AMP slashes superannuation fees

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Members of AMP's super products will see savings across both administration and investment fees from October, with some set to make significant savings.

As a result of consolidating its superannuation products from 11 to three, AMP's MySuper members will see an 8% drop on average across dollar administration and investment fees.

Those in Choice products will see an average 29% saving across both fee types, excluding indirect fees.

amp reduces super fees

There will also be a simplified investment menu and enhanced online functionality, AMP says.

"As part of our plan to simplify our business, we committed to lowering our fees, reducing our costs and returning the benefits to members. Our goal is to continually improve the experience of members, and the financial advisers who support many of them," says AMP Australia chief executive Scott Hartley.

He said the group has seen an increase in members wanting advice and support in recent times.

"This year there was a 200% increase in people accessing our free online financial education content," he says.

"Giving members access to free financial information is critical to helping them to make good decisions in order to meet their retirement goals."

The fee changes come as AMP faces Federal Court over fees for no service charged on corporate super accounts between 2015 and 2019.

It is alleged the misconduct saw AMP pocket more than $600,000 in financial advice fees from 1540 customers despite having been notified that those customers had left their employer-sponsored super accounts and therefore could not access the financial advice for which the fees were charged.

This article first appeared on Financial Standard

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Jamie Williamson is editor of Financial Standard. Prior to this she was a senior journalist, covering wealth management including financial advice, superannuation and life insurance. Before turning to journalism, she worked in public relations, specialising in financial services. She has a Bachelor's degree in communications from the University of Newcastle.

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