ING endorsed as KiwiSaver default provider

1/1 New Zealand • 7 December 2007

ING endorsed as KiwiSaver default provider

ING New Zealand has been named as one of six KiwiSaver default providers the Government intends to appoint before the new workplace-based retirement savings scheme begins in July next year.

The announcement, made today by Finance Minister Michael Cullen and Commerce Minister Lianne Dalziel, follows a rigorous and exacting process carried out in order to find a select group of companies capable of meeting the stringent criteria required.

Each default provider will develop a KiwiSaver scheme, into which those employees who do not actively select their own preferred savings scheme can be automatically allocated. Marc Lieberman, Chief Executive Officer of ING New Zealand says the selection process for the default providers was impressively comprehensive and thorough.

“A huge amount of planning, research and scrutiny went into this selection by the Ministry of Economic Development’s team. From our own participation, I fully appreciate the high level of detail and standards sought via the MED’s due diligence – a process that included submissions, extensive documentation, interviews and on-site visits over a period of some six months.

“We are absolutely delighted that the hard work by our own team and the past groundwork of so many others has resulted in ING ‘making the cut’ in what is probably New Zealand’s most positive initiative towards improving this country’s savings record.” Mr Lieberman added that inclusion in the default provider list caps off a hugely successful year for ING, recently named 2006 FundSource Fund Manager of the Year. ING also holds the current Morningstar Fund Manager of the Year award – a title it has won in 11 out of the last 14 years.

“Around one in four New Zealanders already choose ING as their preferred retail savings and investment provider. We feel today’s decision reflects our leading standing and reputation not only in this country, but around the world where our pension (or superannuation) business is a core area of expertise. “We now look forward to working with the Government and the Inland Revenue Department to make sure the ING KiwiSaver scheme is a successful one for the many New Zealanders saving the meet their retirement goals.”

ENDS

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