12 Dec 2011

Jump in numbers joining KiwiSaver

6:22 pm on 12 December 2011

KiwiSaver enrolments posted their biggest monthly increase in nine months in November.

Some 1.85 million people are now enrolled in the savings scheme.

Inland Revenue records show 19,000 people joined KiwiSaver in November, up from 16,000 in October.

The increase in November follows falls in six out of the seven previous months.

Monthly enrolment numbers have dropped from about 30,000 in March this year.

The falls coincided with speculation about the future of KiwiSaver tax incentives, which were cut in May's Budget.

Automatic enrolments rose in November, as did the number of people opting to join the scheme.

A KiwiSaver provider, Tower Investments, says election debate about superannuation may have prompted the jump in enrolments.

Its chief executive Sam Stubbs says increased hiring may also have played a part in the increase, although future gains will be harder won.

Mr Stubbs expects 200,000 KiwiSaver enrolments over the coming year, slightly less than 17,000 a month.