AMP, Tower, ING, Mercer, ASB and AXA have emerged as the six investment companies appointed to act as default providers for New Zealand’s national KiwiSaver retirement incomes scheme.
The New Zealand Government announced the appointment of the firms yesterday, with the scheme scheduled to kick off on July 1, next year.
Announcing the appointments, the New Zealand Minister for Finance, Michael Cullen, said the firms had been selected as the result of a competitive tender process.
He said the default providers were required to meet strict criteria ensuring they were able to offer the kinds of retirement savings options New Zealanders wanted and needed.
Under the KiwiSaver scheme, employees can voluntarily contribute between 4 per cent and 8 per cent of their gross salary, with the incentive of receiving a $1,000 kick-start from the Government.
