ING DIRECT Living Super

ING DIRECT Living Super

Maximum Variable Rate

1.05

Standard Variable Rate

1.05
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If you are looking for a flexible super option but don't want to set up a SMSF, you may want to consider adding ING DIRECT's Living Super to your comparison.

  • ING Direct has introduced an administration fee of $60 p.a. charged at $5 per month plus an administration fee for the Operational Risk Financial Requirements*
  • Earn interest on your SMSF balance
  • Easily invest in other Living Super investment classes
  • Choose from four investment options

Product details

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.

Product Name
ING DIRECT Living Super
Maximum Variable Rate
1.05% p.a.
Standard Variable Rate
1.05% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
$5
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$0
Internet Banking
Yes
Phone Banking
Yes
Maximum Deposit
$500
Minimum Age Requirement
13
UPDATE ON FEES
Starting 1 June 2017, there will be a change on fees including administration fee which will become $60 per year. There is also an Operational Risk Financial Requirement fee estimated to be between 0.03% - 0.14%.

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 for cash and term deposit held with ING Direct.
  • 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.accumulation

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 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.

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 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.

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, 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
  • Aged 13 or over
  • Are an Australian resident, have an Australian residential address, phone number and email
  • Aged under 65 but have reached preservation age
  • Are an Australian resident, have an Australian residential address, phone number and email
  • Aged 65 or over or;
  • Aged 60 or over and have left employment since turning 60 or;
  • Have reached preservation age and do not intend to work more than 10 hours a week or;
  • Your super is 'unrestricted non-preserved' and;
  • You're an Australian resident, have an Australian residential address, phone number and email address

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?

  1. Choose your account type. This will usually depend on whether you're currently working, in transition to retirement, or already retired.
  2. 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.
  3. 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.

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40 Responses

  1. Default Gravatar
    goldfishMay 22, 2016

    Is it possible to transfer shares held in a personal account into a living super instead of cash .

    • Staff
      ShirleyMay 24, 2016Staff

      Hi Goldfish,

      Thanks for your question.

      If you are looking at share trading within Living Super you would not be able to transfer (in specie) directly to your Living Super account any shares held externally. The shares would need to be sold and converted to cash and then deposited into super.

      Please be mindful of contribution caps when depositing to super. The concessional cap for 2015/16 is $30,000. For those aged 49 or over before the start of the financial year the concessional cap is increased to $35,000. Anything over this amount effective 3/5/2016 there is lifetime cap $500,000.00 for non-concessional contributions.

      Hope this helps.

  2. Default Gravatar
    damienDecember 3, 2015

    I am an Australian living overseas and may return next year and am interested in consolidating my super with ing. It says only Australian residents and wanted to check your definition of this!

    thanks

    • Staff
      ShirleyDecember 3, 2015Staff

      Hi Damien,

      Thanks for your question.

      An Australian resident is a person who is living in Australia and is either: an Australian citizen, a permanent visa holder, or a protected Special Category Visa (SCV) holder.

      Hope this helps,
      Shirley

  3. Default Gravatar
    StephenJuly 28, 2015

    Id like to roll my funds across to Australian Super please.

    • Staff
      JodieJuly 28, 2015Staff

      Hi Stephen,

      Thank you for your comment.

      You have come through to finder.com.au, a financial comparison website, not ING, please click on one of the “Open” buttons above to be taken to the ING website where you will be able to contact ING directly and discuss your needs with them.

      Regards
      Jodie

  4. Default Gravatar
    MichaelJuly 17, 2015

    I have 3 super funds each with existing life insurance products (life, TPD & income protection), can I roll them in to the ING product and keep the total existing level of cover in the combined accounts.

    • Staff
      BelindaJuly 22, 2015Staff

      Hi Michael,

      Thanks for your enquiry.

      It may be possible for you to request a transfer and roll your existing super funds into the ING Direct Living Super account.

      You’ll need to download a transfer form on the ING Direct website and provide your most recent statements of insurance (within the past 12 months).

      Please note that there is a maximum of $20 000 for income protection and $2 million for death and TPD.

      If you have any further enquiries about the transfer, please contact ING Direct.

      Thanks,
      Belinda

  5. Default Gravatar
    JulieMarch 27, 2015

    PLEASE ADVISE WHETHER UK PENSION TRANSFERS ARE PERMITTED INTO THE ING DIRECT LIVING SUPER (ETFs. I NOTICED THAT ING CORPORATE SUPER APPEARS TO BE ON THE LIST BUT NOT ING DIRECT L.S. ?
    THANKS

    • Staff
      ShirleyMarch 30, 2015Staff

      Hi Julie,

      Thanks for your question.

      Unfortunately the ING Direct Living Super account is unable to accept transfers from UK pension funds at this time.

      Cheers,
      Shirley

    • Default Gravatar
      GrantApril 3, 2015

      Are you planning to become registered such that we can transfer UK Pension funds to ING?

    • Staff
      ShirleyApril 7, 2015Staff

      Hi Grant,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and does not represent ING Direct. For a more accurate response, please speak to ING Direct.

      Cheers,
      Shirley

  6. Default Gravatar
    KellyMarch 17, 2015

    Hi, I just transfer my super fund to ING DIRECT. Can I have some advice on how to manage and invest my super fund, especially the smart and select option?

    Thanks

    • Staff
      ShirleyMarch 18, 2015Staff

      Hi Kelly,

      Thanks for your question.

      Please note that finder.com.au is an online comparison and information service and does not represent ING Direct. This enquiry is best directed to a member of the customer service team at ING Direct, they will able to offer more assistance with this.

      Cheers,
      Shirley

  7. Default Gravatar
    ANGELAFebruary 15, 2015

    Hi – I have super with ING. How can i see how it compares to other super funds? Does finder do this? Is ING the only super fund with no fees?

    • Staff
      ShirleyFebruary 16, 2015Staff

      Hi Angela,

      Thanks for your question.

      Unfortunately at this current point in time we don’t offer a comparison of super funds. You can find some more information about your super on this page, as well as other resources available online and offline.

      There are other super funds in the market with no fees.

      Cheers,
      Shirley

  8. Default Gravatar
    GrantJanuary 27, 2015

    Hi.
    I’m thinking about transferring my super to ING.
    I may be permanently moving overseas in 5 years & Just wanting to confirm I can withdrawl all savings in my super account at no cost or charge, penalty etc.

    Regards,
    Grant

    • Default Gravatar
      JohnFebruary 14, 2015

      Can you give me an idea of the performance of the ING Smart Superannuation for the past year.
      Thanks,
      John

    • Staff
      ShirleyFebruary 16, 2015Staff

      Hi John,

      Thanks for your question.

      You can see the investment performance for the Living Super at different time periods by clicking on this link.

      Hope this helps,
      Shirley

    • Staff
      ShirleyJanuary 28, 2015Staff

      Hi Grant,

      Thanks for your question.

      There is no charge or penalty to withdraw your super from the Living Super. Please note that there are a number of requirements you’ll need to meet if you intend on accessing your super early.

      Cheers,
      Shirley

  9. Default Gravatar
    vinhJanuary 14, 2015

    How much super do i have

    • Staff
      ShirleyJanuary 14, 2015Staff

      Hi Vinh,

      Thanks for your question.

      You’ve come through to finder.com.au, an online comparison service. Please get in touch with ING Direct directly to enquire about how much super you have.

      Cheers,
      Shirley

  10. Default Gravatar
    PeteOctober 16, 2014

    Hi there,

    I’ve been thinking of moving my super over to ING (I’m an existing ING customer), particularly as I’ve just noticed my super investments are going backwards FYTD.
    Can you give me an indication of Living Super performance for the current financial year, particularly in the ‘Smart’ and ‘Select’ investment option categories?

    Much appreciated,
    Pete.

    • Staff
      ElizabethOctober 16, 2014Staff

      Hi Pete,

      Thanks for your question.

      You can review the performance of Living Super on ING’s website. I’ve emailed you a link to the relevant page.

      Hope this will help.

      Thanks,

      Elizabeth

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