OnePath, two milestones

OnePath has announced it has achieved two KiwiSaver milestones with over 400,000 members enrolled in its four KiwiSaver schemes and $2 billion in funds under management.

Friday, May 13th 2011, 1:47PM

With nationwide KiwiSaver membership at 1.7 million, ANZ fund manager OnePath now leads the industry with almost one in four KiwiSaver enrolled in its schemes.

"We're proud to have passed these significant milestones as the current membership far exceeds the original expectations when the initiative was launched nearly four years ago," said ANZ Wealth managing director John Body.

OnePath also revealed IRD figures have shown continuing enrolment at more than 20,000 per month for the year to date.

"The continuous growth in enrolment reinforces KiwiSaver's success in encouraging New Zealanders to start saving for their retirement. We have always advocated a consistent approach to KiwiSaver as the best way of improving New Zealand’s previously poor record of long-term retirement savings."

Body said despite the recently announced changes to KiwiSaver the fundamental design of the scheme remains intact.

"What is most important is that we hear certainty from policy makers that KiwiSaver is here to stay, so New Zealanders can have confidence in their decision to join and save for their retirement."

"ANZ New Zealand’s submission to the Savings Working Group recommended targeting Member Tax Credits for those on low to middle incomes and the self employed, to encourage these members to continue contributing throughout their working career. We'll wait to see further details on the changes to Member Tax Credits in the Budget next week," he said.

"We are at a turning point as a nation with a new era emerging focused on savings and productive investment. As a leading provider we understand there is now an opportunity to consolidate the success of KiwiSaver for the benefit of all New Zealanders and ensure the growing savings pool is put to work in building and strengthening the nation's future economic prospects."

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