Mercer-Kiwibank Confirmed as Default Provider

2 April 2007

Mercer-Kiwibank Confirmed as Kiwisaver Default Provider

Mercer Human Resource Consulting was today confirmed as one of the six KiwiSaver default providers at a signing ceremony with the Minister of Finance and the Minister of Commerce.

Mercer will join forces with Kiwibank to offer its default KiwiSaver scheme when the products are made available on 1 July, 2007.

Tim Jenkins, Head of Mercer, New Zealand said KiwiSaver will “change the approach to workplace savings in this country and Mercer is very proud to be involved in this historic event”.

“Since first being named as default provider we have worked vigorously, and in conjunction with the government, to fine tune our default KiwiSaver product offering.

“Today’s signing ceremony is confirmation of our commitment to provide New Zealanders with a high value product. KiwiSaver incorporates Mercer’s global expertise and world’s best practice in savings schemes and it’s very easy for customers to access thanks to the extensive New Zealand presence and service delivery capabilities of Kiwibank,” Mr Jenkins said.

In New Zealand, the Mercer Super Trust has $1billion in funds under management. Mercer also provides consulting and administration services to workplace superannuation schemes in New Zealand, with over 80,000 members under administration.

ENDS

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