UniSaver combines all the benefits of a modern retirement savings plan with an employer subsidy of up to 6.75% of salary for most members. It ticks along in the background, helping to build your financial future while you get on with your career.
How does UniSaver work?
UniSaver is a defined contribution superannuation scheme. This means that benefits from UniSaver are based on contributions made and investment returns received, after deduction of fees, expenses and tax.
Your contributions
Contributions are deducted from your pay each payday.
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Employer's contributions
Your employer will generally kick in contributions too – up to 6.75% of your salary (less tax).
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Government contributions
If you join the locked section, you'll qualify for government contributions – just like KiwiSaver.
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Investment returns
You earn interest on your savings each month. Sometimes, though, a negative return may reduce your balance.
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Fees
Fees cover the cost of running UniSaver and managing its investments.
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Your retirement funds
Under current law, all benefits are paid tax free.
Learn more about how UniSaver works from the UniSaver website
Who can join UniSaver?
If you are a permanent employee, meet the age and citizenship criteria, you can join the standard section and/or the locked section.
If you are on a fixed-term employment agreement with two years or more, you can only join the locked section but you will also need to meet age and citizenship criteria.
Check whether you are eligible to join UniSaver
How much does the University contribute?
The University will contribute 1.35 times your contribution to a maximum of 6.75%.
How is UniSaver set up?
UniSaver is spilt into two sections, locked and standard, each with different rules and benefits.
The locked section of UniSaver is a complying superannuation fund section, which offers government contributions in the same way as KiwiSaver in return for stricter contribution and withdrawal requirements.
If you are a locked member, balances in your locked accounts are not normally payable until you have attained the age where you would ordinarily qualify for New Zealand Superannuation (currently 65).
The standard section of UniSaver does not qualify for government contributions. You can access your funds from your standard section if you leave the University.
How much do I need to contribute?
- You can contribute any multiple of 0.5% of our salary with a minimum of 3%.
- If you chose to join the locked section, you must direct at least 3% of your salary to your member locked account and you can choose to direct the balance (if any) to your member standard account.
- To gain the maximum employer contribution you will need to contribute 5% of your salary.
Find out more about contributions to UniSaver
UniSaver contributions calculator
Can I belong to KiwiSaver and UniSaver?
You can belong to both schemes.
Find out more about belonging to both Kiwisaver and UniSaver
As UniSaver locked section is a KiwiSaver compliant scheme, if you decide to join UniSaver locked section and KiwiSaver, the University will only contribute to UniSaver locked section.
Choosing an investment option
You can choose between UniSteps and the other four investment options. You are not able to mix and match between UniSteps and the other options.
Find out more about how the investment works
Discover the investment options available at UniSaver
Not sure where to invest
Deciding where to invest your money is a big decision.
Risk profiler
Use the Risk Profiler to help you better understand how your approach to risk translates to the investment options available to you.
First-home withdrawal
Just like KiwiSaver, you may be able to withdraw your savings for a deposit towards a first home after 3 years’ membership.
Find out more about more about First-home withdrawal
Applying to join UniSaver
If you want to join UniSaver, you will need to read:
UniSaver Product disclosure statement – key information summary
Then complete the membership application enclosed. Return your membership application to:
Email superannuation@otago.ac.nz
What happens once I have completed the application form?
Your contributions will be set up to be deducted from your pay.
UniSaver will send you an email with your log in details, scheme and information and advice you of your membership number.
