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Tower revamping workplace super business

By Rob Hosking

Friday 12th August 2005

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Tower is promising major new initiatives in workplace superannuation just as it outsources administration of its existing schemes to Jacques Martin.

The company isn't specifying what is coming up but says it will be aimed at fitting in with the government's KiwiSaver plans and that it will have a "cradle to grave" savings approach.

The company is also keen to lay to rest any suggestion it is getting out of this part of the business.

"This is going to be an incredibly important part of our business, whether KiwiSaver goes ahead or not," says Tower's chief executive of investment businesses Tony Hildyard.

"There are clear signals from the government where they are heading but we've been working in advance of that."

Hildyard says the wholesale superannuation part of the business has required an update for some time.

The move to outsource the administration will help concentrate on that, he says.

"Our focus will be on providing investment products and services that will make it easy and cost-effective for New Zealanders to save. We are redesigning our products to provide greater flexibility for investors with full portability and a new investment structure - we believe that the changes will be seen as innovative and market leading."

What that means in any detail is still though labelled "watch this space".

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