AMP Bank

Summit Personal Pension

Past 5-year return
4.02%
Admin fee

$0

Calc fees on 50k

$904

SuperRatings awards
MyChoice SilverSilver
Past 5-year return
4.02%
Admin fee

$0

Calc fees on 50k

$904

SuperRatings awards
MyChoice SilverSilver

Pros and Cons

Pros and Cons

  • Suited to investors with diverse and complex investment needs.
  • Sophisticated suite of investment options - including managed funds and direct assets across both super and non-super investments.

Summary

Established in 1992 as a platform service managed by AMP, Summit Personal Pension is designed for individuals with diverse and complex investment needs, wanting a convenient way to build their super savings and transition to a pension. Summit Personal Pension offers a comprehensive investment menu, providing members with access to over 330 Diversified and Single-sector managed funds, as well as Direct Shares, ETFs, LICs and Term Deposits. The Summit Select Diversified Active Balanced option underperformed the SuperRatings Index over each time period assessed to 30 June 2020. Fees for this product are higher than the industry average across all account balances assessed. A minimum member fee of $396 pa makes it particularly expensive for small account balances; however, a tiered administration fee scale provides discounts for larger account balances. Further savings can be obtained from family fee aggregation. No switching fees are charged, although a buy/sell spread and transaction fees may apply.An excellent level of pension flexibility is provided. Members can choose from a variety of pension payment frequencies ranging from fortnightly to annually and can also elect payment dates. Furthermore, payments can be set to increase by CPI or a nominated percentage annually. Death cover is also available to pension members. Beneficiary options are comprehensive, including both binding and non-binding nominations, non-lapsing binding nominations, as well as reversionary pensions. 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.

Features and Fees

AMP Bank Fees and Features

    Pros and Cons

    • Suited to investors with diverse and complex investment needs.
    • Sophisticated suite of investment options - including managed funds and direct assets across both super and non-super investments.

    Established in 1992 as a platform service managed by AMP, Summit Personal Pension is designed for individuals with diverse and complex investment needs, wanting a convenient way to build their super savings and transition to a pension. Summit Personal Pension offers a comprehensive investment menu, providing members with access to over 330 Diversified and Single-sector managed funds, as well as Direct Shares, ETFs, LICs and Term Deposits. The Summit Select Diversified Active Balanced option underperformed the SuperRatings Index over each time period assessed to 30 June 2020. Fees for this product are higher than the industry average across all account balances assessed. A minimum member fee of $396 pa makes it particularly expensive for small account balances; however, a tiered administration fee scale provides discounts for larger account balances. Further savings can be obtained from family fee aggregation. No switching fees are charged, although a buy/sell spread and transaction fees may apply.An excellent level of pension flexibility is provided. Members can choose from a variety of pension payment frequencies ranging from fortnightly to annually and can also elect payment dates. Furthermore, payments can be set to increase by CPI or a nominated percentage annually. Death cover is also available to pension members. Beneficiary options are comprehensive, including both binding and non-binding nominations, non-lapsing binding nominations, as well as reversionary pensions. 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.

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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
      + View additional option performance information