AMP KiwiSaver Scheme proposed transfer a step closer

6 June, 2013

AMP KiwiSaver Scheme proposed transfer a step closer

Under a proposal announced in February, AMP plans to transfer AMP Wealth KiwiSaver Scheme members to an enhanced AMP KiwiSaver Scheme that combines the strengths of both schemes.

AMP is in the process of communicating with its AMP Wealth KiwiSaver Scheme members about the detail of the proposed transfer. This proposal is subject to approval by the Financial Markets Authority (FMA), and if approved, is expected to take place in August.

“The AMP group currently provides two KiwiSaver schemes and we’d like to offer our members one KiwiSaver scheme going forward, featuring the great investment choices and services you’d expect from a company like AMP,” said Jack Regan, Managing Director, AMP New Zealand.

The proposed transfer follows a realignment of AMP’s investment proposition. This includes a review of strategic asset allocation for AMP diversified funds and a move to a consistent investment philosophy across the AMP product offering. This marks another milestone in creating one AMP following the merger with AXA.

“AMP’s core focus on investment, extensive network of professional qualified advisers, and scale to invest in ongoing product and service development to meet the needs of members is a real point of difference in the KiwiSaver market,” said Mr Regan.

AMP KiwiSaver Scheme members have access to AMP’s market-leading online portal, My portfolio, so they can manage their KiwiSaver account anytime including checking their balance and transactions, updating details and even switching investment options.

The AMP KiwiSaver Scheme also offers lower fees and members have access to a wider range of investment options, including AMP’s Lifesteps Investment Programme, which moves KiwiSaver members through different AMP investment funds depending on their age.

“The changes to AMP’s KiwiSaver product offering is a tangible representation of the benefits for all members by bringing AMP and AXA together,” said Mr Regan.

AMP has more than 260,000 KiwiSaver Scheme members across its two KiwiSaver schemes, 16 per cent of market share of KiwiSaver funds under management and is the market leader in workplace savings in New Zealand.

For more information, visit www.amp.co.nz.

ENDS

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