Lifetime Acquires Master Trust Business
Lifetime Retirement Income Limited (Lifetime) is pleased to announce that we have completed the acquisition of the Master Trust business recently acquired by Fisher Funds from Aon.
Lifetime’s Managing Director, Ralph Stewart, says the acquisition is a natural progression for Lifetime, helping employees both save for retirement and then transition their savings into an income for life.
Lifetime is the pre-eminent provider of retirement income products in New Zealand.
“This is a significant transaction for Lifetime lifting total funds under management (FUM) to $450m while providing the opportunity to extend its existing retirement income products to the work place savings market of $8b.
The Master Trust market has consolidated and presents the opportunity to provide employers with innovate and comprehensive employee benefits solutions the include both pre and post retirement solutions.”
The workplace schemes managed in the Master Trust are older representing a market place that was preeminent pre KiwiSaver with a demographic that is now rapidly approaching retirement age, for which Lifetime can add significant value.”
Lifetime time has taken over effective 1 July 2022, with a seamless transition that has ensured no interruption to the services, products and benefits provided to the employers and employees of the now Lifetime Master Trust.