AMP is set to benefit as fertiliser supplier, Ravensdown, shutters its KiwiSaver scheme and realigns the group’s staff superannuation fund.
It is understood the $6 million Ravensdown KiwiSaver scheme, one of the few remaining corporate-only affairs, will transfer its 300 or so members into the AMP product.
At the inception of KiwiSaver in 2007, 10 corporate-only schemes were established.
Following the Ravensdown closure, only three corporate KiwiSaver schemes remain open: the $2.7 million Douglas Pharmaceuticals (which invests via JMIS); the $7.2 million Tait Communications, and; the $1 million Foodstuffs (Wellington) scheme. The $3.5 million Auckland Foodstuffs KiwiSaver shut down this March.
Earlier this month, Investment News NZ (NZ) reported on a similar move at the industry-based Harbours KiwiSaver, which also selected AMP as its transfer scheme.
While Harbours left its traditional super scheme untouched, Ravensdown will also roll its $26 million staff fund into an AMP master trust. Currently, the Ravensdown scheme splits its investments between two master trusts (AMP and ASB) and three fund managers (NZ Assets Management, Milford and Standard Life).
Ravensdown chief, Greg Campbell, was not available for comment.
More NZ employer-based super funds (which collectively manage about $15.6 billion, according the Financial Markets Authority 2014 report on the sector) are expected to close or master trust-ise as the deadline for compliance with tough new regulations draws near.
Super funds have until December 16 to transition to the Financial Markets Conduct Act regime.