Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Youngest KiwiSaver Scheme hitting the mark

Default provider appointment shows youngest KiwiSaver Scheme hitting the mark

Just over a year following launch, the BNZ KiwiSaver Scheme has been appointed a KiwiSaver default provider by Ministers Bill English and Craig Foss this morning.

BNZ CEO Andrew Thorburn says the default appointment shows that BNZ’s “deliberately different” approach is hitting the mark.

“As a nation we need to get better at saving, and the BNZ KiwiSaver Scheme was developed to bring saving to the front of New Zealanders’ minds so that it becomes as intuitive as paying the bills.

“We’ve done that by making savings balances very visible and by offering innovative incentives such as transferring FlyBuys points into retirement savings.”

Mr Thorburn says the default appointment fits perfectly with the bank’s aim to help people be good with money and will allow BNZ to make a larger contribution to ensuring New Zealanders are in the best financial position possible when they retire.

The BNZ KiwiSaver Scheme has had a huge debut. In its first year of operation the scheme opened more than 37,000 new accounts and reached over $200 million in funds under management.

Mr Thorburn attributes that success to the bank’s network of 180 retail stores as well as an ever-increasing online and digital presence. The bank’s mobile app won Best Mobile App at the NetGuide Web awards earlier this year.

The BNZ KiwiSaver Scheme itself also clocked up some accolades in its first year. The BNZ KiwiSaver Conservative Fund was awarded 5-stars by Canstar and the BNZ KiwiSaver Scheme was highlighted as “Best New Entrant” by Workplace Savings.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news