30 Jun 2009

Government top-up for superannuation schemes

10:38 pm on 30 June 2009

The Government is pumping $34 million into three Crown-guaranteed superannuation schemes to help cover low investment returns.

The National Provident Fund offered a total of 11 super-schemes to workers outside central Government, but have been closed to new members since 1991.

The Government is legally required to top-up three of the schemes so they meet a four-percent minimum return to members.

Finance Minister Bill English says the payment was signalled in the Budget, and the last such payment was required in 2003.

The three schemes are the Pension National Scheme, the Lump Sum National Scheme and the Meat Industry Scheme.