Flexible Lifetime Super Easy is designed for customers aged between 25 and 50, who have an annual income of less than $100,000 and are unlikely to seek financial advice. Customers can choose between a cash and a balanced fund.
AMP is also launching a self-managed superannuation fund (SMSF) product for the high net worth market, called AMP Ascend SMSF.
SMSFs were the fastest-growing segment in the superannuation industry, AMP product manufacturing director Paul Sainsbury said.
“Recent research has told us that SMSF trustees have realised that managing a SMSF requires a lot of time, effort and specialised knowledge,” Sainsbury said.
“Trustees are looking for service providers who can manage the lion’s share of SMSF administration and compliance, while trustees retain overall control of their SMSF.
“AMP is taking advantage of its strength in the current environment to improve its competitive position by investing in new products to broaden its distribution and drive organic growth.”
AMP Ascend SMSF is a fee-for-service product available through financial planners.
