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."

As part of this deal BlackRock will be replaced as the investment manager. In its place Fisher Funds, Macquarie, Mercer, Simplicity, Kernel, Vanguard, State Street and Westpac will be the underlying asset managers.

Lifetime Asset Management (LAM) will be responsible for investment strategy, actively managing strategic and tactical asset allocation, currency hedging and manager coefficients.

LAM will also take over responsibility for QROPS administration and reporting.

Stewart says although the costs of transitioning away from BlackRock will be met by customers they will receive the benefit of lower administration and investment management fees. On average member fees will be reduced within 12 months of transition by 0.47%.

Commissions paid to advisers will remain unchanged, except the fortnightly payment option will become monthly.

Last year Lifetime acquired the Aon Master Trust from Fisher Funds. Stewart says as the company's funds under management grow it will be able to reduce management fees for members of both schemes.