Australian wealth giant AMP will reduce its fees on a range of superannuation products starting.
Around 500,000 clients across the MySuper, choice and cash and term deposit products will benefit from the fee cuts, which will be made to the range over the next month.
AMP said the process will include:
- Reducing the investment fee on AMP’s generic MySuper lifecycle options from 0.32% to 0.30% on a range of products, effective 31 January.
- Removing investment fees on cash options for AMP’s SignatureSuper, SignatureSuper Select, SignatureSuper Allocated Pension and all term deposits, entered into after 31 January 2020. The changes will be effective 1 February.
- Removing the Stronger Super Fee effective 28 February, which will see a reduction of 0.13% on the administration fee for AMP choice investment options on a range of products.
Build up retirement wealth
Lara Bourguignon, AMP’s managing director of superannuation, retirement & platforms, said: “We’re pleased to be reducing fees for members of our superannuation funds – delivering great outcomes for our clients is central to AMP’s go forward strategy.
“The reductions reflect AMP’s commitment to providing highly competitive wealth solutions which help our clients build wealth for retirement.
“They follow separate fee cuts for AMP’s MySuper products and MyNorth wrap platform clients in 2018 and 2019.
“The fee cuts form part of AMP’s major programme to simplify our superannuation and wrap platform businesses, which will see a significant reduction of super products and enable us to provide more benefits to clients,” she added.
