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Pros and Cons
- A wide range of over 60 investment options from leading Australian and International investment managers plus Term Deposits on the menu
- Pension refresh facility & super consolidation account
- Fee rebates available on large account balances
- Family linking available to further enhance admin fee rebates
Established in 2003, AMP Flexible Lifetime Allocated Pension has been closed to new members since July 2010 and was moved to the Super Directions Fund effective 15 May 2020.Members have access to an extensive investment menu, featuring a wide range of Multi-Sector and Single-Sector options, as well as Term Deposits. The AMP Balanced Growth option has underperformed the SuperRatings Index over each time period assessed to 30 June 2020. Fees for this product are higher than the industry average across all assessed account balances. However, rebates are available for members with account balances over $100,000, resulting in fee reductions of up to 0.85% p.a. for account balances greater than $1 million. A product fee rebate may further apply, depending on members’ choice investment options. No switching fees are charged, although changing investment options may incur transaction costs. This product provides members with an excellent level of flexibility. Members can choose from multiple payment frequencies ranging from fortnightly to annually and are automatically eligible to EasyDraw which allows them to make an additional income payment by phone or via the online account without completing a withdrawal form. Members with more than one investment option can nominate the proportion of payments to be drawn from each option. Beneficiary options include both binding lapsing and non-lapsing nominations, as well as non-binding nominations.AMP's website provides members with access to a variety of financial simulators and retirement calculators, as well as a Goals info centre with a wealth of online tools and educational materials. Furthermore, the fund's interactive digital advice tool 'AMP Goals 360' is designed to assist members to plan and track their retirement goals.
AMP Bank Fees and Features
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment option performance
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