Guide: State Sector Retirement Savings Scheme
This guidance provides information for public servants about the State Sector Retirement Scheme (SSRSS), a voluntary savings scheme specially designed for the public sector.
The SSRSS is a closed scheme and does not accept new members.
There are two SSRSS scheme providers: AMP and Smartshares Limited (SuperLife) which is now the manager of the ASB Superannuation Master Trust.
Contact your SSRSS scheme provider
AMP
Phone: 0800 800 267
Email: workplaceadmin@amp.co.nz
Web: www.amp.co.nz
Microsite: www.amp.co.nz/ssrss
By registering on MyAMP and updating your contact details and email address, you can conveniently check your balances, view statements, see how your investments are performing and easily change your funds.
SuperLife (Smartshares)
Phone: 0800 27 87 37
Email: superlife@superlife.co.nz
Web: superlife.co.nz/master-trust/government
Contact form: www.superlife.co.nz/about/contact-us
Current market information for SSRSS members
Global markets are facing challenges due to trade tensions and geopolitical uncertainty. This is understandably causing uncertainty for many investors including for superannuation investors. While market downturns can be unsettling, it is important to remember that volatility is a natural part of investing. Over the longer term, markets usually recover from short-term declines. By staying invested, you position yourself to benefit from the compounding returns that shares can deliver over time.
Here are four crucial points for members to consider to maintain financial confidence.
- Stay calm, stay diversified - Market ups and downs are normal and diversification across different assets and countries helps smooth the ups and downs.
- Stick to your plan - Avoid knee-jerk reactions to short-term headlines.
- Look for the opportunities - Even during downturns, certain sectors like global and emerging markets, and infrastructure, may present favourable investment opportunities.
- Seek guidance if needed - If you’re feeling uneasy or would like specific advice for your own situation talk to an adviser or contact your SSRSS provider for reassurance.
Below both AMP and Smart, our two SSRSS fund managers, provide some background and insights into the current investment climate, impacts on investments and what options you have as an SSRSS member.
AMP
Aaron Klee, AMP’s General Manager of Investment Management and Services, spoke to RNZ’s Russell Palmer on Thursday 3 April and had some insights to share (although he referred to KiwiSaver the same principles apply for SSRSS).
Listen to his thoughts here, and for more on markets, tariffs and geopolitics, visit our website.
To help you navigate these uncertain times, we'd like to share some key insights from AMP’s GM Investment Management, Aaron Klee, featured on a recent episode of "Making Cents" with Frances Cook.
Should you require more information, you can book a 1 on 1 session with SSRSS adviser.
Smart
The article here explores five key strategies to help navigate volatility. Stay focused on the long term and let your investments work for you. Read more here: Five strategies for dealing with market volatility | The wise invest Smart
This article is from our team at Smartshares Limited (Smart), which manages SuperLife. As part of the NZX Group, Smart provides investment expertise across a range of funds, including SSRSS, SuperLife KiwiSaver and listed and unlisted investment funds.
FAQs - You’ll also find more content and answers to frequently asked questions on the SuperLife Website here: https://www.superlife.co.nz/resources/faqs#Investing-101
Keep updated by following Smart on social media channels – for new articles and updates.
Resources for SSRSS members and employers
SSRSS Members’ Guide
The Members’ Guide covers all the common situations members may encounter as a member of the SSRSS. It provides information about handling scheme transactions quickly and effectively.
Guide Members Guide to the State Sector Retirement Savings Scheme
Members keeping your SSRSS provider updated if your details change
Don’t forget to notify your SSRSS provider if you have a change of name, employer, or contact details (particularly your email address which is the main point of contact).
Refer to the Members’ Guide to the State Sector Retirement Savings Scheme December 2023 on this page for contact details of your provider and any forms or portal processes you might need to complete the change of details notification.
If you are facing a redundancy situation or have been made redundant
If you are facing a redundancy situation or you have been made redundant it is advisable to contact your SSRSS provider to explain your potential or actual change in employment. Your provider is well placed to give you advice (depending on your employment status) of options for continuing your contributions, or temporarily suspending your contributions or even making a partial or full withdrawal of funds (if you are eligible for withdrawal).
Refer to the Members’ Guide to the State Sector Retirement Savings Scheme December 2023 on this page for information about: redundancy during or on return from a period of parental leave, retiring from employment, or taking employment outside the Public Service.
SSRSS Employers’ Guide
The Employers’ Guide is designed to cover all the common situations employers may encounter as a coordinator for the SSRSS. It provides employers information to deal with all relevant scheme transactions (for example, members leaving employment, retirements, transfers and enquiries) quickly and effectively.
Guide Employers Guide to the State Sector Retirement Savings Scheme
SSRSS forms
Form State Sector Retirement Savings Scheme Contribution Change Form
SSRSS Application to Transfer to KiwiSaver
Status of SSRSS and KiwiSaver
The SSRSS schemes continue operating for members in the same manner as prior to KiwiSaver being available. Members can contribute to their SSRSS scheme and, if eligible, continue receiving a compulsory employer contribution. The SSRSS compulsory employer contribution will no longer be payable if the member begins to receive an employer contribution to a KiwiSaver scheme.
SSRSS members can choose to transfer to a KiwiSaver scheme at any time.
Members are no longer able to change from their existing SSRSS scheme provider to another SSRSS scheme provider or (if the member is a teacher or principal at a school) to transfer to the Teachers’ Retirement Savings Scheme.
Members can remain in the SSRSS and also join and save with KiwiSaver, and the member’s accounts will remain within SSRSS and remain subject to the existing SSRSS rules.
State Sector Retirement Savings Scheme (SSRSS) Webinar
Specification Agreements
The Specification Agreements are between the Public Service Commissioner and the two SSRSS Managers, AMP and Smartshares/SuperLife. The Specification Agreements, amended on 13 November 2024, prescribe the terms on which the Managers currently make continued participation in the Trust available to employers.
SSRSS Specification Agreement SuperLife 13 November 2024
SSRSS Deed of Amendment and Restatement AMP Specification Agreement 13 November 2024