AMP acknowledges super hit
AMP Limited has acknowledged a multi-million impact resulting from passage of the Government’s new superannuation legislation.
AMP has notified the Australian Securities Exchange (ASX) that it had completed an assessment of the legislation and the indicative operating earnings impact on AMP’s retained businesses this financial year was expected to be around $10 million after tax, with an annualised impact of $30 million after tax from 2020.
The company said these estimates were prior to a number of potential mitigants including offsetting actions to retain customers and revenue, administrative cost efficiencies and the consolidation of low balance superannuation accounts from other industry participants into AMP active accounts.
It said the earnings impact would predominantly be in the Australian wealth management business, which would be required under the legislation to transfer approximately 370,000 low balance superannuation accounts to the Australian Taxation Office (ATO).
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
