It was the advent of the SSRSs which led the trustees of the GRT to reluctantly decide to wind it up, as the GRT does not have the capital backing to market against the providers in the SSRSS – AMP, ASB and AXA.

The GRT was set up in 2002 to provide workplace superannuation to state sector employees following he closure of the old National Provident Fund, but its use never became widespread. The main parts of the public service which have used it are teachers, the police, Social Welfare, Inland Revenue and Statistics New Zealand.

Gibson notes that in some areas the GRT Superannuation Schemes still compete against the SSRSS providers.

"The Individual Retirement Plan and Teachers’ Scheme returns measure up exceptionally well against the SSRSS – comfortably outperforming, with only a couple of exceptions," she says.

"This is particularly important for those of the GRT member schemes that compete directly with the new government-subsidised State Sector Retirement Savings Scheme. That is; the Individual Retirement Plan, which has over 2,800 members many of whom are state sector employees and the Teachers Retirement Savings Scheme, which has over 11,200 teachers and principals from state and state-integrated schools”.

The comparison the GRT has worked out is based on information the three SSRSS providers have sent to members and/or from their websites, says Gibson.

On that basis, she says the GRT’s IRP comes up ahead of the others for stable funds, balance funds, and growth funds, at a 7.45%, 7.53% and 9.21% return, net of fees and other expenses.

The Teachers’ scheme returns come out ahead in stable and growth funds, at 6.95% and 9.14% respectively, but third in the balanced funds area, at 8.08%.

The final reports form the GRT are going out to members this week.