Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


ING endorsed as KiwiSaver default provider

1/1 New Zealand • 7 December 2007

ING endorsed as KiwiSaver default provider

ING New Zealand has been named as one of six KiwiSaver default providers the Government intends to appoint before the new workplace-based retirement savings scheme begins in July next year.

The announcement, made today by Finance Minister Michael Cullen and Commerce Minister Lianne Dalziel, follows a rigorous and exacting process carried out in order to find a select group of companies capable of meeting the stringent criteria required.

Each default provider will develop a KiwiSaver scheme, into which those employees who do not actively select their own preferred savings scheme can be automatically allocated. Marc Lieberman, Chief Executive Officer of ING New Zealand says the selection process for the default providers was impressively comprehensive and thorough.

“A huge amount of planning, research and scrutiny went into this selection by the Ministry of Economic Development’s team. From our own participation, I fully appreciate the high level of detail and standards sought via the MED’s due diligence – a process that included submissions, extensive documentation, interviews and on-site visits over a period of some six months.

“We are absolutely delighted that the hard work by our own team and the past groundwork of so many others has resulted in ING ‘making the cut’ in what is probably New Zealand’s most positive initiative towards improving this country’s savings record.” Mr Lieberman added that inclusion in the default provider list caps off a hugely successful year for ING, recently named 2006 FundSource Fund Manager of the Year. ING also holds the current Morningstar Fund Manager of the Year award – a title it has won in 11 out of the last 14 years.

“Around one in four New Zealanders already choose ING as their preferred retail savings and investment provider. We feel today’s decision reflects our leading standing and reputation not only in this country, but around the world where our pension (or superannuation) business is a core area of expertise. “We now look forward to working with the Government and the Inland Revenue Department to make sure the ING KiwiSaver scheme is a successful one for the many New Zealanders saving the meet their retirement goals.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>

All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>

MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>

Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>

DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>

Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>