Suncorp Everyday Super | Performance, features and fees
Suncorp Everyday Super is a simple, lifetime super account which takes the hassle out of saving for retirement.
Past performance - 5 Years
Annual fees on $50k balance
|Product Name||Suncorp Lifestage Fund|
|Past performance - 5 Years||N/A|
|Annual admin fee||$91.80 + 0.76% of balance p.a.|
|Number of members||24,000|
Performance figures quoted on this page are correct to December 2020, according to Chant West. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
Suncorp Everyday Super is a simple, lifetime superannuation account that is MySuper compliant. Designed for every stage of your life, Suncorp will automatically change your investment strategy as you get older. It simplifies the process of making personal super contributions with the Suncorp Bank mobile app, and you can get on top of your super with Suncorp’s DIY tools and calculators.
Key features of Sunsuper Everyday Super
- Default MySuper option. The Suncorp Lifestage Fund is a no frills, low-fee MySuper product and is the default option for members. This option changes your mix of investments as you grow older, so you're taking on less risk as you get closer to retirement.
- Consolidate your super. You can ask Suncorp to search the ATO for any other super you may have, and then roll these over into your Suncorp account.
- Easy access to your account. Access your account 24/7 online or via the mobile app to monitor your balance, make additional contributions or change your investments.
- Flexible insurance coverage. Your insurance cover is determined by your age, and will automatically adjust over time. You'll receive more cover when you're likely to have higher debt such as a mortgage and children.
- Create your own investment mix. If you want to be more involved with your super you can create your own investment mix from a range of individual asset classes.
What investment options are available?
Suncorp Everyday Super offers two investment categories depending on how hands-on you want to be with your super. The Suncorp Lifestage category is a low-cost, simple strategy which leaves the complicated investment and management choices to Suncorp. If you want greater control of your super and to choose your own portfolio, Suncorp enables you to do that too.
These investment levels are detailed below
What are the fees?
A Suncorp Everyday Super account comes with a number of fees and other costs which you should consider. Standard fees relating to administration and the management of your investments will be deducted from your account on an ongoing basis, while other fees such as financial advice and insurance may be deducted (depending on your choices).
Here's an example of the annual fees applied on the Lifestage fund. It’s important to note that fees may vary between each investment option.
Annual fees on $50,000 balance in the Suncorp Lifestage Fund
|Fee type||Fee amount|
|Admin fee||$91.80 plus 0.76% of balance|
|Indirect cost ratio (including investment fees)|
|Annual cost on $50,000 balance||$581.80|
Other fees and costs
Suncorp charges no exit fees, no fees for switching investment options and no fees for basic advice on members' Lifestage Fund.
- Suncorp offers personal financial advice on a one-off fixed dollar fee or ongoing fixed monthly dollar amount. If you select this service, the costs will be outlined in a Statement of Advice provided by a financial planner.
- Insurance premiums if you have insurance cover within Suncorp.
For a more detailed breakdown of fees and additional charges read the PDS available on the website.
What insurance cover is offered with Suncorp Everyday Super?
Suncorp Everyday Super offers you tailored insurance cover based on your lifestage via Suncorp Life. The amount of cover you receive is determined by your age, and will automatically adjust over time. Suncorp will also provide you with more cover when you’re likely to have higher debt such as a mortgage and children.
Once you sign up you will automatically receive*:
- Death cover (including terminal illness cover), which pays a lump sum to your elected beneficiaries if you die or suffer a terminal illness
- Total and permanent disablement cover (TPD), which pays a lump sum if illness or injury means you are unlikely to ever be able to work again
Insurance premiums will be deducted from your super account, and you can increase (up to $850,000) or decrease your insurance through your online account. Note that insurance is applied on an opt-out basis, meaning that you will automatically be placed into cover and have premiums deducted from your account balance. You can cancel your insurance cover at any time online.
*Note: There may be exclusions and/or restrictions which apply to your insurance cover. Check the Insurance Guide available via the Suncorp Everyday Super website.
How do I join Suncorp Everyday Super?
If you’ve decided to select this fund you can open an account online in less than 15 minutes. You must be an Australian resident to apply for an account.
Make sure you have:
- A spare ten minutes
- Your personal details, including your name, address, date of birth and contact information
- Your Tax File Number (it's not compulsory to give your super fund your TFN, but without it your fund won’t be able to accept certain types of contributions from you, and your benefit payments may be taxed at a higher rate than would otherwise apply)
- Your employer’s details