Infrastructure Projects

Protecting the Perpetual Investment Fund (PIF)

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

Parliament passed the Bill on 28 June 2023 and the Governor-General give it Royal Assent on 6 July 2023. 

It is now the New Plymouth District Council (Perpetual Investment Fund) Act.

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

It also requires 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 see its progress on the Parliament website and read it on 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: 04:47PM Fri 07 July 2023

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