12 Oct 2010

Market recovery bolsters Superannuation Fund

1:37 pm on 12 October 2010

A report on the New Zealand Superannuation Fund says it has benefited from a recovery in global financial markets.

The fund made a return of 15.5% in the year to June and is now worth more than $16.4 billion.

In its annual report, the New Zealand Superannuation fund attributes the lift mainly to the recovery of markets following the global financial crisis.

Just under a third of the fund is invested in New Zealand assets with the remainder invested offshore, particularly in overseas equity markets.

The fund invested $2.7 million in New Zealand over the year, compared with $2.2 million the previous year.