Explained: Why the Govt is getting money from the Super Fund in 2028

Summary

Finance Minister Nicola Willis announced that the Government is forecast to make its first withdrawal from the NZ Super Fund in 2028, a modest $32 million, marking the fund’s first payout since its establishment in 2001. The fund was created to help cover future superannuation costs and is colloquially known as the “Cullen Fund” after its founder, Michael Cullen. Importantly, this withdrawal is mandated by a funding formula in the fund’s founding legislation and is not at the Government’s discretion.

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