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KiwiSaver flying high

In April alone there were 78,000 New Zealanders who joined KiwiSaver, in response to the government's enhancements and bringing the total number of KiwiSavers to over 600,000.

Friday, May 9th 2008, 9:42AM
On April 1, the government introduced compulsory employer contributions and the government tax credits to support them.

Over 2,600 new KiwiSavers were signed up every day in April, making it the biggest month for KiwiSaver yet and taking total enrolments to 600,043 just 10 months after the scheme's launch. Initial projections were for 270,000 people to sign up after the first full year.

"New Zealanders are jumping at the opportunity to save for their retirement in numbers that few people could have predicted," finance Minister Michael Cullen said. "After 10 months we now have more than twice as many people in KiwiSaver than we predicted to after the first year."

Cullen believes the scheme is a "major assault on income inequality in retirement" and the numbers show a massive expansion of people saving privately.

Revenue Minister Peter Dunn believes, one of the main factors behind KiwiSaver's success has been the willingness of employers and workers to learn about the scheme and be patient as the government worked through teething problems.

"This time last year as we planned to announce the enhancements we were not expecting a response anywhere near this big. It is a credit to Inland Revenue, employers, scheme providers and KiwiSavers themselves that the implementation process has gone as smoothly as it has," Dunn said.

Click here to read Phil's latest KiwiSaver blog

« Axa Rosenberg walks in with new "alpha footprint"Investors like KiwiSaver, fret about government meddling »

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