Two year old report underpins Labour's policy

The party's policy is designed to mesh with two other already released planks - a capital gains tax, and a return to a quasi-award industrial system.

But the savings policy is based on the belief that New Zealanders are interested in savings and retirement issues to an extent not seen for a generation.

In brief:  KiwiSaver will be compulsory for all employees. The current employee contribution National is raising to 3% of gross income will be dropped back to 2%, but people will have the option of keeping it at 3%, or the previous levels of 4% or 8%.

Employer contributions will be gradually raised from 3% to 7% over nine years.