After careful consideration, AMP has decided to retire as the Personal Superannuation
Scheme (PSS) and the Future Lifestyle Plan (FLP) manager and appoint Lifetime Asset
Management Limited (Lifetime) as PSS’s & FLP’s new manager. The change of manager has
been approved by The New Zealand Guardian Trust Company Limited, who is the PSS’s and
FLP’s Supervisor, and is to be completed on or around the 29 September 2023.
PSS and FLP are both personal superannuation schemes with circa $330m invested on behalf
of circa 10,500 members of whom the majority are either approaching or in retirement.
Link Market Services Limited (Link) has been selected to provide fund administration and
registry services to both PSS and FLP, adding to other workplace savings schemes that Link
administers for Lifetime.
Lifetime’s Managing Director, Ralph Stewart, said “the retirement of AMP and the
appointment of Lifetime reflects our commitment of helping Kiwi’s make the transition from
saving for retirement to living their best life in retirement."
A number of the members have the benefit of working with a financial adviser, Lifetime is
well positioned to support Financial Advisers going forward with Lifetime’s reliable platform
on which retirement incomes can be calculated.
This transaction comes after Lifetime acquired the former Aon Master Trust from Fisher
Funds in July 2022 and the Superannuation Master Trust from AMP in February 2023. All
transactions have resulted in reduced administration and management fees for members of
Products managed by Lifetime include the Lifetime Retirement Income Fund (dynamic
retirement income solutions), the Garrison Bridge Superannuation Scheme (UK pension
transfers), the Lifetime Master Trust (workplace savings scheme), the Superannuation
Master Trust (personal savings scheme) and now personal savings schemes Future Lifestyle
Plan and Personal Superannuation Scheme.