Despite many being exceedingly small and most now having been closed to new member for a generation, there remain around 50 registered defined benefit schemes in New Zealand.
Developed by the FSC Workplace Savings Committee, this guide outlines the challenge to update the permitted operating model for defined benefit (DB) workplace savings schemes by enabling them to consolidate, thereby benefiting both members and employer sponsors through improved cost-effectiveness and simpler administration.
This is an independent report prepared by Chapman Tripp (Mike Woodbury). The report was commissioned by the FSC and funded from the Workplace Savings New Zealand reserve held in the FSC’s accumulated funds.
Though socialised with the Workplace Savings Committee and other selected workplace savings industry participants, the report’s findings and recommendations are those of Chapman Tripp.