The fund was established in 2001 and is governed by a separate Crown entity called the Guardians of New Zealand Superannuation, which is overseen by a board selected by New Zealand's Ministry of Finance. It is a funded on a "pay as you go" basis, which means that the cost of paying NZS in any given year is paid from the taxes levied on incomes of the working population in that year. The fund's assets totaled $15.8 billion by May 2010, and its size is not projected to peak until 2056.
Investment dictionary. Academic. 2012.