Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


New government savings scheme popular

New government savings scheme popular

More than 44 per cent of eligible people in government ministries and departments have chosen to join the new government subsidised State Sector Retirement Savings Scheme, State Services Minister Trevor Mallard said today.

"The state sector is setting a good example in encouraging retirement savings, which all New Zealanders need to seriously think about.

"It's great to see this level of sign up since the scheme started on July 1. This means 40,000 people in government departments and the state school sector are better preparing for their retirement. Twenty-two departments (out of 40) achieved take-up rates above 50 per cent.

"The public service, as a collection of departments and organisations, is one of the country’s largest employers. As a good employer it is important that we encourage people to save for their retirement. The scheme also models the kinds of schemes we would like to encourage in the private sector.

"This government is committed to building strong public services to meet the needs of New Zealanders. It is important that state sector agencies can recruit and retain good people, and this scheme is an incentive for people to build a career in the public service.

"The scheme has been designed to offer its members lots of choice. AMP, ASB and AXA were selected as the providers. Employees joining the scheme can choose their own level of contribution, and the government will match that up to a maximum of 1.5 per cent of salary in the first year and 3 per cent from the second year.

"Union support for this scheme is also welcomed. This helped to push the take-up rates higher. Although the scheme has now been launched, new or existing eligible employees in the state sector can still join at any time.

"Teachers can join this scheme or the Teachers Retirement Savings Scheme, which is provided by GRT. More than 40 per cent of the education sector are now enrolled in one of these schemes."

Further information is at

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods (is the dollar up or down?) the outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country... More>>




Submissions Summary: The People's Commission On Public Media

This Summary is a preliminary report from the People’s Commission. It brings together views and aspirations of the hundreds of people who made submissions, attended public meetings, filled out the online survey and made speeches to our Panel. More>>

Housing Plans: Protest Over Ihumatao Development

Ihumatao in Mangere, next to the airport in Auckland, holds the archaeological remains of 1000 years of food production; from when Maori first landed in the area, through to early European settler agriculture and right up until today. More>>


Negotiations: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word.. More>>


Contains Highly Colloquial Language: Your F**king Guide To Government Formation

The following message is in no way endorsed by the Electoral Commission. They are f**king done with this election. More>>

NZ Emissions Up 50% 1990-2013: Report Confirms CLimate Change Impacting NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate. More>>


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>


Rorschach Restructuring: Inland Revenue Steps Back From Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>





Featured InfoPages

Opening the Election