AMP could add up to $750 million to its super fund business if all of the 300,000 clients it has contacted accept its offer to consolidate lost super accounts into an AMP product.
According to Peter Nicholas, AMP director of savings and retirement, AMP worked closely with the ATO to identify which of its super fund clients could claim from the $8.2 billion pool of missing super money registered with the Tax Office. Nicholas said the 300,000 AMP clients found in the data-matching exercise could shift an average $2,000 to their main super account. “We have found 13 different lost super accounts for one customer,” he said in a statement yesterday. AMP is sending its clients a form which will authorise the transfer of the missing super monies to an AMP account. However, the group is also advising those who do not want to move the money to AMP to contact their other super funds to update details. “In the past, AMP has helped customers find more than $100 million in lost super and we hope to assist more customers to find more lost super in future,” Nicholas said.
The biggest risk many super fund members face is not investment volatility but rather not accumulating enough to live on in retirement. Australian Retirement Trust head of investment strategy Andrew Fisher takes Investment Magazine behind the scenes of a migration that saw 1.4 million members moved to a higher-risk, higher-return investment strategy, designed to help them accumulate more at retirement.
Simon HoyleSeptember 12, 2024
