10 weeks to go – and much to do

April 28, 2007 on 4:36 pm | In Kiwisaver Blog | No Comments

Last week I chaired a one-day KiwiSaver Masterclass conference in Auckland which made me, as an employer, feel much better about implementing a savings scheme in our business.
Basically the thoughts I expressed in an earlier Blog are similar to how others are feeling.
The conference was attended by around 70 people who were predominantly HR and payroll people. A couple of the key takeouts for me were that, yes, the awareness is growing about KiwiSaver, but the knowledge base is still quite low.
In addition to that very few of the delegates had implementation plans in place yet – although the start date is just 10 weeks away.
For SMEs that probably isn’t too bad, but for bigger employers with multi-site operations I suspect things are going to be tight.
One of the issues we face is that there is still an information vacuum. No one has seen what the default products actually look like yet, and Inland Revenue still hasn’t completed some of the forms.
The good news here is that IRD plans to send enrollment packs out in late May. I know many people are looking forward to seeing these.
I understand from the default providers perspective that they are not allowed to promote their schemes until they are signed off by both the IRD and the Government Actuary.
From what I can see the GA –as he is called in the industry – is one of the most important and powerful people in the whole KiwiSaver chain, yet his office only has something like four staff. Geez that seems like one way to overwork people and slow progress down.
The conference was well-worth attending and I will have plenty more to comment on over coming days and weeks on KiwiSaver implementation.
Keep an eye out for future posts (best way to get them is to sign up to the KiwiSaver.net.nz mailing list). Likewise I am interested in any questions you may have and would like answered. Also would love to find out how others are going with implementation. Use the comments box below to get in touch with us.

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National threatens NZ Superannuation again

April 24, 2007 on 4:18 pm | In KiwiSaver Press Releases | No Comments

Finance Minister Michael Cullen warned today that a National government would cut New Zealand Superannuation in line with OECD recommendations. Continue reading National threatens NZ Superannuation again…

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Investment optimism remains high

April 23, 2007 on 2:14 pm | In KiwiSaver News | Comments Off

The news is pretty good in the latest barometer reading of people’s intentions. Investor confidence is at record high levels, managed funds are picked as the second most popular investment and the awareness of KiwiSaver continues to grow. Continue reading Investment optimism remains high…

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Economic outlook and the savings challenge

April 17, 2007 on 10:25 am | In KiwiSaver Press Releases | No Comments

This morning I would like to give you a quick snapshot of the economy; in particular, an overview of the main economic challenges New Zealand faces and the steps the government is taking to deal with them. Continue reading Economic outlook and the savings challenge…

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