Auckland (20 March 2008) - The Guardians of New Zealand Superannuation today announced two senior appointments.

Mr Tim Mitchell has been appointed General Manager Corporate Strategy.  Mr Mitchell previously held the position of Head of Public Markets at the Guardians, and has been with the organisation since its inception in 2002.  

The General Manager Corporate Strategy will be responsible for identifying and embedding global best practices across the Guardians.  Mr Mitchell's experience in the industry will greatly assist him in this role.  Reporting to the position will include the General Counsel, and the Heads of Responsible Investment and Communications.  

Mr Neil Williams has been appointed as General Manager Public Markets. This is the position vacated by Mr Mitchell. 

Mr Williams is returning from London where he is currently the Global Head of Asset Allocation at UBS Global Asset Management. He will commence work at the Guardians in May. Mr Williams has been responsible for global asset allocation and managing a team of senior investment professionals who are located internationally.  

The General Manager Public Markets is responsible for the assessment and appointment of external investment managers.   The organisation structure of the Guardians can be found on the Fund's website www.nzsuperfund.co.nz.  

-Ends-  

For more information please contact: Karine Fox, Head of Communications, New Zealand Superannuation Fund, 09 373 8963, 021 351 141 or visit www.nzsuperfund.co.nz.  

Notes for Editors:

About the New Zealand Superannuation Fund:

The New Zealand Superannuation Fund, which commenced investing at the end of September 2003, is designed to partially provide for the future cost of New Zealand superannuation. An ageing population means the cost of providing New Zealand superannuation is expected to double over the next 50 years.  To prepare for this, the Government plans to allocate around $2 billion a year to the Fund over the next 20 years while the cost of superannuation is relatively low.  In the meantime, the Fund will invest the money on a prudent but commercial basis.

As the cost of superannuation escalates, the Government will progressively draw on the Fund to help smooth the impact on its finances.  As at 31 January 2008 the value of the Fund was $13.2 billion. The Fund is expected to grow to around $109 billion by 2025.

In addition to best-practice management portfolio, and to avoid prejudice to New Zealand's reputation as a responsible member of the world community, the Fund's objective is to maximise returns without undue risk to the Fund as a whole. The Guardians expect the return on the Fund to exceed, before tax, the yield on 90-day Treasury bills by an average of at least 2.5% p.a. over rolling 20-year periods.