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 04/06/2020
Growth $1.1822
Balanced $1.1598
Stable $1.1175
Cash Plus $1.0613

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 %
Apr 2020 5.75 4.37 2.51 0.09
Year to date 5.75 4.37 2.51

0.09

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 short term. KiwiSaver schemes continue to benefit from a higher weighting in New Zealand shares. Returns from listed property and infrastructure, which were expected to help temper a fall in share prices, have not had this effect during the current downturn. Many of these assets are designed to bring people together – think airports, shopping malls and toll roads – and have been particularly affected by lockdowns around the world designed to curb the spread of Covid-19. At the same time, a collapse in oil prices contributed to a fall in commodity prices to which PSS has a small exposure. Importantly, some managers of our global fixed interest and global shares portfolios simply underperformed the benchmarks set for them and their peers. We are monitoring this situation closely and maintain an ongoing dialogue with the scheme’s investment managers and advisers to make sure the scheme’s overall investment approach and the asset allocation for each fund continues to serve the long-term interests of members.

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 April 2020 (before fees and tax)
  1 year (%) 3 years (% p.a.) 5 years (% p.a.) 10 years (% p.a.)
Growth +0.2 +0.2 +0.4 +0.3
Balanced -0.6 +0.2 +0.3 +0.6
Stable -0.8 +0.1 +0.2 +0.7
Cash Plus +0.3 +0.4 +0.3 +0.5