Frequently Asked Questions –
Personal Superannuation Scheme (PSS)
Transition from AMP to Lifetime Asset Management (Lifetime)
On 30 September 2023, Lifetime took over management of the Personal Superannuation Plan (PSS) from AMP. A communication was sent to your address on record from AMP prior to the completion of the transition.
Click for a copy of the communication (Members with Split DD between PSS and AIT)
Click for a copy of the communication (All other Members)
Getting in Contact (we are here to help)
For all queries please either to your adviser or contact us at lifetime@linkmarketservices.com or call 0800 266 268.
Communication from Lifetime in the Future
Lifetime’s preferred method of communication with you will be via email. If we have an email address on your account we will be emailing you in future, unless you expressly ask us not to.
If we do not have your email address on file, we will work with your adviser to update these details. Equally if you would prefer to be communicated with through the post please let us know.
You can also update your email address by contacting lifetime@linkmarketservices.com or call 0800 266 268
Who is Lifetime Asset Management?
Lifetime Asset Management is the new manager of the Personal Superannuation Scheme (PSS). Founder and Managing Director, Ralph Stewart started the company a decade ago, which is now managing $1 Billion of retirement savings for over 17,000 customers.
Learn more about our Board of Directors
Learn more about our Investment Committee
Learn more about our Leadership Team
Lifetime offers several products for people saving for retirement and those within retirement.
Lifetime is known for developing unique retirement income solutions with Lifetime Retirement Income (dynamic reliable retirement income solutions) and our soon to launch Lifetime Home product, which will look to supplement people’s retirement income with equity from their home.
Further to this Lifetime offers Garrison Bridge Superannuation Scheme (your NZ scheme for UK pension transfers), Lifetime Master Trust (a workplace savings scheme) and the Superannuation Master Trust.
Have you got a Direct Debit?
Important if you have a Direct Debit which covered both Personal Superannuation Scheme and AMP Investment Trust then you will be contacted by your Adviser or Lifetime to complete an updated Direct Debit Form.
Your Direct Debit with AMP for the AMP Investment Trust portion of your investment portfolio will continue, but will be reduced to only the amount you are investing in the AMP Investment Trust.
View New PSS Direct Debit Form
If you haven’t been contacted and want confirmation on whether you are required to complete a new Direct Debit, please email lifetime@linkmarketservices.com or call 0800 266 268.
If you have a Direct Debit for Personal Superannuation Scheme only, you do not need to do anything as this will automatically switch over.
If you have any queries about setting up your new Direct Debit, please contact your adviser or you can contact us at lifetime@linkmarketservices.com or call 0800 266 268.
Have you got an Automatic Payment?
If you have an automatic payment for contributions, you will need to cancel the automatic payment to your Personal Superannuation Scheme investment account(s).
Lifetime will contact you regarding the new account details for your automatic payments.
If you have any queries about setting up your new Automatic Payment, please contact your adviser or you can contact us at lifetime@linkmarketservices.com or call 0800 266 268.
Important Bank Information
The Personal Superannuation Scheme’s Bank details have changed.
If you make occasional deposits to your Personal Superannuation Scheme account you can continue to do this, however the bank account has changed.
Please contact us at lifetime@linkmarketservices.com or call 0800 266 268 to get details of the new bank account.
Six-Monthly Annual Statement
The Six-monthly Personal Superannuation Scheme Statement as at 30 September 2023 will be completed by AMP, and this will be sent to you by 13 October 2023.
In the future Lifetime will move to complete one Statement Annually.
How does Lifetime keep my investment secure?
The Personal Superannuation Scheme is registered as a legacy superannuation scheme under the Financial Markets Conduct Act 2013 (FMCA).
The manager of the Scheme is Lifetime Asset Management Limited (Lifetime). Lifetime is also the investment manager and administration manager of the Scheme. Lifetime have appointed Link Market Services Limited to maintain the investor register and financial records for the Scheme.
The supervisor of the Scheme is The New Zealand Guardian Trust Company Limited (NZGT). The custodian of the Scheme is Adminis Custodial Nominees Limited (Adminis).
Both the supervisor and custodian are completely independent of Lifetime.
Lifetime’s role is to manage the investments in line with the Statement of Investment Policy and Objectives (SIPO).
The SIPO can be found on our PSS Fund Options page on the website. Click to View.
NZGT is licensed by the Financial Markets Authority under the Financial Markets Supervisors Act 2011 to act as a supervisor in respect of superannuation schemes. Their function is to ensure Lifetime meets its obligations to investors including ensuring that fund investment comply with the SIPO. Lifetime provides regular monthly reporting to the supervisor.
All investors’ money is held in trust by the custodian. No investor funds are held by Lifetime or within the Lifetime Company.
The Names of the Funds have change
Lifetime has changed the names of the individual investment funds in the Personal Superannuation Scheme to reflect the change in manager. For easy reference, the table below lists the new name of each fund, as well as what it was previously known as under the AMP brand.
|
AMP PSS fund name |
Lifetime PSS fund name |
|
AMP Select Conservative Fund |
Lifetime Conservative Fund |
|
AMP Lifesteps Maturity Fund |
Lifetime Lifesteps Maturity Fund |
|
AMP Select Balanced Fund |
Lifetime Balanced Fund |
|
AMP Lifesteps Progression Fund |
Lifetime Lifesteps Progression Fund |
|
AMP Select Growth Fund |
Lifetime Growth Fund |
|
AMP Lifesteps Growth |
Lifetime Lifesteps Growth Fund |
|
AMP Lifesteps Consolidation Fund |
Lifetime Lifesteps Consolidation Fund |
|
AMP Lifesteps Stability Fund |
Lifetime Lifesteps Stability Fund |
|
AMP Select Income Fund |
Lifetime Income Fund |
|
AMP Select Cash Fund |
Lifetime Cash Fund |
|
AMP New Zealand Cash Fund |
Lifetime NZ Cash Fund |
|
AMP NZ Fixed Interest Fund |
Lifetime NZ Bond Fund |
|
AMP Global Fixed Interest Fund |
Lifetime Overseas Bond Fund |
|
AMP Global Fixed Interest Fund No. 2 |
Lifetime Overseas Bond Fund No. 2 |
|
AMP New Zealand Shares fund |
Lifetime Australasian Shares Fund |
|
AMP New Zealand Shares fund No. 2 |
Lifetime Australasian Shares Fund No. 2 |
|
AMP International Shares Fund |
Lifetime Overseas Shares Fund |
|
AMP International Shares Fund No. 2 |
Lifetime Overseas Shares Fund No. 2 |
|
AMP International Shares Fund No. 3 |
Lifetime Overseas Shares Fund No. 3 |
Who are the underlying Lifetime investment managers?
Lifetime has selected a range of underlying investment managers in its investment suite, where all equity (except Australian), global bonds and property asset classes will be index-managed and only Australian equities, cash and NZ fixed interest asset classes will use actively managed funds.
For the full detail on the funds and change in underlying investment managers for each fund, please refer to the Personal Superannuation Scheme Statement of Objectives and Policy (SIPO) which has been updated and is available on the Disclose register and on our website or please talk to your Adviser if you have any questions.
Do you have an online portal?
Lifetime is setting up an Online Portal for Personal Superannuation Scheme customers to be able to access their current account data and investment performance. We will be in contact with you when this is set up including instructions on how to set up your access.
Can I change my contributions to Personal Superannuation Scheme?
You can change or stop contributions to your investment at any time. If you have a direct debit or automatic payment set up, you will need to change the amount of the contribution.
You can also make a lump sum contribution to your investment at any time, the minimum lump sum contribution is $250.
You can make additional contributions and changes through the form below.
Changing your Investment Portfolio
Can I change the funds I am invested in?
You may be able to switch the funds you are invested in.
You can make changes through the form below.
Changing your Investment Portfolio
Can I make a partial or full withdrawal?
If your funds are unlocked, you can make a partial or full withdrawal at any time. If your funds are locked in, the same Personal Superannuation Scheme rules apply.
If you are unsure if your funds are locked in, please contact your adviser or Lifetime at lifetime@linkmarketservices.com or call 0800 266 268
You can make changes through the form below.
Can I change my regular withdrawal?
You can change or cancel your regular withdrawal at any time.
Please contact your adviser or Lifetime at lifetime@linkmarketservices.com or call 0800 266 268
What fees do I pay?
Total Fund charges:
The Annual Fund Charges since Lifetime took over management of Personal Superannuation Scheme have reduced from the AMP fees.
The former and current charges are detailed below:
|
PSS Fund
|
AMP Total Annual Fund Charges (estimated) |
Lifetime Total Annual Fund Charges (estimated) |
|
AMP Select Income Fund |
1.40% |
1.32% |
|
AMP Select Conservative Fund |
1.76% |
1.33% |
|
AMP Lifesteps Maturity Fund |
1.84% |
1.36% |
|
AMP Balanced Fund |
1.84% |
1.37% |
|
AMP Lifesteps Progression Fund |
1.82% |
1.34% |
|
AMP Select Growth Fund |
1.90% |
1.37% |
|
AMP Lifesteps Growth Fund |
1.76% |
1.32% |
|
AMP Lifesteps Consolidation Fund |
1.82% |
1.34% |
|
AMP Lifesteps Stability Fund |
1.82% |
1.34% |
|
AMP Select Cash Fund |
0.85% |
0.75% |
|
AMP New Zealand Cash Fund |
0.84% |
0.75% |
|
AMP NZ Fixed Interest Fund |
0.93% |
0.81% |
|
AMP Global Fixed Interest Fund |
0.91% |
0.84% |
|
AMP Global fixed Interest Fund No. 2 |
0.91% |
0.84% |
|
AMP New Zealand Shares Fund |
1.18% |
1.13% |
|
AMP New Zealand Shares Fund No. 2 |
1.16% |
1.11% |
|
AMP International Shares Fund |
1.16% |
1.11% |
|
AMP International Shares Fund No. 2 |
1.21% |
1.16% |
|
AMP International Shares Fund No. 3 |
1.18% |
1.14% |
What tax do I pay?
Personal Superannuation Scheme is a portfolio investment entity (PIE). The amount of tax you pay on your investment returns is based on your Prescribed Investor Rate (PIR).
What will my investment returns be?
Returns for your Personal Superannuation Scheme investment are not guaranteed and will fluctuate depending on investment market movements, currency fluctuations and interest rate changes. The one, three and five year historical returns are available on our website.
Past performance is not necessarily an indicator of future performance. You should assess your tolerance for risk and timeframe for investing before choosing a fund. Contact your adviser if you would like to discuss which fund is best for you.