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AMP rolls out super member benefits report
AMP has begun distributing a superannuation member benefits report that the company says is designed to be highly personalised, easy to read and understand and assist with member engagement.
AMP said the report will be sent to all 280,000 members of AMP CustomSuper and SignatureSuper across both direct and planner managed plans by the end of the year. The company is currently at around the halfway mark of 2,700 employer plans, according to AMP’s director of customer value, Peter Nicholas.
The report will help members make an informed decision around further education and advice by clearly showing them where they are in terms of their superannuation savings and what their likely income will be in retirement based on factors such as contributions, insurance, salary and current balance. It also helps them to project their likely superannuation balance at retirement.
“By engaging and helping members understand their superannuation, the report helps members realise whether their super will be adequate or not and allows members to take action where it is in their best interests,” Nicholas said.
There is a version of the report targeted at those in the formative or accumulation phase of their career and a different version for those thinking more actively about their retirements.
“We’ve seen so much communication go out that really doesn’t hit that personal level,” Nicholas said.
Rather than just giving people the information, the report aims to engage with them and show how their different choices would affect their retirement, he said.
“We’ve started looking at it from a member’s point of view. For those who are direct members, we try and make it really clear for them in terms of things to consider and what they can do if they want to do something about the plan, whether that’s do it themselves, get general advice or speak to a planner,” he said.
AMP said the report earned an Excellence in member communications award at the recent Association of Superannuation Funds of Australia (ASFA) Communications Awards.
AUTHOR
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