KiwiSaver: Five Years On - Adapting to Change

KiwiSaver: Five Years On - Adapting to Change


1 November 2012 - Bravura Solutions, a leading supplier of KiwiSaver administration systems, recently hosted a roundtable on the future of New Zealand’s Kiwisaver scheme. A common theme that emerged was that while KiwiSaver has raised the profile of superannuation, more could be done to improve members’ education and experience.

Martin Gould, National Relationship Manager for Bravura, said: “Since KiwiSaver’s inception in 2007, more than two million members have joined the scheme and are actively saving for their retirement. This is a positive change in the savings landscape but there’s room for improvement to better New Zealanders’ retirement prospects.”

The introduction of KiwiSaver has highlighted the importance of superannuation but there remains a general lack of awareness and engagement amongst current and potential members. The gap between what members think they need to save and what they actually need for a healthy retirement income is miles apart. Most people spend less time planning for their retirement than they do for their next holiday.

The key could be in KiwiSaver’s online presence which will encourage members to actively monitor their investments and think ahead of the income they’ll need for a comfortable retirement.

“There is huge opportunity for improved engagement through online channels. It’s an inexpensive communication method for providers, and enables members to instantly and conveniently connect with their savings,” said Roland Slee, Bravura’s Managing Director, Asia Pacific.

To view the full roundtable transcript go to: http://bravurasolutions.com/kiwisaver-roundtable.

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