1. Background
1.1 The Superannuation Schemes Act 1989 places emphasis on the role and responsibilities of trustees and makes no distinction between schemes which are provided to the general public, set up by individuals for themselves, or sponsored by private or state sector employers.
As can be seen from the figures given in Appendix 5, the predominant arrangements are employer-sponsored schemes and retail schemes, with assets of $10.179 billion and $6.66 billion respectively, and membership of 280,360 and 364,029 respectively. The average amount of assets per member in employer-sponsored schemes is $36,307, compared to $18,295 in retail schemes. It may be noted that these figures are based on returns for balance dates in the calendar year 2004, with most being as at 31 March 2004.
These figures do not include the Government Superannuation Fund, which was closed 30 June 1992, and which at 30 June 2005 had $3,521 million in assets and 69,865 members of whom 53,482 were receiving pensions or had deferred pension entitlements.
1.2 Principally, my role is to react to the decisions and actions (or lack of action) of persons responsible for managing registered superannuation schemes, where necessary or appropriate. My aim is to encourage compliance with the Act; and to resort to the use of my statutory powers only where that encouragement has proved ineffective, or where "encouragement" would be inappropriate due to the circumstances of the particular matter under consideration. From time to time, whether on request or when a situation comes to my attention, I may indicate what my view is likely to be of a particular decision, or of a course of action under consideration. Section 6 of this report identifies the discretionary powers that may be exercised by the Government Actuary under the Act.
1.3 In practice, the services that I require for the administration of the Act have been provided by the Insurance and Superannuation Unit of the Business Services Branch of the Ministry of Economic Development. In this report the operations of myself and the Insurance and Superannuation Unit in connection with the Act are referred to as "the office".
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