Lifetime has taken over management of two former AMP personal superannuation schemes.
The Personal Superannuation Scheme (PSS) and the Future Lifestyle Plan (FLP) have $285 million under management on behalf of 10,000 members.
The majority of these members are either approaching or in retirement making them ideal candidates for Lifetime's retirement income product.
Lifetime managing director Ralph Stewart said “the retirement of AMP and the appointment of Lifetime reflects our commitment of helping Kiwis make the transition from saving for retirement to living their best life in retirement.”
A number of the members have had the benefit of working with a financial adviser. Lifetime is well positioned to support financial advisers going forward with Lifetime’s reliable platform on which retirement incomes can be calculated.
This deal comes after Lifetime acquired the former Aon Master Trust from Fisher Funds in July 2022 and the Superannuation Master Trust from AMP in February 2023.
All transactions have resulted in reduced administration and management fees for members of all schemes.
Link Market Services was selected to provide fund administration and registry services to both PSS and FLP, adding to other workplace savings schemes that Link administers for Lifetime.
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