AMP Bank

MyNorth AP - Choice

No. of members: 223644
Fund size: $39.9b
Public offer:
Product type: Master Trust-Allocated Pension
Target market: -
Year started: 2016
Past 5-year return
3.61%
Admin fee

$91

Calc fees on 50k

$701

SuperRatings awards
Past 5-year return
3.61%
Admin fee

$91

Calc fees on 50k

$701

SuperRatings awards

Pros and Cons

Pros and Cons

  • Choice of over 430 underlying investments (3 with a guarantee)
  • MyNorth is flexible and open-ended which allows contributionsand withdrawals, as well as transition to retirement pensions
  • Easy-to-use online website to check investments, makecontributions and update details

Summary

Launched in February 2016, MyNorth is an innovative all-in-one super and investment solution allowing members to easily move to a pension account upon retirement, with the option of capital guarantee to protect their super savings.MyNorth Choice menu offers an extensive list of multi-manager and single manager funds, managed portfolios, as well as access to direct equities, ETFs, ETCs, LICs, LITs and AREITs. Performance information is not readily available for this product and therefore cannot be accurately assessed against the relevant SuperRatings indices.Fees for this product are lower than the industry average across all assessed account balances, with the total administration fee capped at $2,800 pa. Further fee savings can be obtained through individual or family fee aggregation. No switching fees are charged, although a buy/sell spread and transaction fees may apply. A higher administration fee is applicable, compared to members invest in the Core and Select menus. An excellent level of pension flexibility is provided. Members have the ability to receive their pension payments in a variety of frequencies ranging from fortnightly to annually and can also elect any payment dates. Payments can also be set to increase automatically by CPI or a nominated percentage annually. Furthermore, Death cover is available for pension members.Members can monitor and report on all investments through North Online. Further, AMP's website contains a variety of financial simulators and retirement calculators, as well as a Goals info centre, which provides members with a wealth of educational materials, tools and online learning. Furthermore, the fund's interactive digital advice tool 'AMP Goals 360' is designed to assist members to plan and track their retirement goals.

Features and Fees

AMP Bank Fees and Features

    Pros and Cons

    • Choice of over 430 underlying investments (3 with a guarantee)
    • MyNorth is flexible and open-ended which allows contributionsand withdrawals, as well as transition to retirement pensions
    • Easy-to-use online website to check investments, makecontributions and update details

    Launched in February 2016, MyNorth is an innovative all-in-one super and investment solution allowing members to easily move to a pension account upon retirement, with the option of capital guarantee to protect their super savings.MyNorth Choice menu offers an extensive list of multi-manager and single manager funds, managed portfolios, as well as access to direct equities, ETFs, ETCs, LICs, LITs and AREITs. Performance information is not readily available for this product and therefore cannot be accurately assessed against the relevant SuperRatings indices.Fees for this product are lower than the industry average across all assessed account balances, with the total administration fee capped at $2,800 pa. Further fee savings can be obtained through individual or family fee aggregation. No switching fees are charged, although a buy/sell spread and transaction fees may apply. A higher administration fee is applicable, compared to members invest in the Core and Select menus. An excellent level of pension flexibility is provided. Members have the ability to receive their pension payments in a variety of frequencies ranging from fortnightly to annually and can also elect any payment dates. Payments can also be set to increase automatically by CPI or a nominated percentage annually. Furthermore, Death cover is available for pension members.Members can monitor and report on all investments through North Online. Further, AMP's website contains a variety of financial simulators and retirement calculators, as well as a Goals info centre, which provides members with a wealth of educational materials, tools and online learning. 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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