Enrolments in KiwiSaver were down sharply in December, prompting speculation the numbers joining the voluntary savings scheme has peaked.
Only 9000 people joined the scheme in December last year, down from an average of 15,000 enrolments per month over the whole of 2012.
Tower Investments chief executive Sam Stubbs said the numbers enrolling each month have been declining since the second half of the year.
With 2 million people enrolled since the scheme started in 2007, he said it is fair to assume that natural membership growth will be small.
The Government says it will conduct a one-off automatic enrolment of all employees once its Budget is back in balance.
As is the case now, those enrolled through that exercise would have the chance to opt out of the scheme.
