Bendigo SmartStart and Bendigo SmartOptions super and pension products from Bendigo Bank.
Bendigo Bank is an Australian bank with a presence stretching from Sydney to Perth. Bendigo provides banking services to millions of Australians, and making a name for itself in the superannuation space.
Sandhurst Trustees, a subsidiary of Bendigo Bank and manager of the bank’s wealth division, delivers Bendigo SmartStart and Bendigo SmartOptions product holders outstanding value returns with competitive fees.
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 SmartStart and Bendigo SmartOptions products are issued by Sandhurst Trustees Limited. Bendigo SmartStart Super and SmartStart Pension offer default or tailored investment options while Bendigo basic cover for Death and Total & Permanent Disablement (TPD). Bendigo SmartOptions Super and Bendigo SmartOptions Pension products give a greater level of control over where your money is invested.
What the online portal like for Bendigo Bank
You can manage your super and pension products through the online portal hosted on the Standhurst Trustees website. The site lets you view your account balances and manage and switch your chosen investments.
What super funds are offered by Bendigo Bank?
Bendigo Bank offers two super products: Bendigo SmartStart and Bendigo SmartOptions.
Bendigo Bank SmartStart Super
Bendigo SmartStart Super gives you choice of investment and low fees.
- Fees. You’re required to pay an annual administration fee of just $98, and indirect costs ranging from 0.00% p.a to 0.99% p.a. of your balance, depending on which investment option you have.
- Investment options. Choose from two ways to invest. Choose option 1 to invest in Bendigo MySuper. This is the default investment option that you'll be assigned if you don't choose an investment option. This investment option is managed on your behalf and changes as you age. Option 2 lets you choose your own investments. You can mix and match 11 different diversified investment options to match your risk profile and personal values, as well as the option to invest in a cash product.
- Insurance cover. You'll automatically receive Death and Total and Permanent Disablement (TPD) insurance. 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 and more control over your investments than Bendigo SmartStart, provides more insurance cover and has a different fee structure too.
- Fees. A tiered annual administration fee applies depending on your account balance, ranging from 0.00% p.a. to 0.70% p.a. The minimum annual admin fee is $480. Indirect costs may also apply, depending on which investment option you choose.
- Investment options. Bendigo 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 are accepted.
What pension accounts are offered by Bendigo Bank?
Bendigo SmartStart and Bendigo SmartOptions also offer pension products which are designed to pay you a regular income from a superannuation lump sum payment.
Bendigo Bank SmartStart Pension
Your Bendigo 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. Indirect costs may also apply depending on which investment option you choose.
- Investment options. Choose from up to 13 different investment options. Invest in the Sandhurst Strategic Income Fund, a cash investment and 11 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 Bendigo SmartStart Pension 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. Admin fees are tiered depending on the account balance and range from 0% - 0.70% p.a. (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 Bendigo SmartOptions Pension as a transition to retirement pension account.
- Minimum investment. Open this account with $30,000 or more.
- 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 product via the Bendigo Bank website.
Am I eligible for a Bendigo SmartStart or Bendigo SmartOptions pension?
You can apply for the Bendigo SmartStart or Bendigo SmartOptions pension products if you can answer yes to one of the following points:
- You're 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
You’re asked to provide identification with your application. 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 personal financial advice, but we can help you in your comparison of products with general information.