The continued growth in KiwiSaver saw membership reach 900,509 members at 31 December 2009 with 51% being females. Nearly half opted in via a provider of their choice with 35% going to one of the default funds due to lack of personal choice.
Of interest, 136,330 members are aged 17 or under and only 166,795 members are ages 55 or over.
Both of these age groups can get considerable value from joining KiwiSaver and membership of these people is expected to be the growth area.
Changes being introduced from 1 April 2009 include the minimum members contribution dropping to 2% but anybody availing of this reduced amount should seek financial advice to ensure they are maximising the benefits.
Employer chosen schemes are also increasing in number as employers and staff see the benefits of membership through this type of facility.
Contact Thorners if you have any questions on how KiwiSaver can work for you or your employees.