AMP to merge KiwiSaver schemes
AMP has announced plans to transfer its AXA KiwiSaver customers to the AMP KiwiSaver Scheme as it moves toward having a single scheme.
Thursday, February 21st 2013, 12:49PM
by Niko Kloeten
Under the terms of the proposed transfer, which has to be approved by the Financial Markets Authority, all existing AXA KiwiSaver Scheme customers will be transferred to an “enhanced” AMP KiwiSaver Scheme.
It is expected customers will receive a comprehensive transfer pack in May including full details of the proposed transfer process, which is expected to be complete by late July or August subject to necessary approvals.
AMP Financial Services manager director New Zealand, Jack Regan, said the consolidated scheme would adopt the AXA style multi-manager investment approach to “enhance the overall fund performance”.
Following the merger, AMP has access to AMP Capital's New Zealand Multi-Asset Group and a review of AMP’s funds is under way.
“After that review is complete in May, we’ll send our customers more information about the refreshed AMP KiwiSaver Scheme, and it is expected this will include advice on product enhancements, such as a revised investment approach and reduced fees,” Regan said.
From tomorrow the IRD will suspend the provisional allocation of default customers to the AXA KiwiSaver Scheme and the scheme will be closed to new customers.
AMP has more than 260,000 KiwiSaver Scheme customers across its two KiwiSaver Schemes and 18% of KiwiSaver funds under management.
“With our core focus on investment, our extensive network of professional qualified advisers, and the scale to invest in product and service development to meet the needs of customers, AMP is well positioned for ongoing leadership in KiwiSaver,” Regan said.
“We are focused on helping to educate our KiwiSaver customers, especially those in default options, to choose the investment options that best match their individual circumstances and risk appetite, and AMP is very active in that regard.”
Niko Kloeten can be contacted at niko@goodreturns.co.nz
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