AMP has launched a comparison tool aimed at helping Australians assess their super and build greater retirement confidence.
The online super comparison tool is designed to give Australians clearer visibility over how their superannuation compares on performance, fees, insurance and member services.
Powered by the RateMySuper engine developed by SuperRatings, the tool aims to lift transparency and encourage more Australians to actively engage with their super and understand the benefits they receive from their fund.
AMP said users could select a range of comparable funds and receive instant side-by-side comparisons based on externally sourced and regularly updated data.
“It puts simple, side-by-side comparisons of investment performance, fees, insurance and service at people’s fingertips so they can make informed choices about their super.”
Melinda Howes, AMP’s group executive for super and investments, said only around half of Australians felt financially confident about their retirement.
“Turning those savings into real confidence starts with clear information, which is why we’ve launched this new comparison tool,” she said.
She added that the tool also challenged perceptions about the performance and fee advantages of industry funds over retail funds.
“Importantly, it also challenges the myth that industry funds always have lower fees and better performance than retail funds like AMP.”
AMP said it wanted more Australians to compare their super with other funds, understand the value it provided and feel more confident about their financial future.
Key features of the tool included side-by-side comparisons of investment performance and options, as well as investment and administration fees.
It also provided visibility of insurance cover and premiums to help members understand the protection offered through their super.
Service and experience indicators highlighted digital tools, support features, governance and product design aspects that contributed to member value.
The comparison data was provided and updated by SuperRatings, one of Australia’s leading superannuation research and ratings houses.
AMP noted that the tool added to its growing suite of digital resources, following the recent release of its digital financial advice solution with three new retirement journeys and a retirement planner.
Members could use these tools to assess and execute contribution and investment strategies in one place, as well as view super projections to help plan for retirement goals.
Over the past year AMP Super launched Lifetime Boost and AMP Rewards, both aimed at helping members get more from their super and take greater control of their retirement.
