Employer contributions continue for members of the Teachers’ Retirement Savings Scheme

Subsidised members of the Teachers’ Retirement Savings Scheme (TRSS) continue to receive employer contributions of up to 3% of your salary. Recent announcements of changes to KiwiSaver do not impact TRSS as the Scheme is not a KiwiSaver Scheme, or Complying Fund.

You can still choose to have employer contributions paid to your TRSS account, or your KiwiSaver account, but not both (if you are a member of both).

Employer contributions to TRSS are subject to contributions tax (ECST), which your employer pays to Inland Revenue in addition to its employer contribution of up to 3% of your salary.

Government contributions (formerly called Member Tax Credits) are only made to Complying Funds or KiwiSaver. Unlike a Complying Fund or KiwiSaver, TRSS is not ‘locked-in’ which allows members to access their funds for a number of reasons, including access to your Member Basic Account from age 50.

More information about TRSS, contributions, and KiwiSaver is available in the Member Booklet. If you need help or further information, please call the Helpline on 0508 4 TEACH (0508 4 83224).

This information has been prepared by Mercer (N.Z.) Limited for general information only. The information does not take into account your personal objectives, financial situation or needs.This information has been prepared by Mercer (N.Z.) Limited for general information only. The information does not take into account your personal objectives, financial situation or needs.

6 May 2019