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Unions to get into KiwiSaver

The Council of Trade Unions is poised to launch into providing its own KiwiSaver superannuation scheme.

Tuesday, May 2nd 2006, 6:31AM

by Rob Hosking

It also wants more encouragement for employer contributions for KiwiSaver, perhaps through the tax regime.

CTU economist Peter Conway told Good Returns the union movement needs to be seen to be part of KiwiSaver.

Discussions are currently under way with the aim of using the existing Industry Retirement and Savings Scheme (IRIS) as a KiwiSaver vehicle.

IRIS has $20 million in funds and was set up by the distribution and service sector unions in the mid-1990s.

Conway says the CTU is tapping the expertise of the Australian Council of Trade Unions about running large superannuation schemes.

“Ambitious as it may seem, we hope to have it ready for the 1 April KiwiSaver deadline,” he says.

Other services such as insurance – already part of IRIS – would be offered.

Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.

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