Slater and Gordon has today filed a class action against AMP “on behalf of more than two million Australians who have been gouged excessive fees on their AMP superannuation accounts”. AMP Life has proudly served customers in Australia since 1849. AMP announced last month it would cut fees for 700,000 members in My Super products. Trump accuses doctors of 'profiting from COVID-19' as US breaks daily case record, Live: Sutton takes centre stage in absence of Andrews. The commission heard the Super Directions product had seen negative returns on cash for three years. Products in the Super Directions Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP). “We understand the potential action relates to AMP superannuation trustees and AMP meeting its obligations to members. Michael Hodge: "At each of the five board meetings, people come from different parts of their …", Mr Hodge: "Apologise, commissioner, that was my Apple Watch getting excited …", Mr Allert: "At least something's getting excited …". “Members whose funds were deposited in cash-only investment options were short-changed potentially thousands of dollars because they received interest rates below what a reasonable and diligent trustee could have obtained on the open market,” said Rapoport. Lawsuit is the latest in a series filed against the financial services firm. The lawsuit is the latest in a series of suits filed against AMP after revelations from the Royal Commission found that the firm’s superannuation funds were charging uncompetitive administration fees. Cookies & Tracking on our website. Voters are heading to the polls on Queensland election day. Basics of sustainable investment - What? Chief Investment Officer Multi-Asset Group - Public Markets. Past performance is not a reliable indicator of future performance. During your younger years the investment strategy seeks higher returns through greater exposure to growth assets such as shares. Products in the AMP Eligible Rollover Fund, National Mutual Retirement Fund, and NM Pro Super Fund are issued by Equity Trustees Superannuation Limited ABN 50 055 641 757 (trustee). More details about our use of cookies and website analytics can be found here. AMP superannuation trustee Rachel Sansom said she had been pushing for a fee reduction for a year and was involved in conversations with APRA and the product team on the matter. AMP MySuper can be accessed by investing in certain superannuation products issued by AMP Superannuation Limited or NM Superannuation Pty Limited. No. What are the key risks associated with the fund? No. Risk products are issued by AMP Life Limited ABN 84 079 300 379 (AMP Life), which is part of the Resolution Life group. Registered office address, 14 Bonhill Street, London, England, EC2A 4BX. The directors of AMP Superannuation Limited are responsible for the governance of the following superannuation funds: Companies are telling older people not to bother applying in JobMaker job ads. "You'd have to ask the client 'why they do that'," Mr Allert replied. The lawsuit alleges that, through arrangements entered into with related parties, trustees AMP Super and NM Super overpaid related AMP entities for administration services. “Superannuation members trusted that AMP would act in their best interests at when managing their retirement savings. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. Products in the AMP Eligible Rollover Fund, National Mutual Retirement Fund, and NM Pro Super Fund are issued by Equity Trustees Superannuation Limited ABN 50 055 641 757 (trustee). The payouts were sparked when AMP executive Richard Allert, the chairman of AMP Superannuation and NM Superannuation, the trustees of AMP super funds, endured an … Products in the AMP Eligible Rollover Fund, National Mutual Retirement Fund, and NM Pro Super Fund are issued by Equity Trustees Superannuation Limited ABN 50 055 641 757 (trustee). Products in the AMP Eligible Rollover Fund, National Mutual Retirement Fund, and NM Pro Super Fund are issued by Equity Trustees Superannuation Limited ABN 50 055 641 757. N M Superannuation Proprietary Limited Board. N.M. Superannuation Proprietary Limited (NM Super or the Company) is a for-profit entity for the purposes of preparing financial statements. Insurance and Investment products are issued by AMP Life. No news, articles or content may be reproduced in part or in full without express permission of International Adviser. Two directors join AMP Superannuation boards. AMP Limited Board AMP management AMP Superannuation Limited Board AMP Life Limited Board AMP Bank Limited Board AMP Capital Holdings Limited Board. You can turn off cookie collection and/or website tracking by updating your cookies & tracking preferences in your browser settings. 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Debbie Alliston, Chief Investment Officer, MAG, AMP Capital. “AMP and the trustees of its superannuation funds are firmly committed to acting in the best interests of their superannuation members and acting in accordance with legal and regulatory obligations. Lifecycle funds allow investors to remain in one fund over their working life. Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer. “Superannuation members trusted that AMP would act in their best interests at when managing their retirement savings. ISSN 2397-284X. Risk products are issued by AMP Life Limited ABN 84 079 300 379 (AMP Life), which is part of the Resolution Life group. The banking royal commission has been told AMP's superannuation trustees will cut fees and refund $5 million to around 12,500 customers who have $43 million invested in AMP super accounts and who chose cash as their investment option. 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