Membership is voluntary if you are a Police employee (this includes authorised officers). In this case, you have two options. You can join as:
- an optional entrant – employer contributions will be paid on your behalf, but these will come from within your existing total remuneration
- a savings contributor, making member contributions only.
|Membership category||Minimum contribution rate (as a % of salary)|
|Member||Employer (before tax)|
*The minimum contribution rate for savings contributors depends on when you joined the scheme – 4% of salary if you joined on or after 1 April 2008 or 2% of salary if you joined before that date.
Salary: Under the current Police Employees’ and Constabulary Collective Employment Agreements, salary includes the competency service increment (CSI) paid as a lump sum if you are at the top of your pay band as well as certain allowances specified in your employment agreement. It excludes bonuses, commissions, fees or other like payment and allowances not specifically regarded as superable.
You can make additional voluntary contributions of between 1% and 10% of salary as regular deductions from your pay.
PSS or KiwiSaver?
You may be wondering whether you would be better off joining the PSS as an optional entrant or joining KiwiSaver. Here’s a summary and comparison of some benefits of both schemes.
PSS or KiwiSaver?
|Police Superannuation Scheme||KiwiSaver|
|You can withdraw your savings when you leave Police or defer payment and leave your money in the scheme.||Your savings are generally locked in until the date you qualify for New Zealand Superannuation (currently age 65) or later if you haven’t completed 5 years’ membership.|
PSS provides a range of benefits while in service. These include:
|You can withdraw some of your savings to put towards the purchase of a first home after 3 years’ membership.You can also withdraw your savings if you are suffering from serious illness.|
There are other differences between the PSS and KiwiSaver too. For example, fees for the PSS are generally lower than for KiwiSaver schemes.
The following benefits apply to the PSS and KiwiSaver:
- You may be able to withdraw some of your savings if you are suffering significant financial hardship.
- You may qualify for the government’s HomeStart grant after 3 years’ membership.
How to join
- Contact Payroll and ask for a scheme application pack. This includes:
- a product disclosure statement, which includes information about this investment that we are required to provide under the Financial Markets Conduct Act 2013
- a member booklet.
- Complete the form at the back of the product disclosure statement and return it to Payroll at the address on the form.