AMP expands intra-fund advice offering

AMP said the “retirement health check” service would be provided at no additional cost for members of the fund.

The health check involved a 45-minute phone conversation with one of AMP’s salaried advisers to discuss how members are tracking towards their retirement goals, what their ideal super balance should be and how long their money is projected to last.

The wealth giant said the service could also cover member pension entitlements and advisers could “support [members] with any changes and paperwork”.

The new service represented an expansion of AMP’s existing intra-fund advice offering, off the back of research conducted by the wealth giant showing that more than 40 per cent of consumers thought they would not have enough money to retire on.

Further, AMP said the research had revealed 39 per cent of consumers were worried they would have to work longer than expected to fund their retirement, and 30 per cent were concerned about a market downturn affecting their super savings.

“Retirement is a critical period in our lives and the retirement income system is complex so it’s crucial people get access to information, guidance and good advice,” AMP general manager workplace super engagement Stephen Owen said.

“The new offer will help our members take more control of their retirement, in particular, the critical and sometimes complex transition from our working lives into retirement.”

The news comes following AMP’s announcement last month that it would transform its salaried advice business into “a multi-channel proposition” with more reliance on phone-based and intra-fund advice.