AMP is one of Australia’s largest retail financial services companies and a significant superannuation provider through its various super products and platforms. AMP Super is a retail (not industry) fund, and its fees and performance have attracted regulatory scrutiny in recent years.
AMP’s Super Products
AMP offers super through several product lines:
- AMP MySuper — the default accumulation product
- AMP Signature Super — retail product with broader investment options
- North — AMP’s investment wrap platform (see North Super Review)
- AMP Retirement Trust — consolidation of some legacy products
Fees
AMP’s super products are generally higher-fee than industry funds. Typical fee structures include:
- Administration fees: Dollar-based fixed fee + percentage of balance
- Investment management fees (MER): Vary significantly by investment option
- Adviser fees: Many AMP products are linked to financial advisers who charge ongoing fees
Important: Fees significantly affect long-term outcomes. The APRA Super Performance Test has identified some super products — including some retail products — as underperforming on a fee-adjusted basis.
For current fee information, refer to AMP’s Product Disclosure Statement at amp.com.au.
Investment Performance
AMP’s MySuper products have faced scrutiny under APRA’s Annual Performance Test. Some AMP products have been listed as failing this test in prior years — meaning members were required to be notified and informed of their right to switch.
Members should compare AMP’s performance against the YourSuper comparison tool (available at ato.gov.au) before deciding to stay or switch.
Insurance
AMP provides death cover, TPD, and income protection insurance through its super products. Cover may be group-based or individually underwritten depending on the product.
AMP’s History and Context
AMP was subject to significant scrutiny in the 2019 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Since then, AMP has undertaken significant restructuring, including divesting its banking arm and refocusing on superannuation and wealth management.
Who AMP Super May Suit
- Members with existing AMP relationships who have a financial adviser
- Members with products that cannot easily be transferred due to insurance or defined benefit components
For most Australians starting fresh, comparing fees and performance using the YourSuper comparison tool before choosing AMP Super is advisable.
For advice on whether AMP Super is suitable for your situation, speak with a licensed financial adviser. Note: advisers recommending AMP products may have fee relationships — ask about conflicts of interest. Find an adviser via MoneySmart. For more: Super Fund Comparison Table.