We are proud to announce that AMG Super has recently been granted a MySuper License by the regulator, APRA. As part of new StrongerSuper Legislation from 1 January 2014, only MySuper Authorised super funds will be able to accept Superannuation Guarantee contributions for ‘Default’ members (members who haven’t made an investment choice).
Only a limited number of Super Funds have been granted a MySuper license and the majority of these funds are large Industry Funds. This puts AMG Super and its advisers in a position to provide a full service offering to potential clients including corporate super clients. We will be launching our new MySuper approved Corporate Product effective 1 January 2014.
Existing Members, who are classified as MySuper members will shortly receive communication from AMG explaining how their account will be affected. For a copy of this communication please click here.
AMG Finalist in the Fund of the Year Awards & Receives AAA Rating
AMG Universal Super was named as a finalist in two categories at the Selecting Super 2013 Fund of the Year Awards;
– Personal Super Product of the Year
– Retirement Product of the Year
AMG was competing against the industry’s biggest superannuation funds and was the only boutique super fund to be named as a finalist.
In addition, AMG Universal Super has been awarded a AAA Rating from rating agency Rainmaker.
AMG General Manager, Alan Hegerty says “This recognition and our AAA Rating comes on the back of innovative product design and the great level of service the team aims to provide to our Advisers and Members.”
Operational Risk Financial Reserve
As a result of Stronger Super legislation all Super Funds are required to accumulate a government imposed Operational Risk Financial Reserve (ORFR). The purpose of this reserve is to ensure the Fund has necessary reserves to cover the risk of potential operational loses. This reserve is to be funded from member accounts. As a result all AMG members will have an additional 0.10% p.a. charge applied to their accounts, effective 30 June 2014, to cover the cost of funding the Government imposed reserve.
For further information on the content of this adviser update please contact:
Terry Constable (Adviser Services Manager)- 07 3228 2632
Alan Hegerty (General Manager)- 07 3228 2676