The CINSF have declared a net investment gain to members of 10.90% (2013: 8.86%) for the year, with contributions from members and their employees at $10.5 million (2013: $9.4m), and benefit payments of $1.4m (2013: $1.3m). The net asset value of the Fund grew by $17.4 million to reach $95.4 million (2013: $78m) by the end of 2014. With 678 new members joining the Fund, the total membership grew to 8,249 (including 94 pensioners) at the end of 2014.
CEO Damien Beddoes explained that although the Fund had produced another strong gain in 2014, that members should not always expect double digit returns “the Fund does have a guideline of 30% exposure to equities, and this can produce both positive and negative returns depending on how the markets and our investments perform, therefore we recommend members focus on the longer term nature of the Fund” said Beddoes.
Beddoes continued to explain that whilst the Fund performed strongly during 2014, it was faced with legal challenges by a few employers, however that didn’t affect the increase in members during this time and instead demonstrated the strong support by employees for the Fund. Beddoes stated “CINSF members continue to grow in their understanding of Superannuation and the need to build a solid investment nest egg to provide for them in retirement, and this has been demonstrated by the increase in additional voluntary contributions we are now seeing from members”.
In May 2015 the Fund reached a total value of $100,143,155 in members Funds, and over the past 2 weeks the office has been engaged in public meetings rolling out the new investment options for members that came into effect on 1 July 2015.
Member statements are currently being distributed to all members and the Trustee Annual Report and Audited Financial Accounts are available to be downloaded from the CINSF website. For those members without internet access a copy can be obtained from the CINSF office.