The Government has announced two million New Zealanders have signed up for the voluntary work-based savings scheme KiwiSaver in five years.

Revenue Minister Peter Dunne said today the rate of New Zealanders signing up for the scheme had exceeded expectations.

"KiwiSaver continues to be a popular way for New Zealanders to save for their retirement and when you look at the initial hopes for the scheme, to hit this mark in just five years is amazing," said Mr Dunne.

More than $12.5 billion has been passed to scheme providers since KiwiSaver was launched, in July 2007, and about 17,500 new members have joined each month over the past year.


"It offers a ready-made way to save and New Zealanders have flocked to it.

"Since its fifth anniversary two months ago, members who are 65 and have been in the scheme for five years may have become eligible to withdraw their funds and enjoy the benefits of their saving efforts," he said.