Types of AMP super accounts
AMP SignatureSuper is the provider’s accumulation product, meaning it enables members to grow their super savings for retirement. Some of the key features of AMP SignatureSuper include:
- a MySuper Lifestages investment option that changes its asset mix over time to suit the member’s risk profile at different stages of their life, with the option for them to tailor their investments;
- a range of investment options, which vary based the level of investment sophistication involved, the cost and the level of risk and volatility expected;
- optional insurance (death cover, total and permanent disablement (TPD) or permanent incapacity cover, and temporary incapacity cover) that members can tailor to suit their needs;
- the option to transition to AMP’s retirement solution upon retirement.
How is my super invested with AMP?
AMP offers its members two main options when it comes to how their super is invested:
AMP MySuper Lifestages is the more hands-off option, designed to grow and protect a member’s super balance as they age. The investment is made up of a mix of growth (e.g. shares and property) and defensive assets (e.g. cash and fixed interest investments) and this mix changes depending on how long the member has until they expect to retire. AMP says that for younger members, the aim of this investment option is to achieve higher investment returns through growth assets. As members approaches retirement, on the other hand, the aim is to reduce volatility and preserve the member’s balance, via a higher proportion of defensive assets.
For members who want more control over how their money is invested, AMP allows them to select their own investment options and set their own level of risk according to their life stage and goals. Through this option, members can select up to 15 investments from a range of 27 investment options, including the AMP MySuper Lifestages investment option, single-sector funds, diversified multi-manager options, and both Australian and international options.
Consider seeking financial advice before deciding how to invest your super savings.
How to join AMP super
Before committing to a particular fund, consider comparing your options with Canstar and checking out our choosing a super fund checklist. You can also read AMP’s product disclosure statement (PDS) and target market determination (TMD), which could help you decide whether its product offering is suitable for your needs.
To be eligible to join, AMP says you must be based in Australia and be at least 14 years and nine months old. You can only apply on behalf of yourself or your child.
If you decide to join AMP and meet the eligibility criteria, you can apply for its AMP SignatureSuper product via its website.
Finally, remember to tell your employer that you’ve joined AMP. Your employer should give you a Superannuation Standard Choice Form to fill out, sign and return to them.
AMP Superannuation FAQs
AMP does not offer a separate ethical super product at the time of writing. However, members who tailor their investment options may have the ability to choose investment options that align to their ethics. The PDS for AMP’s SignatureSuper product notes that one of the investment options members can choose from is an environmental, social and governance (ESG)-focused investment. Speak to AMP for more information and consider seeking financial advice before deciding how to invest your super savings.
AMP charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, AMP’s website states that some of the fees that apply to the SignatureSuper product include:
AMP MySuper Lifestages
- Investment fees of 0.26% of the account balance per year
- Administration fees of 0.29% each year on the first $500,000 of a member’s account, plus $6.50 per month.
Fees for members who tailor their investments
- Investment fees of 0.00% to 1.15% per year, depending on the investments you choose
- Administration fees 0.29% per year (0.25% per year for cash and term deposits), plus $6.50 per month.
In addition, members may also incur transaction fees when changes are made to their investments, plus fees for any financial advice they receive and any insurance they have through their super.
AMP says these fees are charged monthly. Bear in mind that other fees may apply. Consider checking AMP’s product disclosure statement (PDS) for details. You can also compare the annual fees for AMP’s default investment option to other super funds’ fees on Canstar’s database.
AMP allows members to consolidate their super by completing an online form if the member has the account details of the funds they are looking to consolidate at the ready. If not, it says users can login and search for their other super accounts, provided they have two types of personal identification (such as a driver’s licence and passport) and their tax file number (TFN) available.
Before consolidating your super, consider seeking professional advice and factoring in any benefits or insurance cover you may lose by closing an existing super account.
AMP was founded in 1849 and describes itself as a wealth management company. However, in addition to offering investment products – including superannuation – and financial advice, its suite of products includes a range of banking products, such as home loans, transaction, savings accounts and term deposits.