Superlife: TSB not a major loss
Superlife says it is business as usual for the organisation, despite losing its distribution agreement with TSB.
Thursday, September 5th 2013, 9:15PM
by Susan Edmunds
TSB took a 26.39% stake in Fisher Funds almost six months ago.
Fisher is New Zealand's biggest locally-owned KiwiSaver operator. Superlife has now been dropped from TSB's website and details of the Fisher KiwiSaver are tipped to appear soon.
Michael Chamberlain of Superlife said TSB was just a small part of its distribution system. He would not say what percentage it represented.
"TSB was one of the many distribution channels we have. Superlife is the only growing master trust in the market." He said its main distribution network was through employers.
"I would also argue that people that use us do so because of the service they get and the level of information we provide."
TSB is in the process of educating staff about Fisher products.
Murphy told media for the time-being TSB staff would recommend the Fisher products under 'class advice' rules, which don't require employees to hold AFA status. But TSB would eventually have its own AFAs. Superlife manages about $260 million in its KiwiSaver scheme, an increase of just over $56 million in the 12 months to the end of March this year.
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