Barry Soper: Superannuation Fund boss Adrian Orr worth the money

He earns in a week about what an old age pensioner earns in a year and he's in charge of ensuring they'll continue to take home some dosh to keep their heads above water while he jetskis above it.

The boss of our Superannuation Fund, the quietly spoken, 54 year old ginger Adrian Orr last year was awarded a payrise of 36 percent, signed off by his board, but actually got just 23.4 percent because he fell short of the targets for the higher pay.

The payrise was sanctioned when Bill English was the finance Minister and he wasn't happy then, and is even unhappier now that it's in the public arena. The new Prime Minister, whose own pay packet doesn't come within cooee of Orr's, reckons the payrise should have been no more than two and a half percent. The Don of the state sector bosses Peter Hughes was a little more generous saying it should have been around six percent.

So who's right and is Orr worth it?

Former Treasurer Winston Peters who has a view on everything reckons he is and says for English to whinge about it, and threaten the Fund's board, is a bit rich. National never liked the Fund, originally referred to as the Cullen Fund, and if English hadn't frozen contributions to it back in 2009 to give tax cuts to the wealthy, Peters says it would have been worth fifty billion dollars today, rather than 33 billion.

The fact that it's worth so much is a credit to Orr and his board considering since its inception in 2001, Government contributions have been well under half what it's now worth.

Under Orr's watch in the year to June 2013, the Fund posted a record, eye watering return of 26 percent. It's seen as one of the most successful pension funds in the world, and if you listen to Peters, the money paid last year to Orr was around the same as was paid last year to the boss of the failing Solid Energy, of Pike River infamy!

Yeah Orr's earning a lot of money but the Fund he's managing will ensure the growing number of pensioners will get at least something in their pockets in the years ahead.

And if the rumours around Wellington's beltway are true, the former Reserve Bank Deputy Governor is thinking about a step up to the top job when Graeme Wheeler steps down later this year - if it's true, he'll have to take a pay cut of close to 50 percent!