From 1 October, the wealth giant’s super products will be cut from 11 to three, allowing an average 8 per cent reduction to MySuper products and an average 29 per cent cut on Choice products.
“It’s important that our members have low fees, good performance and excellent member services that help them to make the right decisions to build for their retirement,” AMP Australia chief executive Scott Hartley said.
“As part of our plan to simplify our business, we committed to lowering our fees, reducing our costs and returning the benefits to members. Our goal is to continually improve the experience of members, and the financial advisers who support many of them.”
Members will benefit from reductions in admin and investment fees, a simplified investment menu and new online functionality, which includes “a more integrated” super and pension investment menu.
The moves comes in support of AMP’s super simplification program that launched in 2018 and saw member fees lowered that year, as well as 2020.
“We know how important and valued our member services are. Particularly through COVID we have seen a strong increase in members wanting advice and support with their finances,” Mr Hartley said.
“This year there was a 200 per cent increase in people accessing our free online financial education content. Giving members access to free financial information is critical to helping them to make good decisions in order to meet their retirement goals.
“Investing our members’ retirement savings is also an important responsibility. We have achieved great returns for members recently, particularly those in AMP’s MySuper Lifecycle fund, where we delivered an average return of 20 per cent for the past financial year.
“We are focused firmly on the future and delivering both strong and sustainable returns for our members remains a key priority.”
