ING Direct Living Super is a flexible superannuation fund that comes with a range of services to help you manage your fund investments when the time comes. When you open an account, a Cash Hub is created. This is an additional interest-earning account that lets you take control of payments, investments and more. Living Super also lets you monitor the progress of your super online.
An ING Direct Living Super account allows you to create a Cash Hub -- a centralised place where you can direct fund investments in one or more categories and manage a host of other transactions.
What are the features of the ING Direct Living Super?
ING Direct Living Super lets you choose from a range of accounts to suit your current needs. While investing in this way could save you money in account keeping costs, you should still compare what other banks offer to see where you will get the most benefit for your financial future.
A centralised Cash Hub
At the centre of Living Super is your Cash Hub, an interest-earning account from which all of your super transactions will work through. Those transactions include your investments, insurance, contributions and rollovers, and pension payments. There must be a minimum of $500 or 1% of your account balance in the Cash Hub at all times, along with an amount that is equal to any insurance and pension payments that are due in the next 2 months. Learn more about the ING Direct Living Super Cash Hub on our product page.
A range of account options
You are able to choose between a Super Account, Transition to Retirement Account or a Pension Account depending on what stage of life you're at.
- Super account. Designed for those who want to grow their savings to provide for their retirement.
- Transition to retirement. Designed for those who want to supplement their existing income with some pension income.
- Pension account. Designed for those who want to receive an income during retirement that is tax efficient.
Rollover your existing super
Whichever account you choose, you will be able to rollover your existing super.
How can I make contributions?
Contributions typically come from your employer, rollovers, any excess personal contributions you may make, your spouse and the government.
Investment strategy options
There are a number of investment categories to choose from. Choose one or more categories or mix and match across all options.
- Safe option (cash and term deposits). The risk level considered for this investment is very low. Terms of 3 months, 6 months, 1 year or 2 years are available. There are no fees associated with this particular option.
- Smart option (balance option). The risk level is considered to be medium to high. It targets a 50% mix of cash and shares designed for medium to long term growth. There are no admin fees though a buy/sell spread applies.
- Select (managed investments). The risk level is considered to be varied, depending on the options selected. You can choose from Listed Property, Australian and International Fixed Interest or Shares.
- Shares (share trading). This risk level is considered to be medium to very high. Using ING Direct's real-time online trading platform, you can invest in the S&P/ASX 300 index as well as Exchanged Trading Funds (ETFs) and Listed Investment Companies. Competitive brokerage fees apply.
Accessing your account
With secure online access to your account you are able to check on its progress around the clock.
Taking insurance through a super account
ING Direct will also provide you with insurance options, with the premiums deducted from your balance. Taking insurance through your super can be a tax-effective way to protect yourself and your loved ones. You may be able to transfer to existing covers too. Here are some of your insurance options:
- Automatic cover. A pre-approved level of death and Total and Permanent Disability (TPD) cover is issued to you on account-opening. You're eligible for this cover if you have a positive account balance within 120 days and meet eligibility criteria. You can cancel or upgrade this insurance plan anytime.
- Tailored cover. If you would like a tailored insurance policy to suit you, you may want to consider this cover. You can choose between death or TPD or both.
- Income protection. This is added protection to insure a portion of your income in case you can't work for a period of time due to illness or injury.
Your initial consultation with a financial expert incurs no fees. Your consultant can help you make key decisions regarding the structure of your super.
Add a cash option or term deposit option
If you choose to play it safe and invest in ING Direct’s cash option and/or term deposit, you will earn a competitive interest rate on the balances.
- Cash option. Interest is accrued on the cash option.
- Term deposit. The term deposit available requires a minimum investment of $1,000 with terms of three or six months or one year. There is also a two year term deposit available only for Super Account holders. Breaking the terms early will require a 31 day notice.
Fees will vary depending on the type of investment strategy you choose, but with the Safe and Balanced Option there are no fees.
Lump sum withdrawals
So long as you meet the conditions of release and other applicable regulations you can make lump sum withdrawals.
Regular income payments
With the exception of the Super Account you are able to receive a regular income payment. Certain restrictions may apply depending on your circumstance and the account chosen.
When your pension starts, ING Direct calculates your minimum pension for that year based on pro-rata. You can choose to have your payments done fortnightly, monthly, quarterly, semi-annually or annually.
- Fixed interest rate
- Average minimum investment amount
- Grow your superfund
- Only available for superfunds
How do I open an ING Direct Living Super?
Applications for the Living Super are accepted online and can be accessed by clicking Go to Site now. See our FAQs tab for a step-by-step guide on choosing your investment strategy.
Eligibility to apply online
Before you begin, make sure you familiarise yourself with the eligibility requirements and choose the account that best suits your circumstance:
- Minimum age. For the Super Account the minimum age requirement is 13 years old. If you are transitioning to retirement you will have to have reached preservation age, while with the Pension Account the minimum age is 60 but only if you have begun receiving an employment pension, otherwise it is 65.
- Residency requirements. This account is for Australian residents only.
- Depository requirements. You must be prepared to invest at least $500 into the cash hub before the account can be activated.
Documentation to apply online
Having the following documentation next to you as you fill in the application will ensure that ING Direct has all of the information they need:
- Tax file number. You are not required to provide your tax file number (TFN) but it does enable ING Direct to withhold tax on your earnings at the correct rate.
- Identification. Your identity will have to be verified online using information from your Australian passport, Driver’s Licence or Medicare Card.
What happens after I submit my application?
You will need to provide rollover and additional account information as it pertains to your circumstance. When submitted, ING Direct will help with establishing the new account and getting you started on your investments.
How do I rollover my super?
Log into ING Direct online banking > Select My Finances and select Superannuation summer and then select Rollover your super > Enter the details of your old super fund > Submit the request
How do I get started?
- Choose your account type. This will usually depend on whether you're currently working, in transition to retirement, or already retired.
- Select your investment type; cash and term deposits, the balance option, managed investments or share trading. Select the balance option to create your own investment strategy.
- Sign up online by clicking on go to site.
Can I decide who gets my super if I die?
If your super fund has a binding nomination, the balance on your super fund account will be paid to the nominated person, given that the nominated person is a dependent or legal representative.