AMP gets approval to combine schemes
AMP has been given the sign-off to combine its two KiwiSaver schemes.
Thursday, August 1st 2013, 6:44PM
The FMA has approved the transfer of the AMP Wealth KiwiSaver Scheme members to its AMP KiwiSaver Scheme, which AMP says now has the strengths of both schemes.
It will mean more than 260,000 members in the AMP KiwiSaver Scheme, with lower fees and access to AMP’s Lifesteps Investment Programme, which moves people through different investment funds depending on their age and investment profile.
Managing director Jack Regan said: “We’ve very pleased to move to a single AMP KiwiSaver Scheme that offers members the high-quality investment choices and services you’d expect from a company with the scale and experience of AMP.”
It follows a review of AMP’s strategic asset allocation of diversified funds in May.
The AMP Wealth KiwiSaver Scheme was the top-performing default fund in the year to June 30, according to Morningstar.
Regan said enhancements to AMP’s KiwiSaver scheme, including a multi-manager investment approach, were a tangible benefit of having brought AMP and AXA together.
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