AMP has run a KiwiSaver scheme since 2007, and its NZ KiwiSaver business is now managed by AMP Wealth Management NZ. Alongside a standard range of risk-based funds, AMP offers Lifesteps, a lifecycle option that moves your savings into more conservative funds as you get older. Other schemes are covered in our KiwiSaver provider reviews.
AMP at a Glance
| Feature | Detail |
|---|---|
| Issuer | AMP Wealth Management New Zealand Limited |
| Established in KiwiSaver | 2007 |
| Default provider | No |
| Funds available | 20 investment options, plus the Lifesteps programme |
| Fees | 0.79% a year on each Lifesteps fund (estimated), plus a $23.40 a year member fee |
| PIE fund | Yes |
| FMA regulated | Yes |
AMP’s Investment Approach
AMP offers two distinct approaches:
Standard Funds
AMP’s PDS says the scheme has 20 investment options, including diversified funds from Conservative to Aggressive, single-sector funds such as Cash, NZ Fixed Interest and international shares, and seven options detailed in a separate Third Party Funds PDS. You can choose up to seven funds.
Lifesteps (Lifecycle) Funds
AMP’s Lifesteps Investment Programme “automatically reduces expected investment risk as you get older”. It invests your savings in one of six funds, depending on your age:
- Below 31: AMP Aggressive Fund
- 31 to 39: AMP Growth Fund
- 40 to 47: AMP Balanced Fund
- 48 to 56: AMP Moderate Balanced Fund
- 57 to 64: AMP Moderate Fund
- 65 and over: AMP Conservative Fund
If you join through an employer whose preferred scheme is AMP and don’t choose, AMP puts you in the Lifesteps fund for your age (or the Conservative Fund if it doesn’t know your age).
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 | Estimated annual fund charge (PDS) |
|---|---|
| Conservative, Moderate, Moderate Balanced, Balanced, Growth, Aggressive (the six Lifesteps funds) | 0.79% |
| Balanced Fund No. 2 | 0.79% |
| NZ Fixed Interest | 0.78% |
| Global Fixed Interest | 0.77% |
| Cash | 0.57% |
Estimated annual fund charges from AMP’s PDS dated 30 June 2026 (management fee 0.69% plus 0.10% costs and expenses on the 0.79% funds). A member fee of $23.40 a year is charged on top. Confirm in the current PDS.
AMP KiwiSaver Fees
AMP charges two kinds of fee:
- A percentage fund fee: an estimated 0.79% a year on every Lifesteps fund from Conservative to Aggressive, so moving between them as you age doesn’t change the percentage; some single-sector funds cost less (Cash 0.57%).
- A member fee of $23.40 a year per investor ($1.95 a month), charged once even if you choose more than one fund. Because it is the same in dollars whatever your balance, it is a larger share of a small balance than of a large one.
Each AMP fund’s latest fund update, on the Disclose register, gives the total annual fund charge and membership fee actually charged over the past year, and the PDS gives the current fee schedule. To compare AMP’s fees with other providers’ funds, see KiwiSaver fund fees compared.
Performance
AMP’s returns vary by fund. Sorted Smart Investor publishes standardised after-fee returns for each AMP fund, which can be set against funds in the same risk category; KiwiSaver fund performance explains how to read 5-year figures.
Features and Limitations
Features:
- Offering KiwiSaver funds since 2007
- Lifesteps lifecycle option shifts fund allocation automatically with age
- 20 investment options
- The same 0.79% estimated fund charge across all six Lifesteps funds
Limitations:
- A $23.40 a year member fee on top of the percentage fund fee, which weighs more on small balances
- Not a default provider
- Lifecycle glide paths are set by age rather than each member’s circumstances
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- Sorted Smart Investor: compares fees, returns and risk levels of KiwiSaver and managed funds.
- Disclose register: holds each fund's product disclosure statement and quarterly fund updates.
- The provider's latest fund update: gives the fund's current fees, returns and holdings.