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KIWI

Lifetime SMT, and AMP NZRT

Lifetime SMT

 

This was previously the AMP SMT (Superannuation Master Trust), but has recently been purchased by a new fund manager, Lifetime Asset Management Ltd.

 

If you are reading this, more than likely your funds within your SMT would have originated as UK-Pension funds, and most of the funds were moved over from the UK to NZ around the 2007-2010 period. Coincidentally, this has meant that the clients who moved the funds over at the time were going through the Global Financial Crisis, and the advisers you would have spoken to at the time were more likely to lean towards recommending conservative/safer investments with low risk (as the markets were very volatile at the time).

 

The problem we (Adelphi) are seeing though, is that since then, your original adviser would have either left the industry, stopped working with AMP – or otherwise been out of contact. Different advice companies have been assigned to the SMT over the last 10 years, but for whatever reason(s) they also appear to have had limited success in making contact, either due to lack of accurate or current contact details of the clients, or a lack of ability/qualified advisers to offer the advice.

 

As of July 2022, we (Adelphi) have been assigned to a large portion of AMP’s SMT clients to try and remedy this lack of historical advice since the 2010~ period, and have slowly been getting through the hundreds of client accounts.

 

Now that AMP is transferring the fund management to Lifetime, we wanted to address ALL of the SMT clients at once, as this is (we imagine) probably the peak level of confusion you would be experiencing as far as your history with these funds go – and understanding what options you have with these funds as far as future fund choice, and withdrawal implications when the time comes.

 

Our in-house KiwiSaver & Retirement Specialist, Andrew Wilkinson, is making it his number one priority to ensure that all clients within this scheme are well advised going forward, and we encourage you to reach out to book a free advice consultation on this basis.

 

For more information on the SMT from Lifetime (the new manager of your funds) – please follow this link: https://www.retirementincomegroup.co.nz/master-trust/

 

And to contact Andrew Wilkinson directly about your fund, and to book an advice call, you can reach him on 021 944 692, or andrew@ains.nz

AMP NZRT

 

The AMP NZRT (New Zealand Retirement Trust) – as opposed to the SMT noted above, will remain invested with AMP Investments going forward.

 

The NZRT is a retirement scheme that has different rules depending on how your employer would have established it with you originally. Your retirement date does not have to be age 65 under this scheme, and if you are unsure of when you may access these funds – let us know and we can confirm that for you.

 

You are able to choose from a selection of AMP funds within the NZRT, similar to KiwiSaver, and our adviser is well-placed to advise on what type of fund might suit your individual circumstances the best. Typically we try to advise on NZRT’s with your KiwiSaver in mind as well, as they can pair very well together with a lot of side-benefits able to be maximised, such as doubling up on your employer contribution, and getting your KiwiSaver government credits ($521.43) on top.

 

We (Adelphi) are responsible for the servicing of a small base of clients within AMP’s NZRT – but we still want to ensure they are offered the highest quality advice, and have an adviser on call when they need one.

 

If you are an NZRT client under Adelphi – or think you might be – please reach out to Andrew Wilkinson on 021 944 692 or andrew@ains.nz and he will ensure you are well looked after.

 

For more information on the NZRT, you can visit the AMP website here: https://www.amp.co.nz/investments/invest/NZRT

Frequently Asked Questions

Why is AMP retiring as the manager of Superannuation Master Trust?

AMP Wealth Management New Zealand (AMP) is the manager of the Superannuation Master Trust (SMT). AMP has decided to retire as the manager and has entered into an agreement with Lifetime Asset Management Ltd (Lifetime) where Lifetime will take over the management of SMT, as AMP believes that Lifetime can serve the customers of SMT more effectively going forward. The agreement requires that AMP retires as manager of the SMT and AMP exercises its power under the SMT Trust Deed to appoint Lifetime as a new manager of the SMT. In exercising these powers, AMP has a duty to act in the best interests of customers.

Will my investments continue to be held securely?

Choosing the right fund can be complex, factors such as different tax rates, fund types, employer & government contributions, and understanding market volatility, can make a significant difference to your bottom line in retirement. By getting advice early, you stand to gain the most over the long term.

Do I have to do anything?

No. AMP and Lifetime will manage this transition and communicate to you once the process is complete. The current SMT rules will remain unchanged.

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Andrew Wilkinson

Financial Adviser, KiwiSaver and Insurance Specialist

Andrew is an Financial Adviser who, since graduating from Victoria University in 2013, has already had substantial exposure to the financial services industry, working across insurances, mortgages, investments and financial planning. Andrew brings a fresh perspective to financial advice and seeks to share his knowledge to as wide of an audience as possible – whether it’s the younger demographics interested in investing for the best future possible, or the older generations looking to ensure their lump sums are carefully protected and nurtured. As his journey in financial services continued, he found himself most interested in long-term investing, and was a natural fit to become a specialist in the KiwiSaver/Retirement sector of financial advice. While he began as a KiwiSaver adviser at Adelphi, his role has now expanded to also advising on a large base of existing retirement funds (currently called the Lifetime Superannuation Master Trust – previously the AMP SMT). Andrew is passionate about ensuring that all of his clients are well looked after and have a full, and total understanding of their options when it comes to retirement and the best path to take to maximise their investment.

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