New Zealand Post
INFORMATION FOR MEMBERS OF THE
NEW ZEALAND POST SUPERANNUATION PLAN
It’s up to you to claim your benefit if you leave. The process can take three to four weeks, so you need to plan for this. For example, if you’re going overseas, you’ll need to keep a New Zealand bank account open so we can deposit your money.
If you haven’t been paid after four weeks:
If your leaving service benefit is more than $5,000, you can choose to continue investing your savings in the Plan. You can leave either your full entitlement invested in the Plan or 80% of your entitlement (and receive the balance in cash). You can leave your savings in the Plan until age 65. If you are aged 62 or older when you leave, you can defer your benefit for up to three years. There is more information about this option on the Leaving form.
You generally won’t be able to access any savings you have in the CSF (locked-in) section if you leave the company before age 65. You will need to join a KiwiSaver scheme or another complying superannuation fund for us to transfer the balance to. You can let us know which scheme you want your CSF money paid into on the Leaving form.
You need to be 65 years of age or older to be eligible to make a withdrawal. If you joined the CSF section before 1 July 2019, you also need to have been a member of that section for at least five years. From 1 April 2020, you will be able to opt out of this five-year rule – call the helpline for more information.
If you qualify for a retirement withdrawal, you need to complete a statutory declaration as well as the Leaving form in order to claim your benefit. Call the helpline on 0800 697 728 (choose option 1) and ask for a CSF retirement withdrawal statutory declaration.
Any life insurance you have with the Plan will stop when you leave. In most case, you can choose to continue this cover by transferring from an employer policy to a personal policy. You probably won’t need to provide evidence of good health, and any pre-existing conditions are usually covered. Once we receive your Leaving form, Tony O’Brien from Aon Hewitt will be in touch to explain this option further. Alternatively, you can contact Tony on (04) 819 4075 or 027 240 6759.