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Progress On Retirement Savings For Teachers

10 April 2002

The Global Retirement Trust will be the initial provider for a retirement savings system for teachers and principals that includes a government contribution.

Education and State Services Minister Trevor Mallard said the Government was working with teacher unions and the School Trustees Association to develop the system.

“Government contribution to a retirement savings scheme was part of the collective agreement for primary teachers last year and I am anxious that it be implemented as soon as possible.

“It also something that we are looking at for the wider state sector but work is not as advanced.

“When wider state sector arrangements are up and running, members of the teachers and principals scheme will be able to transfer to any other approved scheme they chose without penalty.

Trevor Mallard said that initial work on a state sector retirement savings arrangement was undertaken last year by the Tripartite Forum, made up of Ministers, PSA representatives and government department chief executives.

A working party of CTU State sector unions and Government officials was established earlier this year to progress this work and to develop a scoping paper identifying policy and design issues for the Government's consideration.

“I envisage that the wider state sector system would offer three or four approved schemes to permanent employees on a voluntary basis. Employees would choose one of the approved schemes and receive an employer contribution. The schemes will be portable across the state sector.

"I am confident that these initiatives will help the Government improve recruitment and retention of State sector employees, and encourage all New Zealanders to save for their retirement," Trevor Mallard said.

Trevor Mallard said expected to be able to start the roll-out of the wider State sector arrangement in the next term of government.

Ends

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