AMP has today announced a series of fee reductions, benefitting approximately 500,000 AMP superannuation clients.
The investment fee reductions will provide savings for clients across AMP’s MySuper, choice, and cash and term deposit products.
Lara Bourguignon, AMP’s Managing Director Superannuation, Retirement & Platforms, said:
“We’re pleased to be reducing fees for members of our superannuation funds – delivering great outcomes for our clients is central to AMP’s go forward strategy.
“The reductions reflect AMP’s commitment to providing highly competitive wealth solutions which help our clients build wealth for retirement. They follow separate fee cuts for AMP’s MySuper products and MyNorth wrap platform clients in 2018 and 2019.
“The fee cuts form part of AMP’s major program to simplify our superannuation and wrap platform businesses, which will see a significant reduction of super products and enable us to provide more benefits to clients.”
The fee reductions include:
- Reducing the investment fee on AMP’s generic MySuper lifecycle options from 0.32 per cent to 0.30 per cent on a range of products1, effective 31 January.
- Removing investment fees on cash options for AMP’s SignatureSuper, SignatureSuper Select, SignatureSuper Allocated Pension and all term deposits, entered into after 31 January 2020. The changes will be effective 1 February.
- Removing the Stronger Super Fee effective 28 February, which will see a reduction of 0.13 per cent on the administration fee for AMP choice investment options on a range of products2.
Respected research house SuperRatings recently awarded its highest ‘Platinum’ rating to the following AMP superannuation offers:
- AMP’s SignatureSuper - MySuper & Choice
- AMP SignatureSuper Select – Choice, and
- AMP Flexible Super Retirement (Core, Choice & Select).
SignatureSuper has now been given a ‘Platinum’ rating eight times over the last decade by SuperRatings.
1. Products include: CustomSuper, Flexible Lifetime Super, SignatureSuper, SignatureSuper Select, Simple Super, Super Directions for Business, Super Directions for Business Rollover Section, Super Leader, Tailored Super
2. Products include: Simple Super, Simple Super Rollover Plan, Tailored Super, Tailored Super Rollover Plan, Super Directions for Business, Super Directions for Business Rollover Section