NEW ZEALAND - The number of people actively opting in to KiwiSaver is encouraging, according ING, the largest provider in the scheme.
Steven Giannoulis, general manager, investor services, said: "This level of active choice indicates that New Zealanders are realising that life expectancy and quality of live in our later years is improving and our retirement savings will therefore need to stretch out across a longer period."
Giannoulis said over recent years New Zealanders had shunned pension fund saving in favour of alternative investment opportunities such as property and the share market.
He said in the current turbulent times, people were looking for security in their investments.
"The important thing to note with KiwiSaver and other superannuation schemes is that those tend to be long tem investments and therefore investors need to ensure that they are focused on the end-game rather than short term fluctuations," Giannoulis concluded.
As of the first of April, employer contributions have been paid into KiwiSaver accounts.
Earlier this month a Mercer survey found the number of people enrolled in KiwiSaver had risen from 14% in October 2007 to 25% (www.globalpensions.com 6 May)
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