Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


KiwiSaver now an easier choice says Commissioner

Retirement Commission
Media release
18 May 2007

KiwiSaver now an easier choice
says Retirement Commissioner

The Retirement Commissioner says the Government's planned additions to the KiwiSaver scheme now make joining more worthwhile.

The Commissioner, Diana Crossan, says Budget announcements of compulsory employer contributions and tax credits of $20 a week mean people need to spend time working out the status of their personal finances before they make decisions about joining KiwiSaver.

"Budget announcements may make KiwiSaver more attractive," says Ms Crossan. "Experts will say it is an easier decision, but people will need to make well informed decisions themselves, based on their particular financial situation.

Ms Crossan says people will definitely need to use the Retirement Commission's new online financial check up - Sort Me. Sort Me helps people work out how financially sorted they are. It's the first step to understanding whether KiwiSaver's right for them. Sort Me and other relevant calculators and information are available on www.sorted.org.nz .

Ms Crossan said workplace savings schemes were proven to be the easier way of saving, and to attract people, the schemes needed to be as simple as possible.

"Many people have a large mental hurdle which can stop them signing up to long term savings. The kick start cash incentive and automatic opt in to KiwiSaver may help people over that hurdle.

"The new announcements certainly make KiwiSaver more attractive, but it's important for people to have a good grasp of their financial priorities.

"KiwiSaver gives all New Zealanders a trigger to think seriously about their money situation. Whatever your age or stage putting off important financial decisions is not the way to go - whether it be a decision to pay off debt or to plan for retirement," she says.

"One thing's for sure, most people need to prepare financially for retirement if they want more income than is provided by New Zealand Superannuation - which currently after tax is approximately $14,407 if you're single and living alone or $22,164 if you're a couple," says Ms Crossan.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Werewolf: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word. In reality, Peters will have power only up to the point that he uses it.

By next week, he’ll have become just another junior player in an MMP governing arrangement, battling to hold onto the gains he was promised. More>>


Rising Toll: Road Safety Needs To Be A Higher Priority

Official advice released to the Green Party under the Official Information Act shows that the previous National Government dismissed an option to make road safety its most important transport priority after being told the road toll was rising. More>>


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>


Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>


Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>


Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>


Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>


Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>




Featured InfoPages

Opening the Election