PIF Bill

We’re considering a draft Parliamentary Bill that would protect the district’s $346million nest egg for future generations of residents, but what you think?

The legislation that would ring-fence benefits from the Perpetual Investment Fund (PIF) for people living within the current district boundary.

The law would also require Councillors to consider the long-term nature of the PIF when they make decisions and would stand alongside the existing protections to ensure it keeps paying out for residents.

Your feedback on the draft law will help us decide whether to put the draft Bill, with any possible changes, to Parliament.

What do you think? Have your say by 5pm, Friday 17 June.

 

FAST FACTS

  • The PIF has paid NPDC about $240 million since 2004, including $9.3 million this year.
  • NPDC created the PIF in 2004 with about $260 million from the sale of its shareholding in Powerco.
  • The value of the PIF hit a record high of $346m in the 2020/21 financial year.
  • The New Plymouth PIF Guardians Limited was set up in 2017 and is a council-controlled organisation.
  • Since 2017, the PIF has been managed at arm’s length by independent investment firm Mercer.
  • Release payments from PIF are used to offset rates and keep rises down.
  • NPDC manages assets, including the PIF, worth $3.5 billion, runs 16 businesses and has an annual operating budget of about $155 million.

 

Read our consultation document

Read a full copy of the draft Bill

Read the detailed background paper

 

Have your say here.