AMP Bank

Summit Personal Pension

No. of members: 223644
Fund size: $39.9b
Public offer:
Product type: Master Trust-Allocated Pension
Target market: -
Year started: 1992
Past 5-year return
4.02%
Admin fee

$0

Calc fees on 50k

$904

SuperRatings awards
Highlighted
7.15%

$117

AustralianSuper

$472

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
Go to site
Past 5-year return
4.02%
Admin fee

$0

Calc fees on 50k

$904

SuperRatings awards

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.
  • Consolidated investment reports, with online access to view portfolio details.

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 310 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 the 10 year period to 30 June 2019. 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 changing investment options may incur transaction costs.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. Through North Online, members can obtain investment portfolio information, complete transactions and produce consolidated reports at any time. Members also have access to a variety of financial simulators and retirement calculators, as well as a wealth of educational materials, tools and online learning through AMP's website.

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.
    • Consolidated investment reports, with online access to view portfolio details.

    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 310 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 the 10 year period to 30 June 2019. 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 changing investment options may incur transaction costs.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. Through North Online, members can obtain investment portfolio information, complete transactions and produce consolidated reports at any time. Members also have access to a variety of financial simulators and retirement calculators, as well as a wealth of educational materials, tools and online learning through AMP's website.

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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
      Product
      Past 5-year return
      Admin fee
      Company
      Calc fees on 50k
      Features
      SuperRatings awards
      Go to site

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