AMP supports the intent of the APRA heatmap to help members compare elements of their superannuation.
Comparing superannuation products is challenging, particularly across investment performance, fees and costs, and sustainability of member outcomes. Past investment performance should also not be used in isolation to inform future investment decisions.
AMP would support the further evolution of APRA’s methodology to take account the risk profile of different investment strategies.
AMP remains committed to driving the best outcomes for our members, including reducing fees for around 700,000 existing and new customers over the last 15 months. This has been reflected in APRA’s ratings of fees across our fund portfolio.
AMP is committed to reviewing and improving our investment strategy for all of our funds, and supporting customers of all ages particularly with regard to sequencing risk close to retirement.
We are simplifying our superannuation business, including reducing our products from approximately 100 to around 10. By removing complexity from our business we will be able to pass on savings to customers and improve our products and services.
AMP has always believed that the success of a superannuation product should be defined by how well its investment strategy tracks to member goals.