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.

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

• Option 1: Suncorp Lifestage Fund

  The Suncorp Lifestage Fund option is designed to reflect your needs as you move through the workforce. First, you’ll be allocated a diversified investment portfolio based on your age, which then automatically adjusts your investment mix as you get older to suit your changing needs and desire for risk.

  For example, if you were born in 1991 you’ll be invested in the Suncorp Lifestage Fund 1990-1994, a portfolio which contains more growth (and riskier) assets like shares and property. As you get older, Suncorp will automatically shift your money to more defensive assets like cash and bonds as your needs change and you become more risk-averse. This way you’ll never have to make any investment decisions about your super. Suncorp will do the work for you.

  Year of birth	Risk measure	Minimum investment time frame	5-year average returns*	Income asset allocation	Growth asset allocation
  2000-2004	High	10 Years +	N/A - 3 years 5.73%	Income Assets: 9% Cash: 1% AU Fixed Interest: 4% Int Fixed Interest: 4%	Growth Assets: 91% Infrastructure: 5% Int Shares: 36%	AU Shares: 36% Property: 14%
  1995-1999	High	10 Years +	7.27% p.a.	Income Assets: 10% Cash: 2% AU Fixed Interest: 4% Intl Fixed Interest: 4%	Growth Assets: 90% Infrastructure: 5% Int Shares: 35%	AU Shares: 36% Property: 14%
  1990-1994	High	10 Years +	7.27% p.a.	Income Assets: 11% Cash: 3% AU Fixed Interest: 4% Intl Fixed Interest: 4%	Growth Assets: 89% Infrastructure: 6% Int Shares: 33%	AU Shares: 35% Property: 15%
  1985-1989	High	10 Years +	7.17% p.a.	Income Assets: 13% Cash: 3% AU Fixed Interest: 6% Intl Fixed Interest: 4%	Growth Assets: 87% Infrastructure: 7% Int Shares: 31%	AU Shares: 34% Property: 15%
  1980-1984	High	10 Years +	7.03% p.a.	Income Assets: 16% Cash: 4% AU Fixed Interest: 7% Intl Fixed Interest: 5%	Growth Assets: 84% Infrastructure: 7% Int Shares: 29%	AU Shares: 33% Property: 15%
  1975-1979	High	10 Years +	6.82% p.a.	Income Assets: 21% Cash: 6% AU Fixed Interest: 9% Intl Fixed Interest: 6%	Growth Assets: 79% Infrastructure: 7% Int Shares: 26%	AU Shares: 31% Property: 15%
  1970-1974	Med-High	10 Years +	6.35% p.a.	Income Assets: 27% Cash: 8% AU Fixed Interest: 12% Intl Fixed Interest: 7%	Growth Assets: 73% Infrastructure: 7% Int Shares: 23%	AU Shares: 28% Property: 15%
  1965-1969	Med-High	10 Years +	5.69% p.a.	Income Assets: 37% Cash: 12% AU Fixed Interest: 16% Intl Fixed Interest: 9%	Growth Assets: 63% Infrastructure: 7% Int Shares: 19%	AU Shares: 24% Property: 13%
  1960-1964	Med-High	10 Years +	5.00% p.a.	Income Assets: 45% Cash: 14% AU Fixed Interest: 21% Intl Fixed Interest: 10%	Growth Assets: 55% Infrastructure: 6% Int Shares: 16%	AU Shares: 21% Property: 12%
  1955-1959	Med	10 Years +	4.45% p.a.	Income Assets: 54% Cash: 18% AU Fixed Interest: 25% Intl Fixed Interest: 11%	Growth Assets: 46% Infrastructure: 6% Int Shares: 13%	AU Shares: 17% Property: 10%
  1950-1954	Med	10 Years +	4.04% p.a.	Income Assets: 62% Cash: 22% AU Fixed Interest: 28% Intl Fixed Interest: 12%	Growth Assets: 38% Infrastructure: 5% Int Shares: 10%	AU Shares: 14% Property: 9%
  1945-1949	Low-Med	7 Years +	3.75% p.a.	Income Assets: 65% Cash: 24% AU Fixed Interest: 30% Intl Fixed Interest: 11%	Growth Assets: 35% Infrastructure: 5% Int Shares: 9%	AU Shares: 13% Property: 8%
  1940-1944	Low-Med	5 Years +	3.62% p.a.	Income Assets: 67% Cash: 26% AU Fixed Interest: 31% Intl Fixed Interest: 10%	Growth Assets: 33% Infrastructure: 5% Int Shares: 8%	AU Shares: 12% Property: 8%
  1935- 1939	Low-Med	5 Years +	3.69% p.a.	Income Assets: 67% Cash: 26% AU Fixed Interest: 31% Intl Fixed Interest: 10%	Growth Assets: 33% Infrastructure: 5% Int Shares: 8%	AU Shares: 12% Property: 8%
  1934 and earlier	Low-Med	5 Years +	3.87% p.a.	Income Assets: 66% Cash: 25% AU Fixed Interest: 31% Intl Fixed Interest: 10%	Growth Assets: 34% Infrastructure: 5% Int Shares: 8%	AU Shares: 12% Property: 9%

  *Asset allocation figures were correct as of February 2018. Note that the exact asset allocation percentages may have changed very slightly since this time, however will remain similar to this. Performance figures correct as at November 2018. Past performance is not an indicator of future performance.

• Option 2: Create your own portfolio

  If you feel confident making your own investment decisions you can build your own investment portfolio from five single sector investment options:

  • Suncorp Australian Shares Fund
  • Suncorp International Shares Fund
  • Suncorp Property Fund
  • Suncorp Australian Fixed Interest Fund
  • Suncorp Cash Fund

  You can change your investments at any time by logging into your online Suncorp member account. Before making a choice you should consider the possible return and risk of the investment options and how long you plan to keep them.

  These investment options were created by Suncorp in May 2017, so there isn't any past performance figures available at this time. You can review more details on the Suncorp Superannuation website.

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.

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