New Zealand Superannuation (NZS) Fund Contribution Rate Model

New Zealand Treasury ()
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New Zealand Treasury: Modelling, Research & Forecasting, The Treasury

Treasury Modelling and Data Tools from New Zealand Treasury

Abstract: This is the New Zealand Treasury's spreadsheet-based model that is used to calculate the New Zealand 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 2025 (BEFU 2025). 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 exceptions to this are the contributions for the current fiscal year, 2024/25, and for the next fiscal year, 2025/26. The 2024/25 capital contribution has not been changed from the value calculated at the Budget Economic and Fiscal Update 2024 (BEFU 2024). This is because the monthly payments to the NZSF in this year are based on equal instalments of this annual amount. The capital contribution calculated under the legislated formula for 2025/26 was $61 million. This amount is being transferred to the Elevate NZ Venture Fund, which is why the capital contribution in this fiscal year is zero. Since the last release with the Half Year Economic and Fiscal Update 2024 (HYEFU 2024) 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: 2025-05-22
Note: The next edition will be the NZS Fund Contribution Rate Model - HYEFU 2025 planned for December 2025.
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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-2025 Context including guide for the BEFU 2025 edition of the NZSFCRM (text/html)
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https://www.treasury.govt.nz/sites/default/files/2025-05/nzsf-model-befu25.xlsx Spreadsheet model - NZSFCRM - BEFU 2025 edition (application/vnd.ms-excel)

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