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AMP Superannuation

AMP Superannuation

1.2 from 159 reviews

Worst company on this planet

I first came across AMP in 2003 - a representative came to our company to try to convince us to take up their pension fund. I was so unimpressed by the sales pitch that day that I have had a bad feeling about them ever since and feel sorry for anyone who invests with them. I asked the guy selling their services a question: out of the ten different investment options you have which do you recommend? Answer was that it was my responsibility to educate myself about it and take that risk. Basically the impression was that if I gave them my money and they lost it all - that would be my fault and they take no responsibility. This company employs scammers and the only wealth being generated is by them. Avoid. Avoid. Have never given them a cent and don't intend to.

Transparency
Customer Service
Insurance Options
Income Protection

Warning. Scam Alert.

On the phone for over an hour on multiple occasions to move to direct debit. They then try to still take over $6,000 from our account despite us having it in writing. Only then to be told they can't change it, or return the money it's a different dept and we will have to raise a complaint.
They did the same last year!!! Do not trust this awful company. Run away from these scammers


Appalling service

On the phone for over an hour on multiple occasions to roll funds into a SMSF. Do NOT trust this woeful company. Has taken three weeks and still hasn't been paid. The worst funds company ever. There is an excellent reason that at the time of writing this there are 143 one-star reviews.

Transparency
Customer Service
Insurance Options

Get out and start earning some money elsewhere

Took the plunge and invested elsewhere after a long period of time with unsatisfactory returns and percentages on investments. Cost money to go elsewhere, but it was well worth it. AMP's fees are way too high and there are hidden fees in investments that you really have to work at to find. We also telephoned Head Office of AMP asking a question on our portfolio and still to date have never received a reply (possibly 8 months ago) The telling thing for me was that we never received correspondence on leaving asking how we rated the investment options with them. AMP must know how it would of read and how can they improve if they are not told what they are doing wrong. Get out as soon as you can. We feel stupid that we left it way to long to really have a good look at it. Finally getting results on our investment that we want without the high costs of fees to do it. Paying way, way less in fees and getting way, way more in returns. Don't be complacent with this major investment in your life, and do your homework. Would not recommend AMP.


Terrible

I was setup with AMP by my employer which I had no issues with. I noticed that I had an insurance policy that I wanted removed because I didn't need it. I emailed AMP about this but they didn't respond even though I received a receipt to tell me that my email went through to them. I then thought to call them because maybe they could fix the issue over the phone. They just told me that it had to be in writing so I sent them another email thinking maybe this time I will get a response. Again I got a receipt email however no response from AMP again.

Another issue I have with them is that I have made a salary sacrifice which most of it was instantly cut due to insurance policies. I have checked it again and I have lost more of my super. I would never recommend AMP to anyone.

Customer Service
Insurance Options
Income Protection

Shame shame shame

I'm in amp eligible rollover fund. I rang them today as my super is capital guaranteed but they charge me 3 different sets of fees to simply invest in cash. I asked if I they could review these excessive fees but was told the fees were non negotiable. It would take me five minutes of my time to earn more interest without fees if i made the deposit myself in a bank. Shame shame shame.


Get out ASAP - worst super company. Lost me$4000 in 1 month. High fees. Crap service

If you are in AMP get out right now. If you are joining - Do not do it!! Worst company on the market.
I am 29, and crunched the numbers and from switching to a low fee provider have saved 400K by the time I retire. Moreover, I checked my account in December, then at the beginning of Feb and my balance is -$4000. They just say that is my investment options (despite being in the low risk) Bunch of Thieves and scammers. GET OUT
There are companies like Host plus, Rest and many others that are half the price in fees and perform twice as well.

Customer Service
Insurance Options
Income Protection

AMP (AUSTRALIAN MONEY PINCHER'S)

I have been dealing with AMP for over 45 years and they were a great company back in the early days. I have lost badly with my superannuation and allocated pension fund so I got out several months ago due to the fees being charged and moved elsewhere, what a disgrace this company has become. Have shares as well and they are not looking good. I think they are just moving deckchairs on the Titanic, GET OUT WHILE YOU CAN.

Customer Service

0 Star..u have to light up one start to continue..

If u go through their "net rate of return" you will soon discover several fees taken out after NET. Which lower the Net return by several percentage points.
I'm out, annoying to be screwed by this fund. Hope the Royal Commission will rid the industry of these bottom feeding scum.
Move to a Industry Super Fund..


5 years cost me money

I have been with them for 5 years, the performance was terrible and fees are high. They promised things that I would cost a lot get done.i changed to hostplus and made more money in 4 months than I did in a year with amp

Customer Service
Insurance Options
Income Protection

AMP Super does not care about you!

If you have your superannuation in AMP then get it out of there....and quickly! Move it into an Industry Super Fund (eg: Australian Super) as soon as you can! Otherwise AMP will kill any growth with their fees. This means you will have very little left for retirement. Don't wait - do it now! I know from my own experience. They are disappointing to say the least.


Like to lose your money look no further

I have been with AMp since 2000!
I have had the GFC record Dow and revived ASX I have been taking less from my super to try and make it last while it goes backwards every year due to fees and I have been told mismanagement ! Frankly I could and would have done better with listed stocks and paying tax ! I have closed my super with AMP I rate AMP a triple PPP
*iss Poor performance !
MOVE EVERYONE FAST and save what you have!


Very poor performing super!

I have been with AMP signature super for years and have founs that their investment strategies are far from ideal, in fact I've gone backwards in this current quarter. Something doesn't add up when looking at my super, adding contributions yet it's still going backwards with the only explanation I've ever gotten was "its because of the market" which is a bit of a joke really considering at the time of writing this my last contribution was 3 days ago and nothing has moved upward. In my opinion i wouldn't recommend having that signature super account with amp as it's really poor performing and customer service isnt exactly the best by any means. Currently searching for a better fund that will actually grow my retirement rather than take away from it.


How do i remove the need for a broker from my super account.

hi , can anyone tell me how i can remove the broker from my account. I have never met him and i pay him a fee every year that comes from m super ?


10k in fees - plus over 10k loss to account balance

My father moved to AMP about 12 years ago. Since then, a fee of 1k is paid roughly to his advisor every year on top of abour 8k in management fees. Trying to figure out how to remove the advisor as dad is on centrelink so this advisor is earning money for nothing but cannot get a reply on how to remove the advisor. Ridiculous, absolutely horrible. Would leave if we wouldn't lose the life insurance - just trying to figure out how to minimise fees now to salvage what is left after AMP has demolished it.


another 1980's victim

I was just searching AMP super scams when i saw this - we too were persuaded to take out a super policy in 1987 by the local rep - we were staggered to find that 90% of the first years contributions were taken in fees and the next year wasn't much better, and then they converted it to a whole of life policy - worthless. Fees never disclosed - virtually all our contributions went to the rep John Daniels.


Impossible to contact them...

Impossible to contact them - just wait listening to music for ever. Not sure how you are supposed to get a response in any useful timeframe.


Thanks AMP- just what i do NOT need.

Over 15yrs with AMP. Super balance is currently falling drastically. I pay $4,500 PA in management fees. I asked AMP to explain what "management" service i am receiving for this payment given the current performance levels - I received an email providing me with the definitions of each of their fees NOT an explanation of what service they were providing. I would have expected that for $4,500 PA ( $80 / week) AMP would actively manage my funds - NOT SO. They say i am responsible for selecting the funds - this is correct however what am I paying $4,500 PA for ?, certainly not quality management of my account !. Trying to get out of AMP but this takes time and my super balance is falling almost vertically. Thanks AMP.... hope the board of directors are still receiving their salary- well done !.


Consumer/Customer/Investor Beware

AMP Superannuation.

Absolutely amazing... when all you do is have your super monies put in and don't ask any questions.

Absolutely appalling when you actually ask questions, for explanations, reasons, or breakdowns of figures. God forbid you call and speak with staff who, as polite as they have to be to you, know nothing about what 'can'/'can't' be done - and consistently back track on their own (and the other member of staff you spoke with's) understanding.
When you request for definition or clarification, the staff go round and round in circles saying the same thing in a different way, mixed with laughing (most likely at your confusion) wherein confusing and boggling your mind more.

I can definitely understand why the commission found issues, and the AP union pushed for an alternate superannuation provider (ref https://www.afr.com/business/banking-and-finance/australia-post-dumps-amp-as-its-superannuation-provider-20181023-h1708a)

If you're thinking of becoming another sheep to the AMP flock, I strongly ask you to reconsider.
There are plenty of other providers who have high returns with less fees and charges, I know, I actually took the time to research after blindly being a sheep for decades.


Absolutely appalling customer service!

In the space of 1 week I have been advised 4 different things in my attempt to do a simple transfer of funds. I'm so relieved I'm getting my money well away from AMP. Customer service is rude and the information given is very incorrect. Shame on you AMP, nice way of withholding peoples well earned money and making them jump through as many hoops as possible!


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Questions & Answers

I would like to the difference between AMP and My North also in light of the Royal commission has AMP reduced the administration fees
1 answer
I am not familiar with My North, might be a question best sent to a financial advisor.

Can i withdraw from my super at preservation age
1 answer
Better speak to a financial adviser lots of things to consider.

When will all management in amp be charged and their assets confiscated under the proceeds of crime act this is an organised criminal organization
1 answer
Cannot answer that one but agree with what you have said, all I know is I have lost out badly.

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