POWERED BY MOMENTUM MEDIA
AMP reduces products and cuts fees
AMP super products will be simplified from 11 to three with its MySuper fees to have an average reduction of 8% and Choice fee average reductions of 29%.
Effective from 1 October, 2021, the reduction to MySuper fees followed reductions in 2020 and 2018 after AMP started its super simplification program.
Scott Hartley, AMP Australia chief executive, said it was important for members to have low fees, good performance and excellent member services that helped them to make the right decisions to build for their retirement.
“Our goal is to continually improve the experience of members, and the financial advisers who support many of them,” Hartley said.
“We know how important and valued our member services are. Particularly through Covid we have seen a strong increase in members wanting advice and support with their finances.
“This year there was a 200% increase in people accessing our free online financial education content. Giving members access to free financial information is critical to helping them to make good decisions in order to meet their retirement goals.”
Recommended for you
The industry body has cautioned the government against implementing unnecessary regulations for private market investments, with ASIC currently exploring reforms in this space.
The industry fund has appointed Natalie Alford as its new chief risk officer, strengthening its executive team during a period of transformation.
The Super Members Council has outlined a bold reform plan to boost productivity, lift retirement savings, and unlock super’s full potential.
Women beginning their careers in 2025 could retire with hundreds of thousands of dollars more in super due to the 12 per cent super guarantee rate, HESTA modelling shows.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
