Super funds charge a multitude of fees in connection with the administration and management of your retirement savings. The Royal Commission has shown that some funds are charging much higher fees than are necessary to administer the fund. That’s why the Get Your Super Campaign is focused on uncompetitive fees charged by retail and bank-owned super funds.
The AMP Super Class Action alleges that AMP paid too much to related entities for administration services, resulting in excessive fees on members’ superannuation accounts.
The class action also includes claims where member’s funds were held in cash-only investment options and members received interest rates lower than what a reasonable and diligent trustee could have obtained on the open market.
On 20 August 2019, the Court made orders consolidating our proceeding with a similar proceeding filed by Maurice Blackburn Lawyers. As a result of this consolidation order, we are running the matter jointly with Maurice Blackburn pursuant to an agreed cooperation protocol and under the supervision of a Court-appointed costs referee.
Am I eligible to participate?
If you are or were a member of AMP since 1 July 2008, you will likely meet the eligibility criteria for the class action.
There is nothing you need to do to right now to participate in the class action. The matter is being run as an “open class”, which means that if you meet the eligibility criteria then you will be included by default.
At a later stage of the proceeding, Group Members will be sent a Court ordered Opt-Out Notice regarding their right to register or opt out of the proceeding. If at this stage, you wished to remain a Group Member of the class action, you do not need to do anything in response to the Notice. Following distribution of the Notice, Group Members will have the opportunity to opt out of the proceeding if they do not wish to participate.
To receive updates about the matter as it progresses, we invite you to register your interest below.
If you're unsure if you've registered, or if you want to add funds you may have initially missed, please fill in the form below.
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Frequently Asked Questions
A class action is a type of legal proceeding in which one person, the Applicant, brings a claim on behalf of a wider group of people who have been affected by the same conduct. By grouping claims together and pursuing them collectively, the overall value of the claim makes it economically worthwhile to do so, even if the value of individual claims are modest.
If you wish to register your interest in the class action, you may do so via the ‘Registration’ form above. If you have registered your interest in the class action, you will receive group member updates from Slater and Gordon when there are developments in the class action. Additionally, all potential group members will receive any Court ordered notices when required by the Federal Court of Australia.
At this stage, all you need to do is register your interest using the ‘Registration’ form above. You have not joined a class action, you have only registered your interest. We will get in contact with you if we need additional information from you.
No. You will not be exposed to any out-of-pocket costs as a result of your participation or registration in the claim.
Generally, most class actions tend to take between one and three years to resolve, although each class action is different, and the time required for a claim depends on a variety of factors, such as the complexity of the issues involved, the amount of evidence to be considered, and the tactics adopted by the respondents in defending the claim.