Kiwibank merger details due mid-year
Kiwibank is hoping to send out details of the merger of its two KiwiSaver schemes by the middle of this year.
Tuesday, March 18th 2014, 6:00AM
by Susan Edmunds
Kiwi Wealth Management, owned by Kiwi Group Holdings, which also owns Kiwibank, bought Gareth Morgan Investments Ltd Partnership, including its KiwiSaver scheme, in 2012.
It has planned to transfer members over from the AMP-managed Kiwibank KiwiSaver scheme to the Gareth Morgan scheme, to be known from next month only as KiwiWealth KiwiSaver, for some time, so that the bank only has one scheme.
Kiwibank acting chief executive Tracey Berry said the move needed FMA approval or member consent.
She said the Kiwibank KiwiSaver scheme closed to new members in December 2012 but was still operating as usual.
“Once details of the proposed transfer have been confirmed the manager of the Kiwibank KiwiSaver Scheme will write to all members with a comprehensive communications pack which will provide information relating to the transfer process. Members will then have the opportunity to assess all options and decide whether they wish to participate in a transfer to the Gareth Morgan KiwiSaver Scheme.”
She said it was expected that the details of the transfer would be confirmed and communication packs would be sent out to members of the Kiwibank KiwiSaver Scheme at some point in mid-2014.
AMP directed inquiries to Kiwibank.
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