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AMP Superannuation

AMP Superannuation

1.2 from 154 reviews

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!


Snowballing Insurance Premium and high fees!

I had my various super plans with AMP for 30 years. The last one was Flexible Lifetime Super, but the life insurance premium got ridiculously higher and higher in recent years. I noticed a few years ago on my annual statement that AMP did not know about my non-smoker status, hence I had been charged higher premiums for so long until I declared as non-smoker. That was actually the same case reported in the Royal Commission in Sept 2018 that a man was charged $76,000 more although he was a non-smoker. He escalated the case to The Superannuation Complaints Tribunal and got a refund.
I complained and demanded a refund to AMP for the same reason, however their argument was that the welcome letter explained it, whilst my argument was that the annual statement did not mention anything about my smoker status until recent years and AMP defaulted me as "hybrid" status. I also declared as non-smoker when I first took out the life insurance with AMP in 1999, so I assumed it was on record without doubt.
In any case I had enough of AMP and got really sick of them so I rolled over to Australian Super. My life insurance premium got down to half, plus it includes income protection also. AMP's statement has always been hard to understand with a lot of fees and charges everywhere, and there are no one to ask questions. The same applies their Web portfolio. I never understood what they are presenting about my hard earned precious money.
I think Australian Super is much more simple, straight forward and transparent not to mention the lower fees.
I would definitely join the class action against AMP super which seems to be coming up on the horizon soon.


Run for the hills, and then keep running to get as far away from AMP as possible.

WOW. Just wow. These guys are the worst; not only have they been ripping off customers over the years. DO NOT be sucked in by financial planners, they all take a cut and you lose in the end. Steer as far clear from AMP as possible if you like money and don't plan on working until you're 106.


Amazing service-above and beyond-grateful

I have had the most wonderful service with AMP for years.
They go above and beyond with costumer service.
I will always be grateful for the way they have looked after me,


Dishonest and Thieves

Take control of your Superannuation Fund TODAY and get out of AMP for a better future. They are dishonest and charge your account for fees just because they can. AMP customers please do yourself justice, study your statements and see for yourself. This is your hard earnt money that you will need when you no longer work and AMP are spending it. I transferred my Superannuation account over to a reputable company and seeing it grow in value gives me confidence that I'm heading to a more fruitful tomorrow.


Terrible customer service. Impatient and Rude.

Been with them for 5 years, sliently paying fee and never asking a question. Tried calling first time yesterday, and the lady on the phone was rude and just in hurry to finish the call. Even gave me wrong information and disconnected. I am back to where I was. No online account access, and having to stay on hold for 20 mins before I get someone back on phone - only to be spoken to rudely again.


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Questions & Answers

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.

we are thinking of transferring our SMSF to AMP my north -all recent publicity has made us nervous anyone using my north and happy?
3 answers
Hi gjc, I looked into AMP my north and went into full detail and decided not to proceed, have some friends who had that policy running for sometime and they changed to another company due to lousy performance and lack of customer support.Why don't you look into Summit, it's under the banner of AMP, have been using them since 2003 and my now retired adviser who helped me transition to pension stage have had a very good relationship and good returns. Summit allows you to invest in managed funds or even ASX 200, one thing I have noticed over the years is the apathy of the owners of funds who bag the companies they are with, who don't take an interest in their own wealth management. I have and had good returns that have matched or, out done Industry Funds. Please also note I am an individual pensioner/investor who is annoyed of people bagging funds due to their own lack of looking into their own portfolio dispersion. I have always taken a very keen interest and the last 4.5 years have not had or needed a financial adviser. Ray 2019-02-23Thanks for reply - it does help

AMP has my 1988 (pre government legislation) investment by National Mutual. My fund matures on 11.09.18. AMP refuses to release MY MONEY. Put a internal complaint in with AMP. "What a joke" of course it came back in their favor. Lodging a complaint with the tribunal. However they are going through a name change and my claim may not get processed. In other words lost in the process. Is there another way i can pursue this criminal organisation for stealing my money??
3 answers
Hi mate, as I am not a Lawyer or a financial planner I'm not too sure on that one. My advice is to seek legal assistance. Slater and Gordon are currently handling a class action against AMP (which I have signed up for). This particular case may not be applicable to you however, as they have been working on prepping this case for months, they will be well up to speed with AMPs dodgy dealings. It would be worth calling them for a chat. Good luck.Thankyou very much.Hi good advice above. I wonder if Consumer Affairs would have any more advice for you, as you are a consumer who has purchased a product. Good luck Lorraine

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