AMP offers zero fees

Friday, March 24th 2017, 2:10PM 3 Comments

AMP is offering KiwiSaver members the chance to pay nothing in member and admin fees for a year when they switch to its scheme.

It said the scheme also offered members the opportunity to manage their accounts online and get free financial advice when the needed it.

The offer ends on April 13.

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Comments from our readers

On 31 March 2017 at 1:03 pm comment1 said:

Awesome, not? While not picking on AMP, as they are only reacting to the opportunity, now that the FMA are not taking a hard line on incentives. This might be the start of a "bidding war" (competing freebies) enticing KiwiSaver members to switch. Most members probably won't seek advice first and will probably be enticed by the best freebie on offer. Not sure how FMA can possibly think this is all going to be "putting the clients interest first". If the FMA did not see that this was a likely outcome of taking soft approach to incentives then one can but wonder!

On 3 April 2017 at 7:42 am Denis said:

I am all for lower fees but this is a bit stingey. There are still management fees being charged, This ranges from .20% to .90% depending on which fund you're in. The fees being wiped out - (for a year) are the $1.95 member fee per month and the 0.525% administration fee. There are other fees too. AMP is careful to name the exact fees being reduced - they are not, strictly speaking, claiming "zero fees".

On 3 April 2017 at 12:14 pm AFA Muggins said:

If you take a look at AMP's performance in the KiwiSaver funds over the short, medium and long term returns, I'm surprised they have the gall to charge any fees at all.

If any prospective switcher looked at that info, I doubt there would be much incentive to switch.

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