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Quick pension fund review
For MyNorth AP - Select
These are the benefits of this pension fund.
- 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.The MyNorth Select menu offers a range of diversified multi-manager investment options with access to specialist fund managers in each asset class, term deposits and a selectin of managed portfolios. The North Professional Balanced option underperformed the SuperRatings Index over each time period assessed to 30 June 2020.Fees for this product are lower than the industry average across small account balances assessed, 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. Compared to members invested in the Choice menu, Select members enjoy a reduced administration fee. 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. Beneficiary options are comprehensive, including both binding and non-binding nominations, as well as reversionary pensions and non-lapsing binding nominations.Members can monitor and produce reports on all investments through North Online. Additional benefits available through AMP's website include access to 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.
Pension fund overview
For MyNorth AP - Select
Target Market Determination
Visit AMP Bank to view Target Market Determination.
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment option performance
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