Dunne: KiwiSaver hits 900,000 mark

Hon Peter Dunne Minister of Revenue

Media Statement For immediate release Friday, 23 January 2009

Dunne: KiwiSaver hits 900,000 mark

More than 900,000 New Zealanders are now saving for their future through the KiwiSaver scheme, Revenue Minister Peter Dunne announced today.

By 31 December, just 18 months since the scheme began, KiwiSaver's total membership had reached 900,509.

"That's a tremendous take-up rate for the scheme by any measure, and it's particularly pleasing to note the very even spread across all age groups and both genders," Mr Dunne said.

"I think that basically confirms that Kiwis are very supportive of this scheme. Young and old, men and women - it's proving to be a scheme for all New Zealanders.''

He said that the rate of adoption among younger New Zealanders was particularly important.

"With 46 per cent of KiwiSaver members under 35, it's good for the country's future to see younger people saving.''

From April 1, members will be able to elect to contribute two percent of their pay towards the scheme. More information about changes to the scheme, effective April 1, is available at www.kiwisaver.govt.nz

Further information about membership figures is also available on the KiwiSaver website at www.kiwisaver.govt.nz/media

ENDS