Overview

How your benefit is calculated

Proof of bank details required for benefit payments

We can only pay benefits into an account in your name. This means we cannot pay benefits into family trust accounts, business accounts and accounts in someone else’s name. That’s why we need to ask for supporting evidence of your bank account details when you make a withdrawal, and it also helps prevent a slip-up in transcribing your account number. The evidence needs to show the name the account is in and the bank account number. The simplest way is to take a screenshot from your internet banking or photocopy of the top of a bank statement or ask your bank to print and sign a verification of account slip. Once Mercer has this information on file, you won’t need to provide it again unless you change your account. This extra step is designed to help protect members against fraud. It’s also required by our auditor.

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. Read more here.

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.

Death benefit

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). 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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