Kia Orana Members, the CINSF Administration Report is now available for the second quarter of 2021.
Member contributions for the second quarter totaled approximately $4.7m, with 42 new members registered to the fund and 7 new pensioners, bringing the total number of members to date 12,845.
The Fund paid out approximately $3.4m in benefits during the quarter for foreign worker withdrawals, retirement, voluntary withdrawals, and deaths. This is a significant increase from Q1, and was expected in line with the changes to Pensioner Benefits lump sum withdrawal limit increase from $15,000 to $45,000 from 1 April 2021.
Member investment options also show $517k being transferred between the Conservative, Balanced and Growth Funds. The spread of this sum transferred to the Growth and Balanced fund from the Conservative, which suggest that measures aimed at informing our Members about other options are working.
Interim interest rates to June end 2021 are 3.4% for the Conservative Fund, 9.5% Balanced Fund, and 15.7% Growth Fund. These interim rates have recovered significantly than the previous months.
To view the full administration report please click on the link below.