Union Kiwisaver scheme teams up with Gareth Morgan

21 May, 2009

The union-backed IRIS Kiwisaver scheme is teaming up with Gareth Morgan Kiwisaver to deliver union members and their families access to an established and well-performing KiwiSaver scheme.

The new scheme will be known as IRIS-GMK and is the first consolidation of Kiwisaver providers since the introduction of the scheme in 2006. Market analysts expect many more to follow.

Gareth Morgan Kiwisaver director Gareth Morgan says GMK is excited about reaching an agreement with IRIS.

"This is a great opportunity to put a version of the Gareth Morgan KiwiSaver Scheme in front of union members and their immediate families.

"I'm looking forward to visiting union worksites in the coming months to talk to workers about financial literacy and the benefits of joining IRIS-GMK."

EPMU national secretary Andrew Little says the move will advantage union members who are saving for their retirement.

"With this consolidation our members have the opportunity to access a large Kiwisaver scheme while being secure in the knowledge that it is a New Zealand business that is run on principles that align with those of IRIS.

"GMK was chosen by IRIS for this consolidation because it was consistent with the objectives of the original IRIS product which were personal service for members, a simple fee structure and no commissioned sales."

IRIS-GMK will be the branded version of the Gareth Morgan KiwiSaver Scheme, and unions and the GMK team will work together in marketing IRIS-GMK to union members and their immediate families.

Existing IRIS KiwiSaver members are being notified of the changes.

IRIS is an initiative of the Engineering, Printing and Manufacturing Union, the National Distribution Union, the Service and Food Workers Union and the New Zealand Nurses Organisation.