$91
$701

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Pros and Cons
Pros and Cons
- Choice of over 450 underlying investments
- MyNorth is flexible and open-ended which allows contributionsand withdrawals, as well as transition to retirement pensions
- Easy-to-use online website to check investments, make contributions and update details
Summary
Launched in February 2016, MyNorth is an innovative all-in-one super and investment solution allowing members to easily move to a pension account upon retirement, with the option of capital guarantee to protect their super savings.The MyNorth Choice menu offers an extensive list of multi-manager and single manager funds, managed portfolios, as well as access to direct equities, ETFs, ETCs, LICs, LITs and AREITs. The North Guardian Max 85 option underperformed the SuperRatings Index over each time period assessed to 30 June 2020.Fees for this product are lower than the industry average across medium and large balances assessed, with the total administration fee capped at $2,800 pa. Further fee savings can be obtained through individual or family fee aggregation. No switching fees are charged, although a buy/sell spread and transaction fees may apply. A higher administration fee is applicable, compared to members invest in the Core and Select menus. A full suite of insurance cover with flexible options is provided through the AMP Elevate insurance solution. Members can apply for unlimited Death only cover and up to $5 million of Death & TPD cover. 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, the ratings shown in this report are indicative only.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
- 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 (%) 0.62% |
Switching fee $0 | Investment fee 0.6% |
Indirect cost ratio (%) | Exit fee $0 |
Pros and Cons
- Choice of over 450 underlying investments
- MyNorth is flexible and open-ended which allows contributionsand withdrawals, as well as transition to retirement pensions
- Easy-to-use online website to check investments, make contributions and update details
Launched in February 2016, MyNorth is an innovative all-in-one super and investment solution allowing members to easily move to a pension account upon retirement, with the option of capital guarantee to protect their super savings.The MyNorth Choice menu offers an extensive list of multi-manager and single manager funds, managed portfolios, as well as access to direct equities, ETFs, ETCs, LICs, LITs and AREITs. The North Guardian Max 85 option underperformed the SuperRatings Index over each time period assessed to 30 June 2020.Fees for this product are lower than the industry average across medium and large balances assessed, with the total administration fee capped at $2,800 pa. Further fee savings can be obtained through individual or family fee aggregation. No switching fees are charged, although a buy/sell spread and transaction fees may apply. A higher administration fee is applicable, compared to members invest in the Core and Select menus. A full suite of insurance cover with flexible options is provided through the AMP Elevate insurance solution. Members can apply for unlimited Death only cover and up to $5 million of Death & TPD cover. 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, the ratings shown in this report are indicative only.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.
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 (%) 0.62% |
Switching fee $0 | Investment fee 0.6% |
Indirect cost ratio (%) | 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 New | Admin fee $91 | Company ![]() | Calc fees on 50k $371 | 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 6.17% | Admin fee $91 | Company ![]() | Calc fees on 50k $521 | 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 3.91% | Admin fee $0 | Company ![]() | Calc fees on 50k $905 | 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 4.72% | 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 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 | |
Past 5-year return 4.96% | Admin fee $91 | Company ![]() | Calc fees on 50k $451 | 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 |
Past 5-year return 4.76% | Admin fee $91 | Company ![]() | Calc fees on 50k $771 | 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
How does the age pension work?
Most Australians who are of retirement age can qualify for the age pension. However, depending on the size of your assets and post-retirement income, you might be entitled to only a reduced pension. In some instances, you might not be entitled to any pension payments.
What happens if my employer goes out of business while still owing me superannuation?
If your employer collapses, a trustee or administrator or liquidator will be appointed to manage the company. That trustee/administrator/liquidator will be required to pay your superannuation out of company funds.
If the company doesn’t have enough funds, in some cases company directors will be required to pay your superannuation. If the directors still don’t pay, the Australian Securities & Investment Commission (ASIC) might take legal action on your behalf. However, ASIC might decline to take legal action or might be unsuccessful.
So there might be some circumstances when you don’t receive all the superannuation you’re owed.
How much superannuation do I need?
According to the Association of Superannuation Funds of Australia (ASFA), here is how much you would be able to spend per week during retirement:
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 |
Am I entitled to superannuation if I'm a contractor?
As a contractor, you’re entitled to superannuation if:
- The contract is mainly for your labour
- 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
Please note that you’re entitled to superannuation even if you have an Australian business number (ABN).
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.
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
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 |
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 many superannuation funds are there?
There are more than 200 different superannuation funds.
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 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.
Am I entitled to superannuation if I'm a casual employee?
As a casual 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
Is superannuation paid on overtime?
As the Australian Taxation Office explains, there are times when superannuation is paid on overtime and times when it isn’t.
Here is the ATO’s summary:
Payment type | Is superannuation paid? |
---|---|
Overtime hours – award stipulates ordinary hours to be worked and employee works additional hours for which they are paid overtime rates | No |
Overtime hours – agreement prevails over award | No |
Agreement supplanting award removes distinction between ordinary hours and other hours | Yes – all hours worked |
No ordinary hours of work stipulated | Yes – all hours worked |
Casual employee: shift loadings | Yes |
Casual employee: overtime payments | No |
Casual employee whose hours are paid at overtime rates due to a ‘bandwidth’ clause | No |
Piece-rates – no ordinary hours of work stipulated | Yes |
Overtime component of earnings based on hourly-driving-rate method stipulated in award | No |
How does superannuation work?
Superannuation is paid by employers to employees, at least once every three months. The ‘superannuation guarantee’ 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 guarantee 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.
Superannuation 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.
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
What fees do superannuation funds charge?
Superannuation funds can charge a range of fees, including:
- Activity-based fees – for specific, irregular services, such as splitting an account after a divorce
- Administration fees – to cover the cost of managing your account
- Advice fees – for personal investment advice
- Buy/sell spread fees – when you make contributions, switches and withdrawals
- Exit fees – when you close your account
- Investment fees – to cover the cost of managing your investments
- Switching fees – when you choose a new investment option within the same fund
Can I take money out of my superannuation fund?
Superannuation is designed to provide Australians with money in their retirement. The government has strict rules around when people can take that money out of their fund because it wants to prevent people eroding their savings before they reach retirement.
As a general rule, you can only take money out of your superannuation fund when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
That said, you can take money out of your superannuation fund early based on one of these seven special conditions:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
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.
What are the age pension's age rules?
Australians must be aged at least 65 years and 6 months to access the age pension. This eligibility age is scheduled to increase according to the following schedule:
Date | Eligibility age |
---|---|
1 July 2019 | 66 years |
1 July 2021 | 66 years and 6 months |
1 July 2023 | 67 years |
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.
When did superannuation start in Australia?
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.