AMP Superannuation Review
Read Here for Our AMP Superannuation Review:
AMP Flexible Lifetime Super offers convenient superannuation solutions, making it easier for individuals to prepare for retirement. Established as a superannuation product in 1996, AMP Super has stopped accepting new members since 2010. Yet, their product is still active for existing members. They have a wide array of investment products that can be tailored to the needs and budget of the client. Here are the basics about AMP Lifetime Super you need to know.
How AMP Flexible Lifetime Super Works
You can choose to invest in superannuation fund with a variety of options that will suit situation and requirements. The AMP Lifetime Super Solutions allows you to contribute and save for your retirement as you work and receive retirement income payments.
Super is available to individuals who are a salary or wage earner, where the employer is required to make Super Guarantee (SG) contributions under your super. When you stop working and are no longer an employee member, you may still continue your account as a personal member. Self-employed and unemployed people may also contribute from after-tax money. Super is a practical and excellent way of saving up for your retirement.
The AMP Flexible Lifetime Super comes in two investment options:
- Single-sector — invests in a single asset class to grow and build your cash investment.
- Multi-sector (Traditional) — invests in multiple asset classes; this option may expose your investments to risks, but it also has a greater return potential.
AMP Super Product Features
Super has a host of attractive features and benefits that its members get to enjoy. Among them are:
- Modified contribution options
You get to choose who can make contributions (you, your spouse, or your employer) or invest a lump sum at your desired frequency.
- Family bonus
You and anyone of your immediate family members may choose to link your accounts to help reduce management costs.
- Variety of investment options
With an extensive selection of 90 investment options handles by top Australian and international investment managers, you can choose to invest in up to 15 investment choices, plus term deposits.
- Management free rebate
You get to enjoy annual savings of up to 0.85% on management costs (eligible for account balances of over $100,000).
- Easy investment switching
You are allowed to change your investment options anytime and can be carried out online. The auto-rebalancing facility designed to level off fluctuations in investment allotments makes switching more manageable.
- Optional insurance benefits
With your super fund, you have the choice to apply for personal insurance tailored to your needs. The Essential Protection plan provides basic insurance cover, while the Flexible Protection plan offers a more comprehensive cover.
- Easy account access online
You can view and manage your account anytime, and keep updated with regular reporting through My AMP facility.
- Pension refresh facility
Transfer money from your super account to your retirement account without a fuss.
- Flexible lifetime pension
Members who will soon retire will get to enjoy the fruit of their investments.
Getting the Most Out of Your Super
Besides SG contributions through your employer, you may also grow your retirement funds and make the most of your benefits by:
- Personal contribution — you can add to the contribution your employer regularly makes in times when you have a little more cash on hand.
- Contributions after age 67 — members between 67 and 74 years of age may contribute after satisfying the gainful employment requirements, or work test.
- Salary sacrificing — a common way of adding to the contribution among employee members, it entails forgoing part of your future salary for a pre-tax contribution.
- Government co-contributions — when you fulfil the specific eligibility criteria, you may be qualified to a government co-contribution of up to $500.
- Low-income superannuation tax offset (LISTO) — members with an adjusted taxable income of less than $37,000 may be eligible to receive a government super contribution of up to $500.
- Spouse contributions — the contributing spouse may be eligible to receive a tax offset of up to $540 (subject to certain conditions).
- Contribution splitting — split up to 85% of concessional contributions with your spouse’s super.
- Downsizer contributions — members 65 years old and above may consider a super a downsizer contribution of up to $300,000 after selling a home that has been owned by you or your spouse for at least 10 years.
Investing Your Superannuation Fund
A fool-proof and rewarding way of preparing for your retirement is by growing your financial asset through a super fund. By investing your super fund, you won’t be relying so much on your aged pension. You will get to enjoy your retirement life even more with the result of your years of sacrifice. Learn more about the basics of super funds to help you understand your options better.
Our AMP Superannuation Review is just one of many. You can also read reviews on many more companies offering Superannuation in Australia.