28 March 2014

Westpac awarded default provider status for KiwiSaver 

Westpac will build on its strong KiwiSaver scheme with an enhanced financial education programme after being awarded default provider status today.

The Westpac KiwiSaver scheme was today named by the Government as one of nine default schemes after a tender process that began last year. The Westpac KiwiSaver scheme has the third largest membership having operated without default status since the scheme was introduced in 2007.

Head of Investments and Insurance, Kate Armstrong, said Westpac strongly supports and shares the objectives of KiwiSaver.

“This includes encouraging New Zealanders to develop long term savings habits and increase their financial independence and well being, particularly in retirement,” Ms Armstrong said.

“We will fully utilise our specialist capabilities of a market leader in managed funds with the size, strength and broader skills of our network.”

Westpac will also take an innovative and comprehensive approach to helping the financial literacy of its members so they better understand the options available to them.

This will include a proactive contact programme with members and tailored KiwiSaver content in the bank’s successful Managing Your Money workshops.

“We believe it is critical that New Zealanders make active investment choices and we embrace the responsibility of assisting members manage their financial affairs and plan for their future,” Ms Armstrong said.

“We have a 152 year history of helping New Zealanders achieve their goals and look forward to extending that assistance through our default provider status.”