When you've spent decades faithfully contributing to your superannuation, trusting your fund to grow your retirement nest egg, the last thing you expect is to discover you've been systematically overcharged.
But for more than 2 million AMP superannuation members, that's exactly what allegedly happened—and now there's finally some financial justice on the horizon.
AMP has agreed to settle a superannuation fees class action for $120 million, bringing to a close a legal battle that began in the wake of the Banking Royal Commission's explosive revelations.
The settlement covers more than 2 million AMP superannuation members who were allegedly overcharged on their retirement savings between 2008 and 2020.
For many Australians over 60, this represents more than just money—it's vindication after years of feeling let down by institutions they trusted with their financial futures.
The Numbers Game: What This Settlement Means
AMP will contribute $75 million of the $120 million settlement, with the balance covered by insurance. While individual payout amounts haven't been disclosed yet, the sheer size of the settlement suggests meaningful compensation for affected members.
The legal action alleged that AMP systematically overcharged members in two key ways: paying excessive amounts to related entities for administration services (with those costs passed on to members), and keeping member funds in low-performing cash-only investment options that delivered poor returns.
'This settlement is a major step toward justice for millions of Australians who trusted AMP to safeguard their retirement savings'
The class action alleged AMP trustees 'systematically overcharged' members between 2008 and 2020, especially those invested in uncompetitive, high-fee products, MySuper products, cash, and term deposits.
The central claims related to overcharging administration fees on several large, expensive products like Flexible Lifetime Super and MySuper accounts.
From Royal Commission Bombshell to Courtroom Victory
The path to this settlement began with one of Australia's most significant financial scandals. In April 2018, AMP CEO Craig Meller resigned after it was revealed during the Banking Royal Commission that AMP charged clients for financial advice that was not provided, and misled ASIC on numerous occasions.
The Royal Commission's findings were devastating for AMP's reputation. More than $1 billion in market value was stripped from AMP shares as news of the company's failings were revealed.
Timeline: From Scandal to Settlement
April 2018: AMP CEO resigns during Royal Commission hearings
2019: Class action launched by Maurice Blackburn and Slater & Gordon
2022: AMP fined $14.6 million for fee-for-no-service practices
May-June 2025: Class action goes to trial in Federal Court
September 2025: $120 million settlement announced
The case was initiated in 2019 following revelations during the Banking Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Initially filed as two separate actions by Maurice Blackburn and Slater & Gordon, the cases were consolidated into a single class action.
The matter proceeded for trial between 26 May 2025 and 30 June 2025, before the settlement was announced this month.
Are You Eligible? How to Find Out
The million-dollar question for many readers is simple: am I entitled to compensation? The good news is that eligibility is quite broad, covering a significant portion of AMP's superannuation customer base over more than a decade.
Did you know?
What This Means For You
If you held an AMP superannuation account between July 2008 and May 2020, you're likely eligible for compensation. The settlement covers most AMP super products, with only Platform Fund and Mature Product accounts excluded.
According to the eligibility criteria, you may be entitled to compensation if you held one or more super accounts with AMP (other than Platform Fund or Mature Product) at any time from:
- July 1, 2008 for members of the AMP Superannuation Savings Trust, AMP Retirement Trust, or the Eligible Rollover Fund
- March 30, 2011 for members of the Super Directions Fund
The process is refreshingly straightforward: you don't need to take any action at this stage. However, it's worth registering your interest with the law firms to receive updates about the settlement process.
Both Slater and Gordon and Maurice Blackburn have online forms where you can register your interest. This doesn't commit you to anything but ensures you'll receive notifications about important deadlines and distribution details.
The Bigger Picture: Industry Accountability Since 2019
This settlement is part of a broader pattern of superannuation funds being held accountable for poor practices exposed by the Banking Royal Commission. It's not an isolated case—it represents a systematic effort to clean up the industry and restore member trust.
Did you know?
Did you know?
AMP has already paid back $627 million to 331,994 customers affected by various fee-for-no-service scandals, separate from this class action settlement. The company was also fined $14.6 million by the Federal Court in 2022.
The Royal Commission's impact on the superannuation industry has been profound. Following the Royal Commission, ASIC's role has expanded to include the regulation of superannuation trustee conduct, giving consumers better protection.
Other major superannuation settlements in recent years include various actions against industry funds and retail funds, suggesting this wave of accountability is far from over. For members, this represents a fundamental shift—funds can no longer operate with impunity when they put their own interests ahead of member returns.
What This Means for Your Super Going Forward
While this settlement addresses historical wrongdoing, it also signals important changes in how superannuation funds operate today. The legal precedent set by successful class actions like this one makes funds more cautious about fee structures and investment decisions.
Current AMP members should notice improvements in fee transparency, investment options, and member communications. The company has undergone significant restructuring since the Royal Commission, with new leadership and reformed practices.
For those considering their superannuation options, this case serves as a reminder to regularly review your fund's performance, fees, and investment strategy. While you can't change what happened in the past, you can make informed decisions about your retirement savings going forward.
Next Steps: What to Do Now
The settlement is still subject to Federal Court approval, so there's still a wait ahead before any payments are made. However, there are practical steps you can take now.
Your Action Plan for the AMP Settlement
- Check if you held AMP super between 2008-2020 using old statements
- Register your interest at Slater & Gordon or Maurice Blackburn websites for updates
- Keep your contact details current if you're still with AMP
- Wait for Federal Court approval—no payments can be made until then
- Watch for official notices about the distribution process in coming months
First, dig out those old superannuation statements to confirm your eligibility. Even if you've since moved your super elsewhere, you may still be entitled to compensation for the period you were with AMP.
Second, register your interest with one of the law firms handling the case. This ensures you'll receive timely updates about court approval, distribution timelines, and any actions you need to take.
Most importantly, keep your contact details up to date. If you've moved house or changed email addresses since leaving AMP, make sure the trustee has your current information so you don't miss out on notifications about your compensation.
Example Scenario
-
Margaret held an AMP Superannuation Savings Trust account from 2010 to 2018, when she moved her super to an industry fund. Even though she's no longer with AMP, she's eligible for compensation covering the eight years she was overcharged.
By registering her interest now and keeping her contact details current, she'll receive notifications when the court approves the settlement and distribution begins.
What This Means For You
The settlement represents more than just money—it's recognition that superannuation members deserve better treatment from institutions managing their retirement savings. While the legal process continues, this outcome sends a clear message that funds will be held accountable for putting member interests first.
For the more than 2 million Australians potentially affected by this settlement, it's a reminder that persistence pays off. The road from Royal Commission revelation to settlement has been long, but justice—and compensation—is finally within sight.
What's your experience with AMP superannuation during this period? Have you checked your old statements to see if you might be eligible? Share your thoughts and experiences in the comments below—your insights could help other members understand their entitlements.
Original Article
https://au.finance.yahoo.com/news/1...-retirement-savings-major-step-235941056.html
AMP reaches $120m settlement on super class action | Money Management
Cited text: In the first outcome, which had been brought via a class action, an agreement in principle has been reached to settle the class action against NM Supe...
Excerpt: AMP has agreed to settle a superannuation fees class action for $120 million
https://www.moneymanagement.com.au/...mp-reaches-120m-settlement-super-class-action
AMP settles class action for $120 million | Money magazine
Cited text: September 15, 2025 · 0 · AMP has settled a class action brought against N.M. Superannuation, AMP Superannuation and AMP Services, agreeing to pay $120...
Excerpt: AMP has agreed to settle a superannuation fees class action for $120 million
https://www.moneymag.com.au/amp-settles-class-action-for-120-million
AMP agrees in principle to $120m super fees settlement—InvestorDaily | InvestorDaily
Cited text: 15 September 2025 04:41 PM · • · By Reporter · • · 4 minute read · SHARE · Share this article on: × · Facebook X LinkedIn Copy link · AMP has reac...
Excerpt: AMP has agreed to settle a superannuation fees class action for $120 million
https://www.investordaily.com.au/markets/57819-amp-agrees-in-principle-to-120m-super-fees-settlement
$120 million payout for millions of AMP customers over fees on superannuation retirement savings: ‘Major step’
Cited text: The settlement will provide compensation to eligible AMP superannuation members, with the claim including more than two million members.
Excerpt: The settlement covers more than 2 million AMP superannuation members
https://au.finance.yahoo.com/news/1...-retirement-savings-major-step-235941056.html
AMP settles ‘legacy matter’ super class action for $120m—ifa
Cited text: Led by Slater and Gordon and Maurice Blackburn Lawyers, the class action saw 2.5 million Australians sought redress for years of alleged excessive fee...
Excerpt: The settlement covers more than 2 million AMP superannuation members
https://www.ifa.com.au/news/36231-amp-settles-legacy-matter-super-class-action-for-120m
AMP reaches $120m settlement on super class action | Money Management
Cited text: ... AMP said it will contribute $75 million of the $120 million settlement with the balance met by insurance, and that AMP makes no admission of liabi...
Excerpt: AMP will contribute $75 million of the $120 million settlement, with the balance covered by insurance
https://www.moneymanagement.com.au/...mp-reaches-120m-settlement-super-class-action
AMP settles class action for $120 million | Money magazine
Cited text: AMP said it would contribute $75 million to the $120 million settlement, with the balance to be met by insurance.
Excerpt: AMP will contribute $75 million of the $120 million settlement, with the balance covered by insurance
https://www.moneymag.com.au/amp-settles-class-action-for-120-million
AMP settles ‘legacy matter’ super class action for $120m—ifa
Cited text: The class action alleged AMP trustees “systematically overcharged” members between 2008 and 2020, especially those invested in uncompetitive, high-fee...
Excerpt: The class action alleged AMP trustees 'systematically overcharged' members between 2008 and 2020, especially those invested in uncompetitive, high-fee products, MySuper products, cash, and term deposits
https://www.ifa.com.au/news/36231-amp-settles-legacy-matter-super-class-action-for-120m
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry—Wikipedia
Cited text: During this round, on 20 April 2018 Craig Meller resigned as CEO of AMP Limited after it was revealed in a public hearing before the Royal Commission ...
Excerpt: In April 2018, AMP CEO Craig Meller resigned after it was revealed during the Banking Royal Commission that AMP charged clients for financial advice which was not provided, and misled ASIC on numerous occasions
https://en.wikipedia.org/wiki/Royal...uperannuation_and_Financial_Services_Industry
AMP Limited—Wikipedia
Cited text: On 20 April 2018 Craig Meller resigned as CEO after it was revealed in the Royal Commission into Misconduct in the Banking, Superannuation and Financi...
Excerpt: In April 2018, AMP CEO Craig Meller resigned after it was revealed during the Banking Royal Commission that AMP charged clients for financial advice which was not provided, and misled ASIC on numerous occasions
https://en.wikipedia.org/wiki/AMP_Limited
AMP Limited—Wikipedia
Cited text: More than $1 billion in market value was stripped from AMP shares as news of the company's failings were revealed before the Royal Commission.
Excerpt: More than $1 billion in market value was stripped from AMP shares as news of the company's failings were revealed
https://en.wikipedia.org/wiki/AMP_Limited
AMP reaches $120m settlement on super class action | Money Management
Cited text: It had initially been initiated as two cases in 2019 by Maurice Blackburn and Slater & Gordon after the Hayne royal commission, but was subsequently c...
Excerpt: The case was initiated in 2019 following revelations during the Banking Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
https://www.moneymanagement.com.au/...mp-reaches-120m-settlement-super-class-action
AMP settles class action for $120 million | Money magazine
Cited text: The case was initiated in 2019 following revelations during the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Se...
Excerpt: The case was initiated in 2019 following revelations during the Banking Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
https://www.moneymag.com.au/amp-settles-class-action-for-120-million
AMP Super Class Action | Slater and Gordon
Cited text: The matter proceeded for trial between 26 May 2025 and 30 June 2025.
Excerpt: The matter proceeded for trial between 26 May 2025 and 30 June 2025
https://www.slatergordon.com.au/class-actions/current-class-actions/amp-super-class-action
AMP Super Class Action | Slater and Gordon
Cited text: At this stage, you do not need to take any action.
Excerpt: you don't need to take any action at this stage
https://www.slatergordon.com.au/class-actions/current-class-actions/amp-super-class-action
Financial Services Royal Commission | ASIC
Cited text: Superannuation is important for the future financial security of Australians, and ASIC seeks to ensure that regulated superannuation funds operate in ...
Excerpt: Following the Royal Commission, ASIC's role has expanded to include the regulation of superannuation trustee conduct
https://www.asic.gov.au/regulatory-...-reforms/financial-services-royal-commission/
AMP Super Class Action | Slater and Gordon
Cited text: If you haven’t already, we encourage you to register for updates using the form below.
Excerpt: The settlement is still subject to Federal Court approval
https://www.slatergordon.com.au/class-actions/current-class-actions/amp-super-class-action
AMP Class Action Settlement 2025: Payout Amount and Claim Form Details!
Cited text: The AMP $120 million settlement is subject to federal court approval, meaning it is yet to be finalized.
Excerpt: The settlement is still subject to Federal Court approval
https://ncblpc.org/amp-class-action-settlement-2/
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