The New Zealand Fire Service Superannuation scheme is a defined contribution superannuation scheme, registered with the Government Actuary, and was established on 02 December 1987.

From 26 June 2007 the scheme has been approved as a Complying Superannuation Fund by the Government Actuary in accordance with section 35 of the of the Superannuation Schemes Act 1989 which permits Trustees to accept contributions as if the scheme were a KiwiSaver scheme.

A Trust Deed sets out the requirements related to all aspects of the operation of the scheme.

There are seven Trustees, three appointed by the New Zealand Fire Service Commission, three appointed by the New Zealand Professional Firefighters Union and an independent Trustee appointed by these six Trustees.

The Trustees have developed and regularly update the scheme's Investment Strategy and Objectives. They last updated the scheme's SIPO in January 2008.

The Investment Strategy set out in the SIPO is to:

• Be 'slightly aggressive' in terms of the percentage of assets held in shares and property.

The Investment Objectives set out in the SIPO are to:

• Achieve a level of performance which maintains the member's confidence in the scheme.
• Ensure the scheme can always meet the immediate payment of benefits.
• Achieve a return consistent with the age profile of the membership and the size and risk appetite of the members of the scheme.
• Ensure the probability of a negative net return shall be no more than 20% for any one year, 5% for any three year period and less than 2% for a five year period.

These Objectives are measured by the scheme working to five year rolling averages which are to:

• Achieve an average after tax rate of return at least equal to the CPI rate plus 2.5% per annum.
• Achieve a before tax return above the total scheme benchmark of 1.0% per annum.
• Achieve a gross return in the top two quartiles of the Mercer Investment Performance Survey.
• Achieve an agreed target for each asset sector and Investment Manager in accordance with the agreed mandate. 

In order to achieve the Investment Strategy and Objectives the Trustees have adopted the following investment configuration:

• New Zealand Cash managed by ING(NZ) Limited - 3.0 to 7.0%
• New Zealand Government Fixed interest managed by ING(NZ) Limited - 2.25 to 4.75%
• New Zealand Non Government Fixed interest managed by ING(NZ) Limited - 5.25 to 7.75%
• Global Bonds - 18.0 to 25.0%
• Hedge Funds - 3.0 to 7.0%
• Australasian Equities managed by AllianceBernstein - 5.3 to 8.3%
• Australasian Equities managed by AMP Capital Investors - 5.3 to 8.3%
• Offshore Equities managed by AllianceBernstein - 5.0 to 9.0%
• Offshore Equities managed by AMP Capital Investors - 20.5 to 28.5%
• Offshore Equities managed by New Zealand Assets Management - 2.0 to 5.0%
• New Zealand Property managed by AMP Capital Investors - 2.5 to 7.5%
• Global Property managed by ING(NZ) Limited - 2.5 to 7.5%.

The Trustees employ and contract various companies and individuals to carry out scheme administration, quarterly financial reporting, an annual audit, regular investment reporting, tax accounting, and get Investment and legal advice. They have also appointed a Secretary to the Trustees who coordinates these activities on their behalf.

At 30 June 2010 the scheme had 1751 members and assets totalling $ 255.51 million.