AMP Bank

AMP SignatureSuper Personal Superannuation

Past 5-year return
6.02%
Admin fee

$120

Calc fees on 50k

$950

SuperRatings awards
MyChoice GoldInfinity Recognised
Past 5-year return
6.02%
Admin fee

$120

Calc fees on 50k

$950

SuperRatings awards
MyChoice GoldInfinity Recognised

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • Extensive investment menu with over 80 investment options
  • Straight through contribution processing
  • 24/7 online access via MyAMP

Summary

AMP SignatureSuper was established in 2003 to cater for corporate superannuation plans wanting greater flexibility and tailored features. The Personal division is designed for former members of the Corporate plan and their families. This product was moved to the Super Directions Fund effective 15 May 2020.Members have access to an extensive investment menu, featuring a wide range of Multi-Sector and Single-Sector options, as well as Term Deposits and a Lifestages investment approach that automatically lowers the members’ investment risk as they get older. The Future Directions 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 assessed account balances. However, we note member fees can be tailored to individual employer plans and a large plan discount may apply to reduce the asset administration fee, hence, these ratings are indicative only. No switching fees are charged, although changing investment options may incur transactional costs.AMP SignatureSuper allows members to continue their existing cover upon exiting the employer plan under certain circumstances, with a full suite of insurance cover available, including Death only, Death & TPD and Income Protection (IP) Insurance. Eligible MySuper members in the personal plan will have Death cover of $50,000 and TPD cover of $25,000 automatically applied to their accounts. Income Protection is offered over a benefit period of 2 years, 5 years or up to age 65, with a choice of 30, 60, 90- or 180-day waiting periods. 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

Variety of options

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

$120

Administration fee (%)

0.7%

Switching fee

$0

Investment fee

0.6%

Indirect cost ratio (%)

0.36%

Exit fee

$0

Pros and Cons

  • Extensive investment menu with over 80 investment options
  • Straight through contribution processing
  • 24/7 online access via MyAMP

AMP SignatureSuper was established in 2003 to cater for corporate superannuation plans wanting greater flexibility and tailored features. The Personal division is designed for former members of the Corporate plan and their families. This product was moved to the Super Directions Fund effective 15 May 2020.Members have access to an extensive investment menu, featuring a wide range of Multi-Sector and Single-Sector options, as well as Term Deposits and a Lifestages investment approach that automatically lowers the members’ investment risk as they get older. The Future Directions 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 assessed account balances. However, we note member fees can be tailored to individual employer plans and a large plan discount may apply to reduce the asset administration fee, hence, these ratings are indicative only. No switching fees are charged, although changing investment options may incur transactional costs.AMP SignatureSuper allows members to continue their existing cover upon exiting the employer plan under certain circumstances, with a full suite of insurance cover available, including Death only, Death & TPD and Income Protection (IP) Insurance. Eligible MySuper members in the personal plan will have Death cover of $50,000 and TPD cover of $25,000 automatically applied to their accounts. Income Protection is offered over a benefit period of 2 years, 5 years or up to age 65, with a choice of 30, 60, 90- or 180-day waiting periods. 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.

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AMP Bank Fees and Features

Features

Variety of options

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

$120

Administration fee (%)

0.7%

Switching fee

$0

Investment fee

0.6%

Indirect cost ratio (%)

0.36%

Exit fee

$0
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
SECURE
GROWTH
AUSTRALIAN SHARES
INTERNATIONAL SHARES
CAPITAL STABLE
PROPERTY
+ View additional option performance information
Past 5-year return
5.87%
Admin fee

$0

Company
AMP Bank
Calc fees on 50k

$1k

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
6.41%
Admin fee

$0

Company
AMP Bank
Calc fees on 50k

$861

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
6.82%
Admin fee

$91

Company
AMP Bank
Calc fees on 50k

$681

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
5.16%
Admin fee

$0

Company
AMP Bank
Calc fees on 50k

$905

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice SilverInfinity Recognised
Go to site
More details
Past 5-year return
5.68%
Admin fee

$91

Company
AMP Bank
Calc fees on 50k

$546

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper GoldInfinity Recognised
Go to site
More details
Past 5-year return
6.41%
Admin fee

$91

Company
AMP Bank
Calc fees on 50k

$451

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice GoldInfinity Recognised
Go to site
More details
Past 5-year return
6.02%
Admin fee

$120

Company
AMP Bank
Calc fees on 50k

$950

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice PlatinumInfinity Recognised
Go to site
More details
Past 5-year return
5.68%
Admin fee

$91

Company
AMP Bank
Calc fees on 50k

$546

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper PlatinumInfinity Recognised
Go to site
More details
Past 5-year return
6.02%
Admin fee

$91

Company
AMP Bank
Calc fees on 50k

$921

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice PlatinumInfinity Recognised
Go to site
More details
Past 5-year return
6.00%
Admin fee

$84

Company
AMP Bank
Calc fees on 50k

$599

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice SilverInfinity Recognised
Go to site
More details

FAQs

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.

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.

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.

What contributions can SMSFs accept?

SMSFs can accept mandated employer contributions from an employer at any time (Funds need an electronic service address to receive the contributions).

However, SMSFs can’t accept contributions from members who don’t have tax file numbers.

Also, they generally can’t accept assets as contributions from members and they generally can’t accept non-mandated contributions for members who are 75 or older.

How do you create a superannuation account?

Before you create a superannuation account, you’ll need to check if you’re allowed to choose your own fund. Most Australians can, but this option doesn’t apply to some workers who are covered by industrial agreements or who are members of defined benefits funds.

Assuming you are able to choose your own fund, the next step should be research, because there are more than 200 different superannuation funds in Australia.

Once you’ve decided on your preferred superannuation fund, head to that provider’s website, where you should be able to fill in an online application or download the appropriate forms. You’ll need your tax file number (assuming you don’t want to be charged a higher tax rate), your contact details and your employer’s details (if you’re employed).

How much is superannuation?

Superannuation is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent 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.

When did superannuation start?

Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.

What are reportable employer superannuation contributions?

Reportable employer superannuation contributions are special contributions that an employer makes on top of the regular compulsory contributions. One example would be contributions made as part of a salary sacrifice arrangement.

What is superannuation?

Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.

What is the superannuation rate?

The superannuation rate, or guarantee rate, is the percentage of your salary that your employer must pay into your superannuation fund. The superannuation guarantee has been set 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.

What are ethical investment superannuation funds?

Ethical investment funds limit themselves to making ‘ethical’ investments (which each fund defines according to its own principles). For example, ethical funds might avoid investing in companies or industries that are linked to human suffering or environmental damage.

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.

How do I combine several superannuation accounts into one account?

The process used to consolidate several superannuation accounts into one is the same process used to change superannuation funds. This can be done through your MyGov account or by filling out a rollover form and sending it to your chosen fund.

How do you pay superannuation?

Superannuation is paid by employers to employees. Employers are required to pay superannuation to all their staff if the staff are:

  • Over 18 and earn more than $450 before tax in a calendar month
  • Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month

This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.

Currently, the superannuation rate is currently 9.5 per cent of an employee’s ordinary time earnings. This 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.

Employers must pay superannuation at least four times per year. The due dates are 28 January, 28 April, 28 July and 28 October.

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

How can I keep track of my superannuation?

Most funds will allow you to access your superannuation account online. Another option is to manage your superannuation through myGov, which is a government portal through which you can access a range of services, including Medicare, Centrelink, aged care and child support.

What are reportable superannuation contributions?

For employees, there are two types of reportable superannuation contributions:

  • Reportable employer super contributions your employer makes for you
  • Personal deductible contributions you make for yourself

What is salary sacrificing?

A salary sacrifice is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Salary sacrifices come out of your pre-tax income, whereas personal contributions come out of your after-tax income.

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.

What will the superannuation fund do with my money?

Your money will be invested in an investment option of your choosing.