The provider will add 16 funds to its existing 11 KiwiSaver options, and nine more to the NZ Retirement Trust offerings, which currently sit at 18.
The new options will be available near the end of the month.
They will be provided by external providers including ANZ, ASB, Fisher Funds and Nikko.
AMP Capital funds will also be offered to KiwiSaver members – including its multi-asset fund and income generator, which will also be offered to NZ Retirement Trust members for the first time.
The income generator fund is designed to cater for investors looking for income in a low-yield environment, while the multi-asset fund uses risk-mitigation strategies to manage market volatility.
The changes are reportedly primarily aimed at providing more choice to AMP’s KiwiSaver members, especially those who were taking a more DIY approach to their investment.
General manager of insurance and investments Therese Singleton said: "Backed by AMP’s experience and market-leading services, we believe the addition of new funds strengthens our current offer and provides a unique proposition with significant benefits for AMP’s customers, including access to more investment choices through one provider. This means that members have an unprecedented level of flexibility, choice and control over how they want to manage their investments and achieve their financial goals, both now and in the future as their investment needs change."
She said AMP KiwiSaver Scheme members would have access to 27 funds managed by five of New Zealand’s leading fund managers.
"It’s part of continuing to evolve our AMP KiwiSaver Scheme for our members, and in the meantime traditional investors will continue to be well looked after through more traditional fund options and Lifesteps, which automatically allocates savings to funds that match a customer’s age over time.
"This level of choice is one reason why AMP members are better off, but KiwiSaver is about more than investments and it’s important for members to also consider the broader range of benefits when selecting a provider. AMP’s members have access to one of the largest and most diverse networks of financial Advisers in New Zealand, who can help them to create and execute a personalised financial plan based on their investment needs. Through the My AMP app and My Portfolio they can keep track of their balance and access transaction history, view the funds they are invested in and keep up-to-date with news and insights. AMP KiwiSaver Scheme members enjoy other unique benefits too. A recent example is the launch of AMP’s bundled insurance offer, AMP Essentials, exclusively available to members of our AMP KiwiSaver Scheme."
AMP advisers are believed to be set to get training in the new fund on offer but those spoken to by Good Returns said they had not yet been given any information.
AMP has suffered over recent years as banks have picked up market share. Its most recent financial statement shows $218 million was transferred to other superannuation schemes in the year to March, down from $223.4 million the previous year.
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