Contributions

What do I contribute?

If you are a Class A member then your standard contribution is 6% of your gross remuneration excluding allowances. You can elect to contribute a higher percentage (e.g. 7%, 10%).

If you are a Class D member then you do not make any contributions.

What does my employer contribute?

If you are a Class A member, your employer will contribute 6% of your gross remuneration excluding allowances. Tax is deducted from this contribution before it is paid to the Scheme.

What does the Government contribute?

Each year (while you contribute and are eligible) the Government will make contributions to your CSF Balance. These Government contributions are 50c for every dollar of your own locked-in contributions, up to a maximum annual Government contribution of $521.43.

Eligibility for Government contributions stop at age 65.

For more information about the eligibility criteria for Government contributions see the Other Material Information document.

If you are not sure if you are receiving Government contributions you can contact the administrator at admin@buss.org.nz

What accounts do the contributions go to?

You could have up to three accounts under your name in the Scheme.

Your non locked-in contributions are credited to your Member’s No.1 Account.

Your employer’s non locked-in contributions are credited to your Member’s No.2 Account.

Your locked-in contributions, your employer’s locked-in contributions and the Government contributions are credited to your CSF Balance.

Can I suspend my contributions?

While you are in active service, you can choose to stop contributing to the Scheme by giving three (3) months’ written notice.

While on a contribution suspension:

your years of membership of the Scheme will stop being counted; and
your employer will not contribute to the Scheme for your benefit.

If you die or are totally and permanently disabled while you are not contributing then you will only be eligible to receive a resignation benefit unless you pay the premium costs for the cover we obtain from our insurer for you.

After one year has passed you can apply to restart contributing to the Scheme. Your years of membership in the Scheme will restart being counted and your employer will resume contributing to the Scheme.

What happens if I take a leave of absence from my job (e.g. parental leave, sabbatical)?

If you take a leave of absence from active service with your employer’s agreement you will remain a member of the Scheme.

During this period neither you nor your employer need contribute to the Scheme. However, you may contribute any money required to receive the Government contributions.

If you die or are totally and permanently disabled while on leave of absence then you will only be eligible to receive a resignation benefit unless you pay the premium costs for the cover we obtain from our insurer for you.