Saving with SSRSS and KiwiSaver

This information is based on legislation current at 1 April 2013.

Save with SSRSS

Save with SSRSS and KiwiSaver

Transfer from SSRSS to KiwiSaver

Changing employment

Save with SSRSS

Effective 1 October 2008 the SSRSS stopped accepting applications for membership.

The SSRSS schemes continue operating for members in the same manner as previously. You can continue to contribute to your SSRSS scheme and (if eligible) you will continue receiving your matching employer subsidy.  The SSRSS subsidy will no longer be payable if you begin receiving an employer contribution to a KiwiSaver scheme.

SSRSS members can choose to transfer to a KiwiSaver scheme at any time.

You are no longer able to change from your existing SSRSS scheme provider to another SSRSS scheme provider or (if you are a teacher or principal at a School) to transfer to the Teachers Retirement Savings Scheme.

Save with SSRSS and KiwiSaver

You can remain a member of SSRSS and also join and save with KiwiSaver. Your SSRSS accounts will stay within SSRSS and remain subject to the existing SSRSS rules.

If you are:
You can:
If you join KiwiSaver as well as SSRSS you will get:
A subsidised SSRSS member
 Continue regular contributions to SSRSS.
You will continue to receive your matching employer subsidy (up to 3% (after tax) of your gross base salary).




Suspend regular contributions to SSRSS.
Your employer contributions will also stop.
You can make voluntary contributions to your SSRSS scheme. These payments will not be locked in. You can access your voluntary savings up to twice per scheme year, subject to a minimum withdrawal amount.		 • $1000 kickstart contribution
• Up to $521.43 tax credit each year, while you contribute.



As above, plus:
• Employer subsidy of 3% (before tax) of gross pay, while you contribute from pay.
An unsubsidised SSRSS member
 Continue or suspend regular voluntary contributions to SSRSS. • $1000 kickstart contribution
• Up to $521.43 tax credit each year while you contribute.
• Employer subsidy of 3% (before tax) of gross pay, while you contribute from pay.
SSRSS member not currently in employment
 Continue or suspend any voluntary contributions to SSRSS. • $1000 kickstart contribution
• Up to $521.43 tax credit each year while you contribute.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Transfer from SSRSS to KiwiSaver

You can transfer to KiwiSaver at any time and your membership of SSRSS will cease. Your SSRSS account balances will be transferred to KiwiSaver, and will become subject to the KiwiSaver scheme rules.

 
SSRSS
In KiwiSaver you will get:
Transfer to KiwiSaver
 Your SSRSS account balances will be transferred to your chosen or allocated KiwiSaver scheme. You will not be able to join SSRSS again. • $1000 kickstart contribution
• Up to $521.43 tax credit each year while you contribute.
• Employer subsidy of 3% (before tax) of gross pay while you contribute from pay.
• SSRSS account balances added to your KiwiSaver contributions.
 
 
 
 
 
 
 
 
 
Changing employment

If you are an SSRSS member and change employers, or otherwise commence new employment, then you will be automatically enrolled in KiwiSaver unless your new employer is exempt from the KiwiSaver automatic enrolment rules. If this occurs then your options will be:

 
SSRSS
In KiwiSaver you will get:
Remain in KiwiSaver
 If your new employer is a participating employer and you continue your SSRSS regular contributions, you will continue to receive the SSRSS employer subsidy (if eligible). If your new employer is not a participating employer, your SSRSS employer subsidy will cease. You may make ongoing voluntary contributions

 

 • $1000 kickstart contribution
• Up to $521.43 tax credit each year while you contribute.
• If you are ineligible for the SSRSS employer subsidy, or you choose to receive KiwiSaver employer contributions instead of SSRSS employer contributions, an employer subsidy of 3% (before tax) of gross pay while you contribute from pay.
Opt out of KiwiSaver during weeks two to eight of your new job
 Tell your new employer you want to opt out of KiwiSaver. If your new employer is a participating employer and you continue your contributions to SSRSS, then your employer subsidy entitlements (if any) will continue unchanged.

If your new employer is not a participating employer your employer subsidy will cease. You may make ongoing vountary contributions.		 Nothing.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

You should consider your options carefully before making any changes to your superannuation arrangements. We suggest you check out the Comparison between SSRSS and KiwiSaver and relevant investment statements, and talk to a financial advisor, before you make any decisions.