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The following additional information applies only to teachers and principals in State and State-integrated schools. It does not apply to support staff in schools, and nor does it apply to registered kindergarten teachers employed by free kindergarten associations, or employees of government departments. Those employees are all covered by the general terms and conditions of the State Sector Retirement Savings Scheme.
Salary
If you are a schoolteacher in a State or State-integrated school, your gross base salary (for the purposes of calculating contributions to your SSRSS scheme) includes permanently allocated salary units. If you are a principal in a State or State-integrated school, your gross base salary includes supplementary component and decile funding.
When will you get your money?
If you are a teacher or principal in a State or State-integrated school, you can withdraw your savings (except your employer’s contributions) from age 50 and remain in your current employment. Otherwise the standard terms and conditions for withdrawing money from an SSRSS scheme, that apply to all other members, also apply to school teachers and principals.
The Teachers Retirement Savings Scheme (TRSS)
The Teachers Retirement Savings Scheme (TRSS) was established in September 2002 as an outcome of collective bargaining, through a working party consisting of representatives of NZEI, NZSTA and the Ministry of Education. Effective 1 October 2008, the TRSS has closed to all new members. Subsidised membership was available to schoolteachers and principals in State and State-integrated schools who were also members of either NZEI or PPTA. Non-union teachers and principals could join as unsubsidised members.
The TRSS is managed by Mercer Human Resource Consulting (New Zealand). If you are a TRSS member, call 0508 4TEACHERSRETIRE (0508) 483224 for help with your investment.
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