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KiwiSaver off to a good start

IN THE first three months of KiwiSaver the enrolment figures have already broken through the 200,000 mark.
As of October 5, the total number of KiwiSaver enrolments processed by Inland Revenue had reached 212,794. This is a 64 per cent increase in enrolments since the end of August.
"Hundreds of thousands of New Zealanders are now finding it easier to save for their retirement by joining KiwiSaver," Finance Minister Michael Cullen and Revenue Minister Peter Dunne said.
"Members who joined in July already have their retirement savings working for them - last week the first contributions were transferred to KiwiSaver scheme providers. Over $41 million is forecast to go to providers in October, of which $32 million will be government contributions that include the $1,000 kick-start and half the $40 annual fee subsidy."
The Ministers provided a breakdown of the 212,794 enrolment figure:

101,748 people actively chose a provider and went directly to a scheme to enrol
67,028 people actively chose to join KiwiSaver and enrolled via their employer
44,018 new employees were automatically enrolled by their employer.

These figures are net of 21,113 opt-outs also received.
Demographic data indicates that while the KiwiSaver enrolment rate increases as people near 65 years of age, almost half (49 per cent) of people joining KiwiSaver are younger than 45. Members under 20 years of age are 8.6 per cent of the total.
"Many parents clearly wish to give their kids a head-start and view KiwiSaver as important for their children's future. It is also great to see a lot of younger people entering the workforce are getting into the saving habit early," the Ministers said.
Other demographic data released by the Ministers showed that KiwiSaver enrolment figures by gender were generally even, with 52 per cent female and 48 per cent male.
"KiwiSaver is off to a very good start, and it is encouraging that so many people have decided joining KiwiSaver is the right choice for them. The latest enrolment numbers reinforce that KiwiSaver is a simple and appealing way to save for retirement for a broad range of New Zealanders."

KiwiSaver is a voluntary savings initiative that's designed to make it easier for New Zealanders to save for their future. Savings are accessible when the customer is eligible for New Zealand Superannuation (currently 65) or after five years' membership, whichever is later.
Being a KiwiSaver member won't affect eligibility for New Zealand Superannuation.
The Government will help savers with KiwiSaver by giving a $1,000 kick-start, a tax credit of up to $1,042.86, a fee subsidy and, if the customer qualifies, a first home deposit subsidy.