Another milestone has been achieved in the windup of the Bonus Bonds scheme.
The second and final distribution began on 5 July 2022. In addition to the $1.10 per Bonus Bond paid in December 2021, bondholders will receive a further $0.0248 per Bonus Bond.
Around $76 million of the $3.5 billion held when ANZ announced the closure of the scheme in August 2020, is still unclaimed.
So ANZ is encouraging the remaining 724,000 bondholders to get in touch to arrange repayment, or consider donating their money to the Cancer Society.
If you have some Bonus Bonds – or think there might be some stashed away somewhere in your home - here’s what you need to know.
Why is the Bonus Bonds scheme being wound up?
Low interest rates reduced the size of the Bonus Bonds prize pool, so in 2020 the decision was made to wind up the scheme.
How many people are being contacted by ANZ?
ANZ has been attempting to contact approximately 1 million investors since June 2021 to collect bank account instructions for payment. This has included emails, letters and three nationwide advertising campaigns as well as targeted text message and phone calls.
Around 312,000 bondholders have been in touch with ANZ to redeem their bonds since the wind-up started in October 2020. They account for around 92% of the total funds invested.
But that still leaves around 724,000 people who bought or were gifted Bonus Bonds over the 50 years the scheme was in operation, who haven’t yet arranged repayment.
If people have been in the Bonus Bonds scheme for a long time they may have forgotten they hold the Bonus Bonds, and may not be aware they are entitled to receive a payment.
Over 75% of remaining bondholders have $50 or less in the scheme, so they may be less motivated to claim their funds. That is why ANZ is encouraging people to think about donating their money to the Cancer Society.
How many bondholders have donated their funds to the Cancer Society?
As a long-term major sponsor of the Cancer Society of New Zealand, ANZ has offered bondholders the option of donating their funds to the Cancer Society.
The Cancer Society is the only organisation that funds research into all types of cancers, and provides support to anyone affected by cancer, including families and friends, no matter what age or type of cancer someone might have.
More than 17,000 bondholders have already chosen to donate their funds to the Cancer Society. This means ANZ has passed on more than $330,000 on behalf of these investors.
How much will each bondholder receive?
Bondholders will receive $1.1248 for each Bonus Bond they hold. So for example, someone who holds 100 bonds will receive $112.48
Depending on when they provided their bank account details this may have been spread across two payments.
What is ANZ doing to contact the remaining bondholders?
ANZ has a dedicated team trying to contact remaining bondholders, who are due to receive a share of the funds remaining in the scheme. Over the last year the team have written to bondholders, advertised in newspapers, online and over radio, sent text messages and phoned customers. In addition the team have engaged trusted third parties to find alternative contact details for many bondholders.
Despite these extensive efforts, it can be hard to track some people down, due to a range of factors such as people moving house or living overseas.
How do people contact ANZ about Bonus Bonds?
If you think you might have some Bonus Bonds you can call the dedicated phone line, on 0800-266-374. Or more information visit www.bonusbonds.co.nz.
What will happen to the unclaimed funds?
ANZ does not hold onto the funds at the end of the wind-up. Any funds that have not been paid to investors are treated as unclaimed monies and passed over to the Crown in accordance with the Trusts Act.
No timing has yet been set for this to occur so anyone who thinks that they may have Bonus Bonds should continue to call our 0800 number.
It’s not too late for those remaining investors to get their funds, so we encourage anyone who thinks they may be owed some money to get in touch with ANZ.