AMP returns $4.8 million in lost super
AMP has so far returned $4.8 million in lost super to its customers amid repeated calls for members to consolidate their superannuation.
The latest AMP Retirement Adequacy Index shows the average worker today can expect to retire on under $49,000 per year, supporting research coming from organisations such as the Association of Super Funds of Australia (ASFA).
ASFA found in recent years that members were increasingly worried about the adequacy of their retirement savings.
"The average working Australian now has around three superannuation accounts, and AMP is encouraging people to use every measure they can to boost their retirement savings," said AMP director for contemporary wealth management products, Chris Jansen.
"Consolidating inactive super accounts is a great place to start as they can be generating unwelcome fees," Jansen said. "Ultimately this is money that will help fund their retirement."
According to the Federal Government, the average value of a lost super account is around $4,800.
The campaign, which will continue until the end of the year, is expected to return around $5 million to members who had effectively lost their super.
The 17,000 AMP customers involved had 23,000 super accounts in total and have on average received $12,000. The amounts ranged from 80 cents to $253,000, according to Jansen.
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
