Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Dunne: Almost 1 In 3 Children Now In KiwiSaver

Hon Peter Dunne
Minister of Revenue

Thursday 1 November 2012 Media Statement

Dunne: Almost 1 In 3 Children Now In KiwiSaver

KiwiSaver membership hit two million, with almost one in three children and two-thirds of young adults signed-up by the end of the 2011-12 year, Revenue Minister Peter Dunne said today.

“Overall, membership grew by about 12 percent in this 12-month period,” Mr Dunne said in releasing the fifth KiwiSaver evaluation annual report.

“The report shows that almost 29 per cent of children and nearly 67 per cent of 18 to 24 year olds were enrolled in KiwiSaver by the end of the 2011-12 year

Children under 18 need a legal guardian’s consent to join the scheme.
“I think that there can be few greater recommendations for the scheme than that parents are clearly supporting their children into it from very early ages. That is a real vote of public confidence in KiwiSaver.

“In August, the scheme reached two million members, which, again, in a population of four and a half million is quite a phenomenal achievement in just five years,” he said.

Mr Dunne said there was continued growth in KiwiSaver membership across population groups, with a total of $12.7 billion passed to providers by 30 June 2012. That figure has since grown to $13.05 billion.

He said the continued increase in membership during 2011-12 shows that the programme continues to be popular with New Zealanders saving for their retirement.

The report also shows 62 per cent of members have chosen to opt into the scheme, as opposed to being automatically enrolled by an employer.

“People can choose their contribution level and from the wide range of schemes available, and they continue to gain the incentives of the member tax credits and the kick-start payments to help them on their way.

“Almost 2500 people have used their funds to help them buy their first home,’’ Mr Dunne said.

KiwiSaver continues to be an increasing part of the managed funds market. At June 2012, the value of KiwiSaver funds under management was $12.9 billion, representing about 17 per cent of the managed funds market, which is up 3 per cent on the 2010-11 year.

“KiwiSaver offers New Zealanders an easy, flexible way to save and continues to be taken up across the board,” he said.

The report can be found at http://www.ird.govt.nz/aboutir/reports/research/report-ks/research-ks-annual-report-2012.html

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On Anne Tolley’s
Callous Folly

Years ago, I remember someone in the Heath Ministry telling me off the record that regulatory oversight in this country largely consisted in ‘waiting for something to turn green or fall off somebody’ before the authorities would swing into action...

Last week’s conflict between Social Development Minister Anne Tolley and District Court judge Carolyn Henwood illustrated quite a few of the flaws in the system. More>>

 

Members’ Bills: Greens' Domestic Violence And Loans Bills Pulled From Ballot

Jan Logie’s Domestic Violence-Victims' Protection Bill introduces workplace protections for victims of domestic violence, including allowing victims to request paid domestic violence leave for up to 10 days... Gareth Hughes’ Bill allows Kiwis with student loans to defer their student loan repayments into a first home savings scheme. More>>

ALSO:

IPCA: Police Did Not 'Deliberately' Use Pepper Spray On 10-Year-Old

"When spraying the man, the officer did not properly consider the necessity of using pepper spray in a confined space, the likelihood that it would affect the other innocent passengers or the fact that he was using a more powerful spray." More>>

ALSO:

Donor Bill Passes: Full Income Compensation For Live Organ Donors

Unanimous cross-party support for the Compensation for Live Organ Donors Bill represents a critical step in reducing the burgeoning waiting list for kidney donations, according to Kidney Health New Zealand chief executive Max Reid. More>>

ALSO:

Earthquake Response: Emergency Legislation Prepared

Three new Bills have been drafted in the wake of the magnitude 7.8 earthquake on November 14 to ensure the government can enable affected communities to respond quickly and efficiently. More>>

ALSO:

Housing MPs: New Building(s) For Parliament

A new building will be erected on Parliament grounds to house Members of Parliament and their staff who currently work in leased accommodation in Bowen House. The plan has cross-Party support, apart from NZ First, said Parliament’s Speaker, Rt Hon David Carter. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news