AMP Bank

AMP Flexible Super Retirement (Select Package)

Winner of SuperRatings Platinum 2021 Pension, 10 Yr Platinum Performance 2011-2021, Infinity Recognised 2021

Past 5-year return
7.93

% p.a

Admin fee

$121

Calc fees on 50k

$481

SuperRatings awards
SuperRatings Platinum 2021 Pension10 Yr Platinum Performance 2011-2021Infinity Recognised 2021
Past 5-year return
7.93

% p.a

Admin fee

$121

Calc fees on 50k

$481

SuperRatings awards
SuperRatings Platinum 2021 Pension10 Yr Platinum Performance 2011-2021Infinity Recognised 2021

Pros and Cons

  • Transition to retirement capability
  • Medium-tier investment range, where members can choose up to five investment options
  • One consolidated statement for super and pension accounts

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 Select Package offers an investment menu of 5 Diversified investment options. 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 Select members receiving a reduced member fee compared to members invested in 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.

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AMP Bank Fees and Features

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    Fund fees vs. Industry average
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    Fund past-5-year return vs. Industry average
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    Investment option performance
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