Pension National Scheme

The Pension National Scheme is a defined contribution scheme. The benefits payable by your scheme are guaranteed by the Government.

The earnings rate declared by the Board for the scheme for the year ended 31 March 2024 was 8.52% on Members' Total Credits as at 1 April 2023, and 3.4% on contributions paid during the year. The investment return (after tax and operating expenses) earned by the scheme for the year ended 31 March 2024 was 13.28%; 2022: -1.99%.

Locked-in scheme

The Locked-in section of the scheme was created on 1 July 2007 as an alternative to KiwiSaver. The Locked-in section has many of the benefits of KiwiSaver, but also has the Government guarantee and the 4% minimum earnings. These two features are hallmarks of the NPF schemes and are not available to KiwiSaver.

How your money is invested

The scheme's asset allocation strategy is set by the Board and reviewed regularly.  In addition, from time to time, the Board applies its Dynamic Asset Allocation (DAA) tilting programme as outlined in the Statement of Investment Policies, Standards and Procedures (SIPSP).  The pie chart shows the scheme’s asset allocation strategy as at 31 March 2023 and 31 March 2024.