APRA approves AMP MySuper options

AMP is launching two MySuper offers from next year, following approval from the Australian Prudential Regulation Authority (APRA).

From 1 January 2014, AMP Financial Services will offer a lifestyle option and a balanced diversified option under the MySuper regulations.

“As customers move through their working life towards retirement, their portfolios will be managed with an increasing focus on protecting capital while still aiming to deliver solid risk-adjusted returns to help support them in retirement,” AMP Financial Services managing director Craig Meller said.

“AMP’s Lifecycle fund will offer targeted strategies and varied exposure to assets, including shares, property and infrastructure in accordance with their age profile.”

The AMP Lifecycle option aims to provide a “whole of working life” solution for customers who will be invested according to the decade of their birth.

It will use active investment strategies and will be made available to Signature Super customers, who are mainly large to medium businesses.

“This means that regardless of an employee’s level of engagement, the employer can confidently offer their employees a targeted solution to help fund their retirement needs,” Mr Meller said.

The AMP My Super Balanced option will be made available to AMPFlexible Super retail customers offering a “simple solution… at a very competitive price”.

“While markets have been through a challenging few years, AMP has always said superannuation is the best investment you can make for the long term and we are confident these new options will support the long-term retirement goals of our consumers,” Mr Meller said.

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