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 the below 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?
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 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.
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.
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 1 July 1960||55|
|1st July 1960 - 30th June 1961||56|
|1st July 1961 - 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.
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.