Super Fund contributions secure generational legacy
The Government is safeguarding the future of superannuation by resuming contributions to the New Zealand Superannuation Fund.
“We will restart contributions to the Super Fund tomorrow, fulfilling our promise to New Zealanders,” says Finance Minister Grant Robertson.
“Restarting contributions is projected to increase the size of the Fund to over $63 billion by 2022/23 and will help protect the Government’s ability to pay New Zealand Superannuation at age 65.
“This isn’t a policy about tomorrow, or next year, or even the next decade; it’s about investing responsibly to enhance the long-term wellbeing of New Zealanders.
“To do that, we plan to put money in regularly – as Sir Michael Cullen intended when he set up the Fund in 2001. We will build up our contributions over the forecast period with a total investment of $7.7 billion over the next five years.
“This Government cares about how future costs are funded across generations. We are acting responsibly to address future issues now,” says Grant Robertson.
Contributions to the New Zealand Superannuation Fund
Source: The Treasury