds, what impact will it have on those who chose to leave their Bonus Bonds in?

    There will be no impact to those who chose to hold on to their Bonus Bonds. We held a large number of liquid assets to support the high levels of redemptions. In the wind-up of the Scheme, bondholders are entitled to a share of the reserves.

    We are confident that bondholders remaining in the scheme at the commencement of the wind-up will receive a share of reserves. While the process to confirm the final amount that each bondholder is entitled to is complicated and may take twelve months or more, we expect to distribute a large portion of what each bondholder is entitled to prior to November 2021. If this happens, bondholders will receive their total distributions in more than one payment.

    To pay out to each unit holder the distribution amounts they are entitled to from winding up, we will need a NZ bank account and up to date contact details, but there’s nothing that bondholders currently need to do. We’ll be in touch through letters, email or further advertising if there’s anything required of you.

  • Expand/collapse listHow long would it take to wind up the scheme?

    We hold a number of term deposits that will mature within the next 12 months. Final payments in a wind-up cannot occur until these have matured or been otherwise realised.

    We are confident that bondholders remaining in the scheme at the commencement of the winding up will receive a share of reserves. While the process to confirm the final amount that each bondholder is entitled to is complicated and may take twelve months or more, we expect to distribute a large portion of what each bondholder is entitled to prior to November 2021. If this happens bondholders will receive their total distributions in more than one payment.

  • Expand/collapse listWhat is the difference between closure and wind up?

    In a closure situation, no new Bonus Bonds can be purchased, but you can still redeem your Bonus Bonds and the monthly prize draw continues. The Bonus Bonds Scheme was closed from 7pm on 25 August 2020 to 9pm on 31 October 2020.

    In a wind-up situation, no Bonus Bonds can be purchased or redeemed and we will return funds to bondholders. There is no a monthly prize draw. You cannot cash-in your Bonus Bonds.

    We are confident that bondholders remaining in the scheme at the commencement of the wind-up will receive a share of reserves. While the process to confirm the final amount that each bondholder is entitled to is complicated and may take twelve months or more, we expect to distribute a large portion of what each bondholder is entitled to prior to November 2021. If this happens, bondholders will receive their total distributions in more than one payment.

    The Bonus Bonds Scheme commenced wind up from 9pm on 31 October 2020.

  • Expand/collapse listWhat documents do I need to provide if I want to update my details?

    • Complete the Bondholder Information Update form
    • Suitable forms of identification.
    • Proof of address
    • Evidence of name changes e.g. marriage certificate

  • Expand/collapse listWhat documents do I need to provide as Executor for a deceased person?

    Please provide the following information either in person at an ANZ branch in New Zealand, or if you are residing outside of New Zealand please write to:

    The address to send all correspondence to is:
    Bonus Bonds Centre
    Freepost Bonus Bonds
    P.O. Box 898
    Dunedin 9054
    New Zealand

    Information we require includes the deceased’s;

    • bondholding number which can be found on a Bonus Bonds certificate or old bondholder card, and
    • full name, date of birth and address

    Also required is evidence of the death of the bondholder and evidence of the claimant or Executors authority along with a NZ bank account number for payment of funds upon completion of the wind-up.

    Upon receipt of the information, the Bonus Bonds Centre will assess any further documentation required based on the value held in the Bonus Bonds Scheme and contact the claimant or Executor by mail advising if anything else is required to finalise the estate e.g. a Will or Probate.

  • Expand/collapse listWhy wasn’t I contacted directly about changes to the Bonus Bonds Scheme?

    The decision to stop accepting new sales into the Scheme was made on 25 August 2020. At the time we released this information to the media and let customers know via radio and newspaper advertisements. In early October, we notified customers directly via email or post that a new Annual Report was available and that we intended to begin winding up the Scheme by the end of October. The decision to commence wind-up of the Scheme was made on 31 October 2020. By law, the changes came into effect immediately and there was not sufficient time to contact bondholders individually. A media release, radio advertisement, newspaper advertisement and updates to our website were the quickest way to communicate these changes to customers. Further radio and newspaper advertisements also took place in November.

  • Expand/collapse listWhat if I find a Bonus Bonds certificate or bondholder card hidden away years from now – will I still be able to get paid out for the units I hold?

    If the Bonus Bonds are still live and you haven’t previously cashed them in or transferred them, you will be paid out for the units you hold plus a share of the reserves (less fees and expenses). You may need to update your details so that we can contact you if we need further information.

    If we are unable to contact a customer to pay out their share of units and reserves when the wind-up is complete, their share of funds will be transferred to The Treasury (New Zealand Government).

    Customers will be able to claim their funds from The Treasury in this instance.

  • Expand/collapse listI bought Bonus Bonds as a gift. Who will receive the funds when the Scheme is wound up?

    Only the legal owner of the Bonus Bonds will receive the funds. If that person is now 15 (or older), they are the legal owner of the bonds.

  • Expand/collapse listI made a cash in request prior to commencement of the wind-up, but haven’t received my money and it has taken longer than I was told it would. What should I do?

    While we received a high number of cash in requests prior to the scheme commencing wind-up, these are completed with the exception of requests where further information is required. We will continue to process all valid cash-in requests that we received prior to the commencement of the wind-up on 31 October 2020.

    If you have not received your funds, or been contacted directly by us regarding your request, please return to the branch that you completed your cash-in request. They will be able to view the status of your cash-in request.

  • Expand/collapse listHow were we notified that the Bonus Bonds Scheme has gone into wind-up?

    We made a media announcement on 2 November 2020. and supported this with notices on the ANZ and Bonus Bonds websites. We have also scheduled newspaper and radio advertisements from 4 November.

  • Expand/collapse listWill my cash-in request be processed if I have submitted it and it hasn’t been processed now that the Scheme has commenced wind-up?

    All valid cash-in requests accepted in branch, online through MyBonusBonds or received directly by the Bonus Bonds Centre prior to announcement of wind-up of the Scheme, will be processed.

    We received a high number of cash-in requests prior to the Scheme commencing wind-up. We will continue to process all valid cash-in requested requests that we received prior before 9pm on 31 October 2020.

    We aim to process all valid redemption requests within 28 business days after we receive them. However, because of the high volume of redemption request we’re processing, it may in some cases take a little longer than this.

  • Expand/collapse listI have left my funds in how will you pay me when the wind up has been completed?

    We will make payment to any NZ bank account of your choice. We will be in contact with you to request your bank account details and recommend you provide us with a current email address and check that your residential address is up to date.

    • If you have MyBonusBonds, please do this online.
    • ANZ customers, who do not have MyBonusBonds access, we encourage you to call the contact centre on 0800 266 374.
    • Non-ANZ customers, who do not have MyBonusBonds access, you can visit any ANZ branch. Please remember to take appropriate identification and proof of your address with you.

  • Expand/collapse listI still have funds in the Scheme when it went into wind-up, what happens now?

    Cash-in redemptions have ceased and all remaining funds in the Scheme are locked in until wind-up is complete (unless a valid cash in request was received before 9pm on 31 October 2020). The Scheme will be wound up, with all investments realised, expenses paid and the net proceeds paid to remaining Bondholders according to the number of Bonds they hold.

    We are confident that bondholders remaining in the scheme at the commencement of the wind-up will receive a share of reserves. While the process to confirm the final amount that each bondholder is entitled to is complicated and may take twelve months or more, we expect to distribute a large portion of what each bondholder is entitled to prior to November 2021. If this happens bondholders will receive their total distributions in more than one payment.

  • Expand/collapse listHow will I know when I am paid out?

    We will contact you when payments are made. Please let us know if your contact details have changed since you purchased your Bonus Bonds or last told us of any changes.

  • Expand/collapse listThe Scheme has moved into wind-up, will I still be able to use MyBonusBonds?

    Yes, you can continue to view your bonds online, communicate securely with us using Bondmail and keep your contact details up to date.

  • Expand/collapse listMy Bonus Bonds are in the name of a Trust. How do I update the details?

    We require a Trust document that will notify us of who the trustees/ signatories are.

    These trustees/signatories will then need to present us with their full identification documentation and all will need to sign the update details form unless the trust document states one trustee can sign alone (this is uncommon). Should the Trust document prove to be historic or signing instructions have been amended since, we require legal documentation that states who the current trustees of the Trust are.

  • Expand/collapse listOur Bonus Bonds are held by a syndicate / informal trust, how do we update our details?

    We require a declaration on the update details form by the signatory /claimant, that to the best of their knowledge, they are the authorised signatory, and the bondholding was set up by them as an informal trust/syndicate.

  • Expand/collapse listOur Bonus Bonds are held by a club / society, how do we update our details?

    We require recent Meeting Minutes or a legal document that specifies who the current signatories are.

  • Expand/collapse listWill I get paid out all in one payment?

    While the process to confirm the final amount that each bondholder is entitled to is complicated and may take twelve months or more, we expect to distribute a large portion of what each bondholder is entitled to prior to November 2021. If this happens, bondholders will receive their total distributions in more than one payment.

  • Expand/collapse listHow many Bondholders are remaining and what is the total balance of funds held in the Scheme?

    A small number of valid cash in requests that were received prior to the commencement of the wind-up are still being processed. The total number of remaining Bondholders and Scheme financials are still being assessed.

    The number of Bonus Bonds on issue as at 30 September was $1.971 billion. Reserves in the Scheme were $74m as at 1 April 2020.

  • Expand/collapse listIs there a chance I won’t get all my money back?

    We are confident that bondholders remaining in the scheme at the commencement of the wind-up will receive a share of reserves. While the process to confirm the final amount that each bondholder is entitled to is complicated and may take twelve months or more, we expect to distribute a large portion of what each bondholder is entitled to prior to November 2021. If this happens, bondholders will receive their total distributions in more than one payment.

  • Expand/collapse listHow can I ensure you can contact me and that you have the correct bank account?

    We will make payment to any NZ bank account of your choice. We will be in contact with you to request your bank account details and recommend you provide us with a current email address and check that your residential address is up to date. If you need to contact us to advise of any changes to your details, you can:

    • If you have MyBonusBonds, please do this online.
    • ANZ customers, who do not have MyBonusBonds access, you are encouraged to call the contact centre on 0800 266 374.
    • Non-ANZ customers, who do not have MyBonusBonds access, can visit any ANZ branch. Please remember to take appropriate identification and proof of your address with you.

  • Expand/collapse listCan I get paid out in cash or cheque?

    No. We will make payment distributions to valid bank accounts. We will be in contact to request bank account details and recommend you provide us with a current email address and check that your residential address is up to date. If you need to contact us to advise of any changes to your details, you can complete a Bondholder Information Update form

  • Expand/collapse listMy child has Bonus Bonds, how do I ensure they receive their money when the Scheme is wound up?

    The person recorded on the Bonus Bonds Register as the child’s parent and/or legal guardian can provide a bank account for the funds to be deposited to when the Scheme is wound up. That person may be the child’s parent or the person who purchased the Bonus Bonds. If the person wishing to provide the bank account is not the person recorded on the Bonus Bonds Register, before we can accept their instructions we will require a signed letter from the person recorded on the Register giving their authority to for us to accept the instructions. We can then also accept a current email address and check that the residential address is up to date.

    Please note that that when the child turn’s 15, they will automatically receive operating authority and may provide us with different instructions.

  • Expand/collapse listIf you can’t contact bondholders before the wind-up is complete, what will happen to the money?

    We will endeavour to contact all bondholders. If we have not been successful in contacting customers when the wind-up is complete the funds will be transferred to The Treasury (New Zealand Government). Customers will be able to claim their funds from The Treasury in this instance.

  • Expand/collapse listWill prize draws continue during the wind-up process?

    No. The final prize draw was held on 1 October 2020.

  • Expand/collapse listWhat happens with the investment returns realised during the wind-up process?

    Any investment returns that the Bonus Bonds Scheme makes during a wind-up will be included in the wind-up proceeds that will be distributed to remaining bondholders.

  • Expand/collapse listI’m not happy, how do make a complaint?

    If you would like to make a complaint, please follow the complaints procedure. More information on this can be found here.

  • Expand/collapse listI live overseas, how do I update my details or receive payment?

    If you have access to MyBonusBonds you can update your contact details online. We will be in contact with you to request your bank account details when we are accepting both New Zealand and overseas bank account details. In the meantime we recommend you check we have your current email and residential address – select the ‘My Details’ tab to review and update this information.

    If you do not have MyBonusBonds you can update your email and residential address by completing the Bondholder Information Update form and mail it to the Bonus Bonds Centre, along with certified copies of identification.

    The address to send all correspondence to is:
    Bonus Bonds Centre
    Freepost Bonus Bonds
    P.O. Box 898
    Dunedin 9054
    New Zealand

  • Expand/collapse listHow do I know if my cash in request will be processed?

    We received a high number of cash in requests prior to the Scheme commencing wind-up. We will continue to process all valid cash in requested that we received before 9pm on 31 October 2020.

    We aim to process all valid redemption requests within 28 business days after we receive them. However, because of the high volume of redemption request we’re processing, it may in some cases take a little long than this.

    After 15 days, please return to the branch that you completed your cash-in request. They will be able to see if payment has recently been made.

  • Expand/collapse listI live overseas and I sent in a cash in request before the end of October, will it be processed?

    If we received a valid cash in request prior to 9pm on 31 October 2020 then the cash in request will have been processed or we will have contacted you to advise either that we are unable to process it, or that additional information is required before we can process it.

    Any cash in request posted to us after 9pm on 31 October 2020 will not be processed and we will advise you of this.

    If you have not received your funds, or been contacted directly by us regarding your request, it is probable that we have attempted to contact you but been unsuccessful.

  • Expand/collapse listThis is the first I have heard about the Bonus Bonds Scheme winding up – What can I do?

    On 26 August 2020, we announced to the media that the Scheme was closed to new investment and our intention to commence a wind-up of the Scheme by the end of October. This was widely reported in the media at the time and supported by radio and press advertising. At the end of September, we published the Scheme’s Annual Report and notified customers remaining in the Scheme via email or post with further information that was available at the time.

    Now that the Scheme is in wind-up, all remaining funds in the Scheme are locked in until wind-up is complete.

    We are confident that bondholders remaining in the Scheme at the commencement of the wind-up will receive a share of reserves. While the process to confirm the final amount that each bondholder is entitled to is complicated and may take twelve months or more, we expect to distribute a large portion of what each bondholder is entitled to prior to November 2021. If this happens, bondholders will receive their total distributions in more than one payment.

    To pay out to each bondholder the distribution amounts they are entitled to from the wind-up, we will need a New Zealand bank account and up-to-date contact details, but there’s nothing that bondholders currently need to do. We’ll be in touch via letters, email or further advertising if there’s anything required of you.

  • Expand/collapse listI wasn’t aware that my funds would be ‘locked in’ until the Bonus Bonds Scheme is wound up, what can I do?

    Following the decision on 25 August 2020 to stop accepting new funds into the Bonus Bonds Scheme, and with the intention to wind-up the Scheme, we communicated in various ways to customers. We communicated via media statements, notices on the ANZ and Bonus Bonds website, we updated our ‘frequently asked questions’ as well as placing newspaper and radio advertisements, letting customers know that when the Scheme commenced wind-up, cash-in redemptions would cease and all remaining funds in the Scheme would be locked in until the wind-up is completed.

    Once all of the investments are sold and expenses paid, the Bondholders who remain in the Scheme through wind-up will be entitled to a share of the reserves according to the number of bonds they hold. We are confident that bondholders remaining in the scheme at the commencement of the wind-up will receive a share of reserves. While the process to confirm the final amount that each bondholder is entitled to is complicated and may take twelve months or more, we expect to distribute a large portion of what each bondholder is entitled to prior to November 2021. If this happens, bondholders will receive their total distributions in more than one payment.

  • Expand/collapse listI need access to my money now and I cannot wait for wind-up.

    If you are in financial hardship, have exhausted all other reasonable alternative sources of funds, and still cannot meet minimum living costs, please contact us to discuss your individual circumstances:

    • If you have MyBonusBonds, please do this online.
    • ANZ customers, who do not have MyBonusBonds access, you are encouraged to call the contact centre on 0800 266 374.
    • Non-ANZ customers, who do not have MyBonusBonds access, can visit any ANZ branch. Please remember to take appropriate identification and proof of your address with you.