The fund set up to help out with New Zealand’s burgeoning pension bill has – as expected – lost money this year in the face of turbulent global markets.
The New Zealand Superannuation Fund, which has been operating since 2003, had an after-tax loss of $880.75 million for the year to June, compared with a $1.09 billion profit last year.
The result represented, pre-tax, a negative return of 4.92 percent. The before-tax loss was $716.46 million.
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