Government welcomes GSFA review findings

Finance Minister Bill English today welcomed a largely positive review of the Government Superannuation Fund Authority (GSFA).

The independent review, which is required every five years, was carried out by JANA Investment Advisers and tabled in Parliament today.

It is the second review since the GSFA was set up in 2001 to administer the Government Superannuation Fund (GSF), which manages superannuation entitlements for about 68,000 current and former civil servants.

"The Government Superannuation Fund has $3.3 billion invested, so it makes up a significant part of the Crown’s balance sheet. It is important those assets are well managed," Mr English says.

"The reviewers found the GSFA meets best practice in all essential areas, has effective board and management oversight, appropriate policies and practices, strong risk management and effective decision making.

"This is reflected in recent GSF results which show it achieved its performance benchmark for five-year returns.

"The review identified some opportunities to improve policies and practices, particularly around the level of information provided to the GSFA board on investments. The review notes these recommendations should be seen in the context of an overall positive report card.

"The Government will discuss these recommendations with the board," Mr English says.

The review is available at:
www.treasury.govt.nz/publications/reviews-consultation/gsfa