Congratulations to Kiwisaver’s 500,000th member, baby Remy Van Cruysen, whose parents, Jules and Megan, signed him up today. By the time Remy is an adult he will have a nest-egg worth $49,000 in today’s money.
Kiwisaver has been enormously popular. People have signed up at twice the expected rate 500,000 have joined in less than eight months, Treasury projected only 270,000 for the while first year. The combination of contributions from members and the Government have already seen the savings in Kiwisaver accounts top $1 billion, and that will accelerate as people continue to join up and employer contributions kick in from April 1.
The only fly in the ointment is that National still refuses to tell us whether they would change Kiwisavers’ rules. National has said it would keep the scheme but is mute on whether it would retain employer contributions and the current level of government contributions. These are vital parts of Kiwisaver’s attraction and people need to know whether they will continue when planning for their retirement.
With one in six working age New Zealanders already Kiwisavers and more joining every day, it is time for National to grow up and stop playing political games with kiwis’ futures.