NZ Super Fund gets tick

Wednesday 10th November 2004

A review of the multi-billion NZ Superannuation Fund gives it a tick for performance.

Finance Minister Michael Cullen has released a highly positive report from independent expert Jonathan Eriksen on the performance of the Guardians of the New Zealand Superannuation Fund, saying it showed the fund was in good hands.

Eriksen, an Auckland-based actuary and business consultant, found that the investment policies, standards and procedures established by the Guardians were appropriate to the fund, that the returns to date had been satisfactory and that there was best practice governance and accountability across the organisation.

"His findings are cause for considerable satisfaction to the government, given the importance of the Fund to the future viability of New Zealand Superannuation and to the security in retirement of New Zealanders.

"Eriksen has recommended some extra resourcing for the fund. I will consider these recommendations," Dr Cullen said.

The legislation establishing the fund provides for periodic reviews of the board every five years.

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