(1) The purpose of this Act is to encourage a long-term savings habit and asset accumulation by individuals who are not in a position to enjoy standards of living in retirement similar to those in pre-retirement. The Act aims to increase individuals’ well-being and financial independence, particularly in retirement, and to provide retirement benefits.
(2) To that end, this Act enables the establishment of schemes (KiwiSaver schemes) to facilitate individuals’ savings, principally through the workplace.