We have recently undertaken a comprehensive review of the trustee arrangements for AMG Super. The role of the trustee in any super fund is critical to ensure the interests of members are protected.
For this reason, we have made the decision to change the Trustee of AMG Super to – Equity Trustees Superannuation Limited (EQT).
Alan Hegerty, the General Manager of AMG Super stated, “EQT are the largest and most financially stable trustee in the Industry and have been in business for over 125 years. We owe it to our clients to ensure that we are aligned with the best long-term trustee. The change to EQT also delivers other benefits to our clients including a reduction in administration fees.”
Below is specific information on our new trustee, key dates, what this change means for you and your clients and details on our administration fee reduction.
Equity Trustees Superannuation Limited (EQT)
EQT was established in 1888 and is Australia’s largest and oldest listed independent trustee. A publicly listed company on the Australian Stock Exchange, indexed in the ASX 300, EQT is an established Statutory Trustee company with more than $40 billion under trusteeship and administration.
- 11 April- letters will be mailed to members notifying them of Trustee change, click here to view sample letter.
- 1 May- New Trustee takes effect. All new accounts opened under new trustee name.
- 1 May- New admin fee applied to all AMG accumulation and pension accounts.
- 1 May- New PDSs are issued and will be available online.
What do these changes mean?
The most important thing is that there will be no impact on existing clients accounts and no action is required from you or your clients. The only visible result of the change will be the name of the clients’ HINs will change to “Equity Trustees Superannuation Limited – AMG member name a/c”.
AMG Super are organising these changes with your back office and the ASX directly.
Important things to note:
- There will be no changes to clients HIN (number), CMA number, account numbers or any other details .
- No change to account opening process, besides change of trustee name.
- Same AMG Super team
- Same contact details
- Same AMG Super online login details
What do you as an adviser need to do?
Nothing. We have tried to make this transition as seamless as possible. You may receive a low volume of phone calls from clients, as with any correspondence they receive via mail.
New Administration Fees for Personal Super and Pension accounts
We are excited to announce that across AMG Personal Super and Pension accounts we will be implementing a new reduced admin fee structure. This fee structure will be applied to all existing and new accounts from 1 May 2017.
|Administration Fee AMG Personal Super & Pension|
|Tier of account balance||Pre-1st May 2017||Post-1st May 2017|
|AMG Personal||AMG Pension||AMG Personal & Pension|
|$250,001 – $500,000||0.71%||0.84%||0.48%|
|$500,001 – $750,000||0.10%||0.12%||0.28%|
|$750,001 – $1,000,000||Nil||Nil||0.10%|
|More than $1,000,001||Nil||Nil||Nil|
- Member fee of $65pa still applies
The additional 0.10% family discount still applies to relevant accounts.
New interest rate calculation on Cash Management Accounts
Members that have elected to invest in the direct share trading option, have a Cash Management Account (CMA) that is used to facilitate the settlement of ASX trades. Following a review, the calculation for the interest rate which is accrued on this account will change. Effective 10 May 2017, the interest rate paid will be calculated as the RBA cash rate less up to 0.90%. For more information on your CMA and the applicable cash rate, please refer to the website www.amgsuper.com.au.
For More Information
If you would like any further information on the content of this adviser update, please contact Terry Constable, Business Development Manager on (07) 3228 2632 or firstname.lastname@example.org.