Annual Report 2007: Part one - Working to achieve Government priorities
KiwiSaver
The government's voluntary savings initiative, KiwiSaver, started on 1 July 2007.
KiwiSaver required considerable effort and resources to develop processes and systems at the same time as the scheme was being shaped. We had to work closely with a number of stakeholders[4] and scheme providers. In addition to six default providers there are 37 "active choice" scheme providers. These schemes have been approved by the Government Actuary.
Processes and systems
Processes and systems to handle KiwiSaver accounts were put in place during 2006-07. To set up the required organisational infrastructure we:
- carried out large-scale systems development and process design activities concurrently to meet tight implementation timeframes
- changed components of our IT infrastructure and introduced new functionality for account administration, web and systems interfaces
- reconfigured our operational site at Te Rapa (Hamilton) to accommodate a new call centre and processing facilities
- recruited new staff and brought in other Inland Revenue staff to support the project in the short term. In 2007-08, approximately 375 FTEs will be working on the customer service, support and administration of KiwiSaver.
Public awareness campaign
A public awareness campaign was a key part of the KiwiSaver launch. We worked with the Retirement Commission to link this to their financial education campaign. We ran a multi-media campaign across television, radio, newspapers, magazines and online. It included specific advertising to reach ethnic communities, employer and employee associations, and was supported by Inland Revenue advisory staff in the community.
We also developed the KiwiSaver website, launched in October 2006. In 2007 we produced key publications including the KiwiSaver employer guide, the KiwiSaver employee information pack and the guide for self-employed and distributed them ahead of the launch date.
KiwiSaver website - www.kiwisaver.govt.nz
4 Stakeholders include The Treasury, Ministry of Economic Development, Housing New Zealand, the Retirement Commission, employer groups and employee groups and organisations in the financial services sector.
Date published: 23 Oct 2007
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