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AMP Life change of ownership and adviser commissions

4th August


Now that AMP Life is proudly owned by Resolution Life, we wanted to remind you that we will be communicating to all AMP Life retail customers from mid-August to inform them of the completion of the sale. You can read a copy of the communication and FAQs on the sale here.

We will inform customers that the terms and conditions of their plan will not change due to the sale. We remain well capitalised and paying customer claims and managing their super and investments will always be a priority. Customers can continue to contact us the same way as they always have through our contact centre or online at amplife.com.au. The communication will also offer support to insurance customers around financial hardship related to COVID-19.

While AMP Life has a new owner, we will continue to operate under the AMP Life name for the time being for our customers and AMP Limited will retain a minority economic interest in Resolution Life Australia going forward.

Advising customers about the removal of grandfathered commissions

As previously announced, in this communication mentioned above, we will also inform customers whose products have or will soon have grandfathered adviser commissions removed that have not previously been told. This includes customers in products that had grandfathered adviser commissions removed 15 May 2020 (that were not a part of the fund transfers) and those in products that will have them removed from 15 August 2020. Please see Portal / Products / Grandfathered Remuneration for details.

AMP Guaranteed Income Plan – Immediate Annuity

Separate letters are being sent to two small groups of customers who hold AMP Guaranteed Income Plan products (product code: KPT) advising that AMP Life will cease grandfathered commissions for any pension payments made from 15 August, and the benefit returned to them.

The result of this change is that customers will see their ongoing annuity payment amount increased by the value of future commission. Some of these customers are being made aware that the income payment amount included in their letter is exclusive of their recent CPI increase. View a copy of the letter here.

For customers receiving a pension or allowance from Centrelink or the Department of Veterans' Affairs, they’re being advised to provide of a copy of this letter, should they be asked for details about their increased income payment.

For more information on grandfathered adviser commissions visit Portal / Products / Grandfathered Remuneration.

We’re here to help

If you have any further questions that need answered, please speak to your AMP Life Business Partnerships team.

Important information

AMP Life Limited ABN 84 079 300 379, AFSL No. 233671 (AMP Life), has proudly served customers in Australia since 1849. AMP Limited ABN 49 079 354 519 (AMP Limited) has sold AMP Life to the Resolution Life group whilst retaining a minority economic interest. AMP Limited has no day-to-day involvement in the management of AMP Life whose products and services are not affiliated with or guaranteed by AMP Limited. AMP Limited is not liable for products issued by AMP Life or any statements or representations made in the PDS or policy document for those products. “AMP”, “AMP Life” and any other AMP trademarks are used by AMP Life under licence from AMP Limited.

Any advice and information on this website is general in nature and is provided by AMP Life, which is part of the Resolution Life group. 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 AMP Life at amplife.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, AMP 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 they pay or the value of their investments. You can ask us for more details.

AMP Life is part of the Resolution Life group and can be contacted on 133 731 or via the contact us page.