The Pension National Scheme is a defined contribution scheme. The benefits payable by your scheme are guaranteed by the Government.
The earnings rate declared by the Board for the scheme for the year ended 31 March 2026 was 4.00% on Members' Total Credits as at 1 April 2025, and 1.6% on contributions paid during the year. The investment return (after tax and operating expenses) earned by the scheme for the year ended 31 March 2026 was 14.60%; 2025: 5.30%.
The trust deed for Pension National Scheme was amended on 6 October 2025. The link for the annotated trust deed is provided below.
Wind up of Scheme at 31 March 2026
The Minister of Finance, at the Board’s request gave a direction that the Scheme be wound up as at 31 March 2026.
All members were provided a notice of wind up, together with options available to them pre-wind up and upon wind up. If you have any questions please contact the Scheme Administrator, Datacom.
Final distribution of the Scheme is scheduled to occur in August 2026.
Locked-in scheme
The Locked-in section of the scheme was created on 1 July 2007 as an alternative to KiwiSaver. The Locked-in section has many of the benefits of KiwiSaver, but also has the Government guarantee and the 4% minimum earnings. These two features are hallmarks of the NPF schemes and are not available to KiwiSaver.
How your money is invested
The scheme's asset allocation strategy is set by the Board and reviewed regularly. The pie charts show the scheme’s asset allocation strategy as at 31 March 2025 and 31 March 2026.
