What's changed, and why?
By now, you should have received a letter or email from us which provides detailed information about changes to your MyNorth and/or North account, effective 1 October 2023.
The changes we’ve made to MyNorth and North accounts include:
- lowering our administration fee rates and applying a tiered percentage-based administration fee to your account balance
- changing the way we apply maximum fee limits to your account
- introduced a minimum administration fee1 of $180 pa ($15 per month), and increased our account fee2 to $180 pa
- applied an administration fee to the Cash account, and increased the Cash Account investment fee to 0.75% pa
- simplified the investment menu, with:
- Core menu investments (including the Cash Account) moved onto the Select menu in MyNorth, and an administration fee applied, and
- the Cash Account moved onto the Discounted menu in North
- Core menu investments (including the Cash Account) moved onto the Select menu in MyNorth, and an administration fee applied, and
- capped the MyNorth Lifetime fee of 0.10% pa at $500 pa for each Lifetime account you hold
- introduced a variable trustee fee of up to 0.015% pa (capped at $300 pa per account) to recover certain expenses incurred in operating the Fund (superannuation and pension members), and
- changed our eligibility rules for franking credits and foreign income tax offsets (tax credits) for superannuation and pension members.
Overall, the changes have been introduced to:
- provide a more transparent solution for you
- deliver a contemporary fee structure, making it easier to compare with other superannuation and investment platforms
- allow MyNorth and North to continue to enhance and deliver great service.
For more detailed information on these changes, please refer to the relevant Product Disclosure Statement (PDS) or Investor Directed Portfolio Service (IDPS) Guide.
1Clients pay either the minimum administration fee or the percentage-based administration fee, depending on their account balance. Where individual or family fee aggregation applies, the minimum is applied at the group level and proportioned based on the balance held in each account.
2Not charged on NCAP accounts or accounts with a MyNorth Guarantee that started before 28 November 2020.
Some scenarios of how the new fees work
Please note, how the new fee structure affects your account varies, depending on your circumstances. The ‘Additional information’ section of the letter or email you received from us will provide information that is relevant to your account.
To see examples of how the changes apply, you can view the following documents:
- MyNorth Investment Investor Directed Portfolio Service Guide (IDPS)
- MyNorth Super and Pension Product Disclosure Statement (PDS)
- North Super and Pension Product Disclosure Statement (PDS)
Below are two examples to illustrate some of the changes that have been being implemented.
Example 1 - Administration fees for a MyNorth Super account with Select and Choice investments
The following example explains how the administration fees are now calculated for a MyNorth Super account with investments in both the Select and Choice investment menus. For this example:
- The total account balance is $500,000.
- 50% of the account is invested in Select investment options and the remaining 50% is invested in Choice investment options ($250,000 in each menu).
Tier of account balance |
Select fee |
Choice fee |
Administration fee ($) |
| First $350,000 |
0.20% | 0.28% | ($350,000 × 0.20% × 50%) + ($350,000 × 0.28% × 50%) = $840.00 |
| Next $150,000 |
0.12% | 0.17% | ($150,000 × 0.12% × 50%) + ($150,000 × 0.17% × 50%) = $217.50 |
| $500,000 |
Total administration fees = $1,057.50 pa(i)
(i) This example includes administration fees only. In this example, the tiered percentage-based administration fee has been applied, however for lower account balances, the minimum administration fee of $180 pa may apply. Other fees will apply, such as the account fee, cash account investment fee, and other fees as applicable. Refer to the product disclosure documents for further information.
Example 2 – Administration fees for an individual with multiple accounts
The following example explains how the administration fees are now calculated for an individual with multiple accounts with the same client number. For this example:
- The client has a MyNorth Super account with $300,000 and a MyNorth Pension account with $500,000. The client's total portfolio balance is $800,000.
- The investments in each of the accounts are split between the Choice and Select Investment menus as follows:
| Account | Select balance | Choice balance | Total account balance | % of total portfolio in Select |
% of total portfolio in Choice |
| Super | $180,000 | $120,000 | $300,000 | 22.50% | 15.00% |
| Pension | $250,000 | $250,000 | $500,00 | 31.25% | 31.25% |
Total portfolio balance: $800,000
| Tier of account balance | Select fee | Choice fee | Super administration fee ($) | Pension administration fee ($) |
| First $350,000 |
0.20% |
0.28% |
($350k × 0.20% × 22.5%) + ($350k × 0.28% × 15%) = $304.50 |
($350k × 0.20% × 31.25%) + ($350k × 0.28% × 31.25%) = $525.00 |
| Next $400,000 |
0.12% | 0.17% |
($400k × 0.12% × 22.5%) + ($400k × 0.17% × 15%) = $210.00 |
($400k × 0.12% × 31.25%) + ($400k × 0.17% × 31.25%) = $362.50 |
| Last $50,000 | 0.10% |
0.12% |
($50k × 0.10% × 22.5%) + ($50k × 0.12% × 15%) = $20.25 |
($50k × 0.10% × 31.25%) + ($50k × 0.12% × 31.25%) = $34.38 |
| $800,000 |
Total super administration fee: = $534.75 |
Total pension administration fee: = $921.88 |
Total administration fees for all accounts = $1,456.63 pa(ii)
(ii) This example includes administration fees only. In this example, the tiered percentage-based administration fee has been applied, however for lower account balances, the minimum administration fee of $180 pa may apply. Other fees will apply, such as the account fee, cash account investment fee, and other fees as applicable. Refer to the product disclosure documents for further information.
What's changed?
We’ve made changes to all MyNorth and North accounts, effective from 1 October 2023. The pricing changes are applicable to MyNorth Super & Pension (including Lifetime accounts) and Investment accounts, and North Super & Pension and Investment accounts. There have been changes to:
- Fees and costs
- Investment Fees
- Member Advice Fee Limits, not applicable to Investment accounts, and
- Changes to tax credits, not applicable to Investment accounts.
Why have these changes been made?
We’ve updated our fees to continue to provide a contemporary product to our clients. We’ve updated our investment menu to simplify our product offering and, for superannuation members, we’ve changed our eligibility rules for franking credits and foreign income tax offsets (tax credits) to reduce operating costs and prioritise the interests of continuing members.
We’ve also reviewed our policy for member advice fees and have made it more flexible to cater for different arrangements (noting it doesn’t change any current member advice fee arrangements).
When were the changes made?
The updates to MyNorth and North accounts were applied from 1 October 2023.
Who does this impact?
This impacts all MyNorth and North clients.
Did I receive notification of these changes?
Yes. We wrote to clients in August 2023. You’ll be able to find a copy of this letter in North Online > Statements and Correspondence.
How many letters were sent to me?
Where possible, you will have received one letter, however if you have multiple MyNorth and North accounts, as well as Super/Pension and Investment products, you may have received more than one letter.
If you hold a Managed Portfolio, you’ll have received a separate letter in the same period.
How do I login to North Online?
You can find your MyNorth user ID (client number) on the letter we sent you, or on your Annual Statement.
If you’re unable to log in on North Online, you can use the ‘forgotten user ID’ or ‘password link’ on the log in page for assistance or view the quick reference guide.
What do I need to do?
The changes were automatically applied to your account from 1 October 2023. We ask that you carefully review the changes outlined in the letter, speak to your financial adviser if applicable, or speak to the North Service Centre on 1800 667 841.
Did I need to provide consent for the changes to be made to my account?
No, the changes happened automatically from 1 October 2023.
Where can I see the fees and costs for MyNorth and North?
You can access the current MyNorth and North disclosure documents at northonline.com.au.
General examples of the updated fee calculations are on this site and included in the disclosure documents (PDS and IDPS guide).
Your letter outlines the changes to fees and costs that may impact you.
You can speak to your financial adviser or contact the North Contact Centre at northenquiries@amp.com.au or on 1800 667 841.
What are the changes to the Investment menu?
To provide you with improved transparency and choice when making investment decisions, we’ve moved investment options previously available on our MyNorth Core menu (this includes the Cash Account) to the Select menu, and the Cash Account on North onto the Discounted menu. As a result, the administration fee for the Select and Discounted investment menus now apply to these investments (including to the balance of your cash account). The investment management fee continues to apply for options that have been moved from the Core menu to the Select menu, however, their investment management fees have reduced by at least 0.20% pa, effective 1 October 2023.
What are the changes to Tax credits (Superannuation and Pension only)?
We have not made any changes to the way we distribute tax credits (such as franking credits and foreign income tax offsets) or other tax benefits to our continuing members. However, where an individual terminates their membership of the Fund on or after 1 October 2023, they’ll no longer receive any tax credits or benefits as part of our end of tax year process.
The value of any undistributed tax credits or benefits will be retained by the Fund and paid into a reserve account to pay for expenses incurred by the Trustee in operating the Fund, which are for the general benefit of members.
Where can I go for more support or information?
You can speak to your financial adviser, call the North Service Centre on 1800 667 841 or email the North mailbox northenquiries@amp.com.au
General examples of the updated fee calculation are available on this site and included in the disclosure documents (PDS and IDPS guide).
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Important information
Product Determinations are issued by N.M. Superannuation Proprietary Limited (NM Super) ABN 31 008 428 322 AFSL 234654 RSE L0002523 as Trustee for the AMP Super Fund and the Wealth Personal Superannuation and Pension Fund. Products in the AMP Super Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Super, which is part of the AMP group (AMP).
This information is provided by NM Super and is general in nature only. It hasn’t taken your financial or personal circumstances into account. It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement, Target Market Determination or Terms and Conditions available from AMP at amp.com.au or by calling 131 267, before deciding what’s right for you. You can read our Financial Services Guide online for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. You can also ask us for a hardcopy. All information on this website is subject to change without notice.
All information on this website is subject to change without notice.