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This page describes the New Zealand Fire Service Superannuation Scheme. If you are in any doubt, the exact wording of the scheme's provisions are contained in the Trust Deed. This page is not intended as a substitute for the Trust Deed. Copies of the Trust Deed are available on all permanently manned fire stations, Regional Offices or from the Secretary to the Trustees. Should you require a personal copy of the Trust Deed then write to the Secretary to the Trustees at the address on the contacts page of this website.. Trustees The scheme is administered by seven Trustees, three of whom are appointed by the New Zealand Professional Firefighters Union, three who are appointed by the employer and one who is appointed by the other six. Features of the Scheme The scheme is a defined contribution scheme designed to provide you with a lump sum on retirement. A generous subsidy by the employer and active management by the Trustees ensures attractive benefits. Who may join? Any person who is employed by the New Zealand Fire Service as National Commander, Deputy National Commander, Regional Commander, Executive Fire Officer, Officer, Firefighter, Controlroom staff, Black Watch staff, Mechanics, or Community Safety team members are eligible to join from the first day on which they become an employee. Contribution rates The rate of contribution is 6 per cent of salary or wages. The employer subsidy is $ 2.27 for each dollar you contribute. After the deduction of tax a subsidy of $1.52 is credited to member's accounts. There is provision for you to make voluntary contributions. To do so requires you to seek the approval of the Trustees. Voluntary contributions may be paid through the Fire Service payroll system or by direct credit to the scheme's bank account. Voluntary contributions do not attract any employer subsidy. Benefits On cessation of employment with the Fire Service the following benefits are payable: Retirement: - A capital sum equal to the total held in your retirement account is payable in the form of a lump sum. Should you specifically request, the Trustees will provide you with details of companies, which are able to provide an annuity. Arrangements for purchasing an annuity will be between you and the company concerned. Resignation: - Benefits payable on resignation are: - if you have less than five years service there will be a refund of your own contributions plus interest - if you have more than five years service you will receive, your own contributions plus interest, plus a proportion of the employer's contributions at the rate of five sixths of one per cent for each complete month of service in excess of sixty months subject to a maximum of 100 per cent. Loss of medical fitness: - If you are required to retire from the Fire Service in accordance with section 72 of the Fire Service Act 1975, the benefit payable will be the greater of the total in your retirement account or two years salary or wages at current rates. Loss of Physical fitness: - If you are required to disengage from the Fire Service in accordance with section 72 C of the Fire Service Act 1975, the benefit payable will be the greater of the total in your retirement account or two years salary or wages at current rates. Death: - The death benefit payable is an amount equal to the total held in your retirement account or two years wages or salary at current rates whichever is the greater. Payment of the death benefit will be to your dependants or to your legal personal representative. Withdrawal of contributions As the scheme is designed to provide financial security in retirement to a contributing member, withdrawal of contributions before ceasing employment with the New Zealand Fire Service is not permitted. Continued membership after retirement Members who retire from the Fire Service are permitted to continue membership of the scheme provided they advise the Trustees of their wish to do so within one month of their retirement. All balances within the scheme are credited with the same interest rate as the balances of members who are still employed by the Fire Service. There is no charge for this service. Contributions may still be made by direct bank credit however these are not subsidised by the Fire Service. Four free withdrawals per annum are permitted with extra withdrawals being charged at $34.66 each. There is no enhancement of any benefit by the Fire Service or the scheme for members who have retired from the Fire Service and continue scheme membership. Winding up of the Scheme Should the scheme be wound up, no part of the assets of the scheme will revert to the employer. If the scheme was to be wound up the total of the assets would be applied to those who were members of the scheme at the time. Reduction in benefits You should be aware that the scheme is always likely to hold a proportion of its assets in equities and other investments where values may fluctuate. Although the Investment Managers, with the Trustees approval, make such investments in order to achieve the maximum long-term advantage, such a strategy is not without its risks. It is conceivable that from time to time there may be a negative return. In this situation it is possible that a negative interest rate will be applied to your retirement account. Interest Interest will be added to your total retirement account at the conclusion of each financial year. The Trustees will declare the interest rate after taking into account all tax and expenses incurred during the year. Financial year The scheme's financial year is from 1 April to 31 March. Miscellaneous Once your application to join has been accepted you will receive a membership certificate and a copy of the most recent Annual report of the Trustees which contains financial statements for the financial year under review. The Trustees will provide you with a copy of their Annual report and the financial statements each year. You are entitled to receive an estimate of your benefits at any time. Should you require this information you should contact the scheme Administrator at any of the addresses provided on the Contacts page of this website. Reduction or suspension of contributions When you join this scheme you undertake to make regular contributions at an agreed rate. The Trustees recognise that there will be occasions when it will not be possible to maintain contributions at the agreed rate. The Trustees will consider, upon receipt of an application from you, any requests to vary your contribution rate. Some circumstances are: Leave without Pay: - Whilst on Leave without Pay your contributions are deemed to be zero and no subsidy is payable by the Fire Service. For the purposes of vesting time spent on Leave without Pay is considered to be continuous. Sick Leave without Pay: - For the purposes of calculating two years salary or wages, the last complete pay received by you prior to being placed on Sick Leave without Pay will be recognised. For the purposes of vesting time spent on Sick Leave without Pay is considered to be continuous. Accident Leave without Pay: - The same provisions apply to Accident Leave without Pay as apply to Sick Leave without Pay. There may be other reasons for which you feel it is necessary to seek the approval of the Trustees to reduce your agreed rate of contribution. In such circumstances write to the Secretary to the Trustees at the address on the Contacts page of this website.. You should be aware that where contributions are reduced below six per cent of salary or wages for other than Sick or Accident Leave without Pay, there will be a corresponding reduction in any benefit paid in the event of loss of medical fitness or death. Cessation of contributions: - Should you cease contributions whilst still remaining an employee of the Fire Service, a benefit will be determined which is equal to your resignation benefit at the date you cease contributions. This benefit will be held in the scheme and attract interest at the declared earning rate each year. The benefit will not be payable until such time as you leave Fire Service employment. Members paid by 'total remuneration' Members who are employed under the terms of a 'total remuneration' salary package should clearly understand that should they resign within fifteen years of joining the scheme, they will forfeit at least part of the employer contributions in accordance with the Trust Deed unless the Trustees resolve otherwise. Other documentation available The scheme is
subject to the Securities Act 1978 which requires it to maintain
a Prospectus about the scheme, however ‘employer superannuation
schemes’ have been exempted from this requirement. The scheme
is still required to maintain an Investment
Statement, which is available on request and at no charge from
the Secretary to the Trustees at the address on the contacts
page of this website. Other information available Prior to joining
this superannuation scheme you are entitled to look at or request
a copy of the Trust Deed
and may request a copy of the annual accounts and any auditors report
thereon from the Secretary to the Trustees at the address on the
contacts page of this website. Administration of the Scheme Jacques Martin
NZ Limited who are based in Wellington administer the scheme on
behalf of the Trustees. You can contact the scheme Administrator
during normal working hours for information on your personal details
held, for account balances or an estimate of your benefits by free-phone
on: 0800 - 6 9 7 8 7 3 7 or by e-mail on: Contact address for the Trustees Should you wish to correspond with the Trustees then you should write to: The Secretary
to the Trustees or by e-mail on: Should you wish to contact the Trustees then you should use these numbers: Phone/fax
0 - 3 - 355 3499 For and on behalf
of the Trustees 08 September 2004 |
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