Common use of Retirement Savings Clause in Contracts

Retirement Savings. Teachers are eligible to join a KiwiSaver scheme in accordance with the terms of those schemes. Employer or government contributions to retirement or superannuation schemes which are closed to new members (and include the Teachers’ Retirement Savings Scheme and the Government Superannuation Fund), shall continue in accordance with the terms of those schemes. Where government or employer contributions are made to another retirement or superannuation scheme of which a teacher is a member, then that teacher is only eligible to receive employer or government contributions to a KiwiSaver scheme to the extent that those combined contributions equal the minimum KiwiSaver employer or government contributions. If the government or employer contributions made to another retirement or superannuation scheme of which a teacher is a member equal or exceed the full minimum KiwiSaver employer or government contributions, then that teacher is not eligible to receive employer or government contributions to a KiwiSaver scheme. Note: For information on this and other retirement savings schemes go to xxx.xxxxxxxxx.xxxx.xx