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

'Tea Break Bill' Passes: Gordon Campbell On Bad Labour Laws And Poor Safety

By co-incidence, one of the prime dangers of the government’s new employment relations law has been underlined by the release of the death and injury statistics among workers at New Zealand ports. These are highly profitable enterprises for the port owners.

The Port of Tauranga for instance, is expecting its current full-year profit to be between $78 million and $83 million and other ports are enjoying similar boom times – but they are also highly dangerous places for the people who work on or around the port premises. At the Port of Tauranga, there have been 26 serious accidents since 2011, and two deaths. More>>

 

Parliament Today:

No Charges: Outcome Of Operation Clover Investigation

Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls in the Waitemata Police district and wider Auckland area... More>>

ALSO:

UNICEF Report: NZ Cautioned On "Stagnating" Child Poverty

An international report by UNICEF has found that child poverty rates in New Zealand have barely changed since 2008, despite similar sized countries significantly reducing child poverty during the recent recession. More>>

ALSO:

Funding Report: Two Pathways For Transport In Auckland

Commissioned by Auckland Council, the group was asked to investigate two possible pathways for raising $300 million per year ($12 billion over 30 years) to pay for the improvements needed to help fix Auckland’s transport system. More>>

ALSO:

Pay Equity: Equal Pay Win In Court Of Appeal

CTU: The Court of Appeal has made a historic decision paving the way for a substantial equal pay claim for aged care workers. More>>

ALSO:

Gordon Campbell: On The TPP Finishing Line, And Amazon’s Woes

If the Trans Pacific Partnership trade deal wasn’t such a serious matter, this would be pretty funny… More>>

ALSO:

TV3 Video: Three Die On Roads Over Labour Weekend

The official holiday period ended at 6am Tuesday, with three deaths on the roads during the Labour Day weekend. More>>

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news