AMP Superannuation

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AMP is a provider of superannuation, life insurance, home loans, banking and investment products.

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What AMP Superannuation offers

The inclusions below represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.

  • AMP Flexible SuperChoice of three investment levels – Core with 5 managed fund investment options, Select with 10 managed fund investment options, or Choice with 94 managed investment options and access to term deposits.
  • Unlimited free investment switches.
  • Life insurance, TPD insurance, and income protection cover available within super.
  • Online access to account details.
  • Financial advice available.

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How to join AMP Superannuation

You can sign up for an AMP super account online by clicking on an AMP super fund in our superannuation comparison tables.

If you would prefer to talk to someone during the application process, contact their Superannuation Enquiries team:

  • Phone: 131 267 (open Mon-Fri)
  • Email: askamp@amp.com.au
  • Post: PO Box 300 Parramatta NSW 2124

Keep our tips in mind for how to choose a super fund, and always read the product disclosure statement (PDS) before you sign up for any superannuation product.

Remember to consider consolidating all of your super savings into one account. Find out how to find your lost super and how to consolidate your super. Before consolidating, check what insurances you have with each fund. Moving super from one fund to another could mean you lose some insurances, some of which you might not have known about but could really find handy if something were to happen to you.

Finally, tell your employer that you’ve joined AMP Superannuation. Your employer will give you a choice of super fund form that you will need to sign and return to them.

How do the fees on AMP Superannuation compare to other funds?

You can compare AMP Superannuation fees to other super fund fees on our database.

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Does AMP Superannuation offer an ethical investment option?

At the time of writing (February 2017), AMP Superannuation offers ethical and socially responsible investment options through some of its super accounts.

Source: AMP

Find out more about ethical super investment options here. Some ethical super funds screen out companies that harm humans or the environment, while other ethical super funds invest only in companies whose social and corporate responsibility approach makes a positive impact in environmental and social areas. You don’t have to settle for a super fund where money is the bottom line; ask your super fund whether they offer ethical investment options.

How can I track the growth of my AMP Superannuation account?

Members can track and manage the growth of their super balance through AMP’s mobile banking apps for Apple and Android devices, including their Own Tomorrow app for Apple Watch and other devices. Members can also view their AMP super balance online or in their annual statement.

What should I check on my AMP Superannuation statement?

Be sure to check these 9 things on your superannuation statement:

  • Personal details are up-to-date
  • Nominated beneficiaries are up-to-date
  • Tax File Number (TFN) is recorded
  • Super contributions from employer and/or your voluntary contributions are correct
  • Investment asset class choices are appropriate for your life stage
  • Amount paid in fees
  • Insurance still adequate
  • Super is consolidated, after checking whether there is insurance or any other benefits attached to the account you may lose and you’re comfortable to do so
  • The big picture – are you happy with your super fund overall?

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When can I access my AMP Superannuation?

You can access your super at age 65, but it could be earlier at what’s known as your preservation age, which can be from 55 years up to 60 years depending on what year you were born. To access your super, typically you need to have permanently decided to stop working, or have left an employer after turning 60. Earlier access to your super is possible in certain circumstances, such as:

  • If your home is being repossessed
  • Cases of severe financial hardship
  • On compassionate grounds if you or your dependant is diagnosed with a terminal illness needing palliative care, or if you are temporarily or permanently unable to work or need to work less hours due to a physical or mental medical condition, or if you are disabled and need to modify your home or car to meet your needs, or if you need help to pay for the funeral expenses of a dependant
  • If your super balance is less than $200

Can I get the Age Pension as well as AMP Superannuation?

You may be able to receive a full or part-pension depending on your level of assets (including super and account-based pension balance) and income (including from any account-based pension you may have and how much income your super is assumed to be able to pay you).

Find out how the Age Pension works and how much you can receive in super before your pension is affected.

About AMP

AMP was founded in 1849 as the Australian Mutual Provident Society, with the aim that every individual customer should have the power to control their own life. AMP helped finance the construction of the foundation of Australia and New Zealand, including Australia’s first skyscraper, as well as roads, airports, and other infrastructure.

When it comes to helping Australians retire, AMP’s 2015 Community Report showed that they distributed $2.2 billion in super and account-based pension payments to retirees. AMP Capital’s aged care business provided 6,200 beds in aged care homes for older seniors.

In total, AMP provided financial advice and products to more than 4.4 million Australian and New Zealand customers in 2015. Through the AMP Cancer Council Pro Bono program, AMP financial advisers provide free financial advice to for people affected by cancer regarding access to superannuation, insurance, budgeting, and planning for their family’s future.

AMP now employs more than 5,400 employees around the world and 4,400 financial advisers in Australia and New Zealand. When it comes to gender equality among those employees, 37% of their management positions are filled by women which matches the national average of 37.4% from the 2016 Workplace Gender Equality Scorecard.

AMP also supports the community through their AMP Foundation, which was established in 1992 and donated $4.8 million to 195 charity and community organisations in 2015. One initiative, the AMP Tomorrow Fund, helps passionate and talented Aussies achieve their dreams with Tomorrow Maker grants.

To protect our environment, AMP became carbon neutral in 2013 and continues to reduce their greenhouse gas emissions, with a 9% reduction in 2015 as part of its 15% reduction goal for 2014-16. They also support environmental initiatives such as Earth Hour and Sydney’s CitySwitch.

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AMP Flexible Super Choice

Canstar Research
Rating:
Award: 2016 Outstanding Value Superannuation Funds

Wealth Accumulator Profile

AMP Flexible Super Choice

View 2016 Canstar Superannuation Star Ratings Report

Written by: TJ Ryan | Last updated: March 7, 2017