AMP Bank

MyNorth AP - Core

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
New
Admin fee

$91

Calc fees on 50k

$371

SuperRatings awards
Past 5-year return
New
Admin fee

$91

Calc fees on 50k

$371

SuperRatings awards

Pros and Cons

Pros and Cons

  • Guaranteed income stream for life
  • Choice of over 430 underlying investments (3 with a guarantee)
  • MyNorth is flexible and open-ended which allows contributions and withdrawals, as well as transition to retirement pensions
  • Easy-to-use online website to check investments, make contributions 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 Core menu offers a range of active and index funds. The MyNorth Index Balanced option underperformed the SuperRatings Index over the 3 years to 30 June 2019.Fees for this product are lower than the industry average across all assessed account balances. No switching fees are charged, although a buy/sell spread and transaction fees may apply. Compared to members invested in the Select and Choice menus, Core members enjoy a nil 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. 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

    • Guaranteed income stream for life
    • Choice of over 430 underlying investments (3 with a guarantee)
    • MyNorth is flexible and open-ended which allows contributions and withdrawals, as well as transition to retirement pensions
    • Easy-to-use online website to check investments, make contributions 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 Core menu offers a range of active and index funds. The MyNorth Index Balanced option underperformed the SuperRatings Index over the 3 years to 30 June 2019.Fees for this product are lower than the industry average across all assessed account balances. No switching fees are charged, although a buy/sell spread and transaction fees may apply. Compared to members invested in the Select and Choice menus, Core members enjoy a nil 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. 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

      Fund fees vs. Industry average
      THIS FUND
      INDUSTRY AVERAGE
      Fund past-5-year return vs. Industry average
      THIS FUND
      INDUSTRY AVERAGE
      Investment allocation
      INTERNATIONAL SHARES
      AUSTRALIAN SHARES
      PROPERTY
      ALTERNATIVES
      FIXED INTEREST
      CASH
      OTHER
      Investment option performance
      BALANCED
      HIGH GROWTH
      CONSERVATIVE BALANCE
      GROWTH
      CAPITAL STABLE
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