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Kiwisaver Even More Attractive

24 August 2006

Kiwisaver Even More Attractive

TOWER reiterates it’s support for the KiwiSaver scheme and further encourages employees and employers to join. “We welcome the Select Committee recommendations and are particularly pleased to see the government offering tax incentives for members, which will give significant incentive to join, as it effectively can cut tax on total contributions in half”, said Tony Hildyard, CEO of TOWER Investments.

“The recommendations have also clarified many issues and simplified areas that had previously thought to have been “complex”. TOWER has been gearing up for the advent of KiwiSaver for a long time, and we firmly believe we would be ready for an 1 April 2007 start date, however the delay to 1 July 2007 is welcome as it will give more time for compliance issues to be worked through. It also allows extra time for education and awareness campaigns by the government and providers.

“When you think about it, for people joining the workforce now, this is a 45 year investment in their future, so a delay of 3 months in the scheme of things is really not significant.

“All the talk up until now for employers who currently have superannuation schemes, has been about qualifying to become exempt from automatic enrolment requirements in KiwiSaver. Now that the government have announced tax benefits on employer contributions, company superannuation schemes will now be seriously looking at conversion to a KiwiSaver scheme, rather than applying for exempt status. As the process has been simplified, there will be added incentive for employers with more than one superannuation scheme to merge or move their current schemes into KiwiSaver, giving way to a much easier, and hence more cost effective solution.

“At TOWER we look forward to being a part of helping New Zealanders save for their future and enjoy an improved quality of life in the years they deserve it most”, he added.

ENDS

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