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Pros and Cons
- Low cost and simple product offering
- Choice of diversified and cash investment options, where members can choose up to three investment options
Launched in May 2010, AMP Flexible Super Retirement is designed to be a simple and low-cost retirement solution and was moved to the Super Directions Fund effective 15 May 2020.The Core Package offers an investment menu of limited Diversified investment options, including an AMP Retirement Choice option specific for pension members, and a Cash option. Members can access a greater variety of investment options by upgrading to the Choice Package. The Super Easy Balanced option underperformed the relevant SuperRatings Index over each time period assessed to 30 June 2020. Fees for this product are lower than the industry average across all assessed account balances, with Core members receiving a reduced member fee compared to members invested in Select and Choice options. An administration fee rebate may also apply, depending on members’ investment options and account balances. No switching fees are charged, although changing investment options may incur transactional 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. A Pension Refresh Facility further offers members a quick and easy way to rebalance their super and retirement accounts. 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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