AMP superannuation members across the country will share in a $120 million return on excessive fees, a win for members after prolonged advocacy and unsatisfactory superannuation practices. This equitable claim will set a benchmark for accountability within the superannuation sector. Below is a concise breakdown, timelines for disbursement, and common questions from eligible reimbursement members.
Background and Purpose
This reimbursement comes after AMP admitted excessive historical fees and account valuation practices relative to account balances and profile attributes. Between 2015 and 2021, numerous account holders received overpaid ongoing advice and administrative fees, some overcharged for services that were never due to process and systems issues. This reimbursement and closure of the case is designed to address those outstanding goodwill financial deficits in early 2025.
Who Is Eligible?
Refund eligibility will be determined according to the kind of superannuation account along with specific timeframes and periods where improper fees were charged. Government agencies were notified directly, priced out and most unsupervised comfort accounts received closure notifications from AMP. Compensatory transfers relevant to the case were inclusive for closed AMP superannuation accounts meaning even Australians who have since moved their super away from AMP will still qualify.
Windfall Breakdown and Form Data Table
AMP explained that the refund pool is limited to $120 million and that individual amounts will differ based on the excess fees paid (plus interest). Payments will automatically be made to active members’ super accounts, and members who had accounts at the time will be asked to provide current payment information.
| Key Detail | Value |
|---|---|
| Total Refund | $120 million |
| Eligibility | Super accountholders (2015–2021) |
| Payment Method | Automatic to account/Bank/Cheque |
| Timeline | Oct 2025 – Mar 2026 |
| Notification | Email or Postal Notice |
Payment Timeline and Process
AMP has started refunding super balances, and most eligible accounts will have their refunds processed between October 2025 and March 2026. Members will not need to make a claim. AMP will contact all members concerned and provide complete account statements that describe how the refund was calculated.
Industry Impact and Wider Implications
This payment, which AMP describes as part the class-action settlements, is a watershed moment for the superannuation sector in Australia. It represents a growing accountability that, we hope, will be matched by enhanced confidence from consumers. It is likely that other superfunds will closely examine their past practices and be prepared to make comparable refunds in the future. For most members, the payment will compensate for lost super, and will improve the outlook on their retirement savings.
Feedback and Future
Relief from members has been palpable, and AMP has committed to continue working with all the necessary regulators to fulfill their obligation to make sure the remaining impacted members are compensated.
For questions regarding refund status or eligibility, affected people are advised to check official communications or reach out to AMP’s customer service.
As AMP completes the final stages of this historic payout, it provides a signal of a new era of member-centric reforms, and it sends a bold message to the rest of the superannuation sector. Members are advised to watch statements closely over the next few months as notifications and funds are sent out.
FAQs
Q1: Do affected members need to apply for the windfall?
No application is needed. Refunds will be issued automatically, and AMP will notify members.
Q2: What about members who changed or closed their account?
Eligible members who had closed accounts will still be reached to make a payment via bank transfer or cheque.
Q3: How will members be notified?
Notifications will be sent via email or to the postal address on file with AMP.
