ASB Group Endorses Kiwisaver Concept
ASB GROUP ENDORSES KIWISAVER CONCEPT
Statement made by Rob De Luca, Head of ASB Group Investments
As the largest provider for the State Sector Retirement Superannuation Scheme (SSRSS), ASB Group endorses the Kiwisaver initiative announced by the Minister of Finance.
Based on our experience with the SSRSS, we view this as a positive step by the Government to encourage a higher level of awareness and a more structured approach to retirement savings by New Zealanders. This will assist with providing increased certainty for New Zealanders to achieve their retirement goals.
ASB Group Investments manages over half of the funds for members of the SSRSS, which is now the largest employer based retirement savings scheme with close to 30,000 state sector employees. The successful uptake of the SSRSS demonstrates that workplace savings schemes are favourable for both employees and employers. Specifically, the provision of easy to understand, transparent products is critical for many New Zealanders who don’t have significant investment expertise.
ASB Group Investments Limited is the issuer and promoter of investment funds distributed through both ASB and Sovereign. Following the popularity and success of the SSRSS, there has been increased demand for our ASB Superannuation Master Trust product from organisations wanting to provide their employees with a workplace superannuation product.
We look forward to further information from the Government and consultation regarding the structure of Kiwisaver.