KiwiSaver uptake about 130,000, Cullen says

About 130,000 people have so far enrolled for the KiwiSaver scheme, Finance Minister Michael Cullen told Parliament today.

"It's encouraging to see that just two months since the launch of the scheme so many people are already indicating the likelihood of saving better for retirement," he said.

"There's been massive support among a wide range of communities."

National finance spokesman Bill English asked whether Inland Revenue's figures on the uptake of the scheme distinguished between higher income people who had moved from existing schemes to KiwiSaver, and lower income people who had signed up through the opt-on procedure.

Dr Cullen said there would be better information about that later.

New Zealand First's Doug Woolerton said public attitudes to saving were changing, and he asked Dr Cullen whether he had reconsidered his position on making saving compulsory.

"No. It seems to me that views on compulsory saving are a bit like people's views on wind power - they tend to be in favour until it gets quite close to them," Dr Cullen replied.

- NZPA