AMP adds term deposit investment to super
AMP Financial Services has added term deposit investment options with pre-tax interest rates of 7.35 per cent, 7.55 per cent and 7.65 per cent to its super and pension investment menu.
Members in Flexible Lifetime — Super (FLS) and Flexible Lifetime — Allocated Pension can choose from a range of investment options within the AMP Term Deposit of six, 12, or 24 months. Under the new investment options, they will receive pre-tax interest rates of 7.35 per cent, 7.55 per cent, and 7.65 per cent respectively.
AMP director of personal wealth management Andrew Hobern said that term deposits were ideal for people who wanted stable returns in a volatile market.
“The AMP Term Deposit investment option is ideal for people already starting to draw down on their superannuation, who have retired or are nearing retirement. A person can use this investment option as a parking bay during the current volatile market to enhance their return in a tax effective vehicle inside super.
“Unlike bank term deposits held directly, the AMP Term Deposit investment option attracts only 15 per cent tax inside super and zero per cent tax inside a pension, compared to the usual personal marginal tax rate — which can be as high as 46.5 per cent,” Hobern said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
