New AMG Super PDS
The new AMG Personal Super & Pension PDS and AMG Corporate Super PDS (collectively the ‘PDSs’) are now available online at amgsuper.com.au/pds-and-forms.
Protecting Your Super Package
The PDSs have been updated for the Protecting Your Super Package (‘PYS’) which came into effect on 1 July 2019. Key features of PYS include:
- Members’ insurance covers will be cancelled if their account is inactive for 16 months.
- Exit fees have been abolished.
- Fees charged on accounts with balances below $6,000 will be capped at 3% of the balance.
- Inactive accounts with balances below $6,000 will be transferred to the ATO.
Green Light for TraCRs
Transferable Custody Receipts (TraCRs) listed on the Chi-X stock exchange are now approved investments on the AMG platform.
AMG Super is happy to announce that advisers will be able to access international equities via TraCRs. A TraCR provides exposure to some of the world’s best-known and best-performing brands for your clients’ portfolios.
Chi-X TraCR Facts
TraCRs are issued in series with each series relating to a specific class of underlying shares. For example, if you hold one Apple TraCR (Chi-X code: TCXAPL), you will have a beneficial interest in one Apple Inc. share. TraCRs are issued and traded in Australian dollars, and amounts paid to investors in connection with TraCRs will be paid in Australian dollars.
TraCRs Investor Fact Sheet
Cash Management Account
From 1 July 2019, new members who invest in the AMG Direct Share option will automatically have a Bank of QLD Cash Management Account (‘CMA’) established and linked to their AMG account. New members will no longer have the choice of establishing a cash account with Westpac. For further information on the CMA please refer to the PDS.
To view the updated PDSs in more detail, please click here.
As always, we welcome feedback on the AMG Super products and features. Please direct your feedback to our distribution team.