The move was first proposed in February and AMP says the scheme will incorporate some of the benefits of the Wealth scheme but will offer lower fees and a wider range of investment options.
It is still awaiting FMA approval.
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.
It follows the AMP merger with AXA.
AMP has more than 260,000 KiwiSavers and 16% of the KiwiSaver funds under management.
Jack Regan, AMP’s managing director, said: “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.”
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