ING Super is an investment super option from ING DIRECT which allows you to choose how you want to invest and manage your super account. Living Super has three account options for you to choose from which suits you at every stage of your life, whether you are making contributions or transitioning into retirement or if you are already in retirement and want to manage your money. After you choose from one of these three accounts you can select how you want to invest your super.
There are four investment options available which let you have control over where your money is invested and your return on that investment.
What are the features of the ING Direct Living Super account?
|Investment Account Options||Interest Rate|
|Cash Hub:||1.30% p.a.|
|The Cash Hub must hold a minimum of $500 or 1% of your account balance (whichever is greater and capped at $10,000), plus an additional amount equal to the insurance premiums and pension payments (if applicable) due to be paid in the following two months.|
|Cash option:||2.75% p.a.|
|Interest accrued on the Cash option is reflected in the unit price.|
|3 months||2.80% p.a.|
|6 months||3.10% p.a.|
|1 year||3.10% p.a.|
|2 years (the 2 year Term Deposit is only available in Super accounts not Transition to Retirement or Pension accounts)||3.10% p.a.|
How does Living Super work?
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.
Living Super works by giving customers increased flexibility when managing their super options. ING DIRECT 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 offers you cash and term deposits with no fees.
- Smart. The Smart investment option is available to all Australians with no admin, contribution or management fees.
- 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:
- Super Account: The Super Account option is for people who are working towards contributing to their super savings to provide an income in retirement.
- Transition to Retirement Account: This account is for people looking to supplement their existing income with a pension income.
- Pension Account: This income is for people looking to receive tax efficient income in retirement.
How do I apply?
If you would like to apply for an ING DIRECT Living Super account then you can apply online by following the secure link on this page. The application criteria differs for each account and is outlined below. Applying will only take you about five minutes.
|Super Account||Transition to Retirement Account||Pension Account|
What is my preservation age?
Your preservation age is the minimum age you can access your super benefits and is determined by legislation. Your preservation age is determined by when you were born:
|Date of birth||Preservation age|
|Before July 1960||55|
|1st July 1960 - 30th June 1961||56|
|1st July 1962 - 30th June 1962||57|
|1st July 1962 - 30th June 1963||58|
|1st July 1963 - 30th June 1964||59|
|From 1st July 1964||60|
What kinds of insurance can I get with my ING Cash Hub?
ING DIRECT offers Life Stage Cover, customisable Death cover, Total and Permanent Disability Cover and Income Protection Cover.
What does it cost to make a lump sum withdrawal?
You will not be charged a lump sum withdrawal fee with a Living Super account. However, if you are switching investments to the cash hub you may incur a buy/sell spread or other costs. If you are under 60 there may also be tax payable.
Can I have help with my investments?
ING DIRECT can get you in touch with their personal financial advice partner, Money Solutions, if you require advice for managing your super. This service is free of charge.