Government Superannuation Fund (GSF)
There are seven GSF schemes: General, Armed Forces, Police, Prisons, Judges, Solicitor-General, and Parliamentary.
The GSF schemes were offered as a condition of employment for state employees and therefore represent a contract between the employee and the employer (the Crown) to provide an annuity.
Except for public service non core entities, the employer’s contribution is not paid into the Fund. The employer’s contribution is made when the annuity is paid. The Fund therefore comprises principally employee contributions and earnings from the investment of these contributions. The annuity payment is drawn partly from the accumulated fund, with the balance paid by the Crown on behalf of state employers as its contribution to the annuity.
The Government Superannuation Fund Act 1956 and its amendments set the basis for various schemes for which the Act provides. The Fund has been closed to new contributors since 1992. The number of annuitants has exceeded contributors since 1996.
The Government Superannuation Fund Authority, a Crown Entity established in 2001, manages the Government Superannuation Fund (‘GSF’ or the ‘Fund’) and the GSF schemes, in accordance with the GSF Act. The Authority currently contracts the administration of the schemes to Datacom Employer Services Ltd. The investment of the Fund is also contracted out. For further information go to: www.gsfa.govt.nz.
National Provident Fund (NPF) Defined Benefit Plan (DBP)
The NPF Defined Benefit Plan is one of 10 schemes operated by the NPF Trustees governed by the National Provident Fund Restructuring Act 1990. The NPF Defined Benefit Plan, a ‘defined benefit’ superannuation scheme similar to the GSF schemes, was set up to provide an annuity for local government employees, including those in the health service. The scheme has been closed to new contributors since 1991.
The NPF schemes are governed by the NPF Trustees and annuities are government guaranteed. The NPF Trustees currently contract the administration of the scheme to Datacom Employer Services Ltd. For further information go to: www.npf.co.nz.
Go to annuity schemes features for the principal features of these schemes.