Abstract
When New Zealand launched KiwiSaver in 2007, it joined a growing international trend towards second-tier personal pension schemes. KiwiSaver is a work-based retirement savings scheme, also referred to as a defined contribution scheme. It supplements New Zealand Superannuation, a first-tier universal benefit that all citizens are entitled to when they reach retirement age, currently 65 years. KiwiSaver’s introduction was a response to concerns that New Zealand Superannuation may not be sustainable given the country’s expanding population of pensioners. The early uptake of KiwiSaver exceeded expectations, with 1.97 million people joining by June 2012 (Inland Revenue Department, 2012), thanks mainly to an auto-enrolment provision and financial incentives from the government and employers.
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