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New Zealand Superannuation Fund Contribution Rate Model

Page updated 14 Dec 2017

Treasury model used to calculate the government's capital contribution to the New Zealand Superannuation (NZS) Fund.

This model in MS Excel workbook format calculates the contribution rate for pre-funding New Zealand Superannuation (NZS). The model was updated at the time of the release of the Half Year Economic and Fiscal Update 2017 (HYEFU).

Since the last release with the Pre-election Economic and Fiscal Update 2017 (PREFU) the model's data inputs have been updated. Specifically, the model uses the latest five-year forecasts of the Fund's earnings and tax payments and longer-term projections of nominal GDP, the nominal Government 10-year bond rate and total net (after-tax) NZS expenditure. 

This version of the model includes capital contributions between the years 2017/18 and 2021/22 (inclusive) as set out in the Budget Policy Statement. From 2022/23 onwards capital contributions (and in later years withdrawals) are calculated via the legislated formula.

Tables in the HYEFU publication show what capital contributions would have been had they resumed in 2017/18 under the legislated formula.

Largely for information purposes, the model contains two additional worksheets:

  • NZS Expense - History & Future - This gives historical data, and the latest forecasts and projections, for aggregate NZS expenditure, both inclusive (gross) and exclusive (net) of tax, and average NZS recipient numbers over fiscal years. Expenditure data is given both in nominal dollar terms and as a percentage of nominal GDP.
  • History of NZS Fund - This gives historical data on the NZS Fund since its inception in 2001/02 up to and including the latest historical fiscal year (year ended 30 June).

The projected gross NZS tracks in the NZS Expense - History & Future worksheet display a potential path, beyond the latest forecast horizon, of the aggregate NZS expenditure numbers shown in the Transfer payments and subsidies note  to the Forecast Financial Statements.  These are in gross of tax terms, which is how all expenses in the Financial Statements of the Government of New Zealand are recorded.

The MS Excel workbook New Zealand Superannuation Fund Contribution Rate Model is a special purpose document and cannot be supplied in HTML format. The modelling guide in Adobe PDF format can be supplied in HTML format if requested from Information Services. Using MS Excel Files Using PDF Files
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