Can I transfer to another scheme?
Transferring to KiwiSaver
You can choose to close your SSRSS account and transfer the total value of your savings to a KiwiSaver scheme at any time. You will need to have opened a KiwiSaver scheme account first. Talk to your scheme provider, and use the SSRSS Application to Transfer to KiwiSaver to notify your employer and your scheme provider of the transfer.
Moving to a job outside the State sector
If you move to a job outside the State sector, you may want to join another superannuation scheme.
You can (in these circumstances) suspend contributions and leave your money in your SSRSS scheme, where it will continue to be invested for you until a benefit is payable. Or you can continue to make voluntary contributions. Even though not fee-subsidised, the SSRSS will offer you the ongoing benefits of a negotiated fee arrangement that may not be available to you in another scheme.
Alternatively, it may be possible to transfer your SSRSS scheme account to the other scheme.
If the trustee of your SSRSS scheme is satisfied you have no intention of being re-employed by any participating employer you may transfer the total value of your savings to the other scheme, provided the trustees of the other scheme allow the transfer, the other scheme is a registered superannuation scheme (or has equivalent status if an overseas scheme) and your scheme provider is satisfied that the other scheme prohibits withdrawals before age 50 to at least the same extent as the SSRSS.
All KiwiSaver schemes are approved transferee schemes, since they require stricter lock-ins than SSRSS.
If you want to transfer your savings to the other scheme, you should:
- check that the other scheme allows you to transfer funds in
- use the relevant transfer checklist to compare the features of your SSRSS scheme with those of the scheme you want to transfer your savings to. The checklist helps ensure that you understand all the costs of making the transfer, what the rules of the new scheme are, when you can access your savings in the new scheme and how much you will have to contribute
- contact your SSRSS scheme provider – they will advise you about your next steps.
If the other scheme is one to which transfers are permitted, your SSRSS scheme provider will then transfer your funds.