TOWER selected as default KiwiSaver provider

Monday, April 2nd 2007, 3:43PM

TOWER is delighted to have been confirmed by Finance Minister Michael Cullen and Commerce Minister Lianne Dalziel as a default KiwiSaver provider this morning.

TOWER Investments CEO Tony Hildyard said that the default provider selection process was rigorous and that it should give investors confidence that their money will be safe on retirement.

“We are really pleased to have been selected because we see it as an endorsement of TOWER’s people, performance and business processes. The Ministry of Economic Development’s selection process was very thorough, and we couldn’t have asked for a better result.”

TOWER sees KiwiSaver as a positive step, and wants to give New Zealanders every opportunity to make the most of its benefits. “Even at this early stage, you can see how positive the introduction of KiwiSaver will be for New Zealanders. People are actually talking about superannuation, and seeing how valuable it is. I think it’s opened people’s eyes up to the importance of saving for the life you want after you eventually retire.”

Mr Hildyard said that TOWER’s main goal is to make sure New Zealand businesses and industry groups are prepared for the introduction of KiwiSaver by providing them with the assistance and information they need to get into it. TOWER staff and advisers have been holding seminars and working with employers to make the transition easier.

“We’ve had some great feedback from businesses. The businesses who are really looking forward to KiwiSaver are the ones who can see how a well-structured KiwiSaver scheme and other employee benefits can actually add to their businesses and benefit their staff at the same time.”

Mr Hildyard said that TOWER’s strength as a KiwiSaver provider is in its ability to deliver all of those employee benefits. “We’ve been doing this for over 135 years, and we’ve got expertise in investments, health and life insurance, superannuation and general insurance. We know how employee benefits packages work, and how to structure them so that they can benefit New Zealand businesses and their staff.

TOWER’s role as a default KiwiSaver provider will start when KiwiSaver is launched on 1 July 2007.

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