Suncorp Everyday Super | Performance, features and fees
Suncorp Everyday Super offers one simple, lifetime super account which adjusts your invests for you as you get older. Or if you'd prefer a more hands-on option, there are single sector options too.
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Suncorp Everyday Super performance and fees
You'll automatically be invested in the Lifestage Fund when joining, which means your exact investment mix will depend on your age. If you'd prefer a DIY option, you can create your own investments using the single sector options after joining.
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Key features of Suncorp Everyday Super
- Default MySuper option. The Suncorp Lifestage Fund is a simple, low-fee MySuper product and is the default option for members. This option changes your mix of investments as you grow older, so you're taking on less risk as you get closer to retirement.
- Single sector options. If you want more control over your super you create your own investment mix using the single sector options, instead of going with the Lifestage Fund.
- Consolidate your super. You can ask Suncorp to search the ATO for any other super you may have, and then roll these over into your Suncorp account.
- Easy access to your account. Access your account 24/7 online or via the mobile app to monitor your balance, make additional contributions or change your investments.
- Flexible insurance coverage. Your insurance cover is determined by your age, and will automatically adjust over time. You'll receive more cover when you're likely to have higher debt such as a mortgage and children.
- Suncorp Brighter Super. Suncorp also offers another super product called Suncorp Brighter Super. With this product, you can choose from a range of different pre-mixed investment options. Learn more about Suncorp Brighter Super here.
What investment options are available?
Suncorp Everyday Super offers two investment categories depending on how hands-on you want to be with your super. The Suncorp Lifestage category is a low-cost, simple strategy which leaves the complicated investment and management choices to Suncorp. If you want greater control of your super and to choose your own portfolio, Suncorp enables you to do that too.
Option 1: Suncorp Lifestage Fund
The Suncorp Lifestage Fund option is designed to reflect your needs as you move through the workforce. First, you'll be allocated a diversified investment portfolio based on your age, which then automatically adjusts your investment mix as you get older to suit your changing needs and desire for risk.
For example, if you were born in 1991 you'll be invested in the Suncorp Lifestage Fund 1990-1994, a portfolio which contains more growth (and riskier) assets like shares and property. As you get older, Suncorp will automatically shift your money to more defensive assets like cash and bonds as your needs change and you become more risk-averse. This way you'll never have to make any investment decisions about your super. Suncorp will do the work for you.
| Year of birth | Risk measure | Minimum investment time frame | Asset allocation |
|---|---|---|---|
| 2000-2004 | High | 10 Years + |
|
| 1995-1999 | High | 10 Years + |
|
| 1990-1994 | High | 10 Years + |
|
| 1985-1989 | High | 10 Years + |
|
| 1980-1984 | High | 10 Years + |
|
| 1975-1979 | High | 10 Years + |
|
| 1970-1974 | Med-High | 10 Years + |
|
| 1965-1969 | Med-High | 10 Years + |
|
| 1960-1964 | Med-High | 10 Years + |
|
| 1955-1959 | Med | 10 Years + |
|
| 1950-1954 | Med | 10 Years + |
|
| 1945-1949 | Low-Med | 7 Years + |
|
| 1940-1944 | Low-Med | 5 Years + |
|
| 1935- 1939 | Low-Med | 5 Years + |
|
| 1934 and earlier | Low-Med | 5 Years + |
|
*Note that the exact asset allocation percentages may change very slightly from time to time, however will remain similar to this.
Option 2: Single sector options
If you feel confident making your own investment decisions you can build your own investment portfolio from five single sector investment options:
- Suncorp Australian Shares Fund
- Suncorp International Shares Fund
- Suncorp Property Fund
- Suncorp Australian Fixed Interest Fund
- Suncorp Cash Fund
You can change your investments at any time by logging into your online Suncorp member account. Before making a choice you should consider the possible return and risk of the investment options and how long you plan to keep them.
What insurance cover is offered with Suncorp Everyday Super?
Suncorp Everyday Super offers you tailored insurance cover based on your lifestage via Suncorp Life. The amount of cover you receive is determined by your age, and will automatically adjust over time. Suncorp will also provide you with more cover when you're likely to have higher debt such as a mortgage and children.
Once you sign up you will automatically receive*:
- Death cover (including terminal illness cover), which pays a lump sum to your elected beneficiaries if you die or suffer a terminal illness
- Total and permanent disablement cover (TPD), which pays a lump sum if illness or injury means you are unlikely to ever be able to work again
Insurance premiums will be deducted from your super account, and you can increase (up to $850,000) or decrease your insurance through your online account. Note that insurance is applied on an opt-out basis, meaning that you will automatically be placed into cover and have premiums deducted from your account balance. You can cancel your insurance cover at any time online.
*Note: There may be exclusions and/or restrictions which apply to your insurance cover. Check the Insurance Guide available via the Suncorp Everyday Super website.
How do I join Suncorp Everyday Super?
If you've decided to select this fund you can open an account online in less than 15 minutes. You must be an Australian resident to apply for an account.
Make sure you have:
- A spare ten minutes
- Your personal details, including your name, address, date of birth and contact information
- Your Tax File Number (it's not compulsory to give your 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
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