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Sunsuper Review | Performance, features and fees
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Sunsuper is designed to help you manage your super from your first day of work and throughout retirement.
Sunsuper offers 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.
3.18%
Past performance - 1 year
8.14%
Past performance - 5 Years
$463
Annual fees on $50k balance
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Details
| Product Name | Sunsuper Lifecycle Balanced |
|---|---|
| Past performance - 5 Years | 8.14% |
| Annual admin fee | $78 + 0.1% of balance p.a. |
| Insurance included | Death,TPD |
| Number of members | 1,400,000 |
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.
What are the key features of Sunsuper?
- Lifecycle investment strategy. This strategy is an ideal set-and-forget investment option as it adjusts in line with your age throughout your working life.
- MySuper authorised. Sunsuper's Lifecycle investment option is the authorised MySuper investment option; a low-fee, no-frills default option.
- Flexible insurance cover. Access to death and total and permanent disability assist cover, with the option to increase or decrease your cover and add income protection insurance.
- 20 different investment options. You can choose from a Lifecycle investment option, between a number of pre-mixed diversified options or create a build-your-own option.
- Manage your super online or via a mobile app. Enjoy easy access to your super online or when you're out and about via the mobile app.
- Member benefits. Dream Rewards is Sunsuper's member rewards program which offers deals and discounts with companies across Australia.
- Socially responsible investing. A pre-mixed, balanced socially responsible investment option is available.
- Earn a 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.
What investment options does Sunsuper offer?
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:
What fees apply?
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.
Example of annual fees and costs for a $50,000 Super-savings account (Lifecycle investment strategy):
Administration fees: $78 + 0.1%
Indirect cost including investment fees:
Total calculated fees: $463
For a more detailed breakdown of fees and charges, always read the PDS available on the website.
What insurance options does Sunsuper offer?
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 age | Death cover | TPD Assist cover | Cost per week – Male | Cost 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.
If you're looking for more information on Sunsuper's life insurance take a look at our detailed guide here, and if you're looking for more information on Sunsuper's income protection insurance read here.
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.
How do I join Sunsuper?
If you’ve decided to select this fund you can open an accumulation account online by clicking the green "Go to Sunsuper's website" button above.
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
Sunsuper FAQs
Can you consolidate your super with Sunsuper?
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.
How do you manage 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.
How do I nominate my 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.