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 log 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. From 1 July 2019 the scheme became a Portfolio Investment Entity (PIE). Before 1 July 2019 tax is reflected in the unit price. From 1 July 2019 tax is not reflected in the unit price.

Current prices

After expenses but before tax Current price 24/11/2020
Growth $1.3003
Balanced $1.2437
Stable $1.1707
Cash Plus $1.0631

Market update

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

Read 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. Percentage returns on your investments will vary depending on your prescribed investor rate (PIR).

Percentage returns for this scheme year

  Growth % Balanced % Stable % Cash Plus %
April 2020 5.75 4.37 2.51 0.09
May 2020 2.68 1.97 1.44 0.02
June 2020 1.84 1.41 1.07 0.04
July 2020 2.84 2.18 1.51 0.03
August 2020 2.48 1.28 0.67 0.04
September 2020 (1.34) (0.68) (0.30) 0.02
October 2020 (0.13) (0.06) 0.18 0.03
Year to date 14.85 10.87 7.27 0.28

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. Every provider has a slightly different strategy, so it is difficult to make comparative statements against average returns. However, comparing PSS returns against KiwiSaver funds with a similar mix of investments provides a benchmark that’s easy to relate to. Morningstar urges caution when comparing returns, noting that “past performance is not a guide to future performance. This year’s best performers can easily be next year’s worst”. Morningstar advises that “understanding your risk profile, and the mix of growth and income assets is critical”.

While long-term returns (10 years) for PSS stack up reasonably well against KiwiSaver schemes, PSS returns lag behind the average for this peer group over the shorter term. Manager performance has played a part, but the principal reason is that we have elected to follow a different investment strategy. While most KiwiSaver schemes have a greater proportion of assets invested in New Zealand shares, we have focused on a more diversified and global portfolio. This helps us reduce risk by spreading funds over a much wider range of investments. If we were to concentrate on the New Zealand market, you can imagine the impact a localised event such as an outbreak of foot and mouth disease would have on returns. Nevertheless, this approach has seen our returns fall behind our KiwiSaver counterparts in recent years. Read more

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 30 September 2020 (before fees and tax)
  1 year (%) 3 years (% p.a.) 5 years (% p.a.) 10 years (% p.a.)
Growth -0.1 +0.0 +0.6 +0.2
Balanced -0.5 +0.1 +0.6 +0.5
Stable +0.1 +0.4 +0.6 +0.7
Cash Plus +0.3 +0.4 +0.3 +0.5