Westpac provides the Westpac New Zealand Staff Superannuation Scheme for the benefit of its staff. This scheme has various sections, but only one section, In-Tandem, is open to new members. In-Tandem is a defined contribution scheme. The Scheme is managed by the Scheme Trustee, Westpac New Zealand Staff Superannuation Scheme Trustee Limited.
Membership is voluntary. All employees can join the Scheme at any
time, but pre-management employees do not receive contributions from Westpac until they have been employed for two years and fixed term and casual staff do not receive employer contributions to In-Tandem at all.
Management level employees will receive contributions from Westpac as soon as they join the Scheme.
Monetary equivalents of Westpac's Contribution to an employee's superannuation account cannot be traded for a salary equivalent (ie. the benefit cannot be cashed up).
For management and pre-management staff, the first two or four years of Westpac Contributions (depending on your category of membership) is subject to vesting (the gradual transfer of ownership to the member). If you leave within this two-year or four year period you may not get all of the contributions made by Westpac.
Management and pre-management members of the Scheme who are aged under 65 are provided, without cost, an in-service death and total & permanent disablement insurance subject to the insurer accepting the member for cover and subject to joining conditions.
The Scheme trust deed and the laws of New Zealand govern the terms and conditions of the staff superannuation scheme.
The Scheme Trustee is charged with the responsibility of scheme governance. Member representation on the management of the superannuation scheme comes by way of two member elected Directors of the Trustee; who act together with the requisite number of other Directors of Scheme Trustee (including an independent licensed trustee) appointed by Westpac. Further details can be found in Meet the current Directors of the Scheme Trustee.
Members of In-Tandem also have the option to join KiwiSaver and enjoy the benefits of both In-Tandem and their KiwiSaver scheme with no requirement to make additional contributions. Further details can be found in The Combo Option.
If you need an explanation of superannuation and investment-related words and phrases used in this website, please refer to our Glossary.
For more information please see the Product Disclosure Statement available here.