Sunsuper | Performance, features and fees

Sunsuper Lifecycle Balanced
Sunsuper Lifecycle Balanced
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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 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.

Product Name Sunsuper Lifecycle Balanced
Past 5 Year Performance 9.84%
Administration fee $78.00 p.a. + 0.10% (first $800K, thereafter nil)
Calculated fees on $50,000 $553.00
Insurance included Death, TPD
Number of members 1,323,000

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 your 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, balnced 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.

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.

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 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.

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.
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2 Responses

  1. Default Gravatar
    JerryAugust 27, 2018

    How long will takes for a payment to be made since l have made my application for my payments 5 months ago and nothing happen?

    • finder Customer Care
      JoshuaAugust 28, 2018Staff

      Hi Jerry,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      If you are referring to your Sunsuper payment, it would be a good idea to ask the company directly. You need to make a follow up as your request might have been overlooked. Checking the status of your request would help you better know what happened to the payment.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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