Around the world: New Zealand's KiwiSaver

clock

With the National Employment Savings Trust (NEST) coming, the NZ government illustrates a low-cost approach to distributing protection products. Greg Becker explains

KiwiSaver is the New Zealand government’s strategy to increase savings for retirement. The solution is voluntary, but has been designed with features that make it accessible. Enrolment is automatic, and although opt-outs are permissible, many customer focused features have been developed to increase take-up: ■ there is a NZ$1,000 kick-start payment from the government ■ it accepts employee and employer contributions directly from pay ■ it has simple contribution options (either 2%, 4% or 8% of salary) ■ employers are compelled to make a 2% contribution if you do ■ it is...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

The FCA Protection Market Study: What it means for intermediaries

The FCA Protection Market Study: What it means for intermediaries

'The FCA's review could lead to changes for intermediaries'

Kris Armstrong
clock 09 May 2025 • 4 min read
Are protection policies the key to avoid increased IHT bills?

Are protection policies the key to avoid increased IHT bills?

Changes have put life cover ‘firmly back into conversation’

Isabel Baxter
clock 08 May 2025 • 4 min read
PA360: 'The way we talk about protection has moved on'

PA360: 'The way we talk about protection has moved on'

Consumer Duty has increased interest from IFAs and wealth managers

Jenna Brown
clock 02 May 2025 • 4 min read