Suncorp Everyday Super account review

Suncorp Everyday Super is a simple, lifetime super account which takes the hassle out of super.

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 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.

Read on to learn more about the ways you can invest.

Key features

  • Default MySuper option
  • Simple fee structure
  • Consolidation service
  • Access to financial advice
  • Mobile banking app
  • DIY tools and calculators
  • Flexible insurance coverage
  • Create your own investment mix

Investment options

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 birthRisk measureMinimum investment time frame5-year average returns*Income asset allocationGrowth asset allocation
2000-2004High10 Years +N/A - 3 years 4.89%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%
1995-1999High10 Years +8.57% 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%
1990-1994High10 Years +8.57% 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%
1985-1989High10 Years +8.46% 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%
1980-1984High10 Years +8.26% 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%
1975-1979High10 Years +7.94% 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%
1970-1974Med-High10 Years +7.25% 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%
1965-1969Med-High10 Years +6.34% 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%
1960-1964Med-High10 Years +5.38% 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%
1955-1959Med10 Years +4.62% 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%
1950-1954Med10 Years +4.01% 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%
1945-1949Low-Med7 Years +3.64% 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%
1940-1944Low-Med5 Years +3.56% 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- 1939Low-Med5 Years +2.10% 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 earlierLow-Med5 Years +2.31% 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%

*Performance and asset allocation figures correct as at February 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.

This option is not explored in depth within this article but you can review more details on the Suncorp Superannuation website.

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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 your investments management will be deducted from your account regularly, while other fees such as financial advice and insurance may be deducted (depending on your choices). It’s important to note that fees may vary between each investment option.

Suncorp Everyday Super Lifestage FundFee amount
Investment fee0.24% p.a.
Administration fee$7.65 per month plus 0.76% p.a. on your balance
Exit feeNil
Switching feeNil
Advice fees relating to members investing in the Suncorp Lifestage FundNil

Other fees and costs:

  • 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.

Example of annual fees and costs for a Suncorp Lifestage Fund account with a balance of $50,000:

Investment fees: $120 (0.24% p.a.)
Administration fees: $91.80 plus $380 ($91.80 p.a. plus 0.76% p.a.)
Indirect costs: None
Total: $591.80

For a more detailed breakdown of fees and additional charges read the PDS available on the website.

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Insurance

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.

Pros and cons

Pros

  • Manage your super online or via the mobile app
  • Simple fee structure
  • MySuper authorised
  • Investments automatically adjust as you get older

Cons

  • Income protection insurance not provided
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How do I apply?

If you’ve decided to select this fund you can open an account online by clicking the green "Go to Site" button at the top of this page.

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

To sign up for an account you must be:

  • An Australian resident

Consolidating your super

If you’ve changed jobs or switched industries it’s likely that you’ll have multiple super accounts and be paying fees on all these accounts. You can ask Suncorp to search the ATO for any other super you may have.

Back to topDISCLAIMER: This article may contain general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.
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