Firesuper - About the Scheme

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 2011.

The Investment Strategy set out in the SIPO is:

Overall long term performance – after investment fees and tax:

		Return (% pa)
	High Growth Option	CPI + 4.0% over 10 years
	Balanced Option	CPI + 3.0% over 5 years
	Conservative Option	CPI + 1.5% over 3 years
	Cash Option	CPI + 0.25% over 3 years

Individual Manager performance compared to benchmark – gross of fees and tax on a rolling three year average:

		Outperformance (% pa)
	Australasian shares	2.00
	Core Global shares	2.00
	Emerging Market Global shares	1.00
	NZAM Global shares	0.75
	New Zealand Direct property	0
	Global listed property	0.75
	New Zealand bonds	0.75
	Global bonds	0.75
	Cash	0.25

Investment Choice performance compared to benchmark – gross of fees and tax on a rolling five year average:

		Agreed target (% pa)
	High Growth Option	+ 1.25
	Balanced Option	+ 1.00
	Conservative Option	+ 0.50
	Cash Option	+ 0.25

Performance of Investment Strategy – compared to KiwiSaver Funds with an asset allocation to bond and cash assets within +/-5% of the Option’s strategic asset allocation:

Based on rolling three year average
Gross of fees and tax
Target to be in top half of the Melville Jessup Weaver KiwiSaver Survey on a quarterly basis compared to KiwiSaver Funds in the marketplace
Target to be in top half of the Mercer Investment Performance Survey (MIPS) – KiwiSaver on an annual basis compared to KiwiSaver Funds in the marketplace.

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 31 December 2011 the scheme had 1775 members and assets totalling $ 277.12 million.

For more information please refer to the scheme's Investment Statement
e-mail the scheme on info@firesuper.co.nz or by using the addresses on the Contacts page.
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