The Atlantic Meridional Overturning Circulation (AMOC) transports substantial
amounts of heat into the North Atlantic sector, and hence is of very high
importance in regional climate projections. The AMOC has been observed to show
multi-stability across a range of models of different complexity. The simplest
models find a bifurcation associated with the AMOC on' state losing stability that is a saddle node. Here we study a physically derived global oceanic model of Wood {\em et al} with five boxes, that is calibrated to runs of the FAMOUS coupled atmosphere-ocean general circulation model. We find the loss of stability of the on’ state is due to a subcritical Hopf for parameters from
both pre-industrial and doubled CO atmospheres. This loss of stability
via subcritical Hopf bifurcation has important consequences for the behaviour
of the basin of attraction close to bifurcation. We consider various
time-dependent profiles of freshwater forcing to the system, and find that
rate-induced thresholds for tipping can appear, even for perturbations that do
not cross the bifurcation. Understanding how such state transitions occur is
important in determining allowable safe climate change mitigation pathways to
avoid collapse of the AMOC.

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