$91
$451


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Pros and Cons
Pros and Cons
- Simple insurance offering that can be tailored as needs change
- Competitive fees
- One consolidated statement for super and pension accounts
- Choice of diversified and cash investment options, where members can choose up to three investment options
- 24/7 online access via MyAMP
Summary
Launched in May 2009, AMP Flexible Super is designed to be a simple and low-cost superannuation product and was moved to the Super Directions Fund effective 15 May 2020. The Core Package offers an investment menu of limited Diversified investment options and a Cash option. Members can access a greater variety of investment options by upgrading to the Choice Package. The Super Easy Balanced option underperformed the relevant SuperRatings Index over each time period assessed to 30 June 2020. Fees for this product are lower than the industry average across all assessed account balances, with Core members receiving a reduced member fee compared to members invested in Select and Choice options. An administration fee rebate may also apply, depending on members’ investment options and account balances. No switching fees are charged, although changing investment options may incur transactional costs. Two types of insurance cover are offered, including Essential Protection and Super Protection. Essential Protection is provided up to $250,000 of Death only cover and Death & TPD cover, whilst Super Protection allows members to apply for up to $5 million of Death only cover and Death & TPD cover. Income Protection is also available over a 2 year, 5 year or to age 65 benefit period, covering a maximum of $30,000 per month, with a choice of a variety of waiting periods from 30 to 720 days.AMP's website provides members with access to a variety of financial simulators and retirement calculators, as well as a Goals info centre with a wealth of online tools and educational materials. 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
- Features
- Insurance Cover
- Fees
Features
Binding nominations | |
Account size discount | Online Access |
Home loans | Financial planning service |
Non-lapsing binding nominations | Employer size discount |
Anti-detriment payments | Credit cards |
Insurance Cover
Health insurance | Insurance life event increases |
Total and permanent disability cover | Long term income protection |
Fees
Admin fee $91 | Administration fee (%) 0.5% |
Switching fee $0 | Investment fee 0.15% |
Indirect cost ratio (%) 0.07% | Exit fee $0 |
Pros and Cons
- Simple insurance offering that can be tailored as needs change
- Competitive fees
- One consolidated statement for super and pension accounts
- Choice of diversified and cash investment options, where members can choose up to three investment options
- 24/7 online access via MyAMP
Launched in May 2009, AMP Flexible Super is designed to be a simple and low-cost superannuation product and was moved to the Super Directions Fund effective 15 May 2020. The Core Package offers an investment menu of limited Diversified investment options and a Cash option. Members can access a greater variety of investment options by upgrading to the Choice Package. The Super Easy Balanced option underperformed the relevant SuperRatings Index over each time period assessed to 30 June 2020. Fees for this product are lower than the industry average across all assessed account balances, with Core members receiving a reduced member fee compared to members invested in Select and Choice options. An administration fee rebate may also apply, depending on members’ investment options and account balances. No switching fees are charged, although changing investment options may incur transactional costs. Two types of insurance cover are offered, including Essential Protection and Super Protection. Essential Protection is provided up to $250,000 of Death only cover and Death & TPD cover, whilst Super Protection allows members to apply for up to $5 million of Death only cover and Death & TPD cover. Income Protection is also available over a 2 year, 5 year or to age 65 benefit period, covering a maximum of $30,000 per month, with a choice of a variety of waiting periods from 30 to 720 days.AMP's website provides members with access to a variety of financial simulators and retirement calculators, as well as a Goals info centre with a wealth of online tools and educational materials. Furthermore, the fund's interactive digital advice tool 'AMP Goals 360' is designed to assist members to plan and track their retirement goals.
Read More
AMP Bank Fees and Features
- Features
- Insurance Cover
- Fees
Features
Binding nominations | |
Account size discount | Online Access |
Home loans | Financial planning service |
Non-lapsing binding nominations | Employer size discount |
Anti-detriment payments | Credit cards |
Insurance Cover
Health insurance | Insurance life event increases |
Total and permanent disability cover | Long term income protection |
Fees
Admin fee $91 | Administration fee (%) 0.5% |
Switching fee $0 | Investment fee 0.15% |
Indirect cost ratio (%) 0.07% | Exit fee $0 |
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
Product | Past 5-year return 4.38% | Admin fee $91 | Company ![]() | Calc fees on 50k $701 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
Product | Past 5-year return 5.17% | Admin fee $91 | Company ![]() | Calc fees on 50k $701 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
Product | Past 5-year return 4.65% | Admin fee $91 | Company ![]() | Calc fees on 50k $546 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details |
Past 5-year return 3.91% | Admin fee $110 | Company ![]() | Calc fees on 50k $1.3k | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details | |
Past 5-year return 4.96% | Admin fee $152 | Company ![]() | Calc fees on 50k $512 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details | |
Product | Past 5-year return New | Admin fee $91 | Company ![]() | Calc fees on 50k $546 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details |
Product | Past 5-year return 4.65% | Admin fee $91 | Company ![]() | Calc fees on 50k $546 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details |
Product | Past 5-year return 4.76% | Admin fee $91 | Company ![]() | Calc fees on 50k $921 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details |
Product | Past 5-year return 4.73% | Admin fee $84 | Company ![]() | Calc fees on 50k $599 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details |
Past 5-year return 4.76% | Admin fee $0 | Company ![]() | Calc fees on 50k $886 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
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FAQs
Do I have to pay myself superannuation if I'm self-employed?
No, self-employed workers don’t have to pay themselves superannuation. However, if you do pay yourself superannuation, you will probably be able to claim a tax deduction.
How can I increase my superannuation?
You can increase your superannuation through a ‘salary sacrifice’. This is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Like regular superannuation contributions, salary sacrifices are taxed at 15 per cent when they are paid into the fund.
Can I transfer money from overseas into my superannuation account?
Yes, you can transfer money from overseas into your superannuation account – under certain conditions. First, you must provide your tax file number to your fund. Second, if you are aged between 65 and 74, you must have worked at least 40 hours within 30 consecutive days in a financial year. (Australians under 65 aren’t subject to a work test; Australians aged 75 and over cannot receive contributions to their superannuation account.)
Money transferred from overseas will generally count to both your concessional contributions limit and your non-concessional contributions limit. You will have to pay income tax on the applicable fund earnings component of any money transferred from overseas. You might also be liable for excess contributions tax.
Am I entitled to superannuation if I'm a part-time employee?
As a part-time employee, you’re entitled to superannuation if:
- You’re over 18 and earn more than $450 before tax in a calendar month
- You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month
What will the superannuation fund do with my money?
Your money will be invested in an investment option of your choosing.
Can I carry on a business in an SMSF?
SMSFs are allowed to carry on a business under two conditions.
First, this must be permitted under the trust deed.
Second, the sole purpose of the business must be to earn retirement benefits.
When is superannuation payable?
Employers must pay superannuation at least four times per year. The due dates are 28 January, 28 April, 28 July and 28 October.
What is the age pension's income test?
These are the rules for most people who want to claim the standard pension:
Single people
- If your income per fortnight is up to $168, you’re entitled to a full pension
- If your income per fortnight is over $168, your pension will reduce by 50 cents for each dollar over $168
Couples
- If your income per fortnight is up to $300, you’re entitled to a full pension
- If your income per fortnight is over $300, your pension will reduce by 50 cents for each dollar over $300
These are the rules for most people who want to claim the transitional pension:
Single people
- If your income per fortnight is up to $168, you’re entitled to a full pension
- If your income per fortnight is over $168, your pension will reduce by 40 cents for each dollar over $168
Couples
- If your income per fortnight is up to $300, you’re entitled to a full pension
- If your income per fortnight is over $300, your pension will reduce by 40 cents for each dollar over $300
For most people, the age pension cuts off if your fortnightly income exceeds these thresholds:
Category | Fortnightly income |
---|---|
Standard pension for singles | $1,944.60 |
Standard pension for couples living together | $2,978.40 |
Standard pension for couples living apart due to ill health | $3,853.20 |
Transitional pension for singles | $2,038.00 |
Transitional pension for couples living together | $3,317.00 |
Transitional pension for couples living apart due to ill health | $4,040.00 |
Am I entitled to superannuation if I'm not an Australian citizen?
Yes, permanent and temporary residents are entitled to superannuation.
How much superannuation should I have at age 40?
The amount of superannuation you should have at age 40 is based on how much money you need to have at retirement. That, in turn, is based on how much money you expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement.
The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week:
Lifestyle | Singles | Couples |
---|---|---|
Modest | $465 | $668 |
Comfortable | $837 | $1,150 |
Here is the superannuation balance you would need to fund that level of spending:
Lifestyle | Singles | Couples |
---|---|---|
Modest | $50,000 | $35,000 |
Comfortable | $545,000 | $640,000 |
These figures come from the March 2017 edition of the ASFA Retirement Standard.
The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.
Here is how ASFA defines retirement lifestyles:
Category | Comfortable | Modest | Age pension |
---|---|---|---|
Holidays | One annual holiday in Australia | One or two short breaks in Australia near where you live | Shorter breaks or day trips in your own city |
Eating out | Regularly eat out at restaurants. Good range and quality of food | Infrequently eat out at restaurants. Cheaper and less food | Only club special meals or inexpensive takeaway |
Car | Owning a reasonable car | Owning an older, less reliable car | No car – or, if you do, a struggle to afford the upkeep |
Alcohol | Bottled wine | Casked wine | Homebrew beer or no alcohol |
Clothing | Good clothes | Reasonable clothes | Basic clothes |
Hair | Regular haircuts at a good hairdresser | Regular haircuts at a basic salon | Less frequent haircuts or getting a friend to do it |
Leisure | A range of regular leisure activities | One paid leisure activity, infrequently | Free or low-cost leisure activities |
Electronics | A range of electronic equipment | Not much scope to run an air conditioner | Less heating in winter |
Maintenance | Replace kitchen and bathroom over 20 years | No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom | No budget to fix home problems like a leaky roof |
Insurance | Private health insurance | Private health insurance | No private health insurance |
What are the age pension's residence rules?
On the day you claim the age pension, you must be in Australia and you must have been an Australian resident for at least 10 years (with no break in your stay for at least five of those years). The following exceptions apply:
- You’re exempt from the 10-year rule if you’re a refugee or former refugee
- You’re exempt from the 10-year rule if you’re getting Partner Allowance, Widow Allowance or Widow B pension
- You can claim the age pension with only two years of residency if you’re a woman whose partner died while you were both Australian residents
- You might be able to claim the age pension if you’ve lived or worked in a country that has a social security agreement with Australia
Can I choose a superannuation fund or does my employer choose one for me?
Most people can choose their own superannuation fund. However, you might not have this option if you are a member of certain defined benefit funds or covered by certain industrial agreements. If you don’t choose a superannuation fund, your employer will choose one for you.
Who can open a superannuation account?
Superannuation accounts can be opened by Australians, permanent residents and temporary residents. You’re automatically entitled to superannuation if:
- You’re over 18 and earn more than $450 before tax in a calendar month
- You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month
What are concessional contributions?
Concessional contributions are pre-tax payments into your superannuation account. The payments made by your employer are concessional payments. You can also make concessional contributions with a salary sacrifice.
What happens to my superannuation when I change jobs?
You can keep your superannuation fund for as long as you like, so nothing happens when you change jobs. Please note that some superannuation funds have special features for people who work with certain employers, so these features may no longer be available if you change jobs.
What are government co-contributions?
A government co-contribution is a bonus payment from the federal government into your superannuation account – but it comes with conditions. First, the government will only make a co-contribution if you make a personal contribution. Second, the government will only contribute a maximum of $500. Third, the government will only make co-contributions for people on low and medium incomes. The Australian Taxation Office will calculation whether you’re entitled to a government co-contribution when you lodge your tax return. The size of any co-contribution depends on the size of your personal contribution and income.
How do you open a superannuation account?
Opening a superannuation account is simple. When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:
- The name of your preferred superannuation fund
- The fund’s address
- The fund’s Australian business number (ABN)
- The fund’s superannuation product identification number (SPIN)
- The fund’s phone number
- A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund
You might want to provide your tax file number as well – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.
How is superannuation calculated?
Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.
The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.
How can I withdraw my superannuation?
There are three different ways you can withdraw your superannuation:
- Lump sum
- Account-based pension
- Part lump sum and part account-based pension
Two rules apply if you choose to receive an account-based pension (also known as an income stream):
- You must receive payments at least once per year
- You must withdraw a minimum amount per year
- Age 55-64 = 4%
- Age 65-74 = 5%
- Age 75-79 = 6%
- Age 80-84 = 7%
- Age 85-89 = 9%
- Age 90-94 = 11%
- Age 95+ = 14%
If you want to work out how long your account-based pension might last, click here to access ASIC’s account-based pension calculator.
How much money do you get on the age pension?
Pension payments can be reduced due to the income test and asset test (see ‘What is the age pension’s income test?’ and ‘What is the age pension’s assets test?’).
Here are the maximum fortnightly payments:
Category |
Single |
Couple each |
Couple combined |
Couple apart due to ill health |
Maximum basic rate |
$808.30 |
$609.30 |
$1,218.60 |
$808.30 |
Maximum pension supplement |
$65.90 |
$49.70 |
$99.40 |
$65.90 |
Energy supplement |
$14.10 |
$10.60 |
$21.20 |
$14.10 |
TOTAL |
$888.30 |
$669.60 |
$1,339.20 |
$888.30 |