AMP given the boot by AFL

AMP has lost its long-standing mandate as the default superannuation fund for the Australian Football League's players and employees.

Starting 28 February 2020, Hostplus will be the AFL's default fund of choice.

AMP won the mandate in 1999, providing superannuation for both players and other employees. It provided financial advice through Shadforth Financial Group.

The AFL fund had $145 million in assets at June end, according to APRA statistics.

Hostplus's MySuper option has better performance and is cheaper than AMP Signature Super's MySuper option.

AMP Signature Super uses lifestage MySuper which costs a member in their 40s with a $50,000 balance about $600 per year.

Hostplus's single strategy MySuper costs about $533 per annum for a $50,000 balance.

In terms of performance, Hostplus is currently the fourth-best performer in MySuper league tables (returning 10.3% p.a. over a three year basis), according to Rainmaker data.

AMP SignatureSuper is 39th with 8.7% p.a. returns on a three-year basis.

Last year, AMP lost the mandate for Australia Post's default superannuation fund to AustralianSuper.

Hostplus declined to comment. AMP did not comment by the deadline.

Read more: SelectingSuper award winners for 2019 included Hostplus as the best long-term performer.

Read more: AMPHostplusAustralian Football LeagueAustralia PostRainmakerShadforth Financial Group
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