4 November 2007 Media Statement

A quarter million New Zealanders in KiwiSaver

KiwiSaver has reached another major milestone much faster than predicted with enrolment figures now exceeding 260,000, Finance Minister Michael Cullen and Revenue Minister Peter Dunne announced today.

Four months into the scheme, enrolment numbers are growing three times as fast as had been predicted.

As of 29 October, the total number of KiwiSaver enrolments processed by Inland Revenue had reached 261,011. This is a 22 per cent increase in enrolments since figures were last reported on 5 October.

Payments of $69 million have been received from members and employers since 1 July. Over $58 million in payments were scheduled to be paid to providers in October, including $44 million in Crown contributions.

“Over a quarter of a million New Zealanders are finding that KiwiSaver makes it easier to save than ever before,” the Ministers said.

The over 260,000 enrolments are comprised of:

• 120,951 people actively chose a provider and went directly to a scheme to enrol
• 75,687 people actively chose to join KiwiSaver and enrolled via their employer
• 64,373 new employees were automatically enrolled by their employer.

These figures are net of 33,424 opt-outs also received.

“The public response to KiwiSaver has been overwhelmingly enthusiastic. We expect enrolment growth to remain strong in the months, if not as rapid as has been experienced in the first few months.

“All signs are that KiwiSaver will be even more popular than many experts predicted.”
ends

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