Eligibility to join |
Effective 1 October 2008 the SSRSS has closed to all new members.
Existing members can continue to save in the SSRSS.
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You can join a KiwiSaver scheme if you:
- are living in (or normally live in) and are entitled to reside permanently in New Zealand
- are aged below the age of entitlement to NZ Superannuation.
If you are under 18 years and want to join KiwiSaver, you must contract directly with a scheme provider. Other employees may opt in through their employer.
You can join KiwiSaver in addition to any other superannuation scheme of which you are a member. |
Employee contribution amounts |
The minimum employee contribution rate is 1.5% of gross base salary.
Members can contribute any amount above 1.5% in increments of 0.5%.
(Unsubsidised members who started employment on or after 1 July 2007 need to contribute a minimum of at least 4% of gross base salary while they remain unsubsidised.) |
The minimum employee contribution rate is 2% of gross pay and employed members can contribute either 2%, 4% or 8%.
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Employer contribution amounts |
If eligible, your contributions are matched by your employer up to a maximum of 3% (after ESCT) of your gross base salary. SSRSS employer contributions count towards the KiwiSaver compulsory employer contributions, unless you joined your current employer's service on or after 1 April 2008 (in which case, if you join a KiwiSaver scheme, you will be eligible for KiwiSaver employer contributions but will become unsubsidised for SSRSS purposes while those are paid). If you are a member of both SSRSS and a KiwiSaver scheme you cannot expect to receive employer contributions to both schemes. |
If eligible, you will receive compulsory employer contributions at a rate of 2% of gross pay.
Government Kick-start
The Government offers a lump sum of $1,000 paid to the KiwiSaver account when you first join a KiwiSaver scheme. You can withdraw this contribution when you reach the KiwiSaver End Payment Date (the later of the age of entitlement to NZ Superannuation and completing 5 years' membership of a KiwiSaver scheme). |
Tax Credit |
There is no tax credit in the SSRSS. |
For periods during which you reside mainly in New Zealand a member tax credit matching your contributions up to a maximum of $20 per week. You can withdraw these amounts when you reach the End Payment Date (or earlier in limited circumstances). |
Parental Leave |
You can backdate your contributions for all or part of the time you are on parental leave. If you make up these contributions within 7 months of returning to work you will be eligible to receive the matching employer subsidy. |
There is no parental leave backdating facility in KiwiSaver. |
Access to funds and lock-in provisions (see also "Other Withdrawal Options" below) |
- Employee and employer contributions are locked in to the age of entitlement to NZ Superannuation (currently age 65) but can be accessed:
- if you are fully/partially retiring from State sector employment in the ten years prior to this age, or
- if, from age 50, you permanently leave State sector employment.
- Voluntary contributions (all contributions made by you above 3%, or while you are unsubsidised) can be accessed at any time.
- Death.
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- All contributions are locked in to End Payment Date
- Death.
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Transferring
Out |
You can transfer your SSRSS total credit to a KiwiSaver scheme at any time. Additionally, once you have left State sector employment you can apply to transfer your SSRSS total credit to an approved locked-in superannuation scheme, in NZ or overseas. |
You can apply to transfer to another KiwiSaver scheme or, if permanently emigrating, to an approved overseas superannuation scheme. |
Other withdrawal options |
You may be eligible for early access to some or all funds in the following circumstances:
- Permanent emigration1
- Serious Illness / Total and Permanent Disablement
- First home deposit (if eligible)
- Significant Financial Hardship.
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You can have early access to some or all funds in the following circumstances:
- Permanent emigration1
- Serious illness
- First home deposit (if eligible)
- Significant Financial Hardship
- Mortgage diversion (if available in your KiwiSaver scheme).
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