Shine Lawyers has filed a class action on behalf of hundreds of thousands of Australians who were charged excessive insurance premiums within AMP superannuation funds and insured by AMP Life.

The firm alleges that NM Superannuation Pty Limited and AMP Superannuation Limited (the AMP trustees) failed to act in the best interests of their members by providing them with expensive insurance policies, resulting in significant and unnecessary erosion of their retirement savings.

The class action, filed in the Federal Court, is open to individuals who held life insurance, total and permanent disability (TPD) insurance and/or salary continuance insurance through an AMP super fund between June 2019 and April 2024.

Shine Lawyers is encouraging affected members to register their interest, noting that many may not even be aware that their superannuation savings were eroded due to excessive insurance fees.

“This class action is about seeking justice and compensation for everyday Australians who trusted the AMP trustees to manage their retirement savings responsibly,” said Sarah Thomson, Special Counsel and class actions practice leader at Shine Lawyers.

For more information AMP Group Super Class Action | Shine Lawyers