New Zealand Government Executive

Finding your way around this document The diagram below shows the basic structure of the RSS regime from an individual saver's perspective. *The RSS - how your savings are collected, grow and return*
How your savings are collected, grow and return
SEE Who will contribute RSS savings? Exemptions from making contributions How much will you contribute? How will contributions be collected? Where do savings go?	As you see, the process starts with your contributions. Making your RSS contributions explains: who will make RSS contributions what exemptions there are how RSS contributions might rise over the first five years of the scheme how contributions will be collected and where they will be deposited.
SEE Savings managers Core conditions an RSS fund must comply with Taxation of RSS fund earnings Regulation of the funds Ensuring accountability Liabilities and penalties Purchasing an annuity Government top-up Contribution rates, tax cuts and other changes NZS Current retirees and those soon to retire Those who retire during the transition Existing superannuation arrangements	RSS Fund Management examines the next stage of the process - what happens to your money once you have made your contributions. It describes: the role and responsibilities of savings managers conditions that your savings manager must comply with taxation of RSS fund earnings regulation of RSS funds certification of RSS funds liabilities and penalties incurred by savings managers and certifiers who fail to carry out their responsibilities. "Your income in retirement" covers: the purchase of a whole-of-life, inflation-adjusted annuity (a 'standard annuity'). the Government top-up to ensure that all retirees can obtain the guaranteed income at retirement the allowances paid to single people. Finally, "Transition to the RSS describes how the RSS will be implemented over time: phasing in RSS contributions over the next five years continuing to pay NZS to existing superannuitants phasing out NZS for new retirees over a 35 year period, starting in 2003, as the new scheme phases in options for electing to change retirement savings arrangements with: existing superannuation schemes other investments. At the end of this document is a glossary of terms and definitions. All chapters conclude with a list of questions and their answers. An Independent Referendum Panel has been appointed to inform the public about the facts of the scheme as contained in this White Paper. This information campaign will begin in July and carry through to mid-September. The Panel has established a web site http://www.referendum.govt.nz from which information contained in the White Paper can be accessed. During the campaign it will run an 0800 number which the public will be able to access for factual information on the scheme.

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