Available to eligible members as part of an AMP Super account. The Lifetime feature can help to increase your income in retirement. The feature means that if you decide to invest in an AMP Lifetime Retirement Income at retirement, the balance counted for social security purposes is subject to a discount.

In retirement, if you’ve invested in an AMP Lifetime Retirement Income, Centrelink will use this discounted value when they apply the 'means test' to assess your eligibility for the Age Pension. Where you have an overall lower value of assets, it can lead to better eligibility for the Age Pension and that creates more income in retirement for you!

The earlier you have the Lifetime feature switched on in your account, the bigger discount it can create for you. The feature doesn't change anything else in your account. There's no fees to switch it on and it doesn't lock you into anything.

The Lifetime Boost feature works in the background of your super account. It calculates a lower amount of growth to your account balance than typical actual growth. The rate used to do this is called a 'deeming rate' and it's set by the Government.
 

The deeming rate is currently 3.25% which is generally a lot lower than the actual growth on your account.

This results in a lower amount being calculated which compounds over your working life.

When you eventually meet a full condition of release to access your money in super, if you decide to allocate at least some of your super into an AMP Lifetime Retirement Income, the lower amount relevant to the proportion you move into AMP Lifetime Retirement Income is what Centrelink will use in the asset test to determine your eligibility for the Age Pension. A lower amount used in the 'asset test' by Centrelink creates a better opportunity to get more Age Pension to add to your retirement income.

Adding the Lifetime Boost feature doesn't change how your super account works. There's no extra cost and it doesn't lock you into anything. 

The earlier you switch on the Lifetime Boost feature, the bigger the advantage could be in retirement. 

The Lifetime Boost feature will provide a discounted account value for all eligible 'members', however, some members individual circumstances may mean that the reduced account value used in the asset test won't change their social security outcome. For example: 
 

• Members with low balances and minimal assets outside of super may already qualify for the maximum Age Pension.
• Members with very high super balances (including outside AMP) and/or members who have other significant assets outside of super may not qualify for the Age Pension at all. 

Members should speak to an Adviser or Super Coach (Intrafund Advice) to consider their personal circumstances. 

By law, when you can start accessing your super 'in full', we must turn the Lifetime Boost feature off in your account. The Lifetime Boost feature is designed to convert into an AMP Lifetime Retirement Income if you decide to start one in retirement. This means when you can start accessing all of your super, you'll need to tell us if you'd like to start an AMP Lifetime Retirement Income with some or all of your balance. Otherwise, we will have to turn the feature off and the discounted value used in your asset test for Centrelink disappears. To access your super in full, you need to meet one of certain conditions (called ‘Conditions of Release’). 

So, if you're withdrawing your super for any of the following reasons, you should be aware that by doing so, you might be turning off the Lifetime Boost feature in your account- and once it's off, it can't be switched back on. See below: 
 

• You've reached age 65, or 
• You're withdrawing your super because you're aged 60- 64 and you confirm to us that you've either: permanently retired or ceased an employment arrangement on or after aged 60 
• You're withdrawing your super due to a terminal medical condition 
• You're withdrawing your super due to permanent incapacity claim.

If you aren’t eligible for an AMP Lifetime Retirement Income when you meet a ‘full’ condition of release (outlined above) the feature will simply be turned off in your account. The Lifetime Boost feature will also be turned off if your account is closed.

You can move your super to another fund at any time but if you close your account, you'll lose the Lifetime Boost feature completely along with the discount the Lifetime Boost feature has been calculating. 
 

The law requires that for you to retain the advantage of the discounted growth rate (and for Centrelink to use the lower amount), you must remain within the same super fund. 

New members* joining AMP Super will have the Lifetime Boost feature added to their account automatically when they make an investment choice or they can add the feature to their account if not automatically added. 

* Subject to eligibility. 

The Lifetime Boost feature is suitable for anyone who is in the accumulation phase of their working life in AMP Super. 
 

To be eligible though, you meet the following criteria:  

• You were born after 19 May 1967 
• You have never met a full condition of release, in this account 
• Your account is not in a Defined Benefit arrangement 
• Your account is not a Transition to Retirement Income.