Appendix 5

Report of the Government Actuary for the year ended 30 June 2004

[ Last Updated 11 October 2006 ]

Registered Superannuation Schemes in Force on Scheme Balance Dates in 2003: Analysis by Nature of Scheme

Nature of scheme	Number of Schemes			Total Assets			Total Membership
Nature of scheme	2003	2002	1990	2003 $m	2002 $m	1990 $m	2003	2002	1990
Private	47	50	508	29	29	58	66	70	550
Employer (1)	497	543	2,242	8,744	9,466	9,508	246,376	247,414	310,741
Employer (2)	8	7	0	453	370	0	25,362	16,
Retail	123	127	113	6,449	7,147	1,466	390,212	420,406	236,062
Total	675	727	2,863	15,675	17,011	11,032	662,016	684,851	547,353
Investment Only Schemes	26	26	2	9,667	10,266	55	547	588	100

Notes

"Private" schemes are schemes set up by individuals for themselves and their immediate family. "Employer (1)" schemes are schemes sponsored by private sector employers and all NPF employer sponsored schemes. "Employer (2)" schemes provide superannuation arrangements as alternatives to the Government Superannuation Fund, which are sponsored by public sector employers and approved under section 84C of the State Sector Act 1988. (Employer (1) and Retail statistics also include an unknown number of public sector employees who receive an employer subsidy). "Retail" schemes are schemes where membership is made available to the general public. "Investment Only schemes" (referred to as Master Schemes in previous years) are schemes whose members are trustees of other registered superannuation schemes.
The data has been obtained from annual reports made by the trustees of superannuation schemes "registered" under the Superannuation Schemes Act 1989 to the members and beneficiaries of those schemes.
Some totals may not add exactly, due to rounding.

	In force on scheme balance dates in the 12 months:		Included in (b):
	to 31 Dec 1990 (a)	to 31 Dec 2003 (b)	Prior period reports (c)	Terminating Schemes (d)
Number of schemes	2,242	497	10	47
Membership:
Actives	273,065	218,805	48	647
Deferreds	3,032	1,739	19	19
Pensioners	34,644	25,832	0	65
Total members	310,741	246,376	67	731
Accounts Summary ($millions)
Opening balance	9,624.8	9,300.0	4.8	91.3
Contributions	646.6	838.1	0.3	5.9
Net Investment Income	571.9	-339.0	-0.4	-0.1
Benefit Payments	1,334.9	1,055.1	0.8	53.4
Closing balance	9,508.4	8,744.0	3.9	43.7

	In force on scheme balance dates in the 12 months:		Included in (b):
	to 31 Dec 1990 (a)	to 31 Dec 2003 (b)	Prior period reports (c)	Terminating Schemes (d)
Number of schemes	0	8	0	0
Membership:
Actives	0	25,362	0	0
Deferreds	0	0	0	0
Pensioners	0	0	0	0
Total members	0	25,362	0	0
Accounts Summary ($millions)
Opening balance	0.0	369.6	0.0	0.0
Contributions	0.0	114.2	0.0	0.0
Net Investment Income	0.0	6.5	0.0	0.0
Benefit Payments	0.0	37.1	0.0	0.0
Closing balance	0.0	453.2	0.0	0.0

	In force on scheme balance dates in the 12 months:		Included in (b):
	to 31 Dec 1990 (a)	to 31 Dec 2003 (b)	Prior period reports (c)	Terminating Schemes (d)
Number of schemes	508	47	5	2
Membership:
Actives	540	63	2	0
Deferreds	10	0	0	0
Pensioners	0	3	3	0
Total members	550	66	5	3
Accounts Summary ($millions)
Opening balance	76.5	28.3	1.0	0.3
Contributions	8.9	0.2	0.0	0.0
Net Investment Income	3.5	1.3	-0.5	0.0
Benefit Payments	30.9	1.1	0.0	0.0
Closing balance	58.0	28.7	0.5	0.3

	In force on scheme balance dates in the 12 months:		Included in (b):
	to 31 Dec 1990 (a)	to 31 Dec 2003 (b)	Prior period reports (c)	Terminating Schemes (d)
Number of schemes	113	123	0	1
Membership:
Actives	234,590	387,494	0	0
Deferreds	369	0	0	0
Pensioners	1,103	2,718	0	0
Total members	236,062	390,212	0	0
Accounts Summary ($millions)
Opening balance	1,343.1	7,132.5	0.0	8.4
Contributions	252.9	831.7	0.0	0.0
Net Investment Income	24.5	-109.9	0.0	0.0
Benefit Payments	154.7	1,405.2	0.0	8.4
Closing balance	1,465.7	6,449.1	0.0	0.0

	In force on scheme balance dates in the 12 months:		Included in (b):
	to 31 Dec 1990 (a)	to 31 Dec 2003 (b)	Prior period reports (c)	Terminating Schemes (d)
Number of schemes	2,863	675	15	50
Membership:
Actives	508,195	631,724	50	650
Deferreds	3,411	1,739	19	19
Pensioners	35,747	28,553	3	65
Total members	547,353	662,016	72	734
Accounts Summary ($millions)
Opening balance	11,044.4	16,830.4	5.7	100.0
Contributions	908.4	1,784.2	0.3	5.9
Net Investment Income	599.8	-441.1	-0.9	-0.1
Benefit Payments	1,520.5	2,498.5	0.8	61.8
Closing balance	11,032.1	15,674.9	4.4	44.0

	In force on scheme balance dates in the 12 months:		Included in (b):
	to 31 Dec 1990 (a)	to 31 Dec 2003 (b)	Prior period reports (c)	Terminating Schemes (d)
Number of schemes	2	26	0	0
Membership:
Actives	100	547	0	0
Deferreds	0	0	0	0
Pensioners	0	0	0	0
Total members	100	547	0	0
Accounts Summary ($millions)
Opening balance	51.3	10,267.2	0.0	0.0
Contributions	11.2	4,542.5	0.0	0.0
Net Investment Income	- 1.7	-1,380.2	0.0	0.0
Benefit Payments	5.5	3,762.3	0.0	0.0
Closing balance	55.3	9,667.1	0.0	0.0

The data in column (b) includes data for schemes which are presumed current but which have not forwarded their annual reports for the balance date in the 12 months to 31 December 2003; refer column (c).
The data in column (b) includes the latest data for schemes which we have been informed will terminate after the balance date in the 12 months to 31 December 2003; refer column (d), which may include some cases in column (c).
"Net Investment Income" consists of investment income and realised and unrealised capital gains as recorded in the Statement of Financial Performance, less expenses (including the cost of insurance if any) and taxation.
"Benefit Payments" consists of amounts paid by way of pensions, lump sums on retirement, death, disablement, redundancy and withdrawal, and transfers to other schemes less transfers, received from other schemes.
Some totals may not add exactly, due to rounding.

Printed: 03/09/2010