AMP Flexible Super® – Application for employer
If you have any queries, contact your financial planner
or call Customer Solutions on 1300 653 456.
What you should know
–– Before completing this form, you must read the latest Product Disclosure Statement for AMP Flexible Super.
–– After you submit your application we will send payment notices or instructions to assist you in making your
superannuation payments.
–– Information on Award Modernisation and how it may impact you.
Award Modernisation – Important Information for Employers
As well as dealing with wages and work conditions, most Modern Awards specify the super funds to which an employer
can make its Superannuation Guarantee contributions and any additional post-tax employee contributions for an
employee where an employee has not exercised choice of fund (ie the employer’s “default fund”).
The fund out of which this product is issued is not named in most of the Modern Awards. Accordingly, if an employer is
considering using this fund as its default fund (ie the fund to which the employer will contribute unless the employee
exercises choice of fund), the employer should consider obtaining legal advice on the application of any awards or
agreements and whether they preclude it from using this fund as its default fund.
The AMP group, including AMP Superannuation Limited, does not warrant and takes no responsibility for the
appropriateness of this product in meeting an employer’s obligations under the Modern Awards or other industrial
awards, agreements or arrangements. The Fair Work Act 2009 imposes penalties on employers for each breach of
a Modern Award.
Issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060, the trustee of the AMP Retirement Trust ABN 73 310 248 809.
®Registered trademark of AMP Limited ABN 49 079 354 519.
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Checklist
Application for Employer with Employee Essential Protection –
complete the following sections:
Note: It is important to complete the checklist after all information
has been supplied. Failure to do so may result in unnecessary delays.
Employee/Business details
Section 1
Payment details
Section 2
Investment details
Section 3
Insurance details
Section 4
Employer plan fee structure
Section 5
AMP Servicing details
Section 6
Agreement and Declarations and Signatures Section 8
Completed Employee Details form for Employer
with Employee Essential Protection (EEP Table)
ATTACHMENT
Completed an At Work Certificate for all employees
with Employee Essential Protection (EEP Table)
ATTACHMENT
Note: If you have provided a signed and dated copy of the Employee
Details form, you are not required to complete the At Work Certificate.
Application for Employer with Employee Flexible Protection –
complete the following sections:
Employer/Business details, AND
Section 1
Additional Employer Information
Section 1a
Payment details
Section 2
Investment details
Section 3
Insurance details, AND Section 4
Insurance Categories
Section 4a
Attached Group Life Quotation.
Employer plan fee structure, AND Section 5
Insurance Commission
Section 5
AMP Servicing details
Section 6
Agreement and Declarations and Signatures Section 8
Attached Group Life Quotation
ATTACHMENT
Completed Employee Details form for Employer
with Employee Flexible Protection (EFP Table)
ATTACHMENT
Completed an At Work Certificate for all employees
with Employee Flexible Protection (EFP Table)
ATTACHMENT
Start here
Fill in the forms.
Start at the Application form
on the opposite page.
Note: If you have provided a signed and dated copy of the Employee
Details form, you are not required to complete the At Work Certificate.
–– Confirm you’ve completed what you need to.
–– Sign and date all the relevant signature boxes.
–– Provide details of your employees by completing the relevant
Employee Details form (available at amp.com.au/employerforms)
and attach to you application.
–– Failure to provide AMP with a complete application will delay the
amount of time it takes for AMP to process your application and
the risk commencement date on your employees insurance.
–– Return the whole booklet including any attachments to your
financial planner or mail to:
AMP Corporate Superannuation
Locked Bag 5400
PARRAMATTA NSW 1741
Ph 1300 653 456
Let’s get Started!
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Application
Office/Planner use only
Financial planner number Request ID
AMP Flexible Super
Your Details
®
Plan number
Please print in CAPITAL LETTERS and place a cross ✗ in any applicable boxes.
1. Employer/Business details
Employer contact 2 (required for EFP plans)
Employer name
I authorise AMP Superannuation Limited to accept the following
signatories for the purpose of advising which members have ceased
to be employees of the Employer or any alterations to the plan.
Employer plan number
Title
Address
Surname
Given name(s)
Suburb
State
Postcode
Country
Phone number
( )
Fax number
Mobile number
How many employees will be added at the commencement
of your plan?
Email address
Note: Provide details of your employees by completing the
relevant Employee Details form available at amp.com.au
and attach this to your application.
Employer contact 1
I authorise AMP Superannuation Limited to accept the following
signatories for the purpose of advising which members have ceased
to be employees of the Employer or any alterations to the plan.
Signatory of authorised employee
✗
1A. Additional Employer/Business (EFP plans only)
Business type
Title
ABN
Surname
Proposed plan commencement date
(cannot be backdated BUT can be future dated)
Given name(s)
Phone number
( )
Fax number
Mobile number
Email address
Signatory of authorised employee
✗
Issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060, the trustee of the AMP Retirement Trust ABN 73 310 248 809.
®Registered trademark of AMP Limited ABN 49 079 354 519
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2. Payment details
Direct debit request
Method of payment
If you have selected Direct debit:
Select (✘) only one method of payment. We offer the following
options for you to make contributions on behalf of your employees.
–– Complete this section Direct debit request.
Please choose one of the following options:
AMP eSuper
AMP eSuper is an online service that enables employers to
easily manage their superannuation payments for employees.
It offers employers a “clearing house” facility to help manage
super payments easily in a Choice of Fund environment.
OR
–– C
omplete the Contribution Schedule form (available
at amp.com.au) with details of your regular payments.
BSB
Account number
Account in the name of
Name of institution (bank/building society/credit union)
Bpay
Direct debit from the employer’s nominated bank account
Cheque
Branch location
Other (EFP Plans only) –
nominate Payment type
(eg ADP file)
EFT
Contribution frequency
Monthly
Quarterly
Preferred deduction day for the Direct debit – from the
employer’s nominated bank account ONLY (for example,
the 10th day of the month should be written as 10):
(Note: This is not required if you are using eSuper)
If you have selected to pay by:
–– AMP eSuper: after you have completed your application
(including all your employee details) we will register you for
AMP eSuper and send you an eSuper Welcome Letter.
–– Bpay: we will send your employees’ Bpay details to you in
payment notices. You will have to contact your financial
institution’s internet or telephone banking service to
arrange payment through your cheque or savings account.
–– Direct debit: please complete the Direct debit request below
and the Contribution Schedule form with the details of your
regular payments.
–– Cheque: we will send your employee’s details to you in
regular payment notices. Please make your cheque payable
to AMP Life Limited – AMP Flexible Super. On the back of
your cheque please write:
1. Your company or business name.
2. Your employer number.
Attach your cheque to your payment notice and send to:
Customer Solutions,
AMP Life Limited, PO Box 300,
PARRAMATTA NSW 2124
Date of first contribution
Employer Contribution rate
%
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3. Investment details
Select a default Investment Level and option for new employee member accounts.
Investment Level and option(s)
Core1
Super Easy Balanced
Select1
EBEI
Choice1
Super Easy Balanced
EBEI
Super Easy Balanced
EBEI
Super Easy Balanced
ELIF
Super Easy LifeStages
ELIF
AMP LifeStages
ELIA
Future Directions LifeStages
ELID
AMP Balanced Growth
EABG
Future Directions Balanced
EAFD
1 Refer to the Product Disclosure Statement for information about the Member Fee that will apply, depending on the Investment Level chosen.
4. Insurance details
Select a default insurance level for new employee member accounts.
Employee Essential Protection (go to section 5)
OR
Employee Flexible Protection (go to section 4A)
Yes
Do you have an existing employer plan with AMP?
No
If yes, please provide the plan name(s) and number(s).
Plan name
Plan number
4A. Insurance categories (EFP Plans only)
Complete a column in the table below for each category of membership in your plan. You can allocate your employees to a number
of categories – you must have at least one Category. You can also nominate a name for each of the categories.
If you want more than four categories in your plan, please use the Notes section on page A5.
A premium quote must be attached with the application.
Category Number:
1
2
3
4
Nominate a Category Name:
Description of employees who
will be eligible to join this
Category:
Lump sum insurance (choose 1)
Death Only, or
Death and TPD
Death Only, or
Death and TPD
Death Only, or
Death and TPD
Death Only, or
Death and TPD
Benefit formula for lump sum
insurance1 (choose 1)
5% of salary for
each year from
current age to
age 65, or
1 x salary, or
$50,000, or
Age based sum
insured scale
5% of salary for
each year from
current age to
age 65, or
1 x salary, or
$50,000, or
Age based sum
insured scale
5% of salary for
each year from
current age to
age 65, or
1 x salary, or
$50,000, or
Age based sum
insured scale
5% of salary for
each year from
current age to
age 65, or
1 x salary, or
$50,000, or
Age based sum
insured scale
Default multiple of the benefit
formula for lump sum insurance1
(choose a whole number)
1New Employee members will be eligible for Death or Death/TPD insurance according to the benefit formula you choose. The amount of
insurance will be the amount according to the formula, multiplied by the default multiple you specify, up to the Automatic Acceptance Level
applying to your employer plan.
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Category Number:
1
Income protection insurance
– Temporary Salary Continuance2
2
3
4
2 year benefit
period
2 year benefit
period
2 year benefit
period
2 year benefit
period
To age 65
benefit period
To age 65
benefit period
To age 65
benefit period
To age 65
benefit period
Not applicable
Not applicable
Not applicable
Not applicable
Super Contributions Benefit
(only available with TSC)
9% of salary
9% of salary
9% of salary
9% of salary
Not applicable
Not applicable
Not applicable
Not applicable
TSC Waiting Period
30 days
30 days
30 days
30 days
90 days
90 days
90 days
90 days
2Temporary Salary Continuance insurance is only available with Death or Death/TPD insurance. Sum insured is 75% of member’s salary.
I have included a signed copy of the premium quote obtained from AMP Note: AMP cannot process your application without a copy of the premium quote. Contact your BDM or BRM to obtain a
premium quote.
5. Employer plan fee structure
Plan Service Fee
Complete this section if you have agreed a Plan Service Fee with a financial planner who has an agreement with AMP.
% pa
(including GST) paid monthly
OR
$
per month (including GST) paid monthly paid from members’ accounts.
Note:
–– You cannot select both a dollar amount and a percentage at the same time for the Plan Service Fee.
–– The Plan Service Fee might not be paid while a member’s account balance is below $1,200. See the PDS for more information.
–– If no amount is entered in this section, no Plan Service Fee will apply.
–– If a Member Advice Fee or Ongoing Member Advice Fee is to apply, separate forms for each of the employees must be provided.
Insurance commission (EFP Plans only)
(Choose a whole number, between 0% and 20%)
.00% pa (excluding GST) applies to all insurance premiums
6. AMP servicing details
Planner details
Planner name
Planner number
Phone number
( )
Email
Business Development Manager/Business Relationship Manager details
Name
Phone number
( )
Email
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7. Notes
8. Agreement and declaration
I/We agree and declare that:
1. I/We have received and read the accompanying AMP Flexible Super Product Disclosure Statement.
2. I/We apply to become an Employer Sponsor of AMP Flexible Super, which is part of the AMP Retirement Trust.
3. I f my/our application is accepted by the trustee, I/we agree to be bound by the trust deed of the AMP Retirement Trust,
as amended.
4. To the best of my/our knowledge, information and belief, the information provided in this application is true and correct.
5. F or any employee I/we nominate to join this plan as a member, I/we will not make Superannuation Guarantee and Award
Employer contributions in respect of this employee(s) (including employer contributions to comply with an industrial
agreement) that require employer superannuation contributions to be paid to another superannuation fund.
6. I/We understand that the trustee has no duty to verify that the contributions made to my/our employees’ accounts comply
with the amounts either I/we (the employer), the employees (if applicable) or the employee’s spouse (if applicable)
have nominated.
7. W
here I/we are applying to become an Employer Sponsor of the AMP Retirement Trust with the assistance of a financial
planner, the financial planner is authorised to use the information provided by me/us in this application and any other form
relevant to the AMP Retirement Trust to complete and submit an electronic application on our behalf.
8. I/We agree to make all reasonable efforts to assist the trustee to establish a policy committee for this plan (where required).
9. The arrangements for the payment of any Plan Service Fee are as described in the PDS and section 5.
I/We confirm that:
10.By law, I/we must forward an employee’s Tax File Number (TFN) to AMP Superannuation Limited if they have given their TFN to
AMP Flexible Super on an Employment Declaration form.
11.The nominated employee satisfies the “contributions” requirements for membership – refer to the AMP Flexible Super Product
Disclosure Statement for details.
AMP eSuper – Customer Initiated Direct Debit Request:
1. I/We have read and agreed to the AMP Bank Product Disclosure Statement for this Customer Initiated Direct Debit Request,
including the Customer Initiated Direct Debit Terms and Conditions.
2. I/We have accepted the AMP eSuper Service Agreement.
3. I/We authorise AMP Bank Limited (AMP Flexible Super ID000103) to debit through the Direct Debit system amounts that are
notified to AMP Life Limited by me/us via the AMP eSuper Service from my/our bank/financial institution account described
above.
Direct Debit from the Employer’s nominated bank account:
1. I have read and agree to the terms of the “Direct debit service agreement” set out in the AMP Flexible Super Product
Disclosure Statement.
2. I request AMP Life Limited (user ID000103), until further notice, to debit the amount from my account at the frequency
as set out above.
I have read the latest Product Disclosure Statement.
I have read and agree to the above Agreement and Declarations.
I have received and accepted this offer in Australia.
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Employer signatories
Who can sign this application form?
This application form should be signed by either two company directors, or one company director and the company secretary.
The exception is in the case of a sole director company.
Given name(s)
Family name(s)
Employer signature
✗
Date
D D MM Y Y Y Y
Given name(s)
Family name(s)
Employer signature
✗
Date
D D MM Y Y Y Y
9. Next steps
Thank you for your application.
Please provide your employee details by completing the relevant Employee Details form – available at amp.com.au and attach
to this application. The form you need to complete will depend on the default Insurance Level you have chosen.
–– Application for Employer with Employee Essential Protection – complete Employee Details form (EEP).
–– Application for Employer with Employee Flexible Protection – complete Employee Details form (EFP).
Complete this form and return to
Once AMP have processed your application:
AMP Corporate Superannuation
Locked Bag 5400
PARRAMATTA NSW 1741
Ph 1300 653 456
–– We will send you a Welcome Letter (once all employee
details have been received and processed).
–– Your employees will also receive a Member Benefits
Schedule (Welcome Letter) and will be automatically set up
with a My Portfolio account – a secure area in the AMP
website to view and manage their account.
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AMP eSuper Service Agreement
In this agreement:
“AMP” means AMP Life Limited ABN 84 079 300 379.
“AMP fund” means the arrangement to participate in the AMP
Retirement Trust (being an employer of AMP Flexible Super)
that you have agreed with AMP as the relevant arrangement
for the purposes of this agreement. If you have more than one
AMP fund, you must establish a separate agreement with AMP
for each one (and each one will have separate access to the
AMP eSuper systems).
“Business Day” means the normal Business Day in Sydney and
does not include bank holidays, public holidays or weekends.
“External Fund Administrator” means any administrator of
superannuation arrangements other than AMP.
“Force Majeure” means any cause that is not reasonably within
the control of AMP including, but not limited to, acts of God,
industrial disputes not solely directed at AMP, war declared or
undeclared, blockade or sabotage.
Terms and Conditions
By completing an AMP eSuper Registration form you agree to
the following:
5. N
ot use AMP eSuper to process contributions to External
Fund Administrators unless the AMP fund is the default
fund for the relevant members or, you have written
confirmation from AMP advising that you may use AMP
eSuper for this purpose.
6. Not disclose your unique user ID and password to any
person other than an authorised representative of
your employer.
7. Advise AMP in writing should you wish to cancel your AMP
eSuper service agreement.
When you must give us the information and your
superannuation contributions
This is critical part of AMP eSuper. We need to have all
information and the corresponding contribution amounts in
cleared funds with sufficient time to allow ten Business Days
for our processing plus sufficient time for the information and
contributions to be delivered by regular mail. We are not liable
for any consequences arising from your failure to meet this
timetable, or for delays in the regular mail.
If you do not provide accurate information or you pay the
incorrect amount of money
AMP is committed to ensuring the confidentiality and
security of your personal information. The AMP Privacy Policy
Statement is available on the AMP website amp.com.au or
you can receive a copy in the mail by calling us on 131 267.
AMP will contact you where we detect that information in
eSuper is inaccurate. We will also contact you if the amount
of money you send does not match the data submitted or
insufficient cleared funds are available when we direct debit
your account. You will need to correct the data and/or pay
the correct amount of money before we can process
your transactions.
If you require further assistance regarding AMP’s privacy policy
please contact 131 267.
If you submit contributions to the wrong fund via the AMP
eSuper clearing house facility
AMP’s commitment
Prior to submitting a batch you will have the ability to delete
the contribution batch and start again. After submitting the
batch, if you realise you have submitted contributions to the
wrong fund, you can contact AMP on 02 9761 9600 or email
us at eSuper@amp.com.au within 24 hours of submitting the
batch to attempt to stop the amount being forwarded to
the External Fund Administrator.
Privacy and confidentiality
It is AMP’s responsibility to:
1. Provide two months’ written notice of any changes made
to this agreement.
2. Provide written notification of any changes to the services
offered under this agreement.
3. Accurately process all transactions from you, the employer,
and action all rejections of transactions within the service
standards set out below.
4. Ensure availability of the AMP eSuper computer system for
employers for at least 90% of the aggregate minutes
between 8.00am and 6.00pm Sydney time in the Business
Days of any calendar month.
Your commitment to AMP
It is your responsibility to:
1. Ensure you have checked and validated the information
being sent via AMP eSuper.
2. Ensure you process the data transfer on the same day.
3. A
llow for potential systems outages and process your
transactions within the required time frame to ensure that
contributions are paid to the relevant funds within the
legislated timeframes.
4. Process contribution payments for only one fund
per employee.
If AMP has already forwarded the payment to an External Fund
Administrator it will be your responsibility to recoup these
funds directly from the External Fund Administrator. You will
also need to resubmit the contribution to the correct fund with
a new payment.
AMP eSuper Service Standards
Where you have complied with the terms of this agreement,
AMP will:
–– send your transactions to your AMP fund within two
Business Days of receiving both complete and accurate
information from you via AMP eSuper with the required
matching payment, and
–– send your transactions to the External Fund Administrators
of your employees’ Choice funds within 10 Business Days of
receiving both complete and accurate information from you
via AMP eSuper with the required matching payment.
This timeframe allows for:
–– fund clearance (for payments by CIDD), and
–– p
rocessing data to External Fund Administrators in the
required format.
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Important note: Because many funds will not accept
transactions from a clearing house via electronic transfer, you
need to allow additional time for transmission by regular mail.
AMP is not responsible, and accepts no liability, for any losses
suffered or liabilities incurred by you or any other party as a
result of delays in the mail.
Where AMP (or its agents) receives notification that a
transaction has been rejected by a Choice Fund, AMP (or its
agents) will, if appropriate, attempt to overcome the reason for
the rejection and resubmit the transaction. If the transaction
cannot be resubmitted, AMP will notify you and the refund the
relevant contributions within five Business Days of receiving
notice of the rejection.
Liability
AMP shall indemnify you, the employer, for any losses suffered
or liabilities incurred by you, as a direct consequence of AMP, its
agents or employees failing to fulfil its responsibilities under
this agreement.
You, the employer, shall indemnify AMP for any losses suffered
or liabilities incorrect by AMP as a direct consequence of you,
your agents or employees failing to fulfil your responsibilities
under this agreement.
It is agreed that under no circumstances is either party liable
for any losses suffered or liabilities incurred by the other party
which are not a direct consequence of a failure of either party
to fulfil its obligations under this agreement. It is also agreed
that neither party is liable for losses suffered or liabilities
incurred, directly or indirectly, by any third party as a
consequence of a failure of either party to fulfil its
obligations under this agreement.
What AMP is not responsible for
AMP is not responsible, and has no liability for any
consequences, losses suffered or liabilities incurred by you or
any other party, including any Government Superannuation
Guarantee Charge, arising directly or indirectly from:
1.You, your agents or your employees failing to lodge data or
information within the timeframes specified.
8. Any delays, for whatever reason, in the mail.
9.Any delays in the receipt by AMP of data, information or
monies from you, your agents or employees, for whatever
reason (other than delays directly resulting from the
unavailability of the AMP eSuper computer system for
employers form more than 10% of the aggregate minutes
between 8.00am and 6.00pm Sydney time in the Business
Days of any calendar month).
Fees and charges
AMP does not currently charge any fees for providing the AMP
eSuper service provided that you use the service in accordance
with the terms of this agreement. However, AMP may pass on
any costs incurred and/or charge a service fee of up to $5 per
transaction if you use this service contrary to the terms of this
agreement (for example, by using AMP eSuper to make
payments to Choice funds for employees where your AMP
fund is not the default fund for those employees).
AMP will provide two months’ written notice before
introducing fees for AMP eSuper – other than costs or charges
payable if you sue this service contrary to the terms of
this agreement.
If we introduce a fee, you may terminate this agreement
(see below).
Electronic communications
Unless prohibited by law we may provide certain information
to you by electronic communication, eg:
–– Batch Status Update
–– Error or rejection report details
AMP will use the email address attached to each active user on
your AMP eSuper registration.
Termination of this agreement
By you: You can cancel your AMP eSuper Service Agreement at
any time by advising AMP in writing. We will complete any
instruction we hold at the time of your cancellation, including
transferring money to your AMP fund or to Choice funds.
3.You not having cleared funds available at the time we make
a direct debit from your account.
By AMP: AMP can revoke access to AMP eSuper and terminate
this agreement without notice if you breach the terms and
conditions of this agreement. In all other circumstances, AMP
will give you at least two months’ written notice before
revoking access to AMP eSuper or terminating this agreement.
4.You using AMP eSuper to process contributions to External
Fund Administrators where the AMP fund is not the default
fund for the relevant members, without written
confirmation from AMP that you may use AMP eSuper for
this purpose.
Customer Initiated Direct Debit Request
(CIDDR) Product Disclosure Statement
(PDS) for use with AMP eSuper
5.You, your agents or your employees failing to fulfil any of
your other responsibilities under this agreement.
Issued by: AMP Bank Limited ABN 15 081 596 009,
AFSL No. 234517 Date: 1 July 2005
2.Any errors or omissions in the data or information provided
to AMP by you, your agents or employees.
6.Any rejection of transactions by an External Fund
Administrator for any reason other than failure by
AMP to either:
a. a
ccurately transmit the information it received through
AMP eSuper, or
b. m
ake the corresponding payment to the External
Fund Administrator.
7.AMP failing to fulfil its obligations under this agreement as
a result of Force Majeure.
Introduction
This Product Disclosure Statement (PDS) relates to the offer of
a non-cash payment arrangement being offered by AMP Bank
as part of the AMP eSuper Service.
This PDS sets out the features, benefits, risks, terms and
conditions of the Customer Initiated Direct Debit Request
(CIDDR) that applies to the AMP eSuper CIDDR facility. Read
these terms and conditions in conjunction with the AMP
eSuper Service Agreement.
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You should read all parts of the PDS carefully and ask us about
any issues that concern you by telephoning us on 02 9761 9600
or by emailing us on askamp@amp.com.au (if your AMP plan is
a AMP Flexible Super – Employer plan).
In this PDS, the words “we”, “us”, or “our” means AMP Bank
Limited and its successors and assigns, and its agents.
If you are an individual or a small business (as defined in the
Code of Banking Practice) the Code of Banking Practice will
apply to you. We warrant that we comply with the Electronic
Funds Transfer Code of Conduct.
Variation to the PDS
We can vary this PDS or add new terms and conditions to this
PDS at any time without your consent. We will provide written
notice of the variation to you and will provide that notice at
least 30 days before the change takes effect if we intend to:
–– introduce a fee or charge (other than a government charge), or
–– increase your liability for losses relating to EFT transactions.
We need not tell you in writing if you cannot reasonably
be located.
Overview
The AMP eSuper CIDDR facility gives employers the ability to make
the payments required as part of the AMP eSuper Service. That
service enables you to make a bulk payment for superannuation
contributions to AMP Life Limited ABN 84 079 300 379, which
then transmits those contributions and other relevant
information to the fund administrators for the various funds to
which you are making superannuation contributions.
How the AMP eSuper CIDDR facility works
You instruct us through AMP eSuper to debit your nominated
account. The debit will be credited to the AMP Life Limited
distribution account. Upon your authorisation, we will debit
your nominated account with your bank or financial institution
for the total of the superannuation contributions to be made to
non-AMP superannuation funds. Once your money clears, AMP
Life Limited will begin the process of issuing the payments to
the other superannuation funds in accordance with the AMP
eSuper Service Agreement.
If you process all contributions in the one file (ie contributions
to your nominated AMP fund together with contributions to
member nominated funds in accordance with the
Superannuation Guarantee legislation), AMP eSuper will split
this into two debit amounts, one debit for the AMP fund
contributions and one debit for the total contributions to all of
the other funds.
Benefits
The AMP eSuper CIDDR facility ensures that the amount you
remit to AMP Life Limited matches the contribution data that
you have remitted. It avoids the need to separately arrange
payment of the relevant amount to AMP Life Limited.
Risks
AMP Life Limited will act upon all instructions received via AMP
eSuper. The accuracy and correctness of the data submitted
by you via AMP eSuper is your responsibility. If you provide
incorrect data to AMP Life Limited, we may debit an incorrect
amount from your account.
Dishonours
AMP Life Limited will advise you should your authorised direct
debit request to your nominated account be dishonoured. AMP
Life Limited will advise the dishonour reason at which point it
will be your responsibility to arrange for the required payment
to be made to AMP Life Limited.
You may need to pay a dishonour fee to your bank or
financial institution.
Privacy and confidentiality
We handle your personal information in accordance with the
Privacy Act 1988 and AMP’s Privacy Policy Statement and we
will ensure AMP Life Limited does as well. You may obtain a copy
of the Statement by telephoning us on 13 30 30 or by visiting
our website at amp.com.au.
We acknowledge that, in addition to our duties under the
Privacy Act 1988, we have a general duty of confidentiality
towards you, except in the following circumstances:
a. Where disclosure is compelled by law.
b. Where there is a duty to the public to disclose.
c. Where our interests require disclosure, or
d. Where disclosure is made with your express or
implied consent.
Consent
AMP Life Limited has consented to be named in this PDS
and to the statements in this PDS about it and the AMP
eSuper Service.
Complaints and resolving disputes
What you need to do
If you have a complaint, concerning matters covered by these
terms and conditions (including any apparent error in a
transaction or an unauthorised transaction), you must tell
us promptly.
If your AMP plan is a AMP Flexible Super – Employer plan, you
may tell us by:
–– Calling us on 02 9761 9600 between 9.00am and 5.00pm
(AEST) Monday to Friday.
–– Mailing us at PO Box 300, PARRAMATTA NSW 2124.
–– Visiting the AMP eSuper website at amp.com.au/esuper, or
–– Emailing us at askamp@amp.com.au.
When and what information is available to you?
Information about our internal and external processes for
resolving disputes is available through our internet website
(amp.com.au/banking), telephoning us on 13 30 30 and in our
Financial Services Guide. We will provide you information about:
–– our internal and external dispute resolution process at
the time your dispute arises, and
–– our external dispute resolution process at the time we tell
you about the final outcome of our internal process and if
you are not satisfied with our decision.
What we need to do
If we are unable to resolve your complaint immediately, we will
inform you in writing of our procedures for investigating and
handling your complaint. Within 21 days of receiving your
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–– Inform you of the reasons for the delay.
–– Provide you with monthly updates on progress with the
investigation, and
–– Specify a date when a decision can reasonably be expected.
When we complete our investigation we will:
–– advise you in writing of the outcome, and
–– a
dvise you of our reasons for our decision with reference to
any relevant provisions of these terms and conditions.
If we decide that your account has been incorrectly debited or
credited, we will promptly adjust your account (including any
interest and/or charges) and tell you in writing of the amount
which has been debited or credited to your account as a result.
If we decide that your account has not been incorrectly debited
or credited, or (in the case of unauthorised transactions) that
you have contributed to at least part of the loss, we will:
–– provide you with copies of any document or other evidence
on which we based our decision, and
–– a
dvise you whether there was any system or equipment
malfunction at the time of the transaction.
We will accept part or full responsibility for the amount that is
the subject of your complaint if we:
–– fail to observe the above complaint investigation procedures,
or
–– fail to allocate liability in accordance with these terms and
conditions, or
–– fail to communicate to you the reasons of our
determinations, and
–– the failure contributed to a decision against you or the
failure unreasonably delayed the resolution of
your complaint.
Not satisfied with our decision?
If you are not satisfied with our decision, you may request a
review of the decision by our senior management. We are a
member of an External Dispute Resolution Scheme, ie the
Australian Banking and Financial Services Ombudsman Limited.
This is an avenue of External Dispute Resolution available to
you at no cost. The Ombudsman’s contact details are:
Phone1800 337 444 (Toll Free) 03 9613 7333 (Melbourne Metro)
Monday to Friday 9.00am – 5.00pm
Fax 03 9613 7345
Email abio@werple.net.au
Mail GPO Box 3A, MELBOURNE VIC 3000
CIDDR Terms and Conditions
These CIDDR terms and conditions are part of the PDS. You
must agree that you have read and understood the PDS. You
must also agree that you have accepted the AMP eSuper Service
Agreement with AMP Life Limited.
By completing the “Application form for CIDDR (AMP eSuper)”,
YOU agree to the following:
1. CIDDR Authorisation
Through this “CIDDR Authorisation”, you are allowing us to
debit amounts from your bank or financial institution account.
CIDDR are not an automatic periodical deduction of a fixed
amount. Debits to your bank/financial institution account will
only occur each time you instruct the amount to us via
AMP eSuper.
2. If you want to change your CIDDR Account
You will need to complete a new registration form and provide
this to AMP eSuper at least five days prior to processing your
next batch to ensure that the correct account is debited.
3. Disputes
If you need to dispute a Direct Debit that has been made from
your bank account, you will need to contact us by telephone,
email or in writing. We will respond to your dispute within five
Business Days of receiving the dispute.
4. If we want to change this agreement
We will provide written notification to you at least 14 days prior
to making any changes to this agreement.
5. Weekend and Public Holidays
We will always try to debit your account on the next day after
you confirm the amount via AMP eSuper, except when the next
day is a weekend or public holiday. In this case, we will debit
your account on the next day that is a normal Business Day
in Sydney.
6. Make sure you have enough money in your account
You must make sure that you always have enough cleared
funds in your account for the Direct Debit to proceed. If there
isn’t enough money (that is, cleared funds) in your account, we
will still make the Direct Debit. If your financial institution
dishonours the Direct Debit, we will pass on to you the
dishonour fee and/or any costs incurred by us. We reserve the
right to cancel the Direct Debit arrangement without notice if
any debits are returned unpaid by your nominated
financial institution.
7. Check that you have given us your correct details
Before completing the “Application form for CIDDR (AMP
eSuper)” please check with your bank or financial institution
that they accept direct debiting of your nominated account.
Also, please check that the account number you give us
is correct.
8. Important
You indemnify us against all losses, costs, damages and liability
that we may suffer as a result of you breaching this agreement
or you providing us with an individual or non-binding Direct
Debit Authority addressed to us including without limitations,
legal costs and expenses on a full indemnity basis.
9. Fees and charges
We will not impose fees or charges on you for using the AMP
eSuper CIDDR facility. However, the bank or financial institution
holding your account may impose fees or charges in relation to
a debit if:
–– it dishonours a debit to your account, or
–– there are insufficient cleared funds in your account to meet
the debit.
If there are any charges relating to AMP eSuper, they will be
notified to you as part of the AMP eSuper arrangements.
NS5299 07/13
complaint, we will write to you advising the result of our
investigation or advising if more time is needed to complete the
investigation. In all but exceptional cases we will take less than
45 days from receiving your complaint to complete our
investigation. If we don’t, we will:
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Application
Office/Planner use only
Financial planner number Request ID
Plan number
AMP Flexible Super
Contribution Schedule
®
Use this form to advise AMP how to allocate the contribution to your employees for direct debit and cheque payments.
Please print in CAPITAL LETTERS and place a cross ✗ in any applicable boxes.
Make cheques payable to AMP Life Limited and send together with this form to:
AMP Life Limited, PO Box 300, PARRAMATTA NSW 2124
Select this box if you would like to receive a regular Payment Notice
1. Employer details
Name of Employer
AMP Employer number
Title
Surname
Given name(s)
Phone number
( )
Fax number
Mobile number
Email address
2. Employee details
Surname, Initial
Tax File
Number(i)
(If Required)
Member
Number
Employer
Contributions
(Superannuation
Guarantee)
Salary Sacrifice
Contributions
(Pre-Tax)
Member
Contributions
(After Tax)
Total
Total (or continued overleaf)
(i) TFN required if not previously provided.
Select this box and complete the details below if you would like a receipt returned
Given names
Office use only
AMP Employer number
Address
Amount receipted
$
Signature
Suburb
State
Postcode
✗
Date
D D MM Y Y Y Y
Issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060, the trustee of the AMP Retirement Trust ABN 73 310 248 809.
®Registered trademark of AMP Limited ABN 49 079 354 519.
B1 of 2
2. Employee details (continued)
Surname, Initial
Tax File Number(i)
(If Required)
Member
Number
Employer
Contributions
(Superannuation
Guarantee)
Salary Sacrifice Member
Contributions
Contributions
(Pre-Tax)
(After Tax)
Total
Total (or continued overleaf)
(i) TFN required if not previously provided.
Important information
From 1 July 2003, all employers will be required to make Superannuation Guarantee contributions on behalf of their employees at
least quarterly. The Superannuation Guarantee (SG) contribution rate is 9.25% for the 2013/2014 financial year. The SG rate will
increase to 9.5% of salary for the 2014/2015 financial year, and thereafter will increase each year up to 12% in the 2019/2020
financial year and onwards.
(Note: That the end of each quarter is 30 September, 31 December, 31 March and 30 June.)
Generally, we are unable to refund contributions once they have been paid to the member’s account. Therefore, you need to make
sure we receive Superannuation Guarantee contributions by the appropriate date. If you don’t, the Superannuation Guarantee
Charge will apply to the employer. The Superannuation Guarantee Charge is not tax deductible for employers.
B2 of 2
Application
AMP Flexible Super
At Work Certificate
®
If you have any questions about how to complete this form or need further copies, please contact AMP Corporate Superannuation.
Please print in CAPITAL LETTERS and place a cross ✗ in any applicable boxes.
1. Plan details
Plan name
Plan number
Plan start date
D D MM Y Y Y Y
2. Employer details
Employer name
Effective date
D D MM Y Y Y Y
It is hereby certified that with the exception of those employees listed below, all employees:
a. satisfy the eligibility conditions for their nominated benefit category, and
b. were actively employed and either at work performing normal duties or absent for reasons other than illness,
injury or accident on the Effective Date.
Actively employed means the employee is employed (including being on paid leave except for leave caused by an illness or injury)
by an employer to carry out identifiable duties, on a full-time, part-time or casual basis, and is capable of performing (without
restriction by accident, injury or illness) their full and normal duties on a full-time basis (for at least 30 hours per week) even
though actual employment may be on a full-time, part-time or casual basis.
Please select “Nil absent” if all employees are “at work” on the commencement date of cover.
Name
Date of birth
Reason for absence(s)
Date of first absence
Nil absent
Date returned to work
(i) Include attachment if insufficient room.
Signed on behalf of the Employer
Signature of authorised signatory
✗
Signature of authorised signatory
✗
Name of authorised signatory
Name of authorised signatory
Date
Date
D D MM Y Y Y Y
D D MM Y Y Y Y
Where to send this form
AMP Corporate Superannuation
Locked Bag 5400
PARRAMATTA NSW 1741
Ph 1300 653 456
Issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060, the trustee of the AMP Retirement Trust ABN 73 310 248 809.
®Registered trademark of AMP Limited ABN 49 079 354 519.
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NS5299 07/13
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AMP Flexible Super®
Product Disclosure Statement
Super account and Retirement account for employers and employee members
Issued 1 July 2013
Contents
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
About AMP Flexible Super
How super works
Benefits of investing with AMP Flexible Super
Risks of super
How we invest your money
Fees and costs
How super is taxed
Insurance in your super
How to open an account
Other information
also make contributions to AMP Flexible Super – and rollover your other
super – to help you save for your retirement.
You should read the important information about your AMP
Flexible Super account before making a decision. Go to your
Member Benefit Schedule that is included in your Welcome Pack.
AMP Flexible Super is part of a superannuation fund known as the AMP
Retirement Trust (the fund). AMP Superannuation Limited is the trustee
of the fund and is referred to as “trustee”, “we” or “our” in this PDS.
2. How super works
Super is a long-term investment and a tax-effective way of saving for
your retirement. In most cases, your employer is required to make super
contributions for you. You are usually able to choose which super fund
you would like your employer to make their compulsory employer
contributions to.
This Product Disclosure Statement (PDS) is a summary of significant
information and contains a number of references to important
information in the Fact Sheets and your Member Benefit Schedule
(all of which form part of this PDS). You should consider that
information before making a decision about AMP Flexible Super.
The government also encourages you to invest in super by providing a
range of tax savings on super contributions, investment earnings and
withdrawals from your super account after retirement.
Information in the PDS may change from time to time. We may
update information which is not materially adverse to you on
amp.com.au/pdsupdates. The information can also be obtained (at
no charge) by calling us on 131 267 or from your financial planner.
There are additional types of contributions that can be made to help
boost your super. These include:
–– Salary sacrifice contributions.
–– Additional personal contributions.
–– Government co-contributions.
–– Spouse contributions.
The information provided in this PDS is general information only and
does not take account of your personal financial situation or needs. You
should obtain financial advice tailored to your personal circumstances.
1. About AMP Flexible Super
AMP Flexible Super can help you save for your retirement, allow you to
receive an income in retirement, and provide you with insurance options.
AMP Flexible Super is an employer-sponsored solution for employers
who want to make super contributions for their employees.
The members in AMP Flexible Super can include the “employee members”
who are nominated as members by their employer and “personal members”
including family members with whom an employee member has an eligible
Family relationship. Family members applying to join as a personal member
of AMP Flexible Super, should read the AMP Flexible Super PDS for Personal
(retail) members available at amp.com.au/flexiblesuper.
The employer chooses the default Investment Level and investment option
and insurance for employee members of their plan. You can vary these, and
® Registered trademark of AMP Limited ABN 49 079 354 519.
Boosting your super savings
You may also help build up your super savings more quickly by:
–– Consolidating all your super accounts into one account.
–– Finding your lost super.
Important: Before consolidating, you need to consider how your
existing superannuation accounts compare to AMP Flexible Super,
and what effect consolidating will have on any insurance cover and
whether any exit fees apply. If you are unsure, speak with your
financial planner or contact AMP.
Limits on contributions
There are limits on the contributions that can be made into your Super
account, depending on your age, how many hours you are working and
other factors.
The government also has set dollar limits (or caps) on the amount of
contributions that can be made to your super each year before
additional tax becomes payable. See “How super is taxed” on page 6.
Accessing your super
No switching fees
Because super enjoys tax advantages, the law restricts when you can
access your super money. These restrictions are known as
“preservation rules”.
You can switch between investment options at any time through
My Portfolio, or by completing a form. There is no fee for switching.
Generally this means that you can only access your money after you
reach your preservation age (between ages 55 and 60, depending on
your date of birth) and retire (with some exceptions). In certain limited
circumstances your money can be accessed before you retire. Once you
have satisfied the “preservation rules”, you can make partial
withdrawals from your Super account, withdraw your Super account as
a lump sum or access your super in the form of an account based
pension from a Retirement account (see “Benefits of Investing with AMP
Flexible Super” below).
When you are ready to start a Retirement account, by law we can only
accept a single lump sum of super money. You can consolidate your
super accounts into an AMP Flexible Super account before using the
total balance to start a Retirement account.
Temporary residents of Australia: If you are a non-resident who has
permanently left Australia and not withdrawn your superannuation
benefit within six months of your temporary visa expiring, we may be
required to pay your benefit to the Australian Taxation Office (ATO),
after which you will need to apply to the ATO to claim your
superannuation.
You should read the important information about boosting your
super savings, limits on contributions and accessing your super
before making a decision. Go to the Information on your account
Fact Sheet (“How it works”, “Super account” and “Retirement
account”) and How to transact Fact Sheet (“Transacting on your
account”, “Money in”, “Direct Debit servicing agreement”, “Pension
Refresh® Facility”, “Choosing your super fund” and “Money out”)
available at amp.com.au/flexiblesuper. The material relating to
boosting your super savings, limits on contributions and accessing
your super may change between the time you read this PDS and
the day when you acquire the product.
® Registered trademark of AMP Life Limited ABN 84 079 300 379.
AMP Flexible Super is a flexible super and retirement solution that you can
keep with you from your working life into retirement, without needing to
change from one product to another. AMP Flexible Super gives you
flexibility, with access to a range of features when the time is right for you.
Tailor your account to suit your needs
Flexibility puts you in control – you can add or remove options at your
convenience. You also have access to self-education tools and
other benefits.
Simple, transparent fees
You only pay for the features and services you have agreed to. There are
no establishment fees or fees on contributions or withdrawals1. For
large accounts, you may benefit from lower management fees, known
as “Management Fee Rebates”.
1 Except for former GIO members in the Retirement account.
Investment choice from leading investment managers
AMP Flexible Super caters for a variety of investment styles, with three
different levels for you to choose from:
Core
Investments
2
Select
Investments
Insurance cover in AMP Flexible Super helps to financially protect
yourself and your family. Premiums are paid from your Super account,
making it a convenient and possibly more tax-effective option for you.
There are two alternatives:
Employee Essential
Protection
Basic cover with
lower premiums
Employee Flexible
Protection
Higher cover available and
more flexible features for
higher premiums
Family membership
Your family members may join AMP Flexible Super as personal members
and enjoy some of the features of your employer plan. By applying for
Family membership you and your family members may be entitled to a
larger Management Fee Rebate.
Income from your Retirement account
Once you are able to access your super savings, you can transfer some or
all of it to a Retirement account.
The Retirement account is designed to pay you a regular income from
your super savings. And, you don’t have to be retired to start one – if you
have reached your preservation age and are still working, you can access
your super from a Retirement account using a Transition to
Retirement strategy.
Minimum annual income payments
Retirement accounts are required by law to pay you a minimum income
amount each financial year based on your account balance on 1 July in
that year (or starting account balance if you started your Retirement
account within that year).
There is no maximum annual income payment from the Retirement
account, unless you start one as part of a Transition to
Retirement strategy.
3. B
enefits of investing with
AMP Flexible Super
Simple choices
Insurance options to look after you and your family
Sophisticated choices
Choice
Investments
Choose who receives your super
AMP Flexible Super provides a number of options for you to choose
about how you want your Death benefit to be paid if you die while you
are a member of AMP Flexible Super. You can nominate one or more
beneficiaries permitted by the superannuation law to receive your
Death benefit.
Easy to deal with
AMP Flexible Super puts you in control of your super and your
retirement, with many innovative features to help you save costs and
cut paperwork:
–– View and manage your account online through My Portfolio at
any time.
–– Access educational programmes to assist you.
–– Bring your super together with our Super Consolidation Service (at no
additional cost to you).
–– Keep up to date with information about your super through member
statements, annual product updates and reports.
–– With a Transition to Retirement strategy, the Pension Refresh Facility
streamlines the process of consolidating your Super and
Retirement accounts.
You should read the important information about the benefits of
investing with AMP Flexible Super before making a decision. Go to the
Information on your account Fact Sheet (“Super account”, “Retirement
account”, “Family membership”, “Your beneficiaries”, “My Portfolio –
online information about your account” and “How we invest your
money”), Employer Plans Fact Sheet (“Insurance cover”) and Insurance
Fact Sheet available at amp.com.au/flexible super. The material relating to
the benefits of investing with AMP Flexible Super may change between
the time you read this PDS and the day when you acquire the product.
4. Risks of super
All investing involves some risk – it’s the trade-off for the returns we all
want to earn. The key risk with investing in super is “investment risk”,
but there are also other significant risks you need to consider.
Investment risk
Investment risk means the value of your investment and your returns are
likely to vary. It also means you may lose part or all of your investment. Your
investment and investment returns are not guaranteed. This means you
may experience negative investment returns, and future returns may differ
from past returns. Usually, the investments with higher potential returns in
the long term tend to also have higher risks in the short term.
Super funds invest in a range of asset classes – for example, cash, fixed
interest, shares, property and alternatives. Each of these asset classes has a
different level of risk. In AMP Flexible Super, there are different levels of risk
across the variety of investment options, depending on their strategy and
how much they are invested in the different asset classes.
Other risks
When investing in super, it is important to understand that:
–– You may not be able to access your super, including insurance
proceeds, when you need it, because of preservation rules.
–– Laws and regulations (such as superannuation and taxation)
affecting super may change, which may adversely affect the amount
of your super and when you can access it.
–– We can change the rules of AMP Flexible Super at any time.
–– Investment options may also be closed or terminated, or investment
managers replaced.
–– Processing of transactions may be delayed in some circumstances,
for example, when an investment manager delays issuing unit prices
and therefore is delayed in processing our request.
–– Your investment rate of return can be equal to or lower than the rate
of inflation. This means there is a risk that the value of your super
can fall, in real terms.
–– Your employer may fail to make correct contributions to your account.
–– The trustee may not be able to pay you the proceeds of an insurance
claim if prevented from doing so by superannuation law.
–– Switches or withdrawals may be delayed if we are unable to realise
sufficient assets to satisfy your payment due to circumstances
outside our control – for example, restricted or suspended trading in
the market for an asset.
–– When applying for insurance cover, if you don’t comply with your
duty of disclosure set out in the Insurance Fact Sheet, the Insurer
may not pay if you make an insurance claim, or it may only pay part
of your claim.
–– Your investment and future super savings (including contributions
and returns) may not be sufficient to provide an income for the rest
of your life.
–– Employer Plan discounts on fees and insurance premiums may cease
on leaving your employer.
–– Other risks may also occur and you should seek appropriate advice
before investing.
The appropriate level of risk for you will depend on your age, investment
time frames, where other parts of your wealth are invested, and how
comfortable you are with the possibility of losing some of your super in
some years. To further understand the risks of super and how they relate to
you, talk to your financial planner or go to the Information on your account
Fact Sheet and Investing and your options Fact Sheet available at
amp.com.au/flexiblesuper.
You should read the important information about risks of super
before making a decision. Go to the Investing and your options Fact
Sheet available at amp.com.au/flexiblesuper. The material relating
to risks of super may change between the time you read this PDS
and the day when you acquire the product.
5. How we invest your money
Depending on which Investment Level you choose in AMP Flexible Super,
you can have a choice of over 75 investment options, including various
multi-sector options and single sector options managed by leading
Australian and international fund managers. You can change your
Investment Level, or options, at any time. No fee is charged for switching.
Core
Select
Choice
–– Choose
up to two
investment
options
–– Choose up to five
options from the
seven investment
options available, or
–– Choose the Super
Easy LifeStages
strategy.
–– Choose up to 15 options
from over 75 investment
options available, or
–– Choose one of three
LifeStages strategies
(Super Easy, AMP or
Future Directions).
There are three types of multi-sector investment options:
1.Multi-sector (Traditional) investment options use a
long-term asset allocation approach with investments spread over
various asset classes to provide pre-selected portfolios considered
appropriate under the following risk profiles:
–– Conservative
–– Cautious
–– Moderately Conservative
–– Balanced
–– Moderately Aggressive
–– Aggressive.
2.Multi-sector (Secure) investment options typically invest in multiple
asset classes and may be protected from capital losses at specified
times. This is only available in the Retirement account.
3.Multi-sector (Specialist) investment options use a broad range asset
allocation approach and are not based on risk profiles. They will
typically invest in multiple asset classes, but may also be
concentrated on a few asset classes.
Single-sector investment options typically have their assets invested in
a single asset class (usually in addition to cash). You can use these
options to construct a portfolio to match your own investor profile:
–– Cash, Short-term Securities, and Deposits
–– Core Fixed Interest
–– Enhanced Fixed Interest
–– Credit and Fixed Interest Trading Strategies
–– Property
–– Alternative Strategies
–– Australian Equities
–– Global Equities
–– Small Capitalisation Equities
–– Specialist Equities.
With LifeStages, your investment mix will be set automatically by us,
and we will change your investment mix to a less risky investment
option as you move into a new age range. LifeStages is only available in
your Super account.
We will invest your money in AMP Flexible Super based on the investment
option(s) you select. When choosing your investment option(s), you should
consider factors such as the likely investment return, the risks of investing
and your investment timeframe.
3
Default investment option
Until you select other investment option(s), you will be automatically
invested in a default investment option. Your default investment option
is outlined in your Member Benefit Schedule.
If your employer has chosen the Select or Choice Investment Level then
your default option may be part of Super Easy LifeStages, AMP
LifeStages or Future Directions LifeStages, which means your investment
mix changes as you get older.
Investment option information
As an example, the following table provides additional information
about the Super Easy Balanced investment option in the Core
Investment Level. This is the default investment option unless your
employer has chosen a different Investment Level and default
investment option for your plan (which will apply until that choice is
cancelled or changed by you).
Super Easy Balanced investment option
Aim and strategy
To provide moderate to higher returns primarily from capital
growth with some income over the long term by investing across
the main asset classes, with higher exposure to growth assets.
Exposure to individual asset classes will be attained through the
use of index focussed fund managers.
This investment option seeks to provide an index focussed solution
to diversified investing. Through a process of diversified market
analysis combined with selection of the most appropriate
investment managers for each underlying asset class, this
investment is designed to provide market tracking returns over the
suggested investment timeframe.
(Index-style investment approach)
Asset class
Benchmark (%)
Range (%)
International shares
15–35
Australian shares
20–40
Alternative assets (growth)
0–20
Direct property
n/a
Listed property
0–15
Total Growth
70
Alternative assets (defensive)
60–80
Go to your Member Benefit Schedule that is included in your
Welcome Pack for details of your default investment option and
the Investing and your options Fact Sheet and How to transact
Fact Sheet available at amp.com.au/flexiblesuper. The material
relating to how we invest your money and other information about
investing and investment options may change between the time
you read this PDS and the day when you acquire the product.
6. Fees and costs
Did you know?
Small differences in both investment performance and fees and
costs can have a substantial impact on your long-term returns.
For example, total annual fees and costs of 2% of your account
balance rather than 1% could reduce your final return by up to
20% over a 30-year period (for example, reduce it from $100,000
to $80,000).
You should consider whether features such as superior
investment performance or the provision of better member
services justify higher fees and costs. You may be able to
negotiate to pay lower contribution fees and management costs
where applicable. Ask the fund or your financial planner.
To find out more
If you would like to find out more, or see the impact of fees and
costs based on your own circumstances, the Australian Securities
and Investments Commission (ASIC) website (moneysmart.gov.au)
has a superannuation calculator to help you check out different
fee options.
The calculator on the ASIC website (moneysmart.gov.au) can be
used to calculate the effect of fees and costs on your super
account balance.
The table below indicates the fees and costs for the default Super Easy
Balanced investment option in the AMP Flexible Super – Super account.
The table can be used to compare the costs of different superannuation
products. These fees and costs may be paid directly from your account
or deducted from investment returns.
n/a
International fixed interest
0–20
Type of fee or cost
Australian fixed interest
0–20
Fees when your money moves in or out of the fund
Cash
0–20
Establishment fee
20–40
Contribution fee
Nil
Withdrawal fee
Nil(i)
Termination fee
Nil
Total Defensive
30
Type of investor this option is intended to be suitable for: Investors
seeking to achieve moderate to higher returns primarily from
capital growth with some income over the long term by investing
across all asset types, with higher exposure to growth assets.
Investors are willing to accept a medium level of volatility to
achieve these returns.
The Standard Risk Measure is a guide on the expected number of
negative annual returns over 20 years. It does not consider all forms
of investment risk and does not take into account administration
fees or tax. Members should be comfortable with the potential
losses of their chosen investment option(s). See the “Standard Risk
Measure” section in the Investing and your options Fact Sheet for
more information.
Suggested minimum investment timeframe: 5 to 7 years
Standard Risk Measure: 5/ Medium to high
4
You should read the important information about how we invest
your money.
Amount
Nil
Management costs(v)
The fees and costs Until 31 October 2013, a Management Fee
for managing
of 0.65%(ii) pa of your account balance.
your investment
From 1 November 2013 the Management
Fee will increase to 0.69%(ii) pa of your
account balance.
Plus a Member Fee(iii), depending on the
Investment Level that you have chosen(iv).
The Member Fee as at 1 July 2013 is:
–– $1.60 per week (Core),
–– $2.14 per week (Select), or
–– $2.68 per week (Choice).
The Member Fee will increase on 1 July
each year in line with the Consumer Price
Index (CPI).
Example of annual fees and costs for the Super Easy
Balanced investment option in the AMP Flexible
Super – Super account
Type of fee or cost
Management costs(v)
The fees and costs Also, in the Choice Investment Level:
for managing
Less, where eligible, a Management Fee
your investment
Rebate applied to your account balance
(for more information on Management Fee
Rebates please refer to the table below)
PLUS, for some investment options, a
Performance Based Fee may be paid for
any calendar year.
This table gives an example of how the fees and costs in the Super Easy
Balanced investment option in the Core Investment Level, can affect
your account over a one year period. You should use this table to
compare this product with other superannuation products.
(i) If you were a member of GIO and transferred to an AMP
product, you may transfer your Special Exit Fee to the
Retirement account. If a Special Exit Fee applies to your current
AMP product, it will be shown on your last Member Statement.
(ii) Until 31 October 2013 the Management Fee – the amount
you pay for specific investment options – will range from
0.50% to 3.05% pa of the amount you invested in the
investment option each year.
From 1 November 2013 the Management Fee will increase
and will range from 0.51% to 3.09% pa of the amount you
invested in the investment option each year.
The Federal Government has introduced Stronger Super, a
program of changes designed to streamline and strengthen
Australia’s superannuation system. The Management
Fee is increasing to help cover the costs associated with
implementation of these changes. This increase will
apply from 1 November 2013 and is expected to end by 1
November 2018.
(iii) Your initial Member Fee is shown in your Member
Benefit Schedule.
(iv) If you or your employer do not choose an Investment Level,
the default is the Core Investment Level.
(v) Additional fees may apply: You and your financial planner
may agree on a Member Advice Fee. Your employer and
a financial planner may agree on a Plan Service Fee for
financial planning services in relation to AMP Flexible Super.
See the “Fees paid to financial planners” section below and
“Advice and service fees” under the “Additional explanation
of fees and costs” heading in the Fees and other costs Fact
Sheet for further details.
Balance of $50,000 with
total contributions(i) of
$5,000 during the year
Contribution fees
Nil
For every $5,000 put in, you
will be charged $0.
Plus
Management
costs
0.69% pa(ii),(iii)
+
$83.20 pa(ii),(iii)
($1.60 per
week)
And, for every $50,000 you will
have in the account you will be
charged $345(ii),(iii) each year,
plus $83.20(ii),(iii) in Member
Fees regardless of your balance.
Equals
Cost of Account
Management Fee Rebate
(applies to the Choice Investment Level only)
Total Relationship
Balance(i)
Example – Super Easy Balanced
(Core Investment Level)
Rebate Rate
(% pa) – on
the balance
invested in
Super Easy
investment options
Rebate Rate
(% pa) – on the
balance invested
in premium
investment
options
Under $100,000
Nil
Nil
$100,000 – $199,999
Nil
0.30
$200,000 – $499,999
Nil
0.40
$500,000 – $999,999
Nil
0.55
$1,000,000 – $2,999,999
0.10
0.70
$3,000,000 or more
0.20
0.85
(i) The rebate rate you qualify for depends on your “Total Relationship
Balance” and the investment options you have chosen. For details on
what is included in your “Total Relationship Balance” go to the Fees
and other costs Fact Sheet available at amp.com.au/flexiblesuper.
If you put in $5,000 during a
year and your balance was
$50,000, then for that year you
will be charged fees of:
$428(iv)
What it costs you will depend
on the investment option
you choose and the fees you
negotiate with your fund or
financial planner.
(i) The contribution of $5,000 is assumed to be deposited to your
Super account at the end of the year. No additional contributions
can be made to Retirement accounts
(ii) The management fee of 0.69% for Super Easy Balanced used in
this example is effective from 1 November 2013. Until 31 October
2013 the management fee for Super Easy Balanced will be 0.65%
pa. Until 31 October 2013 you will be charged $325 pa plus $83.20
in Member Fees based on a $50,000 balance. If you put in $5,000
during a year and your balance was $50,000, then for that year you
will be charged fees of $408.
(iii) The amount you actually pay for AMP Flexible Super – Super
accounts is reduced by 15% to allow for the tax deductions passed
on to you. Note, there are no tax deductions for AMP Flexible Super
– Retirement accounts. Taking into account the deductions, the
amount you pay for Super accounts is:
Until 31 October 2013
–– Core Investment Level – 0.55% pa + $70.72
($1.36 per week) = $347
–– Select Investment Level – 0.55% pa + $94.59
($1.82 per week) = $371
–– Choice Investment Level – 0.55% pa + $118.46
($2.28 per week) = $395
From 1 November 2013 the management fee will
increase as follows:
−− Core Investment Level – 0.59% pa + $70.72
($1.36 per week) = $364
−− Select Investment Level – 0.59% pa + $94.59
($1.82 per week) = $388
−− Choice Investment Level – 0.59% pa + $118.46
($2.28 per week) = $412
(iv) Additional fees may apply: Special Exit Fee – applies if you transfer
your Special Exit Fee from an AMP product to an AMP Flexible
Super – Retirement account.
5
Fees paid to financial planners
Type of tax
Description
How the tax is paid
You may have to pay additional fees to a financial planner if you consult
one. You may agree with your financial planner to a Member Advice Fee
to be paid for financial planning services provided to you in relation to
AMP Flexible Super. This Member Advice Fee may be:
–– a one-off dollar amount paid as a lump sum, and/or
–– an ongoing Member Advice Fee, paid monthly, which is either:
–– a fixed dollar amount, or
–– a set percentage of your account balance.
When
contributions are
made
Employer, salary
sacrifice and personal
member contributions
for which a tax
deduction is claimed
are taxed at a rate of up
to 15%, which is known
as “contributions tax”(i).
Contributions tax is
paid by us to the ATO
quarterly. We will
deduct this tax from
your account quarterly
(or earlier when you
close your account).
On your
earnings while
your money is
invested
A maximum of 15%
tax is applied to the
investment earnings of
your super.
This tax is deducted
before we declare
investment returns
(that is, unit prices and
crediting rates are net
of this tax).
When you
withdraw money
from super under
age 60
If you are under 60,
withdraw your money
and don’t transfer
that money directly to
another super fund,
then generally you are
subject to lump sum
tax based on the “tax
components” of your
withdrawal benefit.
Tax is payable on
assessment of your
income tax return, but
we deduct an amount
from your withdrawal
benefit as prescribed
by law. The prescribed
amount deducted may
differ from the tax
payable on assessment.
When you
withdraw money
from super and
you are age 60
or over
No tax is payable.
The Member Advice Fee may be capped in the Core Investment Level.
The Statement of Advice from your financial planner details any fees for
their financial planning services.
If you are an employee member, your employer may also agree with a
financial planner to a Plan Service Fee to be paid for financial planning
services provided in respect of some or all employee members in the
plan. The Plan Service Fee is an ongoing fee, paid monthly, which may
be either:
–– a fixed dollar amount, or
–– a set percentage of your account balance.
The Plan Service Fee is capped in the Core Investment Level.
Insurance commission may apply to your insurance cover under
Employee Flexible Protection. The commission is subject to any
negotiation between your employer and the financial planner.
Commission may be up to 20% (plus GST) of your insurance premiums.
Your insurance premium reflects the cost of the agreed
insurance commission.
The details of the fees that can be paid to financial planners are included
in your Member Benefit Schedule and the Fees and other costs Fact
Sheet available at amp.com.au/flexiblesuper.
Changing the fees
We can introduce new fees or change existing fees at any time. We will
notify you at least 30 days before we introduce new fees or increase
existing fees (other than CPI increases to the Member Fee). Some fees
have a maximum that we can charge, but other fees do not. The
Member Fee increases in line with any increase in the CPI on 1 July each
year. We can also set restrictions on your agreed Member Advice Fee and
employer’s agreed Plan Service Fee to which you or your employer agree.
In the event you leave your employer, employer Plan discounts and any
Plan Service Fees will no longer apply.
You should read the important information about fees and other
costs and the fees for each investment option before making a
decision. Go to your Member Benefit Schedule, that is included in
your Welcome Pack for details of your fees and the Fees and other
costs Fact Sheet, and Investing and your options Fact Sheet (“The
fees that apply to your investment options”) and How to transact
Fact Sheets (“Changing your investment options”) available at
amp.com.au/flexiblesuper. The material relating to AMP Flexible
Super’s fees and other costs and the fees for each investment option
may change between the time you read this PDS and the day when
you acquire the product.
7. How super is taxed
As an incentive to save for your retirement, the super system offers
attractive tax benefits.
Super account
Generally your super may be taxed in the following situations:
6
(i) The Federal Government has proposed that from 1 July 2012,
individuals with income and certain contributions for an income year
totalling $300,000 or more will be liable for an additional tax of 15%
on the lesser of the excess over $300,000 and the contributions. This
proposal has not yet been made law, but when enacted will apply
from 1 July 2012.
Collecting your Tax File Number (TFN)
When you join AMP Flexible Super, you should provide us with your TFN.
If your employer nominates you to join AMP Flexible Super they must
give us your TFN if you have given it to them. If you or your employer
don’t tell us your TFN:
–– Any employer contributions will have the “No-TFN tax” applied at the
rate of 31.5%. This is in addition to the contributions tax you have
already paid on those contributions. This “No-TFN tax” is calculated
and deducted at the earlier of 30 June each year and when you close
your account.
–– We may have to deduct higher tax than we would otherwise have to
on your superannuation lump sum withdrawals and the income
payments we make to you.
–– We cannot accept any personal contributions and certain other types
of contributions.
Tip: Check your statement to see if we have your TFN. If we don’t, you
should give it to us to avoid us deducting extra tax from your account.
Excess contributions taxes
If you exceed the maximum amount of contributions (called “caps”) set
by the government in any financial year for a person your age, you may
be required to pay an excess contributions tax of up to 46.5% of the
excess. If this occurs, the Australian Taxation Office will issue you with
an assessment and a Release Authority and you will need to pay the tax
within 21 days. This tax may, or in some circumstances must, be paid
from your super account balance.
The government has announced a number of changes to contribution
caps and the excess contributions tax. These changes have not yet been
made law. You should refer to treasury.gov.au for further details.
Tip: Keep an eye on contributions to all your superannuation funds
to avoid exceeding the caps. We do not monitor super
contributions made to your account against the caps.
Here is an overview of your insurance options in AMP Flexible Super:
Retirement account
If you have a Retirement account, there may be some tax benefits that
apply to your income stream. These benefits include:
All members
No lump sum tax on rollover
When you rollover your super benefit
into your Retirement account, no tax is
payable on your benefit.
No tax on investment
earnings
Investment returns on your
Retirement account are tax-free while
kept in your account(i).
If you are under age 60
Part of each regular income
payment may be returned
tax-free
A 15% tax offset
may apply
While part of each regular income
payment is taxable in your hands,
some may be free of tax. This “taxfree amount” generally represents
part of the tax-free component of
your account.
You may also be eligible for a 15%
tax offset (rebate) on the taxable
portion of income payments. This
offset generally applies if you’re aged
between your preservation age and 60.
If you are age 60 or over
No tax on income or lump
sum payments
Tip: Unless you cancel or decline your insurance cover, the cost of
your insurance cover (your insurance premium) will be deducted
from your account.
All your income payments and lump
sum withdrawals are tax-free.
(i) The government has proposed changes to tax investment earnings
on assets supporting income streams over $100,000 pa at 15% pa.
This proposal has not yet been made law. You should refer to
treasury.gov.au for further details.
You should read the important information about how super is
taxed before making a decision. Go to the Information on your
account Fact Sheet (“Tax and social security”) available at
amp.com.au/flexiblesuper. The material relating to how super is
taxed may change between the time you read this PDS and the day
when you acquire the product.
8. Insurance in your super
Including insurance cover through AMP Flexible Super can be a
tax-effective way of protecting you and your family financially. The
following is a summary of the types of insurance cover that may be
available in your plan. You should refer to your Member Benefit Schedule
and your Insurance Fact Sheet for more information on the insurance
available to you.
Standard insurance cover
Your employer has the option of selecting standard insurance cover that
applies to your plan. If your employer has chosen this option, the
standard cover will apply to you automatically. The amount of standard
cover that applies to you is shown in your Member Benefit Schedule.
You may be able to change your insurance cover. Read your Insurance
Fact Sheet for details on how you can change your insurance cover. You
can cancel your insurance cover at any time by writing to us (contact
details are on the back cover of this PDS). We suggest you read your
Insurance Fact Sheet and consult a financial planner before deciding to
change or cancel your insurance cover.
Insurance feature
Employee Essential
Protection
Employee Flexible
Protection
Insurance payable
if you die
3 Death cover
3 Death cover
Entry age range
16–64
12–69 (as at the
previous 1 July)
Age cover ceases
65
70(i),(ii)
Sum insured
The sum insured is fixed
and varies by age and
occupation
No minimum, no
maximum
Insurance payable
for Total and
Permanent
Disablement
3 Total and Permanent
Disablement
(TPD) cover(iii)
3 Total and
Permanent
Disablement
(TPD) cover(iii)
Entry age range
16–64
12–64 (as at the
previous 1 July)
Age cover ceases
65
65(i)
Sum insured
The sum insured is fixed
and varies by age and
occupation
No minimum
$3 million maximum
Insurance payable 7
for Temporary
Salary Continuance
3 Temporary Salary
Continuance (TSC)
benefit(iii)
Entry age range
–
15–64
(as at the previous
1 July)
Expiry age
–
65(i)
Sum insured
–
No minimum
$30,000 per month
maximum for 2 year
benefit period
$25,000 per month
maximum for to age
65 benefit period
How to apply
The insurer will assess whether you are
eligible for standard insurance based on the
information that your employer provides us
(i) When you leave your employer and are detached from the
employer plan, your cover continues under Employee
Flexible Protection with the following changes:
−− Any employer plan premium discounts will cease and your
premium may increase,
−− Your Death cover will continue until your 99th birthday,
−− Your TPD cover will continue until your 99th birthday, but a
modified TPD definition will apply after age 65, and
−− Your insurance will be converted to a fixed amount equal to
the amount of cover you had on the day you were detached.
This amount will be increased at each 1 July. For Death and TPD
cover the increase is the higher of 5% and the annual change in
the Consumer Price Index (CPI). For TSC cover the increase is the
annual change in CPI and it continues until you turn 65.
(ii) Cover ceases at age 65 if your employer has chosen an Age Based
Scale or Years of Future Service formula.
(iii) Occupation eligibility rules apply.
7
How to apply for insurance or additional insurance
If your employer has not chosen standard insurance arrangements for
your plan, or if you would like additional insurance, you may apply for
insurance or additional insurance (if you are eligible) at any time. To do
so, complete the Application for insurance form or the Additional
Insurance Cover form available at amp.com.au/forms or by calling us.
You will need to provide details of your health when applying for
insurance or additional insurance cover.
Cost of insurance
There are costs associated with insurance cover, in the form of insurance
premiums. We will deduct premiums from your account at the start of
the month.
Your insurance premium will be calculated on 1 July each year. For
Employee Essential Protection, the premium we charge is a fixed
amount which is based on the type of cover and your gender. For
Employee Flexible Protection, the premium of your cover depends on the
amount, type of cover, age and premium rates applying to your
Employer Plan, your occupation loadings and any other loadings that are
applicable to you or your category. The actual cost of your insurance
cover in dollars (your insurance premium) will be shown on your
Member Benefit Schedule when you join the AMP Flexible Super
employer plan.
Please note: The following factors may affect your entitlement to
insurance cover, so further information should be read before deciding
whether the insurance is appropriate:
–– The level and type of insurance cover available.
–– The range of costs of insurance cover depending on a
person’s circumstances.
–– Eligibility for and cancellation of insurance cover.
–– Insurance conditions and exclusions, and
–– What happens when you leave your employer.
You should read the important information about Insurance in your
super before making a decision. Go to your Member Benefit Schedule
that is included in your Welcome Pack for the amount of your cover
and initial premiums and the Insurance Fact Sheet and Employer
Plans Fact Sheet (“Insurance cover”) available at amp.com.au/
flexiblesuper. The material relating to insurance in your super may
change between the time you read this PDS and the day when you
acquire the product.
9. How to open an account
Your account is opened when your employer nominates you to join their
AMP Flexible Super – Employer Plan.
Cooling-off period
“Cooling-off ” rights do not apply to employee members.
If you are an employer and you change your mind about the product,
you can exercise your cooling-off rights by contacting us.
Where an employer exercises its cooling-off rights and we cancel the
employer plan, we must transfer the contributions to a complying fund
the employer nominates in writing within one month of the employer
exercising its cooling-off rights. If the employer has exercised rights or
powers under the plan, these cooling-off rights do not apply.
Enquiries and complaints process
All aspects of AMP Flexible Super are governed by the fund’s trust deed
and insurance policies held by us, including in the event of a dispute.
You can find out additional information about your AMP Flexible Super
account, and request a copy of this PDS and any additional information
that has been referred to in this PDS, from your financial planner or
AMP Customer Service.
If you are unhappy about any aspect of your account or our service,
please contact AMP Customer Service:
Web enquiry
Phone
Mail Fax
Internet
My Portfolio amp.com.au/enquiry
131 267
Customer Service
AMP Life Limited
PO Box 300
PARRAMATTA NSW 2124
1300 301 267
amp.com.au/flexiblesuper
amp.com.au/myportfolio
You should read the important information about the cooling-off
period and enquiries and complaints process before making a
decision. Go to the Information on your account Fact Sheet (“Other
Information on your account”) and Employer Plans Fact Sheet
(“Cooling-off”) available at amp.com.au/flexiblesuper. The material
relating to the cooling-off period and enquiries and complaints
process may change between the time you read this PDS and the
day when you acquire the product.
10. Other information
You should read the important information about Tax File Numbers,
privacy (including our collection of your personal information to
establish and manage your AMP Flexible Super account and for related
purposes such as providing you with information about other AMP
financial services), anti-money laundering and counter-terrorism
requirements, a policy committee, what occurs if you leave your
employer when we may transfer your superannuation without your
consent, Death benefit nominations and information about AMP Bank
Limited and other AMP companies involved in this product before
making a decision. Go to the Information on your account Fact Sheet
(“Legal arrangements”, “The relationship between the trustee and other
service providers”, “AMP and your privacy”, “Identification requirements”
and “Collection of Tax File Numbers”) and Employer Plans Fact Sheet
(“Policy committee”) available at amp.com.au/flexiblesuper. The
material relating to these subjects may change between the time when
you read this PDS and the day when you acquire the product.
There is a limited time to do this, which is within
14 days of the earlier of:
–– the date you receive our Welcome Letter, or
–– five Business Days after the date shown on
our Welcome Letter.
8 Issued by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060, the trustee of the AMP Retirement Trust ABN 73 310 248 809.
NS7498 07/13
The amount we refund or transfer may be less than the
amount invested.