The Government Superannuation Fund Act 1956 requires that every five years there must be conducted a review of how effectively and efficiently the Authority is performing its functions.
The Minister of Finance sets the terms of reference for the review. The review is conducted by an independent person appointed by the Minister of Finance. The report on the review is presented to Parliament.
The most recent five yearly review was completed in June 2021 by Willis Towers Watson and tabled in Parliament on 7 July 2021. The report can be viewed at: https://www.parliament.nz/en/pb/papers-presented/current-papers/document/PAP_112096/government-superannuation-fund-authority-review.
The Authority's response to the Willis Towers Watson review and its recommendations is in the attachment below.
The next statutory review is scheduled for 2026.