National will go ahead with KiwiSaver auto-enrolment in 2014/15 subject to returning to surplus. This is another step in National’s programme to build genuine national savings.
Our focus remains on returning to surplus and starting to repay debt which is part of our plan to build long-term economic growth to create jobs, lift incomes, and raise living standards to help all New Zealanders get ahead.
As signalled in Budget 2011, we believe there is merit in a one-off KiwiSaver auto-enrolment exercise, where people in the workforce not already in the scheme would be signed up with the ability to opt out.
With about 1.8 million members, KiwiSaver funds are expected to rise rapidly – from about $8 billion this year to $25 billion by 2015 and almost $60 billion in 10 years. Auto-enrolment will accelerate that growth.
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