AMP Superannuation Questions & Answers

This was probably written somewhere in your initial policy (you can check if it was) so most likely NO

Hi Gerry. Rather than blame others why don't you actually look at what your policy states. Like most people who whinge like you, they simply can't be bothered getting off their bottoms and reading what is written in the product disclosure statement. It is so much easier saying that someone has done me wrong rather than look at your own ignorance.

How about read what is covered for any TPD policy held in super. It is difficult to claim unless you meet the specific definition. You would be better off holding a policy that provides you better coverage. Do some research as all insurers have basically the same definitions.

The question is referring to how many of these policies have been paid out inside the last 12 months or three years to give some sort of continuity to its real value

Since I’ve changed jobs AMP drop me out of their signature program and put me in a different superannuation program year to date I have had a 1% return on my investment and I am looking to move my super I am looking for the true value of the TPD insurance and the death insurance because I watched a current affair show where a man with two prosthetic limbs an arm and a leg was rejected his TPDyet he’s other two super funds paid it out

Sorry Jimbo I have not. I have never had anything to do with this company as my first meeting with them scared me away - I considered them to be incompetent in 2005 and time has only proven me right. I would not trust them with a $5 note.

Jimbo, you are like all the other whingers on here. Read the product disclosure statement. It will list what is covered under TPD and what is not. If you want to go for a cheap cover that doesn't cover all the definitions that you want, then you will get what you pay for. I have heard from a mate that is almost crippled with back pain who tried to get a pay out from Australian Super for TPD. He was told that there may be a cure for him in the future so he was not totally and permanently disabled. Rather than complain about what you claim are scammers, have a look at how much retail insurers pay out each year. It is in the billions of dollars. Retail insurers actually tell you how much they pay out for claims over the year. Then go ask an industry super fund how much they pay out in insurance claims each year and all you will hear is crickets. They veil that figure and say for privacy reasons they cannot disclose how much they pay. The reason they don't disclose it is because they don't pay. That's why the insurance is cheap.

I am not familiar with My North, might be a question best sent to a financial advisor.

Better speak to a financial adviser lots of things to consider.

Cannot answer that one but agree with what you have said, all I know is I have lost out badly.

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 2022-02-23

Thanks for reply - it does help

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

Hi Lori - I'm sorry to hear of your experience. I switched from AMP to Australian Super because of AMP's excessive fees & only average investment performance. It sounds like you've been "done over" by them. To arrange the switch I first phoned Australian Super on 1300 300 273 for advice which was FREE. You can also go online to australiansuper.com & you'll see a "Contact Us" button where you can email them if you wish. The transfer was fairly straightforward & I was able to do most of it online. AMP are required by law to facilitate the transfer within a reasonable time so they won't be able to hold you up once you decide. Good luck with it! Regards, David

Hi David thank you so much for your advice. As you have guessed I am very anxious about my situation. Your response is more appreciated than my words csan express. Kind regardsLorraine

I don't believe there are exit fees as such but my advice is the sooner you bite the bullet the better off you will be. If you are able to, my belief is that an industry based fund will be better for you long term. They should be able to help you with the required paperwork for your rollover. It may take a while to get it all sorted (mine has taken close to a couple of months) and you need to keep on top of AMP because their service was appalling in my experience. Having said all of that I am not qualified and don’t pretend to have any expertise in financial matters. Hope that helps a little and good luck! You could also ask if they will charge you any exit fees.

Thanks Peter - I’m amazed how what should be. A Simple click of a button can take months - insane isn’t it ? When we withdraw from our bank account it takes 1 minute at an atm
Clearly they hang onto our money like they’re getting every last cent of investment interest they can out if it ....waiting for their current gamble to pay off ....b#•t@rds

There may be exit fees depending on the original product. Some exit fees can be extremely high as they had commission built into them which went to the insurance salesman in the old days. Sometimes the fee is so high it is better to leave it in the fund until you reach a certain age and the fee becomes very low or nil.
You do have the option to switch to newer products which are far less expensive than those old products. It sounds like you should get advice but most of you are not prepared to pay for this hence the comments above would be a lot less if you got advice from any Advisor currently operating in the industry on a fee for service basis only. ie not reliant on commissions in any part of their business. Shop around Oh and beware of the insurance definitions in industry funds you may not get paid due to having income from other sources such as workers compensation or Centrelink payments.

Financial Educator

Stay away from AMP. I’m not one to express an opinion on social media, but the fact is my daughter and I worked a long time, long hours in the mines, during the time when you could salary sacrifice to double Your supperannuation payments, after years, come time to collect our AMP supperannuation we were both told we owed money for fees and charges. All our money, thousands gone to AMP. The company is so fractured you get sent into a loop of communication with the only outcome your loss. We were investing in supperannuation not even high or medium risk financial stocks. MY ADVICE TO ANYONE IS INVEST ONLY WITH STATE AND GOVERNMENT SUPPERANNUATION. AMP are a cash grab. What they do should be considered illegal.
Kind regards,
Kim

stay away from AMP...i had a breakdown..when advised that i did not exist on the system?..i had no account number, when i gave them my account number they said it did NOT exist and could NOT find me??? where was my money?..very poor..i cried all the time..when i called again they said yes you are here, i said when i called the other day i didnt exist..that member told me i did not know what i was talking about and made me feel like an idiot???..it was truly a nightmare..be careful..you will call to ask questions about something..and get told you dont exist..it happened to me..also when i was able to withdraw my money they didnt let me know that if i waited a couple of weeks i would not be taxed..they taxed me i lost a lot of money..very sad...i needed it thats why i had to withdraw early..but they didnt care..i talked to 10 diffrent people evertime i called someone new answered and didnt know anything about my case..i lost sleep and had no life..

Get into an industry based fund ASAP. North AMP provided me with terrible customer service. I expect you will meet delays, misinformation etc but the sooner you do it the less you will lose.

We bought a superannuation policy in the 1980's or so we thought! Promised early retirement at age 55 balance expected to be between $100,000 to $300,000 . We trusted the agent, but no it turned out to be life insurance policy ending 2052, husband would be 100 years old, Everytime we asked questions we were assured we would get our money, it was all a lie and what's worse the agent asked us to increase our premiums to get a better return and we stupidly did. The agent was a top performer in our area preying on our insecurities, and he was well rewarded by AMP. Every Christmas he stopped by our house to wish us all the best, telling us how clever we were to be investing in our future, my husband is 60 and no hope of retirement, policy is a disgrace

We bought a policy around the same time from a "friend" (we thought) who was an agent. We only wanted a life policy as we were going overseas and wanted something for our daughter if anything happened to us. He kept avoiding us and then turned up at the airport with papers for us to sign!!!! We did of course - then found out it wasn't what we'd asked for. The agent had disappeared by then of course. Kept paying as it was too late by then to get out of it and didn't want to lose our money, and assumed we could cash it out after 10 years as we'd done with MLC a few years before. Not so, but were assured that when my husband turned 60 we'd get a payout, only to be told that there was actually no money left as it had all been eaten up by fees, so we lost many thousands of dollars for nothing!!!!! So angry. Would love to know if we can claim compensation after having now found out that it's not just us, but was entrenched deliberate deception.

Yep roll it over to another safe super mob. Get off the AMP sinking ship. Your money went down because of there unit price (company value like in the stock market) went south, it does fluctuates up and down to corresponde to there managers going on holiday and drinking your funds (yep i hate em). Good luck in rolling over from them, watch out for there exit fees.

Look at your risk profile if you cannot handle a $4,000 loss then you need to address your risk profile. Your profile may be too agressive for you risk tolerance which may be conservative.
If you are not happy with the advice you should be contacting your financial advisor and ask why you have lost $4000 there could be many reasons for this.
If you are not comfortable with the Advisor get another one that you are comfortable with and will give you a second opinion.
If you need to do a lump sum withdrawal in pension phase you will not be charged $47 every time like Sunsuper does to their pensioners!!

Just to clarify for Nic above unless you are in direct AMP shares in the MyNorth this would not be affecting your balance.
Look at the investments the Advisor has invested you in and print of an investment profile that will tell you what they are investing in or get this information from your Advisor not from people whom do not understand the difference in direct shares and a managed fund.

Go to the Superannuation Complaints Tribunal http://www.sct.gov.au/.
Dont give up what ever you do. These mongrels have to be stopped.

and good luck it will take years to get it

AMP through their broker sucked my super of $100,000 in insurance in just over 5 years because I was unemployed.The broker knew that I wasn't working and should have advised me, but didn't and I didn't check my super till I got a job and was going to use AMP, but when I found out that they stole $100,000 I withdrew the rest. I want to sue them or am willing to go to a solicitor for a class action, anyone else had this happen?

No they can't. Go to the Superannuation Complaints Tribunal http://www.sct.gov.au/

Is it possible your investment is in a suspended investment option ?