KiwiSaver wins praise from international body
British-based Pensions Policy Institute says there is much about KiwiSaver to imitate.
Thursday, June 9th 2005, 5:24PM
Finance Minister Michael Cullen today welcomed a report from the British -based Pensions Policy Institute praising the KiwiSaver scheme and suggesting it might provide some useful ideas for Britain."Features identified by the Institute as potentially appealing in the British context are: automatic enrolment with a voluntary opt-out provision, a simple design, a visible flat rate incentive, low administration costs directly controlled by the government, a holistic approach to saving and help with home buying," Cullen said.
"KiwiSaver was the centrepiece of Budget 2005 and has the capacity to improve household savings levels and to develop a stronger savings culture in New Zealand.
"Both these objectives offer positive benefits to the economy as a whole and to the individual saver since financial security brings with it greater freedom and choice.
"I am delighted to get such a strong endorsement from an expert in the savings and superannuation area," Cullen said.
This is a media release from Michael Cullen, Minister of Finance
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