The statements below are Shine Lawyers’s account of this case. They reflect allegations or the firm’s position and have not been determined by a court unless a settlement or judgment is noted.
About This Case
Shine Lawyers has commenced a class action against N.M. Superannuation Pty Ltd (NM Super), AMP Superannuation Pty Ltd (AMP Super), and Resolution Life Australasia Limited (formerly AMP Life Limited), on behalf of superannuation fund members who may have been unfairly charged excessive insurance premiums.
This class action alleges that NM Super and AMP Super, as trustees of various AMP superannuation funds, failed to act in the best interests of their members. Instead of sourcing competitively priced insurance policies from the broader market, they are alleged to have selected policies from a related party, AMP Life, even though similar cover was available elsewhere at lower cost.
As a result, members may have paid unnecessarily high premiums, leading to an erosion of their superannuation savings.
We allege that AMP Life was knowingly involved in these breaches of trustee duties.
The class action seeks compensation for members who were impacted by these practices between 30 June 2019 and April 2024.
Source: Shine Lawyers
Who May Be Eligible
You can join the AMP Group Super Class Action if between 30 June 2019 and April 2024 : You were a member of at least one of the following superannuation funds: AMP Super Fund Super Directions Fund Superannuation Savings Trust AMP Retirement Trust National Mutual Retirement Fund Wealth Personal Superannuation and Pension Fund AND You had at least one of the following superannuation products: Accelerator Personal Superannuation Plan AMP Flexible Income Plan AMP Flexible Super AMP Flexible Super – Super, CustomSuper® AMP Flexible Super® - Retirement AMP MultiFund Flexible Income Plan AMP MultiFund Superannuation Bond AMP Retirement Savings Account AMP Retirement Trust AMP Super Rollover Plan – Personal Superannuation Bond AMPAK Personal Superannuation Plan Conventional Superannuation CustomSuper CustomSuper® Endowment Flexible Income Plan / Flexible Pension Plan / Flexipol Personal Superannuation Flexible Lifetime – Allocated Pension Flexible Lifetime – Protection (Superannuation) Flexible Lifetime – Term Pension Flexible Lifetime® – Allocated Pension, Flexible Lifetime –Super Flexible Lifetime® – Super Generations® Personal Super and Personal Pension Goldline Personal Superannuation Plan Guaranteed Super Pension Income Insurance Superannuation Plan / Life Protection Superannuation Plan / Life Insurance Superannuation Plan Investment Account Superannuation Bond Investment Linked Personal Superannuation Bond Investment Linked Personal Superannuation Plan Investment Linked Superannuation Plan ipac iAccess® Personal Super and Allocated Pension Lifestyle Protection Plan / Superannuation Annual Renewable Term / Superannuation Life Protection Plan MyNorth® Super and Pension North® Super and Pension Personal Superannuation Bond / Provider Personal Retirement Plan / Provider Top Up Retirement Plan / Retirement Bond / Retirement Security Plan Personal Superannuation Plan Portfolio Plan Retirement Directions Allocated Pension Plan SignatureSuper SignatureSuper Allocated Pension SignatureSuper Select SignatureSuper® Simple Super / Simple Super Rollover Plan Summit® Personal Super and Personal Pension Super Directions for Business / Super Directions for Business Rollover Section / Super Directions Personal Super Plan SuperLeader® Tailored Super / Tailored Super Rollover Plan Term Life Insurance Superannuation Whole of Life Yearly Renewable Term AND You paid fees from your superannuation account for Death Insurance, Death & TPD Insurance and/or Income Protection Insurance (also known as Salary Continuance Insurance).
Source: Shine Lawyers
How to Register
To register on a confidential, no-cost, no-obligation basis, please click the button below and fill out the form.
Register NowSource: Shine Lawyers
Frequently Asked Questions
What is a class action?
When Governments, large companies or institutions do the wrong thing and people are harmed or suffer loss as a result, an individual can have little to no means of bringing a legal claim. Class actions are an important mechanism within Australia’s legal system that allow large groups of people to come together to pursue a claim collectively. For a class action to take place, there are three criteria that need to be met: There must be seven or more people that have claims against the same defendant; and The claims relate to the same or similar circumstances; and The claims must relate to at least one common issue of law or fact. For more information about how class actions resolve, click here.
How long do class actions take to resolve?
It can take up to several years for a class action to resolve. The time taken from case commencement through to resolution and settlement administration depends on the particular case, and the nature of the claim. For more information about class actions and how they work, click here.
Does it cost anything to join a class action?
Shine Lawyers is committed to ensuring that everyone, regardless of their background or financial situation, has access to justice. We run our class actions in a way that means you are not exposed to any costs or financial risk, so joining a class action will cost you nothing. When a class action is successful, the legal fees and costs to run the class action are deducted from the settlement amount that is approved by the Court. If the class action is unsuccessful, we will ensure there are no out-of-pocket costs to you.
Will my contact details be kept private?
Yes, your contact details will remain confidential and we will seek your consent before disclosing any of your personal information (including before such disclosure is required by the Court). Shine Lawyers will only use your personal information strictly for the purpose of the legal proceedings.
Source: Shine Lawyers
Disclaimer: This information is sourced from Shine Lawyers. It is provided for general information only and does not constitute legal advice. Always verify details with the original source before taking any action.
Legal disclaimer: Information on this page is general in nature and does not constitute legal advice. ClaimBar tracks class action settlements and provides updates. Always seek professional legal advice for your specific circumstances.
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