AMP has moved to simplify its superannuation products, including cutting the size of its Product Disclosure Statements and bundling its super and allocated pension accounts.
The company announced this week that it had bundled its Flexible Lifetime Super and Flexible Lifetime Allocated Pension accounts into an all-in-one account at the same time as launching a so-called Pension Refresh Facility.
It claimed the Pension Refresh Facility was capable of boosting a customer’s retirement savings by as much as 27 per cent by drawing down money to supplement income from a pension while still salary sacrificing income to super.
According to AMP director of personal wealth management Andrew Hobern, the refresh facility, when combined with a transition to retirement strategy, allows customers to boost their retirement savings by as much as 27 per cent because of the consequent tax treatment.
