KiwiSaver numbers surge after 1 April changes

The number of New Zealanders in KiwiSaver has surged forward following the 1 April roll out of employer contributions and tax credits, Finance Minister Michael Cullen and Revenue Minister Peter Dunne announced today.

As at 9 April, 542,338 New Zealanders are enrolled in KiwiSaver with over 20,000 of those members having joined in just the first nine days of April.

“The number of New Zealanders getting behind KiwiSaver continues to amaze,” Dr Cullen said. “Over 2,000 New Zealanders have joined KiwiSaver every day in April – a huge response to the enhancements introduced by the government at the start of the month.

“No one expects that pace to continue, but it’s safe to say the sceptics who thought New Zealanders would turn down a chance to save for their retirement were dead wrong. New Zealand workers have turned KiwiSaver into arguably the most successful voluntary savings initiative anywhere in the world, and certainly a blueprint for other nations.

“With over 100,000 KiwiSavers aged under 25 and more and more people joining through automatic enrollment and lower and middle income groups, KiwiSaver is clearly building a new savings culture in New Zealand.”

Peter Dunne said workers and employers should be congratulated for their efforts in making KiwiSaver a success.

“KiwiSaver is a success because workers got behind it and because employers worked hard to make it available in their workplaces,” Mr Dunne said.

“Inland Revenue has worked hard to deal with teething problems as they emerge and will continue to do so. In the mean time, we can all be pleased that KiwiSaver is raising the bar for what New Zealanders can hope for in retirement.”