KiwiSaver doesn’t have to stop at 65, says AMP

Tuesday, 4 August 2015
For immediate release

KiwiSaver doesn’t have to stop at 65, says AMP

Leading KiwiSaver provider, AMP, says that retaining funds in KiwiSaver after 65 offers retirees more freedom and potentially greater returns than traditional savings plans such as term deposits.

Therese Singleton, GM Investments and Insurance, at AMP New Zealand says: “In the past, many retirees have favoured term deposits because they are easy to understand and viewed as low risk. With the AMP KiwiSaver Scheme we have a great investment alternative for people over the age of 65.”

In the last financial year, The AMP KiwiSaver Scheme Conservative Fund earned 8.2% returns and for the same period, one-year term deposit rates for the major banks ranged from 4-4.35%.

Interest rates and returns from KiwiSaver scheme provider conservative funds may vary from year to year, but Singleton points out that KiwiSaver also offers retirees additional benefits.

“Unlike a term deposit, where you may have to wait for 31 days to take your money out, once you reach 65 you can make partial or full withdrawals from your account whenever you need to as long as you have been a KiwiSaver member for five years,” she explains.

“You can also continue to make contributions should you decide to return to work but what many people don’t realise is that once you reach 65, if you leave KiwiSaver, you can’t get back in. Maintaining your KiwiSaver membership into retirement means you can keep your options open,” says Singleton.

“Plus, with a scheme like the AMP KiwiSaver Scheme, you have access to professional expert advice that your bank may not offer. Your AMP Adviser is there to help you choose the right fund for your age and risk profile and to help you to make the most of your savings,” concludes Singleton.

For the second year running AMP has been awarded a Silver analyst rating from Morningstar – the highest rating awarded to a KiwiSaver scheme. AMP is the only default KiwiSaver provider to achieve all three top KiwiSaver ratings - a ‘silver’ analyst rating from Morningstar, a 5 Star Canstar Award and a Platinum rating from SuperRatings for providing value for money for customers.

A copy of the AMP KiwiSaver Scheme Investment Statement is available from AMP on request by contacting the AMP Customer Services team on 0800 808 267. A disclosure statement is available from your Adviser, on request and free of charge.

ENDS

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