ASB Endorses KiwiSaver As Positive First Step

Thursday, 7 December 2006, 2:30 pm
Press Release: ASB Bank

December 7 2006

ASB Endorses KiwiSaver As Positive First Step

Statement made by Hugh Burrett, Managing Director, ASB

We welcome today’s announcement from the Ministers of Finance and Commerce that ASB Group Investments (“ASB”) will be appointed a KiwiSaver default provider. New Zealanders will also have the opportunity to choose ASB as their “preferred” KiwiSaver provider to manage their retirement savings.

ASB is already well underway with its plans for a comprehensive set of tailored investment options for KiwiSaver and once the proposed investment tax changes have been confirmed, will move quickly to finalise its product offering in time for the 1 July 2007 launch.

ASB has strong credentials in retirement savings. To date more than 50% of State Sector employees saving in the State Sector Retirement Savings Scheme have chosen ASB as their scheme provider. We have applied the experience and expertise we have gained from being the most preferred provider to the State Sector scheme, to develop a range of attractive options to suit the needs of all New Zealanders.

The confirmation of KiwiSaver default providers is a timely reminder to employers and employees that now is the time to start to learn more about KiwiSaver.

KiwiSaver is an extremely positive Government initiative to encourage New Zealanders to save consistently during their working years to provide for their financial well being in their later retirement years.

Given the portability of KiwiSaver and the $1000 ‘kick start’ benefit on offer from the Government, ASB anticipates that a large number of people will voluntarily opt into the scheme, particularly in situations where employers elect to contribute into their employees’ KiwiSaver scheme.

ENDS

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