In July 2012, KiwiSaver reaches its fifth birthday. Andrew Gawith reflects over the last five years and considers how KiwiSaver may evolve in the future.
Interviewer: So KiwiSaver has reached its fifth birthday this month. How do you think the KiwiSaver of today compares to the original vision?
Andrew: Well it depends; the original vision under Labour was actually for a very cut down scheme, but before it was launched they actually added - Michael Cullen added - a lot of bells and whistles to it.
So, in fact, it started with a hiss and a roar. And subsequently National have trimmed some of those bells and whistles, so it’s a bit of a half-way house between what they originally envisaged for KiwiSaver.
National have taken it down a bit because it was a very costly scheme when they launched it. But, in effect, that sort of ‘bells and whistles’ approach from Michael Cullen really got the numbers rolling in very fast.
Any opinions expressed in this video are the personal views of the interviewee and should not be treated as appropriate for your personal financial situation or relied on for making an investment decision.
For advice on managing your retirement savings, contact an Authorised Financial Adviser.