Good Evening Jamie, sorry to bother you, my names John, l am currently with AMP Super, and l just saw your article - AMP cops $14.5m penalty over fees for no service. Can l ask for your advice please, this has happened to me as of May this year, l just found out through my employer that they have been receiving my super contributions back to them. It appears that l haven't received any super into my profile, and l have still been continually charged fees. Do you have any suggestions on what to do?

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Hi John,

Not a bother at all - thank you for getting in touch.

I can't provide you with any financial advice, but I can suggest that you get in touch with AMP directly to find out if there has been an issue. Earlier this year AMP made the decision to consolidate several of its superannuation products, so it might be worth finding out if the product you're invested in was one of them and whether this is a factor. If it was, you should have received communication from AMP, likely by email, that this was going to occur. It's disappointing that your employer didn't notify you of this until recently, but I would also suggest speaking with them again to see if they can provide any further information as to why the superannuation contributions have been rejected.

One thing that may ease your frustration is knowing that, in relation to the article you've seen, 'fees for no service' is referring to those charged for services offered solely to employees of a particular company that had an agreement with AMP even after they'd changed employers, not to fees being charged on accounts that don't receive contributions. While it may not seem fair, super funds are still able to charge fees on your account despite no contributions coming in as they are still investing on your behalf and, if you have it, keeping your life insurance cover in place.

Remember, you can always send a question to Paul Clitheroe as well - he might be able to help you understand your options a little better.

Good luck!

Jamie Williamson

Editor

Financial Standard

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