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Government contributions to the Super Fund were suspended between 2009 and 2017. In December 2017 contributions resumed. The Government's full statement on the resumption of contributions is available to read here, and the Guardians' statement can be read here.

What impact has the suspension of Government contributions had on the Fund?


The table below summarises the capital contributions and Fund returns as at 30 June 2021, both with and without the capital contributions suspension. The methodology has been agreed with Treasury, uses publicly available Treasury material for all of the necessary data, including capital contributions, fund returns, and government debt instrument yields. It assumes that the same investment choices would have been made had contributions not been stopped; and that opportunities to add value would have been perfectly scalable.


As at 30 June 2021

Fund Size (net of NZ tax)

Performance relative to Treasury Bills (since inception)

Performance relative to Treasury Bills + 2.8% (since inception)

A - With capital contributions since July 2009 as per s43*

$92.0 billion

$59.3 billion

$46.4 billion

B - Actual Fund Performance (i.e., without capital contributions since July 2009)

$59.8 billion

$39.2 billion

$29.5 billion

Difference (A - B)

$32.2 billion

$20.1 billion

$16.9 billion


* Assuming additional contributions would have earned the same return as the actual Fund did over this period.

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