New Zealanders are being left out of a lucrative pension scheme as they struggle to access KiwiSpend, the country’s largest online pension fund.
A spokesperson for KiwiFund said its online service was only accessible to New Zealand residents with a current KiwiSave account.
The Kiwi Saver card was originally introduced in 2011 as part of the New Zealand Retirement Guarantee scheme, which was introduced by Prime Minister John Key in 2013.
However, it only became available in 2018.
New Zealanders will still have access to a number of online KiwiMasters programs including KiwiStarter, which allows them to borrow up to $10,000 from KiwiSavings to start a business, KiwiInvest, which offers a variety of financial products, and KiwiHelp, which is aimed at Kiwis with low incomes who can’t access the KiwiMoney savings accounts they qualify for.
However KiwiStop, the online service for Kiwis who can only access Kiwisaver, is also available to Kiwis.
The spokesperson said Kiwistop would continue to be available to NZ residents.
The New Zealand Public Pensioners’ Union said it was disappointed the scheme would be cancelled.
“We are disappointed to learn that the Kiwisavers scheme is being cancelled,” said the PPUU’s New Zealand general secretary David Ritchie.
While KiwiStart has not announced any changes to its online offering, it is expected to continue to offer the scheme in the future.”
There should be a public inquiry immediately into the reasons why Kiwisave is not being reinstated in New Zealand.”
While KiwiStart has not announced any changes to its online offering, it is expected to continue to offer the scheme in the future.