We're making it easier to understand your fees and costs

We're changing the way we display fees and costs on statements you receive from us, so you can have a more detailed and consistent view of the fees and costs you’re paying for your super, retirement or investment product.

What's changing

When you receive your next statement, you may notice a few changes to the fees and costs sections.

Importantly, these changes don’t mean you’re being charged additional or increased fees and costs. We’re only changing the way that fees and costs are displayed, and quantifying additional amounts that weren’t previously disclosed.

Why this is changing

At AMP, we believe that our customers should have full transparency of the fees and costs relating to their investment options. In May 2015, AMP was one of the first in the industry to disclose an estimate of member transaction costs in statements for our super and retirement products.

Since the announcement of changes to fee disclosure regulations (ASIC Class Order 14/1252, also known as RG97), we have continued to adopt a robust and thorough approach to complying with the enhanced fee and cost disclosure requirements in our product disclosure statements (PDSs) and periodic statements.

When the changes will take place

Statements for our super, investment and retirement products will be gradually updated from June 2017 and we will update the relevant product disclosure statements (PDSs) on issue to reflect these changes on 30 September 2017.

Ongoing disclosure of changes to fees and costs for investment options

Under the new regulations, we will be disclosing updates to investment option fees and costs based on the underlying investment costs incurred for the previous financial year to 30 June. Where the actual costs are not known, we will estimate these costs based on the latest information available to us.

To keep you up to date with any changes, from 30 September 2017 we will publish the latest investment option fees and costs for each product on this page.

More information on statement changes

You can find out more about how the changes affect your statement below. For more information you can speak to your financial adviser or our Customer Contact Centre. The contact details are located in the “Your Contacts” section of your annual statement.

From June 2017 we’ll be updating statements to display other fees of your investment separately from indirect costs of your investment. Previously, these amounts were displayed as a single amount under indirect costs of your investment.

Both other fees and indirect costs of your investment are deducted from the unit price or crediting rate of your investment option(s) and are reflected in your net investment earnings.

Other fees of your investment include investment fees, administration fees and, depending on your product, either any applicable transaction cost allowance or any buy and sell margins.

Indirect costs of your investment includes any applicable performance based fees and other indirect costs.

Indirect costs of your investment will continue as an estimate of the management fees and/or costs of your investment option(s), and from June 2017 we’ll gradually be updating statements to include the enhanced cost disclosure.

Indirect costs of your investment are deducted from the unit price or crediting rate of your investment option(s) and are reflected in your net investment earnings or change in value, depending on the product you hold.

Indirect costs of your investment will continue as an estimate of the management fees and/or costs of your investment option(s), and from June 2017 we’ll gradually be updating statements to include the enhanced cost disclosure.

Indirect costs of your investment are deducted from the unit price or crediting rate of your investment option(s) and are reflected in your net investment earnings or change in value, depending on the product you hold.

Indirect costs of your investment will continue as an estimate of the management fees and/or costs of your investment option(s), and from June 2017 we’ll gradually be updating statements to include the enhanced cost disclosure.

Indirect costs of your investment are deducted from the unit price or crediting rate of your investment option(s) and are reflected in your net investment earnings or change in value, depending on the product you hold.

Important information

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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account. 

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.