Sunsuper Review | Performance, features and fees
Sunsuper offers a large range of different investment options, including an ethical option and a MySuper product that automatically invests your super in line with your age bracket.
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Sunsuper performance and fees
When joining Sunsuper you'll automatically be invested in the Sunsuper Lifecycle option which invests your super according to your age. After joining you can switch your investment option to any of the below products at any time.
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:
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. Your super will be managed for you, and will be invested in a Balanced fund for the majority of your working life. It'll then gradually reduce your exposure to growth assets as you get closer to retirement.
|Lifestage options||Risk||Asset allocation|
Members will be invested in the Balanced option until they're 55, which aims for medium to long-term growth with a mix of growth and defensive assets.
|Medium to high|
Once you turn 55, you'll be invested in the Retirement option instead of the Balanced option. The retirement option has a much lower allocation to growth assets, but still aims to achieve some growth over the short to medium term.
|Cash Pool |
When you're aged 65 and over you'll be invested in the Cash option, which is 100% defensive with no exposure to growth assets.
Option 2 Pre-mixed investment options
If you'd prefer a bit more choice with your super, you can choose from one of Sunsuper's diversified options.
|Pre-mixed investment options||Risk||Asset allocation|
This is the highest-growth option, with more than 80% asset allocation to growth investments including shares.
This is the default investment for all members under 55, unless you choose otherwise.
|Medium to High|
|Balanced – Index|
This option has the same level of asset allocation to growth investments as the Balanced option, but it invests in indices and ETFs.
|Socially Conscious Balanced |
This option avoids investment in companies that generate more than 5% of revenue from alcohol, tobacco, gambling, pornography, coal or nuclear power manufacturing.
|Medium to High|
This option provides greater exposure to unlisted investments and trading strategies.
This option is designed for members who are close to, or have reached retirement and has less exposure to growth assets, meaning less short-term volatility.
This option is designed for members who seek less volatile returns for their super while maintaining some growth exposure.
|Low to Medium|
Option 3: Single asset class options
This is for members who want to be hands-on with their super. You can choose to invest your balance in just one single asset option, or a mix of up to 10.
- Australian Shares
- Australian Shares - Index
- International Shares - Index (hedged)
- International Shares - Index (unhedged)
- Emerging Market Shares
- Australian Property - Index
- Diversified Bonds
- Diversified Bonds - Index
- Capital Guaranteed
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|
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
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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