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Cautious thumbs up for KiwiSaver

Tuesday, 28 February 2006

Cautious thumbs up for KiwiSaver

The KiwiSaver scheme unveiled today has taken on board the good advice offered to its designers by New Zealand business, the Employers & Manufacturers Association (Northern) says.

"Employers in general are supportive of KiwiSaver, though smaller businesses are understandably not happy with its added compliance costs," said Alasdair Thompson, EMA's chief executive,

"Small businesses in New Zealand pay $3500 per employee a year in compliance so it's no surprise they don't want any more obligations foisted on them by government.

"We are pleased to see employers are not being asked to advise their employees on financial planning - they won't have to nominate a savings scheme provider, or to act as representatives for their employees in their dealings with Inland Revenue.

"IRD has consulted with business constructively throughout the development phase of the scheme.

"The future augurs well for the scheme."

ENDS

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