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KiwiSaver Scheme Provider - Contact Details

MEDIA RELEASE 

24 March 2010

KiwiSaver Guidelines Welcomed

“The industry supports the release by the Securities Commission of its Guidance Note for KiwiSaver Distribution and Disclosure” said Vance Arkinstall, CEO, Investment Savings and Insurance Association.

“KiwiSaver is the flagship for retirement savings in NZ and it is timely for the Commission to release guidelines and to spell requirements around the prohibition of door to door sales and Investment Performance Reporting.  KiwiSaver is an excellent, generally well managed and well regulated product that has been widely embraced by over 1.3 million New Zealanders.  Recent widely publicised events have cast a shadow that KiwiSaver does not deserve”, said Vance Arkinstall.

“Many features of KiwiSaver are the envy of other countries.  We have designed a retirement savings system which is respected internationally for the choice and competition it provides and for its administrative simplicity – this means the experience of saving for ones retirement future is made much easier.”

As the industry association ISI has already commenced as a matter of priority a major review of its Standard for Measurement and Disclosure of Investment Performance to ensure that we offer investors global best practice.  We will be discussing the outcome of this review with the Commission”, said Mr Arkinstall.

“ISI in conjunction with industry groups has held meetings with KiwiSaver providers to reinforce a point the Securities Commission has identified where some KiwiSaver providers have been actively engaged in attempts to hold onto members who have elected to withdraw and transfer to another provider.  Such action is creating delays which are contrary to the intention, flexibility and choice provided by the KiwiSaver Act.  We believe good progress has been made towards solving this problem”, said Mr Arkinstall.

 For further information contact:
Vance Arkinstall, Chief Executive