New Zealand Superannuation (NZS) Fund Contribution Rate Model

New Zealand Treasury ()
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New Zealand Treasury: Macroeconomic and Fiscal Policy, The Treasury

Treasury Modelling and Data Tools from New Zealand Treasury

Abstract: This is the Treasury’s model that is used to calculate the government's capital contribution to the New Zealand Superannuation Fund (NZSF).The model was updated at the time of the release of the Budget Economic and Fiscal Update 2026 (BEFU 2026).This model, which is in MS Excel workbook format, calculates the contribution rate for pre-funding New Zealand Superannuation (NZS), under the legislated formula in Section 43 of the New Zealand Superannuation and Retirement Income Act 2001. From this contribution rate, which is expressed as a percentage of nominal GDP, the Government’s capital contributions to the Fund, and in later years withdrawals from the Fund to the Crown, are derived. The only exception to this is the contribution for the current fiscal year, 2025/26, which has not been changed from the value calculated at the Budget Economic & Fiscal Update 2025 (BEFU 2025). This is because the contribution, or withdrawal, set at the previous Budget for the fiscal year immediately following that Budget is always retained in order to provide certainty to the NZSF in regard to monthly payments to or from the Fund over that fiscal year. Since the last release with the Half Year Economic & Fiscal Update 2025 (HYEFU 2025) the model’s data inputs have been updated. Specifically, the model uses the latest five-year forecasts provided by the NZSF of the Fund’s earnings and tax payments and those of NZS expenses made by the Ministry of Social Development, as well as Treasury’s longer-term projections of nominal GDP and aggregate net (after-tax) NZS expenditure.

Date: 2026-05-28
Note: The next edition will be the NZS Fund Contribution Rate Model - HYEFU 2026 planned for December 2026.
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Downloads: (external link)
https://www.treasury.govt.nz/publications/archive- ... ribution-rate-models Context and archive for the NZSFCRM series (text/html)
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https://www.treasury.govt.nz/publications/new-zeal ... rate-model-befu-2026 Context including guide for the BEFU 2026 edition of the NZSFCRM (text/html)
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https://www.treasury.govt.nz/sites/default/files/2026-05/nzsf-model-befu26.xlsx Spreadsheet model - NZSFCRM - BEFU 2026 edition (application/vnd.ms-excel)

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Persistent link: https://EconPapers.repec.org/RePEc:nzt:nztmdt:nzsfcrm

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