AMP Wealth KiwiSaver members will be transferred to the AMP KiwiSaver scheme in August.
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.”