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The Lifetime Income group has picked up two more AMP legacy retirement schemes, onboarding some $285 million to assets under management and about 10,000 clients.
In a process completed last month, the Ralph Stewart-headed Lifetime took over as manager of the former AMP Personal Superannuation Scheme and Future Lifestyle Plan products.
Stewart said in a statement that the scheme transfers from AMP “reflects our commitment of helping Kiwis make the transition from retirement to living their best life in retirement”.
Lifetime bought the $200 million AMP Superannuation Master Trust at the beginning of this year after spending $3.2 million to acquire the similarly sized Aon employer scheme from Fisher Funds in July 2022.
Fisher purchased the Aon KiwiSaver and super master trust for over $30 million in November 2021, retaining the former (circa $800 million of assets under management) to merge last year with one of its own schemes.
Post the latest deal, Lifetime funds under management would hover around $900 million.
Investors in the former AMP-managed products have also been transferred to Lifetime funds featuring Fisher, Mercer (ex Macquarie NZ), Simplicity and Kernel as underlying managers.
Lifetime uses Link for registry and Adminis for other administration duties including custody.
In a release, Lifetime says both management and administration fees have been reduced for members in all of its recently acquired retirement schemes.
The group says scheme members would also be able to access financial advisers via the Lifetime network.
As well as managing the former AMP and Aon schemes, Lifetime offers a retirement income fund and the Garrison Bridge UK pension transfer vehicle.
Originally established as a guaranteed retirement income provider, Lifetime dropped the insured component early in 2021 after a sustained period of low interest rates and new Reserve Bank of NZ capital requirements triggered a change in business model.
AMP, meanwhile, only has one old-style individual pension scheme open, the Personal Retirement Plan, with its main game now in the mostly BlackRock-managed KiwiSaver and employer super master trust schemes.
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