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2.15 million people sign up as KiwiSaver continues to grow

2.15 million people sign up as KiwiSaver continues to grow

Revenue Minister Todd McClay today released the sixth KiwiSaver evaluation annual report which showed continued steady growth for the retirement scheme in the 2012-13 year.

“The number of people enrolled in KiwiSaver had reached 2.15 million members by the end of June this year, and it is especially pleasing to see that there was continued growth in membership across the population groups. Over half of the eligible population are now members and this included 72 per cent of 18 to 25 year olds”, says Mr McClay.

“The growth in membership shows that the programme continues to be popular with New Zealanders saving for their retirement and the number of people opting-out of KiwiSaver (and remaining out of the scheme) was lower compared to previous years”.

The report shows that in the 2012-13 year, 61 per cent of members proactively opted into the programme and this demonstrates the flexibility which the scheme offers to members or people wanting to join. People can choose 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.

“The number of people choosing their own scheme has increased since KiwiSaver began and 5,800 people also used their funds to help them buy their first home during this period as well. Younger people and first home buyers especially continue to benefit from the first home incentives”, says Mr McClay. KiwiSaver continues to be an increasing part of the managed funds market and the value of KiwiSaver funds under management was $16.6 billion, representing about 19 per cent of the managed funds market.

“It is great to see that KiwiSaver schemes continue to invest heavily in the local market make it easier for people to save and boosting our economy. This is a win - win for New Zealanders,” says Mr McClay. The report can be found on the Inland Revenue website (www.ird.govt.nz).

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