Hon Grant Robertson

Minister of Finance

19 September 2019

PĀNUI PĀPĀHO

MEDIA STATEMENT

An independent report showing the New Zealand Super Fund is operating at global best practice backs the Coalition Government’s decision to restart contributions.

“Earlier this week, the Super Fund announced it had grown by $3.7 billion over the past year to $43 billion – a pre-tax return of seven percent. These funds will go towards future NZ Super costs for New Zealanders, and help keep the cost of NZ Super affordable, Finance Minister Grant Robertson says.

“The result beat the Fund’s reference benchmark. It was a solid performance given the current global economic volatility, and shows the Super Fund is well-run.

“The Government is proud to have restarted contributions to the Super Fund, with more than $9 billion to be invested over five years.”

Today, a five-yearly independent review of the Guardians of New Zealand Superannuation and the NZ Super Fund was tabled in Parliament.

“The review shows the Fund is operating at global best practice levels, alongside only a small number of investors globally. It provides strong assurance that the Guardians are carrying out their mandate effectively,” Grant Robertson says.

This endorsement also validates this Government’s recent decision for the Guardians to administer the new $300 million Venture Capital Fund announced in the Wellbeing Budget.

“The review included a number of recommendations for ongoing improvement in certain areas and I look forward to engaging with the Guardians on this work,” Grant Robertson says.

Grant Robertson today also announced the reappointment of Guardians Board Chair Catherine Savage for an additional 18 month term and Board member Stephen Moir for an additional 12 month term.

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