ASB confirmed as KiwiSaver default provider

ASB Group Investments (“ASB�) has been confirmed as a KiwiSaver default provider. The announcement, made today by the Ministers of Finance and Commerce, confirmed the provisional announcement of default providers made in December 2006.

Statement made by Peter Hall, Head of Business Ventures, ASB

All New Zealanders will have the opportunity to choose ASB as their “preferred� KiwiSaver provider to manage their retirement savings as from 1 July 2007.

ASB has strong credentials in retirement savings. To date more than 50% of State Sector employees saving in the State Sector Retirement Savings Scheme have chosen ASB as their scheme provider. ASB has applied the experience and expertise gained from being the most preferred provider to the State Sector scheme, and developed a range of attractive KiwiSaver options to suit the needs of all New Zealanders.

KiwiSaver is an extremely positive Government initiative to encourage New Zealanders to save consistently during their working years and to provide for their financial well being in their retirement years.

Given the portability of KiwiSaver and the $1000 ‘kick start’ benefit on offer from the Government, ASB anticipates a large number of people will voluntarily opt into the scheme, particularly in situations where employers elect to contribute into their employees’ KiwiSaver scheme.