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AMP Life products that continue to pay fees and adviser commissions
On 15 May 2020 AMP completed the fund transfers which were necessary to simplify AMP’s contemporary superannuation business and separate AMP Life’s wealth protection and superannuation and investment business from the AMP Group. As part of this process and the requirements under FOFA, it has necessitated the removal of grandfathered conflicted remuneration arrangements for impacted products. AMP Life products with Grandfathered conflicted remuneration not impacted by the fund transfers will cease from 15 August onwards.
There are products in the AMP Life portfolio that will continue to pay commission.
- Adviser commissions will continue to be paid on:
- insurance policies that are not part of a group contract (some examples are Flexible Lifetimeâ – Protection (FLP), Elevate, CrisisCare)
- whole of life, endowment and lifetime annuity policies.
- Adviser service fees will continue to be paid on the AMP Growth Bond. (Effective 30 May 2022, Resolution Life no longer collects and distributes advice fees for Growth Bond policies on behalf of the Adviser. As a result of this change, the Adviser on the plan is required to organise alternative fee arrangements directly with the member as their Growth Bond customer).
Below is a list of these products.
- AC&L Product suite
- AMP Elevate
- AMP Growth Bond
- AMP Insurance
- AMP Term Life Insurance
- AMP Yearly Renewable Term Insurance
- Annual Renewable Term Plan
- Business Insurance Plan
- Children Endowment Insurance Plan
- Children’s Whole of Life Insurance Plan
- Children’s WoL Ins. Pers. Sup. Plan
- CrisisCare Insurance
- Defined Period Lifestyle Protection Plan
- Disablement Income Insurance
- Endowment Insurance Pers. Super Plan
- Endowment Insurance Plan
- Endowment Plan
- Flexible Lifetime ‐ Protection
- Guaranteed Income Plan (lifetime annuities)
- Investment Only Lifestyle Protection Plan
- Life Insurance Plan
- Open Ended Lifestyle Protection Plan
- Permanent Life Plan
- Premier Plus Lifestyle Protection Plan
- Renewable Business Expenses
- Renewable Disablement Insurance
- Renewable Income Insurance
- Risk Protection
- Term Insurance
- Term Life Insurance Plan
- Whole of Life Ins. Pers. Super Plan
- Whole of Life Insurance Plan
- Whole of Life Insurance Super Plan
- Whole of Life Plan
Further information around grandfathered commission on AMP Products can be found via Portal / Products / Grandfathered Remuneration.
Important information
Any advice and information on this website is general in nature and is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), which is part of the Resolution Life Group. Resolution Life can be contacted on 133 731 or via the contact us page. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters as well as the relevant product disclosure statement (PDS) or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision about the product. Consider speaking to a financial adviser if you have any concerns.
If you decide to purchase or vary a financial product, Resolution Life and/or other companies within the Resolution Life Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.
