How your benefit is calculated
Benefits when you leave
When you leave Police, you will be paid the balance of your member’s account and your employer’s account if you have one. The benefit is the same whatever the reason for your leaving. Reasons include retirement, resignation, dismissal, redundancy or medical disengagement.
It’s up to you to claim your benefit if you leave Police. You can do this by completing a Leaving form and returning it to Payroll.
Leaving your money in the scheme
You don’t have to withdraw your savings when you leave Police. You can choose to remain in the scheme as a retained member. It’s a good option if you’re happy with the way your savings are invested and don’t need them straight away. You won’t be able to make contributions, but you will continue to receive investment returns. You can change your investment strategy at any time.
You can access your savings at any time. A one-off withdrawal must be at least $5,000, and you will need to pay the standard benefit payment fee for each withdrawal. Fees are listed here. You must maintain a balance of at least $5,000. Alternatively, you can set up a regular withdrawal paid to your bank account on the 20th of each month. There is no set-up or benefit payment fee for regular monthly withdrawals. If you have this facility set up, you need to maintain a minimum balance of $1,000.
The Leaving form includes a section you can use to let us know if you want to leave your money in the scheme.
Transferring to another scheme
When you leave Police, you may ask us to transfer your savings to another workplace savings scheme, superannuation scheme or KiwiSaver scheme. We would need the agreement of the trustee of the other scheme before such a transfer could take place.
If you die while you are a member of the scheme, we will pay your benefit to your executors (if you have a will) or to the administrators of your estate (if you do not have a will).
It is important to make a will and keep it up to date. Dying without a will can place unnecessary financial and emotional strain on your family and delay payment of your benefit. We have a fact sheet that explains the process for claiming a death benefit. It’s a good idea to keep a copy of this fact sheet with your will.
Benefits while in service
The scheme is designed to help you save for your retirement and to give you and your family financial assistance should you die prematurely or be unable to work because of illness or injury. Under certain circumstances, however, you can make a withdrawal while in service.
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