The standard New Zealand Universities’ Superannuation Scheme (NZUSS)
The standard NZUSS offers its members choice and flexibility.
- As a member, you pay into the plan and the University also pays a further 1.35 times your contribution.
- The standard NZUSS plan is not eligible for a personal tax credit, so the total amount that you and University can contribute for this year is just over $4,750.
If you have a salary of $50,000 and decide to contribute 5% to your plan, the University multiplies 5% by 1.35 for a total contribution of 6.75%, less tax.
How do you invest your money?
- You have 4 available options, each of which provides a different balance of risk and return.
- You can alter how your money is invested once per year without additional cost.
What happens if you decide to leave the University?
- You have 3 choices:
- leave the funds in the NZUSS with no further contributions;
- transfer the balances to a new scheme;
- or withdraw the entire balance.
N.B. The University is not allowed to give financial advice on which superannuation option is best for you. You are encouraged to seek independent financial advice prior to making your decision.
However, if you have technical questions or need more details about each plan, please contact Brian Donnelly, the HR Superannuation & Staff Benefits Advisor, at ext. 8274 or email him at email@example.com.