Following the review of default KiwiSaver providers, specialist KiwiSaver provider AMP Wealth Management remains totally committed to KiwiSaver, despite not being reappointed to the Default panel.

Blair Vernon, AMP Wealth Management Chief Executive, says:

“While we’re disappointed not to be reappointed and we deeply value our default KiwiSaver clients, our current default portfolio represents less than 7% of our total assets under management and around 3.5% of total revenue so this decision doesn’t have a major impact on our business or our commitment to KiwiSaver.

 “We continue to invest extensively in the ongoing strengthening of our offer to clients and focus on supporting them to achieve a great retirement. This is underpinned by the current renovation of our AMP KiwiSaver Scheme through the appointment of BlackRock as our key investment manager. This transition will be complete in the coming weeks and we expect it to result in even greater value for money, stronger fund performance, and further support our clients’ sustainability aspirations.

“These benefits are further supported by the ongoing enhancements to our market-leading digital tools and our offer of help to clients, either in their workplaces, face-to-face, over the phone or online, to support good outcomes and help all our clients make the most of their KiwiSaver.”

For more about how AMP Wealth Management supports its clients, people and communities, read its just published Help and Sustainability Report.