StartSmart and SmartOptions super and pension products from Bendigo Bank.
Bendigo Bank is a national bank with a presence stretching from Sydney to Perth.
Bendigo provides banking services to millions of Australians; however, the brand is making a name for itself in the superannuation space.
Sandhurst Trustees, a subsidiary of Bendigo Bank and manager of the bank’s wealth division, has delivered Bendigo Bank SmartStart and SmartOptions product holders outstanding value returns for the three years running.
Bendigo Bank superannuation products have been recognised within the industry.
- Heron Partnership - 5 Quality Stars MySuper product - 2015
- SuperGuide.com.au - 2nd cheapest Australian super fund - SmartStart - 2015
A closer look at Bendigo Bank
Bendigo Bank SmartSuper is issued by Sandhurst Trustees Limited. Through this partnership Bendigo and Sandhurst are able to offer two superannuation and two pension product lines: The Bendigo SmartStart Super and SmartStart Pension offer default or tailored investment options and basic cover for Death and Total & Permanent Disablement (TPD). The Bendigo SmartOptions Super and SmartOptions Pension products give a greater level of control over where your money is invested as well as insurance cover.
When you apply for either super product, you also get the corresponding pension product too.
What is internet banking like for Bendigo Bank
You can manage your StartSmart and SmartOptions super and pension products through the online portal hosted on the Standhurst website. The sites lets you view your account balances and manage and switch your chosen investments.Back to top
What super funds are offered by Bendigo Bank?
Bendigo offer two super funds: StartSmart and SmartOptions.
Bendigo Bank SmartStart Super
Bendigo Bank SmartSuper gives you choice of investment and low fees.
- Fees. You’re required to pay an administration fee of $323 as well as an investment fee. The invest fee varies depending on your choice of investment option.
- Investment options. Choose from two investment options. Choose option 1 to invest in Bendigo Bank’s MySuper. This is the default investment option. This investment option changes as you age. Option 2 lets you choose your own investment. You can mix and match 10 different diversified investment options to match your risk profile.
- Insurance cover. You’re covered by SmartStart’sgeneric Death and Total and Permanent Disablement (TPD) policies. You have the option of adding income protection cover to your fund or tailoring the Death and TPD benefit specifically to your circumstances. To apply for additional cover, you’ll need to complete and send in the Insurance Application Personal Health Statement available on the Bendigo Bank website.
- Contributions. Personal and employer contributions are accepted.
Bendigo SmartOptions Super
Bendigo SmartOptions gives you more ways to invest than StartSmart, provides more cover and has a different fee structure too.
- Fees. An Indirect Cost Ratio fee applies to investments made through your SmartOptions fund. A tiered annual administration fee also applies.
- Investment options. SmartOptions Super gives you more flexibility over how you manage your superannuation investments. Choose to invest in over 50 different managed funds, a cash products, term deposits or on the S&P/ASX 200.
- Insurance. Get comprehensive cover for Death and Total and Permanent Disablement in addition to Income Protection Insurance.
- Contributions. Employer and personal contributions can made to this fund.
What pension accounts are offered by Bendigo Bank?
Bendigo pension accounts are offered alongside their superannuation products. You get a pension account when you apply for Bendigo’s StartSmart or SmartOptions products. These pension accounts are designed to pay you a regular income from a superannuation lump sum payment.
Bendigo Bank SmartStart Pension
This SmartStart Pension account pays you an income from your superannuation fund in retirement. This account can also be used to transition to retirement, which can provide you with a tax effective way to grow your superannuation balance once you’ve reached the preservation age and before you’ve stopped work.
- Fees. Two administration fees apply: A $98 p.a. administration fee in addition to a fee of 0.20% p.a. of your account balance. You’ll also have to pay an investment fee of 0.40% p.a. - 0.99% p.a.
- Investment options. Choose from up to 12 different ways to invest your money. Invest in the Standhurst Strategic Income Fund, a cash investment and 10 diversified actively and passively managed funds. The default investment option for this account is the Bendigo Conservative Index Fund.
- Transition to retirement. You can open this pension account as a transition to retirement account if you’ve reached your preservation age and you’re still working.
- Pension payments. Elect to receive pension payments every month, quarter, half year or year. Minimum payments depend on your age.
- Minimum investment. Invest $10,000 or more to open this pension account.
Bendigo Bank SmartOptions Pension
Bendigo SmartOptions Pension gives you access to invest in Australian listed securities and pays you a pension in retirement.
- Fees. Investment fees range from 0% - 1.55% p.a. A tiered administration fee applies (minimum $480).
- Investment options. You can invest in over 50 different managed funds, term deposits, a cash product and the SP/ASX200. Also decide your investment strategy and outline specific trading instructions. You can switch your investment options at any time using the Bendigo SmartOptions Online website.
- Transition to retirement. You can open the SmartOptions Pension as a transition to retirement pension account.
- Minimum investment. Open this account with as much as $10,000 or more.
- Insurance. A benefit is paid to a nominated beneficiary if you pass away. The generic Death and TPD cover is not an included SmartOptions Pension benefit.
- Pension payment. Choose how often you want a pension paid from this account: monthly, quarterly, every half year or year.
How do I apply for Bendigo Bank super funds?
You can apply for a Bendigo Bank superannuation or retirement products by downloading, completing and returning a Bendigo SmartStart or SmartOptions Application Booklet. The booklet can be found on the Sandhurst Trustees website.
Am I eligible for a Bendigo Bank StartSmart or SmartOptions pension?
You can apply for the Bendigo StartSmart or SmartOptions Pension products if you can answer yes to one of the following points:
- Retired from the workforce and you’ve reached your preservation age,
- You’re over 65
- You’ve left or changed your job after the age of 60
- You’ve suffered permanent incapacity.
Bendigo need to verify your identity before your application can be completed. You’re asked to provide identification with the application for the StartSmart or SmartOptions products. Your drivers licence or passport are both accepted forms of identification.
Use the form below to ask us any questions you have about Bendigo’s superannuation and retirement accounts. We can’t provide financial advice, but we can help you in your comparison of products.