Lifetime buys another super scheme

Lifetime has just inked a deal to acquire management rights to AMP's $200 million Superannuation Master Trust.

SMT has around 3,400 members with the majority reaching retirement in the next 10 years. This customer base gives Lifetime a new market for its retirement income product.

Lifetime managing director and founder, Ralph Stewart, says "the retirement of AMP and the appointment of Lifetime reflects Lifetime's commitment of helping Kiwis make the transition from saving for retirement to living in retirement."

"Many of the SMT members have the benefit of working with a financial adviser, Lifetime is well positioned to support financial advisers going forward with Lifetime's reliable platform on which retirement incomes can be calculated."