SSRSS and TRSS superannuation compensation – schools payroll
The Ministry has paid compensation for loss-of-investment earnings related to the late payment of superannuation contributions.
- How we calculated the compensation
- Tax implications
- More information
- Contact us
- Keeping yourself safe from phishing scams
In 2015 the Ministry remediated the superannuation accounts of around 700 school employees in the State Sector Retirement Saving Scheme (SSRSS) and the Teachers Retirement Savings Scheme (TRSS). This remediation was for employer superannuation contribution errors that occurred after the introduction Novopay in 2012 through to 2015. The errors were corrected in 2015 and once employees paid their missed employee contributions, the Ministry paid the matching employer contributions.
In 2022, we paid compensation for the loss-of-investment earnings related to the late payment of these superannuation contributions, as well as any made after 2015.
We contacted former employees using their last known contact details. If you are eligible for compensation and your contact details have changed, please contact the team at firstname.lastname@example.org so we can process your payment.
You are eligible for loss-of-investment earnings compensation if you are a current or former school employee in the SSRSS or TRSS and:
- you were remediated by the Ministry in 2015 for employer superannuation contribution errors that occurred from 2012 to 2015, or
- you were affected by SSRSS or TRSS superannuation contribution errors after 2015 and have since paid your missed employee contributions and had the matching employer contributions paid.
Current SSRSS and TRSS members
If you are a current SSRSS or TRSS member and you are eligible for compensation, the payment has been paid into your superannuation account and will appear as a contribution in your SRSS (AMP or ASB) or TRSS (Mercer) account.
Former SSRSS and TRSS members
If you are no longer a SSRSS or TRSS member and you are eligible for compensation, we have paid the loss-of-investment earnings compensation into your bank account.
If you were a current school employee, we paid the compensation into the main bank account used by schools payroll to pay you on 14 April 2022. If you were not a school employee at time of payment, we paid the compensation into your nominated bank account.
Estates of former SSRSS and TRSS members can claim compensation in the same way as former members. Please email email@example.com and the team will guide you through the process if you are eligible for payment.
The compensation payments restore current SSRSS and TRSS members’ investment in their superannuation account to where they would have been had the superannuation contributions been paid on time. Where a current or former employee is no longer a member of SSRSS or TRSS, the compensation payments recognise their loss-of-investment-earnings through to April 2022.
The compensation amount was independently calculated and checked by PwC on behalf of the Ministry and your scheme manager has agreed to the principles and methodology applied. It takes into account the superannuation contribution errors that occurred, your specific investment mix and the fund’s investment returns since the errors were made.
If you received a payment into your bank account, we have paid income tax and any other applicable deductions (for example, student loan or KiwiSaver) from your payment based on your tax code at the time of payment.
We encourage you to contact any relevant organisations, such as Inland Revenue, for advice about whether your taxable payment affects any agreement you have with them about your current earnings, benefits, child support or any other matters.
Find out more about our schools payroll remediation programme.
If you have questions, you can contact the team by:
- emailing firstname.lastname@example.org
- calling +64 4 463 1191.
Phishing is when someone uses an email, text or phone call to try and get access to sensitive information (like bank account numbers and passwords).
For schools payroll remediation payments, we will not ask you for your bank account log in and password. We will contact you directly from @education.govt.nz and via follow-up text SMS and letter to remind you to register. The information you receive from us will direct you to the Ministry of Education’s website.
Phishing scammers will claim to be from a legitimate organisation, and often have email addresses or websites that look very real. They'll often ask you to claim a prize, check your details, or tell you that your account is expiring or needs to be checked.
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