Westpac NZ takes the hassle out of Kiwisaver

Press release: Westpac New Zealand today announced details of the Westpac KiwiSaver scheme, pledging to help businesses with the Government’s KiwiSaver initiative.

Wednesday, May 23rd 2007, 9:46AM

The Westpac KiwiSaver scheme is designed and managed by BT Funds Management, (BT ) Westpac’s investment arm.

Westpac New Zealand’s Head of Wealth Management, Tracey Berry said that, Westpac’s KiwiSaver solution is focussed on making KiwiSaver easy to understand and to use for employers and customers alike.

“We are hoping to take the hassle out of KiwiSaver by making it extremely easy for employers to choose a scheme, and give their staff access to a great KiwiSaver solution,” she said.

A key feature of the Westpac KiwiSaver Scheme includes giving customers the ability to view their KiwiSaver account on-line alongside any Westpac accounts they might have.

Business customers will be able to make scheme payments online through Westpac’s new Business Online Banking service which facilitates bill payments, payroll, tax and other regular transactions over the internet.

An attractive feature of the Westpac KiwiSaver scheme is its Capital Protection investment option which is designed to protect the investor’s contributions at maturity.

“We are aware that there is a large part of the New Zealand population for whom superannuation schemes are an unknown quantity and the capital protection plan was designed by BT with them in mind.” Explains Berry

Due to launch on 1 July, KiwiSaver will be promoted by the Inland Revenue but many businesses are currently believed to be unaware of the extent of their KiwiSaver responsibilities.

To address this issue, from 23rd May, Westpac is hosting a number of briefing seminars to help businesses learn about their responsibilities and the Westpac KiwiSaver scheme. These seminars will be free to attend and will take place all over the country.

Berry said that now is the perfect time for businesses to take the time to review the investment statements of the various schemes and evaluate what is on offer.

“At Westpac, we are helping businesses to do their homework, consider and understand their options carefully and then actively choose a product that suits them and their employees’ interests best. I’m confident that for many – the choice made will be the Westpac KiwiSaver scheme.”

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