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 Government.


The Board has determined that pensions will remain the same. The Board has requested Management to update the financial management framework for the Scheme including reviewing the current investment strategy and the ability of that strategy to support pension increases. The Board will consider (by 31 March 2022) whether the scheme can support pension increases and, if so, by what percentage and from what date.

We confirm the Subsequent Events note in this year's annual report is incorrect. We apologise for any confusion created by this error.


The investment return (after tax and operating expenses) earned by the Scheme for the year ended 31 March 2021 was 19.06%.

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 has applied its Dynamic Asset Allocation (DAA) tilting programme as outlined in the Statement of Investment Policies, Standards and Procedures (SIPSP). The pie charts show the Scheme’s asset allocation strategy effective from 1 May 2021. Since March 2021 there has been a DAA position in place allocating an additional 2% of assets from NZ shares to overseas shares.