Latest returns

Your investment returns depend on the performance of the investment option(s) you have chosen to invest your savings in. Returns may be negative, nil or positive. 

Daily unit pricing

Updated at the end of each trading day

The scheme uses daily unit pricing. When you sign in to your account to view your investment balances online, you see the unit price, number of units and dollar value for your holding in each investment option.

A unit represents a share in a particular investment option. The unit price is based on the net value of all the investments held under that investment option. At the end of each trading day, we declare a unit price for each option, just like a share price. When your contributions are paid into the scheme, you effectively buy additional units based on that day’s unit price. Similarly, when you apply for a benefit, you redeem units to the value of your withdrawal based on that day’s unit price.

Investment management fees and expenses are reflected in the unit price. Tax is not reflected in the unit price. This is because the scheme is a Portfolio Investment Entity (PIE). A PIE is a type of investment vehicle in which investment earnings accruing to an individual investor are taxed at a rate based on the annual income of that investor. This is called your prescribed investor rate (PIR). Read more about tax.

Current prices

After expenses but before tax Current price 06/05/2021
Growth $1.4175
Balanced $1.3095
Stable $1.1989
Cash Plus $1.0646

Market update

Our investment manager Mercer prepares a monthly update on investment markets. 

Read the latest monthly update

Percentage returns

Updated monthly

These investment performance figures are based on the change in unit prices over a given period and are expressed as a percentage. Returns are after expenses and before tax. Returns in brackets are negative. Percentage returns on your investments will vary depending on your PIR. 

Percentage returns for this scheme year

  Growth % Balanced % Stable % Cash Plus %
Apr 2020 5.74 4.36 2.51 0.09
May 2020 2.71 1.99 1.46 0.02
June 2020 1.84 1.41 1.05 0.04
July 2020 2.84 2.17 1.50 0.03
Aug 2020 2.50 1.30 0.67 0.04
Sep 2020 (1.30) (0.64) (0.28) 0.03
Oct 2020 (0.11) (0.05) 0.19 0.04
Nov 2020 5.57 3.90 2.01 0.03
Dec 2020 2.60 1.82 1.18 0.02
Jan 2021 0.39 0.05 (0.03) 0.03
Feb 2021 0.85 0.08 (0.29) 0.02
Mar 2021 2.12 1.32 0.41 0.04
Year to date 28.70 19.05 10.82 0.44

Historical returns

  Growth % Balanced % Stable % Cash Plus %
2020 (9 months) (10.52) (6.66) (2.81) 1.21
2019 5.50 6.47 5.01 2.22
2018 7.10 5.42 4.15 2.22
2017 11.71 8.26 4.62 2.30
2016 4.25 5.75 6.21 2.86
2015 5.33 5.80 4.98 3.82
5-year return (p.a.) 3.7 3.9 3.6 2.6
10-year return (p.a.) 7.4 7.2 6.0 3.1

Returns after expenses and before tax. Returns for 2020 are for the 9 months to 31 March 2020. Returns for 2015-2019 are for periods ended 30 June. 5-year and 10-year average returns are for periods ended 31 March 2020.

PSS vs KiwiSaver

These graphs compare returns from our three main funds with comparable funds in the Morningstar KiwiSaver Report. Morningstar is an independent company that monitors KiwiSaver fund performance.

PSS returns continue to lag behind the average for KiwiSaver schemes. There are several reasons for this.

  • In general, KiwiSaver schemes continue to benefit from a higher weighting in New Zealand shares which have fared better than their global counterparts during recent years
  • Similarly, PSS invests in global fixed interest which has underperformed New Zealand fixed interest in recent years, and
  • PSS holds a broader range of assets than most KiwiSaver schemes including listed property, infrastructure and commodities. With particular reference to the property and infrastructure assets classes it has been the case that many investments  have been severely affected by lockdowns around the world designed to curb the spread of COVID-19.

It’s true to say that past performance is not an indicator of future performance. Returns from one asset class or one market will not outperform all others indefinitely. The directors believe diversification is key to serving the best interests of members over the long term and will continue to invest across a broad range of asset classes with a global focus. We will continue to respond to long-term structural changes in investment markets and conditions and will adjust our strategy when necessary but with a long term horizon in mind. We are currently reviewing our strategic asset allocation with our advisers and will advise members of any changes in due course.

Performance against benchmarks

Each option aims to outperform its benchmark. You can read more about benchmarks in the Statement of Investment Policy and Objectives.

Performance against benchmark

to 28 February 2021 (before fees and tax)
  1 year (%) 3 years (% p.a.) 5 years (% p.a.) 10 years (% p.a.)
Growth +0.1 +0.3 +0.7 +0.5
Balanced +0.2 +0.4 +0.9 +0.7
Stable +1.2 +0.7 +1.0 +0.8
Cash Plus +0.3 +0.4 +0.3 +0.5