Common use of Retirement Savings Scheme Clause in Contracts

Retirement Savings Scheme. 1. Teachers are eligible to join a KiwiSaver scheme in accordance with the terms of those schemes. 2. Employer or government contributions to retirement or superannuation schemes which are closed to new members (including the State Sector Retirement Scheme and the Government Superannuation Fund) shall continue in accordance with the terms of those schemes. 3. Where employer or government contributions are made to another retirement savings or superannuation scheme a teacher is only eligible to receive employer or government contributions to a KiwiSaver scheme to the extent that the combined contributions equal the minimum KiwiSaver employer or government contributions. 4. Where the employer or government contributions made to another retirement savings or superannuation scheme equals or exceeds the minimum KiwiSaver employer or government contribution, then the teacher is not eligible to receive an employer or government contribution to a KiwiSaver scheme.

Retirement Savings Scheme. 12 1. Teachers are eligible to join a KiwiSaver scheme in accordance with the terms of those schemes. 14 2. Employer or government contributions to retirement or superannuation schemes which are closed to new members (including the State Sector Retirement Scheme and the Government Superannuation Fund) shall continue in accordance with the terms of those schemes. 16 3. Where employer or government contributions are made to another retirement savings or superannuation scheme a teacher is only eligible to receive employer or government contributions to a KiwiSaver scheme to the extent that the combined contributions equal the minimum KiwiSaver employer or government contributions. 18 4. Where the employer or government contributions made to another retirement savings or superannuation scheme equals or exceeds the minimum KiwiSaver employer or government contribution, then the teacher is not eligible to receive an employer or government contribution to a KiwiSaver scheme.