Salaries and remuneration

AMP Superannuation – answers to questions

For many years, the default superannuation manager for ministers and employees of the Presbyterian Church has been the AMP. As a result of recent discoveries made by (and disclosures made to) the Royal Commission into Banking and Financial Services, the Ministry and Mission Committee has received a number of calls from people with concerns.

On May 4, 2018, the AMP released the following email to address widespread anxiety:

An update on AMP and the Royal Commission

With continued media attention on the content of the Royal Commission into banking and financial services, I acknowledge that you may be dealing with difficult questions relating to issues in AMP’s business.

AMP is making a formal submission to the Royal Commission this week in response to matters raised in closing submissions by Counsel Assisting the Royal Commission. You can read our response here.

As promised in my last note, here is some further information you can share with your employees to provide an update and help answer questions you may receive.

The first is a statement to customers from our Executive Chairman, Mike Wilkins. In his statement Mike offers an unreserved apology to customers for inappropriate conduct in our financial advice business. He provides an update on the issues raised and the actions AMP has already taken and will continue to take in response to these issues.

We’ve also compiled a list of Q&As about the safety of employer super, the fall in AMP’s share price during the recent round of Royal Commission hearings as well as other questions. These are based on feedback from customers and employers.

You may wish to use this information simply to answer questions as they arise, or to make this available on your intranet or through your employee newsletter if suitable. I hope you find these communications useful, and we will continue to update you, as well as members of your employer super plan.

On a personal note, I truly appreciate the many expressions of support that we have received during this challenging period. I thank you sincerely for your continued support. We will work tirelessly to win back your trust and that of your employees but acknowledge that actions speak louder than words. I hope Mike’s message outlines how serious we are about taking the necessary actions to re-build trust. AMP has been through difficult times before and we will emerge stronger.