20 October 2006

KiwiSaver website takes flight

The official KiwiSaver website www.kiwisaver.govt.nz is now live, marking another important milestone for a scheme that will give many New Zealanders greater long term financial security, said Finance Minister Michael Cullen today.

"The site provides extensive information on the scheme," said Dr Cullen. "For those wanting to see how KiwiSaver can work for them, the website also contains a link to a handy calculator which shows how their savings can grow over time.

"This is an important step in helping people understand how KiwiSaver will help them develop a long term savings habit so they can have more confidence about enjoying the standard of living they desire in retirement.

"The site will also redirect employers and potential scheme providers to further information on a new KiwiSaver section on the Inland Revenue website, at http://www.ird.govt.nz/kiwisaver. Employers can register to receive regular information and progress updates.

The next phase in the development of the site will be to increase the content as we move into the ‘getting ready for KiwiSaver’ phase and in response to the customer feedback we receive. The site will eventually allow KiwiSavers to: find out more about scheme providers, apply for a temporary break from saving (contributions holidays), find out how to change schemes, find out more about the first home subsidy.

"In the meantime free independent financial information about retirement saving is available from http://www.sorted.org.nz/. "I am pleased we are making good progress in getting KiwiSaver up and running and expect to be in a position to announce the results of the tender round for default providers shortly."

Note: KiwiSaver is a voluntary, work-based savings initiative to help New Zealanders with their long term saving for retirement, starting on 1 July 2007. Inland Revenue will administer the scheme through PAYE. Individuals will be able to elect to save 4 per cent or 8 per cent of their pay in approved KiwiSaver schemes with an initial contribution of $1000 from the government.

ENDS

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