AMP Bank

Generations Personal Super

No. of members: 223644
Fund size: $39.9b
Public offer:
Product type: Master Trust-Personal
Target market: All Industries
Year started: 2004
Past 5-year return
3.52%
Admin fee

$0

Calc fees on 50k

$980

SuperRatings awards
MyChoice Silver
Past 5-year return
3.52%
Admin fee

$0

Calc fees on 50k

$980

SuperRatings awards
MyChoice Silver

Pros and Cons

Pros and Cons

  • Access to a broad range of investment options - multi-manager diversified and sector and single manager and wholesale managed funds.
  • Online access to portfolio profiles and ability to complete transaction at any time.
  • Improved individual insurance offer through AMP's Elevate product.
  • Consolidated reports for all investments.
  • Fee aggregation between super and non-super investments.

Summary

Established in 2004, Generations Personal Super is a product designed to help members save and grow their super. It is part of the Wealth Personal Superannuation and Pension Fund and is administered by North.Generations Personal Pension provides members with access to 34 Diversified and Single-Sector investment options. The Generations Balanced option underperformed the SuperRatings Index over each time period assessed to 30 June 2019. Fees associated with this product are higher than the industry average across all account balances assessed; however, management fee rebates are applicable on each investment option. An account fee of $91 pa is charged on account balances less than $20,000. No switching fees are applicable, although changing investment options may incur transaction costs. A full suite of insurance cover with flexible options is offered through AMP Elevate Insurance. There is no limit to the amount of Death cover a member can apply for, while Death & TPD cover is available up to a maximum of $5 million. Both short-term and long-term Income Protection insurance is offered with a variety of waiting periods ranging from 14 to 730 days. As insurance is individually priced, our ratings are indicative only. Through North Online, members can access investment portfolio information, complete transactions and generate 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

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

$0

Administration fee (%)

Switching fee

$0

Investment fee

1.87%

Indirect cost ratio (%)

0.09%

Exit fee

$0

Pros and Cons

  • Access to a broad range of investment options - multi-manager diversified and sector and single manager and wholesale managed funds.
  • Online access to portfolio profiles and ability to complete transaction at any time.
  • Improved individual insurance offer through AMP's Elevate product.
  • Consolidated reports for all investments.
  • Fee aggregation between super and non-super investments.

Established in 2004, Generations Personal Super is a product designed to help members save and grow their super. It is part of the Wealth Personal Superannuation and Pension Fund and is administered by North.Generations Personal Pension provides members with access to 34 Diversified and Single-Sector investment options. The Generations Balanced option underperformed the SuperRatings Index over each time period assessed to 30 June 2019. Fees associated with this product are higher than the industry average across all account balances assessed; however, management fee rebates are applicable on each investment option. An account fee of $91 pa is charged on account balances less than $20,000. No switching fees are applicable, although changing investment options may incur transaction costs. A full suite of insurance cover with flexible options is offered through AMP Elevate Insurance. There is no limit to the amount of Death cover a member can apply for, while Death & TPD cover is available up to a maximum of $5 million. Both short-term and long-term Income Protection insurance is offered with a variety of waiting periods ranging from 14 to 730 days. As insurance is individually priced, our ratings are indicative only. Through North Online, members can access investment portfolio information, complete transactions and generate 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.

Read More

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

$0

Administration fee (%)

Switching fee

$0

Investment fee

1.87%

Indirect cost ratio (%)

0.09%

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
GROWTH
AUSTRALIAN SHARES
INTERNATIONAL SHARES
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
5.23%

$1.1k

AMP Bank

$1.5k

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Other
More details
3.66%

$91

AMP Bank

$701

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details
4.49%

$91

AMP Bank

$701

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details
3.46%

$0

AMP Bank

$950

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice SilverInfinity Recognised
More details
4.25%

$91

AMP Bank

$571

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MySuper SilverInfinity Recognised
More details
3.46%

$110

AMP Bank

$1.3k

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice GoldInfinity Recognised
More details
4.38%

$152

AMP Bank

$507

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice GoldInfinity Recognised
More details
4.25%

$84

AMP Bank

$644

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice SilverInfinity Recognised
More details
4.08%

$0

AMP Bank

$886

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Silver
More details
New

$91

AMP Bank

$371

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details

FAQs

What is superannuation?

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

How do you set up superannuation?

Before you set up 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 do you find superannuation?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.

Is superannuation compulsory?

Superannuation is compulsory. Generally speaking, it can’t be touched until you’re at least 55 years old.

What is lost superannuation?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

What is a superannuation fund?

A superannuation fund is an institution that is legally allowed to hold and invest your superannuation. There are more than 200 different superannuation funds in Australia. They come in five different types:

  • Retail funds
  • Industry funds
  • Public sector funds
  • Corporate funds
  • Self-managed super funds

Retail funds are usually run by banks or investment companies.

Industry funds were originally designed for workers from a particular industry, but are now open to anyone.

Public sector funds were originally designed for people working for federal or state government departments. Most are still reserved for government employees.

Corporate funds are arranged by employers for their employees.

Self-managed super funds are private superannuation funds that allow people to directly invest their money.

How do you access superannuation?

Accessing your superannuation is a simple administrative procedure – you just ask your fund to pay it. You can access your superannuation in three different ways:

  • Lump sum
  • Account-based pension
  • Part lump sum and part account-based pension

However, please note that your superannuation fund will only be able to make a payout if you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:

  • Age 65
  • Your ‘preservation age’ and retire
  • Your preservation age and begin a ‘transition to retirement’ while still working

The preservation age has six different categories:

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
From 1 July 1964 60

There are also seven special circumstances under which you can claim your superannuation:

  • Compassionate grounds
  • Severe financial hardship
  • Temporary incapacity
  • Permanent incapacity
  • Superannuation inheritance
  • Superannuation balance under $200
  • Temporary resident departing Australia

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.

When can I access my superannuation?

You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:

  • Age 65
  • Your ‘preservation age’ and retire
  • Your preservation age and begin a ‘transition to retirement’ while still working

The preservation age – which is different to the pension age – is based on date of birth. Here are the six different categories:

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
From 1 July 1964 60

A transition to retirement allows you to continue working while accessing up to 10 per cent of the money in your superannuation account at the start of each financial year.

There are also seven special circumstances under which you can claim your superannuation:

  • Compassionate grounds
  • Severe financial hardship
  • Temporary incapacity
  • Permanent incapacity
  • Superannuation inheritance
  • Superannuation balance under $200
  • Temporary resident departing Australia

 

How is superannuation regulated?

The Australian Prudential Regulation Authority (APRA) regulates ordinary superannuation accounts. Self-managed superannuation funds (SMSFs) are regulated by the Australian Taxation Office.

Is superannuation taxed?

Superannuation is taxed. It is generally taxed at 15 per cent. However, if you earn less than $37,000, you will be automatically reimbursed up to $500 of the tax you paid. Also, if your income plus concessional superannuation contributions exceed $250,000, you will also be charged Division 293 tax. This is an extra 15 per cent tax on your concessional contributions or the amount above $250,000 – whichever is lesser.

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.

How do you calculate superannuation?

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 do you get superannuation?

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 personal contributions?

A personal contribution is when you make an extra payment into your superannuation account. The difference between personal contributions and salary sacrifices is that the former comes out of your after-tax income, while the latter comes out of your pre-tax income.

How do you claim superannuation?

There are three different ways you can claim 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, or 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 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.

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 is the age pension's assets test?

The value of your assets affects whether you can qualify for the age pension – and, if so, how much.

The following assets are exempt from the assets test:

  • your principal home and up to two hectares of used land on the same title
  • all Australian superannuation investments from which a pension is not being paid – this exemption is valid until you reach age pension age
  • any property or money left to you in an estate, which you can’t get for up to 12 months
  • a cemetery plot and a prepaid funeral, or up to two funeral bonds, that cost no more than the allowable limit
  • aids for people with disability
  • money from the National Disability Insurance Scheme for people with disability
  • principal home sale proceeds you’ll use to buy another home within 12 months
  • accommodation bonds paid on entry to residential aged care
  • any interest not created by you or your partner
  • a Special Disability Trust if it meets certain requirements
  • your principal home, if you vacate it for up to 12 months
  • granny flat rights where you pay more than the extra allowable amount

For full pensions, reductions apply when your assessable assets exceed these thresholds:

Category

Home owners

Non-home owners

Singles

$253,750

$456,750

Couples living together

$380,500

$583,500

Couples living apart due to ill health

$380,500

$583,500

Couples with only one partner eligible

$380,500

$583,500

For part pensions, reductions apply when your assessable assets exceed these thresholds:

Category

Home owners

Non-home owners

Singles

$550,000

$753,000

Couples living together

$827,000

$1,030,000

Couples living apart due to ill health

$973,000

$1,176,000

Couples with only one partner eligible

$827,000

$1,030,000

For transitional rate pensions, reductions apply when your assessable assets exceed these thresholds:

Category

Home owners

Non-home owners

Singles

$503,250

$706,250

Couples living together

$783,000

$986,000

Couples living apart due to ill health

$879,500

$1,082,500

Couples with only one partner eligible

$783,000

$986,000

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.