Superannuation
Saving for your retirement is important. At the University of Otago, we offer three superannuation plans and encourage staff to enroll in the one that best suits their needs.
If you are an employee at the University with a contract that lasts longer than 28 days, you can choose from:
e-Module
Launch this online module (sound required) for a brief walk through of the superannuation options available to University staff. There are examples for each of the options as well a resource area for further information. (5min 34sec)
The standard New Zealand Universities’ Superannuation Scheme (NZUSS)
- University adds 1.35 times your contribution.
- Freedom to remove savings on leaving employment.
- Not eligible for personal tax credit.
- 4 Investment options
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.
You can decide what to do with your contributions if you leave the university.
The KiwiSaver compliant University Superannuation Scheme (NZUSS-CFA)
- University adds 1.35 times your contribution.
- Some freedom to remove savings on leaving employment
- Personal tax credit.
- 4 Investment options.
The compliant scheme can be added to the standard NZISS scheme to gain additional benefit. By paying into a CFA account, you qualify for a personal tax credit from the Inland Revenue Department.
Some of your contributions are locked-in until retirement.
The Government-run KiwiSaver scheme
- Government Savings plan
- Savings locked in until retirement.
- Personal tax credit
- Many Investment options.
In 2007, the New Zealand Government introduced a superannuation savings plan called KiwiSaver. You may have heard that enrolment in KiwiSaver is automatic. However, the University is exempt from this requirement and you are not automatically enrolled in any superannuation plan.
At your request, the University will send you a KiwiSaver Employee Pack, make deductions from your salary and forward them directly to the Internal Revenue Department.
KiwiSaver contributions are locked-in until retirement.
Financial Advice
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 brian.donnelly@otago.ac.nz.
479 8274