Sunsuper for life account review

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Sunsuper for life is designed to help you manage your super from your first day of work and throughout retirement.

Sunsuper for life is a MySuper-authorised product which helps you save for your future. You’ll have access to both a Super-savings account while you’re in the workforce and an Income account for when you’re transitioning to retirement. You can also choose to take a more hands-on approach and select from a range of investment options. Sunsuper gives you complete access to your super anywhere, anytime with Member Online and the Sunsuper app. Read on to learn more about the ways you can invest.

Key features

  • Lifecycle investment strategy
  • MySuper authorised
  • Flexible insurance cover
  • 20 different investment options
  • Member-centric service and advice
  • Manage your super online or via a mobile app
  • Earn a Retirement Bonus of up to $4,800 when you open a new Income account

Investment options

Sunsuper for life offers three ways to invest depending on how hands-on you want to be with your super. These options are detailed below:

Option 1: Lifecycle Investment Strategy

When you apply to become a Sunsuper for life member the fund will automatically place you in its Lifecycle Investment Strategy (MySuper) option. With this product your super will be managed for you, starting you in a Super-savings account while you’re working then transitioning you to an Income account when you near retirement. The account will accept contributions from your employer (including salary-sacrifice contributions) as well as voluntary after-tax contributions and rollovers from other funds.

A special feature of this product is its lifecycle strategy, gradually transitioning you towards lower-risk investments such as cash and fixed-income as you approach age 65. This works by first placing you in the Balanced Pool until you’re aged 55, and then moving you to the Retirement Pool (age 60) and then the Cash Pool (age 65).

Risk5-year return*Asset allocation
Balanced PoolMedium to high10.5% p.a.Australian shares 22.5%

International shares 27.5%

Private capital 7%

Property 11%

Diversified strategies 5%

Infrastructure 8%

Fixed interest 8%

Hedge funds 5%

Cash 6%

Retirement PoolMedium7.7% p.a.Australian shares 17.5%

International shares 15.5%

Private capital 5%

Property 10%

Diversified strategies 5%

Infrastructure 7%

Fixed interest 22%

Hedge funds 6%

Cash 12%

Cash PoolVery low2.0% p.a.Cash 100%

Option 2: Build your own investment strategy: diversified options or single asset options

If you'd prefer to take control of your super, choose from one of Sunsuper’s diversified options, a single asset option, or a mix of up to 10 from their full range of 19 options.

Fees

Sunsuper for life has a number of fees and other costs which will be deducted from your account on a regular basis. Fees relate to the administration of your account and the management of your investments. Other costs may be charged for additional services including personal financial advice and insurance premiums.

Other fees and costs that may apply:

  • Insurance premiums if you have insurance cover in Sunsuper
  • Fee for personal advice from a Sunsuper financial adviser or an external adviser
  • An exit fee of $47

Example of annual fees and costs for a $50,000 Super-savings account (Lifecycle investment strategy):

Investment fees: $130

Administration fees: $78 plus $50

Indirect costs: $310

Total: $568

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

Insurance

As a Sunsuper Super-savings account member you will automatically receive access to death and total and permanent disability assist cover, and have the option to increase cover and add income protection insurance, provided you meet some basic criteria.

The amount of death and TPD assist cover you will receive with your account will depend on your age and the type of cover. You also have the option to increase your level of cover, should you wish to do so.

The cost of your cover will depend on your age and gender and the cost will change with your age over time. Premiums are calculated weekly and are deducted from your account each month. Once you are retired, you can continue your insurance cover as long as you continue to hold a Super-savings account (with a minimum account balance of $1,500).

Example Death and TPD Assist cover levels and cost (new member options):

Your ageDeath coverTPD Assist coverCost per week – MaleCost per week – Female
15$62,500$125,000$2.28$1.36
25$125,000$175,000$3.92$2.68
35$240,000$240,000$7.08$4.84
45$132,000$132,000$8.44$6.76
55$42,000$42,000$8.44$6.76
65$16,000$16,000$8.44$6.76

Insurance offered through Sunsuper is provided by AIA Australia Limited.

Note: there may be exclusions and/or restrictions which apply to your insurance cover. Check the “Sunsuper for Life Insurance Guide” available via the Sunsuper website.

Socially responsible investing

Sunsuper will encourage its investment managers to consider environmental, social and governance factors, labour standards and ethical considerations.

Member benefits

Dream Rewards is Sunsuper’s member rewards program which offers deals and discounts with companies across Australia.

Retirement bonus

When you’re ready to retire and switch over to a Income account, a retirement bonus of up to $4,800 may be paid on funds moved into your new account.

Pros and cons

Pros

  • Access to financial advice
  • Customise your investment options
  • MySuper authorised
  • Mobile app

Cons

  • Exit fees apply to some accounts

How do I apply?

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

Make sure you have:

  • A spare 10 minutes
  • Your personal details, including your name, address, date of birth and contact information
  • Your tax file number (it's not compulsory to give a 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

Consolidating your super

If you’ve changed jobs or moved industries, it’s likely that you’ll have multiple super accounts and be paying fees on all these accounts. You can ask Sunsuper to search the ATO for any other super you may have via the Rollover tool or filling out the ‘Combine your super into Sunsuper’ form.

Managing your account

You can access your super balance, update your details or manage your super investments online 24/7 via Member Online or on your mobile with the Sunsuper app.

Nominate your beneficiaries

Once you sign up for an account you’ll be asked to nominate your beneficiaries. The person/s nominated will receive your super and any insured death benefit if something happens to you.

You can nominate one or more dependents.DISCLAIMER: 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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