National Provident Fund

To talk to someone about your scheme, phone 0800 628 776

This scheme pays pensions to people who were previously members of the following NPF schemes –

  • Aircrew Superannuation Scheme
  • Annual Single Premium Scheme
  • Farm Workers Scheme
  • Level Premium Scheme
  • Lump Sum Cash Accumulation Scheme
  • Lump Sum National Scheme
  • Meat Industry Scheme
  • Meat Industry Related Trades Scheme
  • Pension National Scheme
  • Pension Cash Accumulation Scheme
  • Post 60 Scheme
  • Ships’ Officers Scheme
  • Staff Pension Scheme

The benefits payable by your scheme are guaranteed by the Crown.


In 2022, the Board updated the financial management framework for the scheme. As part of that process, the Board considered the investment strategies that should be pursued depending on the funding level of the scheme, along with the Minimum Funding Level above which consideration will be given by the Board to granting pension increases. In setting the Minimum Funding Level at 108%, the Board acknowledged there will be years when the funding level of the scheme is below the target and there is insufficient surplus to provide for a pension increase.

The Funding Level for the scheme at 31 March 2023 was 107.8%, below the Minimum Funding Level of 108%.  On 19 June 2023, as part of its consideration of the annual financial statements for the scheme, the Board resolved that no pension increase would be given for the year ended 31 March 2023. 


The investment return (after tax and operating expenses) earned by the scheme for the year ended 31 March 2023 was -2.28% (2021: 0.22%).

How your money is invested

The scheme's asset allocation strategy is set by the Board and reviewed regularly. In addition, during the year, The Board applies its Dynamic Asset Allocation (DAA) tilting programme from time to time as outlined in the Statement of Investment Policies, Standards and Procedures (SIPSP).

The pie chart below shows the scheme’s asset allocation strategy effective from 1 December 2021. The allocation of 80% to fixed interest, in duration matched New Zealand fixed interest, is by way of investment in the Fixed Interest No.2 Unit Fund.  There was no DAA tilt in place as at 31 March 2023.