AXA favours incentives - for now
He says the initiatives such as the Investment Savings and Insurance Association-sponsored Saving New Zealand project have been good at drawing groups together and progressing issues.
He says AXA is playing its part in helping the process.
"We are interested in some regulatory framework that encourages New Zealanders to save to provide them in their retirement years."
AXA isn’t pushing either incentives or compulsion as the solution, rather it wants a framework that encourages people to save.
When asked which was favoured Underwood said: “If there was a favoured view today it would be incentives with a caveat of compulsion if they did not work.”
In the meantime, AXA would build efforts to increase its business in the workplace market where the regulatory change were likely to be introduced first, he said.
Underwood says he is buoyed by Government initiatives to stimulate the ailing workplace superannuation market.
AXA is keen to get more involved in this market once the Government makes the necessary regulatory changes.
He believes the company some “competitive advantages in the range of things we can offer (workplaces).
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