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 2004. 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 (2004 data).
The Government Superannuation Fund has been excluded from all these analyses.
8.2 Comparison between 1990 and 2004
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 36.8% of the total from 34% in the 2003 year.
8.3 Continuing Decline in Number of Schemes
The number of superannuation schemes declined from 675 in 2003 to 625 in 2004, a reduction of 50 compared to 52 in the previous year. The corresponding reduction in the number of employer sponsored schemes was from 505 in 2003 to 463 in 2004, a reduction of 42 compared to 45 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
In my 2003 Annual Report I reported on a survey of the superannuation industry that I undertook to attempt to ascertain the number of employers participating in multi-employer (master scheme) arrangements. I have surveyed the industry again this year and received 16 responses and I would like to thank those scheme managers for their willing assistance. All 16 schemes are currently able to sign up new employers.
The results from the survey indicate that in respect of those 16 schemes there are currently around 2,318 participating employers using those master scheme arrangements, excluding National Provident Fund participating employers. Included in the 2,318 will be some duplications, as some employers have more than one such scheme. The comparable number of participating employers advised for this group in the previous survey was 2,202.
Data received for the master scheme products surveyed shows total net assets for participating employers of $1,498 million; annual member contributions of $254.7 million; annual employer contributions of $167.6 million; and total membership of 78,314.
11 of the 16 master schemes had total annual contributions in excess of $5 million, with 9 in excess of $10 million pa.
Of the 2,318 participating employers reported, 238 participating employers only pay the administration fees of the scheme.
7 of the 16 master schemes provide a trustee member category and total assets held for trustee members are $205 million.
7 of the 16 master schemes also provide a personal superannuation category and total assets held for personal members are $334.4 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 000's, of active members in private sector employer occupational schemes, from Appendix 5.1 of Government Actuary reports;
- The number, in 000's, of active members in the Government Superannuation Fund taken from its annual reports, plus the number, in 000's, of active members in Public Service schemes similarly from Appendix 5.1;
- The number, in 000's, 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 |
1,929** |
11.2% |
2.6% |
13.89% |
**Revised figure from March 2005 Key Statistics publication
As a result of the change to the State Sector Act 1988 and the increased level of state sector participation in master trust products the split between private sector and public sector participation in employer sponsored superannuation schemes can no longer be determined.
- For the 2004 year the table below shows (in thousands):
- The number, in 000's, of active members in all employer occupational schemes, from Appendix 5.1 of Government Actuary report plus the number, in 000's, of active members in the Government Superannuation Fund taken from its annual report;
- The number, in 000's, of active Labour Force participants, as given in Statistics New Zealand Labour Force Employed figures for the March year;
- The ratio of membership of total employer schemes as a percentage of the employed workforce.
| Year |
Private & Government |
Labour force |
Total |
| 2003 |
268 |
1,929 |
13.89% |
| 2004 |
280 |
1,988 |
14.08% |
8.5 Superannuation Savings
The assets of retail superannuation schemes totalled $6,658 million at year 2004 balance dates and $6,449 million at year 2003 balance dates, an increase of $209 million. A decrease of $698 million was noted in the previous year.
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