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 …
Category Archives: KiwiSaver News
Banks losing appeal for KiwiSavers
Many KiwiSaver investors are choosing to leave schemes run by their banks, new research shows. For the year ended March 31, the five major banks collectively had 28,139 members transfer out of their KiwiSaver funds, which represented 58.7% of the number that transferred in. “The negative association between fund and member flows and the KiwiSaver …
AMP reviews fund composition
AMP has implemented changes to the make-up of its KiwiSaver funds in response to a review of its strategic asset allocation. The AMP KiwiSaver Scheme Default Fund will reduce its cash allocation and increase its holdings in New Zealand and global bonds. And AMP KiwiSaver Scheme non-Default members will now have a dedicated stake in …
Lofty goals for savers: ANZ
More than 40% of people who want to have retirement income on top of NZ Super want at least $500 extra a week, ANZ’s latest Retirement Savings Confidence Barometer shows. For 20 years, that would require a lump sum at retirement of about $400,000. At the moment, more than half of pensioners survive solely on …