Hon Peter Dunne
Minister of Revenue

Friday 31 August 2012 Media Statement

Dunne: KiwiSaver Hits Two Million Member Milestone

KiwiSaver has hit two million members, Revenue Minister Peter Dunne announced today.

“KiwiSaver continues to be a popular way for New Zealanders to save for their retirement and when you look at the initial hopes for the scheme, to hit this mark in just five years is amazing,” Mr Dunne said.

“It offers a ready-made way to save and New Zealanders have flocked to it. It is easy to join and members have flexibility about how they save with more than 40 schemes to choose from.”

Mr Dunne said KiwiSaver appealed to people across all age groups.

“Since its fifth anniversary two months ago, members who are 65 and have been in the scheme for five years may have become eligible to withdraw their funds and enjoy the benefits of their saving efforts.”

More than $12.5 billion has been passed to scheme providers since KiwiSaver was launched, in July 2007 and around 17,500 new members have joined each month over the past year.

“We are encouraging people to join KiwiSaver as it is a great way for them to save for their future.”

“By offering members the option of how much they contribute to their fund, along with employer and government contributions such as the $1000 kick start, KiwiSaver continues to be an attractive way to save, and New Zealanders clearly agree,” Mr Dunne said.

ENDS

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