AMP super products will be simplified from 11 to three with its MySuper fees to have an average reduction of 8% and Choice fee average reductions of 29%.
Effective from 1 October, 2021, the reduction to MySuper fees followed reductions in 2020 and 2018 after AMP started its super simplification program.
Scott Hartley, AMP Australia chief executive, said it was important for members to have low fees, good performance and excellent member services that helped them to make the right decisions to build for their retirement.
“Our goal is to continually improve the experience of members, and the financial advisers who support many of them,” Hartley said.
“We know how important and valued our member services are. Particularly through Covid we have seen a strong increase in members wanting advice and support with their finances.
“This year there was a 200% increase in people accessing our free online financial education content. Giving members access to free financial information is critical to helping them to make good decisions in order to meet their retirement goals.”