David Chaplin

The NZ Superannuation Fund (NZS) is preparing to roll out a new reference portfolio in July, hinting at some changes ahead in the passive-based benchmark it uses to anchor all investment decisions. “We have completed the five-yearly review of the Reference Portfolio, and it will come into effect from 1 July 2026,” said NZS.

Retirement income looms over asset accumulation as the biggest headache facing defined contribution savings regimes, according to the latest Thinking Ahead Institute (TAI) review of the global pension sector. The TAI 2026 ‘Global pension assets study’ reveals that 60 per cent of “leading defined contribution (DC) organisations see retirement income as the main challenge over the next decade”.

Despite an expected bonanza of funds and fees coming its way over the next five years, the asset management industry could see a profit downgrade, according to the latest PwC annual review of the sector. The 2025 Asset and Wealth Management Revolution report released by the Big Four consulting firm forecasts a base case growth trajectory for the global funds industry to reach more than $US200 trillion by 2030 compared with about $US140 trillion at December 31, 2024.