AMP is one of New Zealand’s original KiwiSaver providers, having been involved since the scheme launched in 2007. The NZ KiwiSaver business is now managed by AMP Wealth Management NZ. Here’s a current look at the scheme.
AMP at a Glance
| Feature | Detail |
|---|---|
| Provider type | Insurance and wealth management company |
| Established in KiwiSaver | 2007 (original provider) |
| Default provider | No |
| Funds available | Multiple — including Lifesteps lifecycle range |
| Growth fund fee | ~0.70–1.00% |
| Member fee | Varies — check current PDS |
| PIE fund | Yes |
| FMA regulated | Yes |
AMP’s Investment Approach
AMP offers two distinct approaches:
Standard Funds
Traditional conservative, moderate, balanced, growth, and aggressive-style funds investing in diversified asset classes. These follow a similar structure to most other KiwiSaver providers.
Lifesteps (Lifecycle) Funds
AMP’s flagship Lifesteps programme automatically adjusts your fund allocation as you age — gradually moving from higher-growth assets to more conservative allocations as you approach retirement.
Lifesteps funds are selected by a “step” corresponding to your expected retirement decade:
- Lifesteps Growth — for those furthest from retirement
- Lifesteps Moderate — for those closer to retirement
- Lifesteps Income — for those in or near retirement
This lifecycle approach removes the burden of actively monitoring and switching funds as you age. However, it’s less customisable than choosing your own fund type.
AMP Fund Range
| Fund type | Approx. fee |
|---|---|
| Conservative | ~0.65% |
| Balanced | ~0.75% |
| Growth | ~0.85% |
| Lifesteps funds | ~0.70–0.90% |
Fees approximate — confirm in current PDS. Fees and fund structures change periodically.
Fees — How AMP Compares
| Provider | Growth fund fee |
|---|---|
| Kernel | ~0.25% |
| Simplicity | ~0.31% |
| Booster | ~0.50% |
| AMP | ~0.85% |
| ANZ | ~1.06% |
| Milford | ~1.05% |
AMP sits in the mid-to-upper range — more expensive than passive providers and some active managers, but below the highest-fee active managers.
Performance
AMP’s performance varies by fund. For current standardised returns, use the Sorted.org.nz KiwiSaver Fund Finder, comparing AMP’s funds against peers in the same category.
Pros
- Long-established NZ presence (since KiwiSaver launch)
- Lifesteps lifecycle option simplifies fund management for set-and-forget investors
- Wide fund range
- Large, regulated provider
Cons
- Fees higher than low-cost providers
- Not a default provider — no government-mandated fee caps apply
- Lifecycle funds may not be optimally calibrated for all investors
- Brand has lower recognition than banks or newer digital providers
Who Is AMP Suited To?
AMP is worth considering for:
- Members who want a lifecycle fund approach (Lifesteps) and don’t want to manage fund type switches themselves
- Those who already have an existing relationship with AMP (insurance, financial advice)
- Members who value a long-established, large provider
For most members focused on maximising after-fee returns, Simplicity, Kernel, or other lower-cost providers will typically deliver better net outcomes.
How to Join AMP
Visit amp.co.nz/kiwisaver for current fund options and joining information.