AMP announces super fee reductions

AMP has announced investment fee reductions on its superannuation products.

The company’s managing director, superannuation, retirement and platforms, Lara Bourguignon said the reductions formed part of AMP’s program to simplify its superannuation and wrap platform businesses which would see a significant reduction of super products and enable the company to provide more benefits to clients.

She said the fee reductions included:

• 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; and

• 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.