This post shares some resources on the New Zealand Superannuation Fund.
Between 1999 and 2001, I led the policy development for the establishment of the New Zealand Superannuation Fund. This is an investment fund (aka sovereign wealth fund) owned by the New Zealand Government to help build up financial assets and strengthen the Crown’s balance sheet to meet future requirements. It is administered by an independent board and has built up a diversified portfolio of financial assets invested across world capital markets.
A detailed paper, which I co-authored with Jane Frances for the World Bank 2nd Public Pension Fund Management Conference in 2003, describes the governance arrangements underlying the New Zealand Superannuation Fund. [Download: gppf-nzsf-wb] This paper has also been reprinted as a chapter in:
- Musalem, AR and R J Palacios Public Pension Fund Management: Governance, Accountability, and Investment Policies (2004, World Bank).
I also prepared a paper on Designing an Independent Governance Structure for the World Bank 3rd Public Pension Fund Management Conference in September 2004.
The Treasury Working Paper Financing New Zealand Superannuation, which I also co-authored with Jane Frances, addresses the financial issues surrounding calculation of the contributions the Government is required to make to the Fund. [Download: twp01-20]
New Zealand was not the only country seeking to strengthen the public balance sheet through building up a portfolio of financial assets. A review of the Irish National Pensions Reserve Fund that I co-authored with Jane Frances was published in The Actuary (May 2001). [Download: Actuary]
The NPRF was succeeded in 2014 by the Ireland Strategic Investment Fund with a national economic development investment mandate.