8. Statistics
8.1 Introduction
A statistical analysis has been carried out in respect of superannuation schemes which were in force on their balance dates in 2003. A corresponding analysis has been made for schemes which were in force on their balance dates in 1990. This provides an approximate comparison between the situation immediately prior to the commencement of the current regime for superannuation schemes (1990 data) with the latest complete information available to me (2003 data).
The Government Superannuation Fund has been excluded from all these analyses.
8.2 Comparison between 1990 and 2003
Detailed information is shown in Appendices 3 to 7. In particular, Appendix 4 shows that the majority of superannuation schemes are still relatively small, although the proportion with assets of $5 million or more has increased to 34% of the total from 32% in the 2002 year.
8.3 Continuing Decline in Number of Schemes
The number of superannuation schemes declined from 727 in 2002 to 675 in 2003, a reduction of 52 compared to 88 in the previous year. The corresponding reduction in the number of employer sponsored schemes was from 550 in 2002 to 505 in 2003, a reduction of 45 compared to 75 in the previous year.
In part, the reduction in private sector employer sponsored schemes is likely to be the result of stand alone schemes moving into multi-employer arrangements, so as to save on administration and compliance costs. It is doubtful if the removal of prospectus requirements will stem this flow given the proportionately large number of schemes whose fund values are less than $5 million.
8.4 Changes in Number of Members of Occupational Schemes
For the years 1990 to 2003 the table below shows (in thousands):
- The number, in 000s, of active members in private sector employer occupational schemes, from Appendix 5.1 of Government Actuary reports;
- The number, in 000s, of active members in the Government Superannuation Fund taken from its annual reports, plus the number, in 000s, of active members in Public Service schemes similarly from Appendix 5.1;
- The number, in 000s, of active Labour Force participants, as given in Statistics New Zealand Labour Force Employed figures for March each year;
- The ratio of membership of private employer, Government employer and total employer schemes as a percentage of the employed workforce.
| Year |
Private |
Government |
Labour force |
Private |
Government |
Total |
| 1990 |
273 |
60 |
1,480 |
18.5% |
4.1% |
22.6% |
| 1991-92 |
- |
- |
- |
- |
- |
- |
| 1993 |
273 |
61 |
1,475 |
18.5% |
4.1% |
22.6% |
| 1994 |
258 |
59 |
1,532 |
16.8% |
3.9% |
20.7% |
| 1995 |
254 |
58 |
1,608 |
15.8% |
3.6% |
19.4% |
| 1996 |
247 |
55 |
1,670 |
14.8% |
3.3% |
18.1% |
| 1997 |
244 |
52 |
1,731 |
14.1% |
3.0% |
17.1% |
| 1998 |
233 |
50 |
1,732 |
13.5% |
2.9% |
16.4% |
| 1999 |
222 |
49 |
1,741 |
12.8% |
2.8% |
15.6% |
| 2000 |
217 |
46 |
1,766 |
12.3% |
2.6% |
14.9% |
| 2001 |
218 |
45 |
1,806 |
12.1% |
2.5% |
14.6% |
| 2002 |
216 |
44 |
1,870 |
11.55% |
2.35% |
13.90% |
| 2003 |
217 |
51 |
1,898 |
11.4% |
2.7% |
14.1% |
The downward trend in employer superannuation coverage in relation to the employed labour force from 1993 onwards continues for the private sector whilst for the public sector the introduction of the Teachers Retirement Savings Scheme which commenced September 2002 has boosted the Government membership figures above. If the membership figures of the new State Sector Retirement Savings Scheme which commenced on 1 July this year were included the Government Sector statistic would increase to 4.6%.
8.5 Superannuation Savings
The assets of retail superannuation schemes totalled $6,449 million at year 2003 balance dates and $7,147 million at year 2002 balance dates, a decrease of $698 million. A decrease of $718 million was noted in the previous year.
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