World Library  
Flag as Inappropriate
Email this Article

New Zealand Superannuation Fund

 

New Zealand Superannuation Fund

The New Zealand Superannuation Fund is a sovereign wealth fund in New Zealand. New Zealand currently provides universal superannuation for people over 65 years of age and the purpose of the Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension, which is expected to increase as a result of New Zealand's ageing population. It was created by the New Zealand Superannuation and Retirement Act 2001 on 11 October 2001 under the leadership of Michael Cullen, Minister of Finance in the Fifth Labour Government,[1] and is colloquially known as the "Cullen Fund".[2] The New Zealand Government has contributed $14.88b to the fund to date.[3] The sovereign fund posted a record 25.8% return in the twelve months till 30 June 2013.[4]

In 2009, the National Government suspended payments to the fund.[5]

The Fund has had a high profile in New Zealand after it and Infratil (a publicly listed New Zealand company) acquired Royal Dutch Shell's downstream assets in New Zealand, since renamed Z Energy.[6][7]

References

  1. ^ "New Zealand Superannuation and Retirement Income Act 2001". 7 July 2010. Retrieved 12 May 2011. 
  2. ^ "National's KiwiSaver and "Cullen Fund" policies". Chapman Tripp. 13 November 2008. Retrieved 12 May 2011. 
  3. ^ "NZ Super Fund hits milestone". Fairfax Media. 18 October 2012. Retrieved 18 October 2012. 
  4. ^ "New Zealand Superannuation Fund Posts Record 25.8% Return for 2012-2013". Sovereign Wealth Fund Institute. Retrieved 3 September 2014.
  5. ^ "CONTRIBUTIONS SUSPENSION", nzsuperfund.co.nz/
  6. ^ Bradley, Grant (18 November 2009). "Infratil 'likely' to seal deal with Shell". New Zealand Herald. Retrieved 29 November 2009. 
  7. ^ Bogoievski, Marko (3 November 2009). "Shell New Zealand Limited". NZX. Retrieved 19 December 2010. 

External links

  • Official website
  • New Zealand Superannuation and Retirement Income Act 2001 on the New Zealand Legislation website.
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.