SBS becomes KiwiSaver provider
The funds management and financial planning subsidiary of the Southland Building Society (SBS), Funds Administration New Zealand Limited (FANZ), has received Inland Revenue approval to become a KiwiSaver provider.
Tuesday, May 22nd 2007, 6:39AM
Duston also said that KiwiSaver marked a turning point in New Zealanders’ attitudes and view on savings.
“Having been in the funds management and advisory business for almost 20 years I have noticed a “sea change” in the way that New Zealanders’ are today viewing saving for their future. There now seems to be a real acceptance that people should be putting aside money for their retirement years."
Duston says that the way human resource practitioners viewed superannuation as part of the overall remuneration package for staff would change as a result of the KiwiSaver programme and the recently announced tax changes.
“There is no doubt in my mind that the current practise of New Zealand remuneration design whereby workers receive an “all up cash package” will change and move to a regime whereby superannuation is part of an overall remuneration package. This makes perfect sense given the new tax regime and the compulsory employer contributions that will apply for all employee’s KiwiSaver accounts from 1st April 2008 which was announced in this year's budget."
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