Formats and related files
This is the Treasury's model that is used to calculate the government's capital contribution to the New Zealand Superannuation (NZS) Fund.
This model, which is in MS Excel workbook format, calculates the contribution rate for pre-funding New Zealand Superannuation (NZS). The model was updated at the time of the release of the Half Year Economic and Fiscal Update 2018 (HYEFU).
Since the last release with the Budget Economic and Fiscal Update 2018 (BEFU) the model's data inputs have been updated. Specifically, the model uses the latest five-year forecasts of the NZS Fund's earnings and tax payments and longer-term projections of nominal GDP, the nominal Government 10-year bond rate and total net (after-tax) NZS expenditure.
There have also been modelling changes, which have had only minor effects on the model’s outputs. For more detail on these, see the note Modelling changes to the New Zealand Superannuation (NZS) Fund model at the 2018 Half Year Economic and Fiscal Update.
This version of the model includes capital contributions between the years 2018/19 and 2021/22 (inclusive) as set out in the 2018 Fiscal Strategy Report. From 2022/23 annual capital contributions (or withdrawals) are calculated as per via the legislated formula in Section 43 of the New Zealand Superannuation and Retirement Income Act 2001.
Tables in the HYEFU publication show what capital contributions would have been if they had resumed in 2018/19 under the legislated formula.
For information purposes, the model contains two additional worksheets:
- NZS Expense - History & Future - This gives historical data, and the latest forecasts and projections, for aggregate NZS expenditure, both inclusive (gross) and exclusive (net) of tax, and average NZS recipient numbers over fiscal years. Expenditure data is given in nominal dollar terms and as a percentage of nominal GDP.
- History of NZS Fund - This gives historical data on the NZS Fund since its inception in 2001/02 up to and including the latest historical fiscal year (year ended 30 June).
The projected gross NZS tracks in the NZS Expense - History & Future worksheet display a potential path, beyond the latest forecast horizon, of the aggregate NZS expenditure numbers. These are in gross of tax terms, which is how all expenses in the Financial Statements of the Government of New Zealand are recorded.