We're making progress, simplifying and putting clients first
As part of our commitment to transform our business, we’ve consolidated our range of super and pension products and moved all our products under one trustee, N.M Superannuation Pty Limited and one super fund, AMP’s Super Directions Fund.
The great news is you continue to be a member of the award-winning AMP Flexible Super1,2 product.
We’ve enhanced the features of AMP Flexible Super, so that the default MySuper investment option is now AMP MySuper – a lifecycle investment option. AMP MySuper continuously evolves to align with your decade of birth and automatically lowers your investment risk as you get older. This means that when you are young, you will have a larger portion of your super in growth assets, and as you move closer to retirement, the portion of defensive assets increases. The aim is for your savings to be more stable in the years before retirement – when you have more to risk and there’s less time to recover any short-term losses.
We told you about the changes.
The changes were made on 15 May 2020.
We’re in the final stages of completing the sale of AMP Life to Resolution Life.
What you need to know
Your insurance cover remains safe
While AMP Life is preparing to transition to its new owner, Resolution Life, members can feel safe that AMP Life will continue to deliver on member promises and services. And, this won’t change under new ownership. Importantly, all the terms and conditions of a member’s policy will remain unchanged after the sale completes. AMP Life will remain well capitalised and paying claims will always be a priority.
Learn more about the sale of AMP Life to Resolution life.
Complimentary intrafund advice
If you’d like help understanding your insurance cover, contributions to your plan or investment options, as applicable, you can access our complimentary advice at amp.com.au/transform/intrafund.
Processing delays
As a result of the move, there may be delays of up to eight business days for processing transaction requests (such as contributions, withdrawals, premium payments, investment switches, insurance changes and account changes).
Any requests or changes to your plan we receive during this period will be processed as soon as possible.
My AMP
Our systems will take a while to refresh as we process the move. We expect all changes to flow through to your account on My AMP by Monday 1 June 2020.
Changes to adviser commissions
The government is ending certain types of adviser commissions from 1 January 2021. We’re committed to removing these commissions from the date of the move and passing benefits back to members. Find out more about which products are changing and how this might affect you.
Financial relief for clients facing hardship as a result of COVID-19
As the spread of the COVID-19 coronavirus continues, we're here to help you work through any unexpected hardship or challenges you may be facing.
You can find out more about how we can support you in these challenging times by visiting www.amp.com.au/covid19.
N.M. Superannuation Pty Limited Trustee (NM Super) - Letter and Information Guide for Move
The move (via successor fund transfer) took place on 15 May 2020.
AMP Superannuation Limited and NM Super, as relevant, has issued a letter and information guide dated 13 March 2020 to members in the relevant products above, in respect of the move.
NM Super as trustee of NMRF confirms that it is responsible for the statements and representations made in the letter and information guide.
Frequently asked questions
Have my total fees and costs increased as a result of the move?
- For the majority of customers total fees and costs have not increased.
- For some customers total fees and costs have increased as a result of the move.
- In the event your total fees and cost increase, a one-off adjustment will be made to your account equivalent to 18 months of likely financial impact. This will give you time to consider whether the changes are right for you.
- This will be calculated at the date of the move and paid within two months, if the account remains open. You will be able to see this as an adjustment to your account. You will receive written notification if this amount is more than $20.
Has the balance of my account be affected by the move?
As a result of the move, we’ve ensured your account balance immediately after the move is the same as it was immediately beforehand. This has been done by covering any transaction costs and tax implications associated with the move.
If my insurance through super is with AMP Life have there been changes?
- Despite the change of ownership, AMP Life will remain the provider of your life insurance.
- There's no changes to the insurance cover you have through super.
- There's no changes to premium rates or the normal rules to how they are calculated as a result of the move.
- There's no impact to current or future claims under review. There will also be no change for applications for cover which are currently under review by AMP Life.
- There are changes to how insurance proceeds are invested upon claim. More information is in the information guide which was sent to you before the move.
How do I ensure my super contributions continue without interruption?
- If we’re your employer’s super provider of choice, we’ll notify them of the changes and let them know what actions they need to take to make sure your super contributions continue without interruption. If you have any additional employers, who also contribute to your plan they’ll need to know its new details. After the move we’ll send you pre-populated choice of fund form for you to provide to any additional employers.
- Alternatively, if your super plan is not your employer’s super provider of choice or you have previously asked your employer to pay contributions into your account, your employer will need its new details such as the Unique Superannuation Identifier. We’ll send you a pre-populated choice of fund form to give to your employer once the move is complete with the new details they’ll need.
- You can log into My AMP and email the pre-populated form directly to your employer.
- You’ll receive a pre-populated choice of fund form, which will accompany the transaction confirmation which you should receive two to four weeks after the move, to give to your employer with the new details they’ll need.
What will the processing delays mean?
- As a result of the move, there may be delays of up to eight business days for processing transaction requests.
- If your pension payment falls during this period, it may be brought forward and paid before the transaction processing delay period.
- Changes will flow through to MyAMP with all updates being reflected by Monday 1 June 2020.
Important documents
You can find your account information and a copy of your important documents, including your letter and information guide about the changes, by logging into My AMP.
Here’s some information and important documents about AMP Flexible Super®
- AMP Flexible Super PDS – Personal super and retirement account
- AMP Flexible Super PDS – Super for employers and their employees
- Getting to know your AMP Flexible Super
- Investing and your options fact sheet
- Insurance for employees fact sheet
- Insurance fact sheet for Personal super
Want to know more about the investment performance of AMP Flexible Super? View the most recent unit prices, crediting rates and the historical investment performance.
Looking for a form? Find it here
Login to My AMP
We are here to help
If you have any questions, our team is ready to help. If you have a financial adviser, you can contact them, or call us directly.
Contact us
Monday to Friday 9am – 6pm (Sydney time)
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Contact us on +61 2 8048 8196 instead.
Please note, call charges may apply.
1 https://corporate.amp.com.au/newsroom/2019/december/amp-superratings-products-independent-research
2 Awarded 5 Heron Quality stars, 2020 Quality Star Rating – Personal Products – AMP Flexible Super - Heron Quality Star Ratings 2020
Important information
This information is provided by AMP Superannuation Limited ABN 31 008 414 104, AFSL No 233060, RSE L0000550 (ASL) and N.M. Superannuation Proprietary Ltd ABN 31 008 428 322, AFSL 234 654, RSE L0002523 (NM Super). It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or terms and conditions in the plan documentation, available by calling 13 30 30, before deciding what’s right for you. 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.
ASL is the trustee of the AMP Superannuation Savings Trust, ABN 76 514 770 399 and AMP Retirement Trust, ABN 73 310 248 809. NM Super is trustee of the Super Directions Fund ABN 78 421 957 449 and National Mutual Retirement Fund ABN 76 746 741 299. Both ASL and NM Super are members of the AMP Group.
All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.
The Issuer of AMP Flexible Super is NM Super. AMP Flexible Super is a registered trademark of a AMP Limited ABN 49 079 354 519.