AMP Super Review (2026) — Fees, Performance, and Key Features

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.

Frequently Asked Questions

Has AMP Super failed the APRA performance test? Some AMP MySuper products have failed the annual APRA performance test in prior years. Failure means the fund must notify members within 28 days and direct them to the ATO’s YourSuper comparison tool. If you are in an AMP product that has failed the test, you are not forced to leave but it is a significant signal to review your options. Check the current year’s test results on the ATO’s YourSuper tool at ato.gov.au/yoursuper.

Is AMP a for-profit fund — does that affect my returns? Yes — AMP is a publicly listed retail financial services company (ASX: AMP). As a for-profit operator, a portion of the fee pool can be directed to shareholder returns. This is distinct from industry funds, which reinvest all surpluses for members. Whether this affects your returns depends on specific products and fees — but it’s one of the structural reasons industry funds have historically outperformed retail funds on a net-of-fees basis.

What is AMP’s North platform vs standard AMP Super? North is AMP’s investment wrap platform — a more sophisticated, adviser-focused product that allows access to a broad investment menu (managed funds, direct shares, ETFs). Standard AMP Super products are simpler accumulation accounts. North typically has higher minimum balances and is used by members working with a financial adviser. See North Super Review. If you are in a basic AMP MySuper product, you are not in North.

If my AMP adviser is no longer active, am I still paying adviser fees? This has historically been a problem with retail super. “Orphaned” accounts — where the adviser has left but ongoing fees continue — were identified as an issue in the Banking Royal Commission. AMP has made changes to remove trailing commissions in newer products, but older products may still have embedded adviser fees. Check your annual statement for “adviser fees” or “ongoing service fees” and contact AMP to remove them if no adviser is actively serving you.

Can I easily switch from AMP Super to an industry fund? Yes — super choice applies to all employees. You can initiate a rollover from AMP to any other complying fund via myGov → ATO → Super → Transfer super, or by contacting your new fund and completing a rollover form. Before switching, check: (1) what insurance cover you have in AMP and whether it would lapse, (2) whether any AMP products have exit fees or surrender charges (these should not apply to post-2019 products), and (3) whether you need a financial adviser to guide the transition for complex products.

What happened to AMP after the Banking Royal Commission? AMP was a central subject of the 2018–2019 Royal Commission, which exposed instances of fees for no service, charging dead clients, and misleading regulators. The fallout led to significant leadership changes, regulatory enforcement actions, loss of clients to industry funds, and corporate restructuring. AMP divested its banking arm (sold to Bendigo Bank in 2022), sold its international businesses, and refocused on wealth management and super. The company remains under enhanced regulatory scrutiny.

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.