Infrastructure Projects

Protecting the Perpetual Investment Fund (PIF)

NPDC is promoting the New Plymouth District Council (Perpetual Investment Fund) Bill to Parliament.

Parliament’s Governance and Administration Committee called for feedback on the Bill. Submissions closed on 3 February 2023. 

The next step is for the Committee to consider whether any changes are warranted and to report back to the House.

The Perpetual Investment Fund (PIF) currently helps to offset rates for our residents. The Bill would ring-fence benefits from the PIF for people living within the present district boundary.

It 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.

The Bill was introduced to Parliament on 22 November 2022.  You can follow the Bill's progress on the Parliament website and the Legislation website.

 

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FAST FACTS

  • The PIF has paid NPDC about $240 million since 2004, including $10.4 million this year
  • NPDC created the PIF in 2004 with about $260 million from the sale of its shareholding in Powerco
  • The PIF was valued at $339m at 30 June 2022
  • 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

Page last updated: 02:09PM Thu 09 March 2023

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