ING Living Super

What are the features of the ING Living Super account?

Living Super works by having a centralised 'Cash Hub' that is the centre of your account. All super contributions come through this account. If you choose to opt for ING Insurance, the premiums are paid directly from your Cash Hub and when you reach preservation age you can receive pension payments directly from your 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.

Living Super works by giving customers increased flexibility when managing their super options. ING offers you the ability to choose how your money is invested from your Cash Hub by offering you four investment categories— Safe, Smart, Select and Shares. These translate into four different ways of managing your portfolio: cash and term deposits; a balanced option; managed investment options; and a direct-trading share options respectively. You are able to mix and match these options to get a super option which is tailored to your needs.

• Safe. The Safe option for cash and term deposit held with ING.
• Smart. The Smart investment option is available to all Australians.
• Select. By choosing Select you are offered a range of managed investment options.
• Shares. This option gives you the ability to trade direct shares and listed securities on the ASX.

What are the types of Living Super accounts available?

There are three types of Living Super accounts designed to give you flexibility and help you get what you want out of your super contributions. The three accounts are:

1. Super Account: The Super Account option is for people who are working towards contributing to their super savings to provide an income in retirement.
2. Transition to Retirement Account: This account is for people looking to supplement their existing income with a pension income.
3. Pension Account: This income is for people looking to receive tax efficient income in retirement.

Accumulation phase

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.

• 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.
• 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 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 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.

Free consultation

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 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.

Pension phase

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.

Pension payments

When your pension starts, INGcalculates 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.