Read The Australian Investing Thread -
https://forum.mrmoneymustache.com/investor-alley/australian-investing-thread/ AMP have a reputation as being traditionally one of the worst to be in.
Since he moved, there have been big changes in super. These include:
- easy transfer between funds - some funds used to need an incredible amount of paperwork AND took a couple of months to transfer the money - I don't think this was backdated, so you may find it incredibly difficult to change funds.
- some old funds used to have a fee structure where you paid a lot if/when you exited (AMP from memory was one of these, so he may have that problem) this has ceased for newer funds
- new basic super funds with very cheap fees - MySuper
- ASIC (see the MoneySmart website -
https://www.moneysmart.gov.au/ - and the ATO (lost super) are now responsible for super
- speaking of lost super, I hope he has been responding to information, because if you ignore your super for a certain number of years, it can go into general revenue.
- ALL the terms and conditions of super have changed - see MoneySmart for information - what he knew is no longer current (it's a lot better).