History of superannuation for Government employees

A history of the GSF can be found in Neill Atkinson’s book: Rewarding Service – a History of the Government Superannuation Fund (University of Otago Press) 2002.

Chronology

1 December 1899: The Police Provident Fund (PPF) was established.

1 January 1903: The Government Railways Superannuation Fund (GRSF) established.

1 January 1906: The Teachers Superannuation Fund (TSF) established.

1 January 1908: The Public Service Superannuation Fund (PSSF) established.

April 1910: The PPF was absorbed into PSSF.

1911: The National Provident Fund (NPF) established.

1914: The NPF became the main scheme for local government employees.

1920: The Government Superannuation Association (GSA) and the Railway Superannuitants’ Association (RSA) founded in response to rampant post-war inflation.

1 April 1948: The three funds (GRSF, TSF and PSSF) combined as the Government Superannuation Fund (GSF).

1963: Compulsory membership of the GSF for all government employees introduced. This was strong opposed by the Railway Association.

1969: Annual cost of living adjustments (CoLA) of 60% were achieved, increasing to 100% over 40 contributory years, with 1% added to the contribution rate.

1985: The new GSF scheme introduced with the CoLA increased to 100%, the annuity reduced to compensate, and the contribution rate raised to 6.5%.

April 1991: NPF closed to new members.

July 1992: GSF closed to new members.

Go to annuity schemes for an outline of these schemes.

Go to annuity schemes features for the main features of the GSF and NPF schemes.