Suncorp Portfolio Services: Retirement Products for More than 20 Years

Suncorp Portfolio Services Limited

Picking the right kind of investment options through your super can be crucial. Suncorp Super gives you a range of alternatives to choose from.

Suncorp Portfolio Services Limited (SPSL) is the trustee for Suncorp Master Trust, Suncorp Defined Benefit Fund, Optimum Pooled Superannuation Trust and Connelly Temple Pooled Superannuation Trust. It functions as a completely owned subsidiary of Suncorp Group Limited. The Suncorp Group provides a range of financial services and products through banking, insurance, investment and superannuation brands in Australia as well as New Zealand. With more than 15,000 employees, the group serves around nine million customers. It has more than $95 billion in assets; making it a top 20 ASX listed company. With Suncorp Super, you get to choose from two different super and pension accounts, each giving you the option to invest as per your individual requirements. The Australian Prudential Regulation Authority (APRA) regulates operations of SPSL.

Awards and honours everyone should know that Suncorp Super has earned

  • SuperRatings, 2013. Everyday Super received Gold rating.
  • SuperRatings, 2014. Everyday Super awarded Best New Product.

A closer look at Suncorp Super

Part of the Suncorp Group, Suncorp Superannuation offers super and pension solutions, term deposits and cash options, SMSF options as well as insurance products. Suncorp Superannuation has offered super and retirement solutions for over two decades. SPSL, through the Suncorp and Asteron Life brands, services more than 250,000 customers, paying over $7 million in retirement income every month. The Suncorp Super website can assist you in planning for retirement no matter what life stage you’re at, which it does through an assortment of free guides. It provides a retirement simulator as well as an investment risk profiler, which can aid in managing your money better.

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What’s internet banking like for Suncorp Super?

No matter which super or pension option you go with, you get free access to the Suncorp Super online platform. Once you login to this secure platform you can make changes to your personal details, view your account balance and transaction history, switch between investment options and amend beneficiary details.

What super funds are offered by Suncorp Super?

With Suncorp Superannuation, you get to choose from two different super accounts.

  • Suncorp Everyday Super

This option lets you keep things simple, given that you can get your investments taken care of by experts managing the Suncorp Lifestage Fund. This portfolio brings with it a diversified mix of investments based on your age, so you don’t end up relying on any one asset class. There is a change in the mix over time, in accordance to your life stage and ability to withstand risk. For example, a significant portion of your money goes towards growth investments like shares and property when you’re young. As you grow older, more money goes towards lower risk investments that suit shorter time frames. Asset classes included in the mix are Australian and international shares, Australian and international fixed interest, property, infrastructure and cash. If you wish to control your portfolio on your own you can create your own mix from single asset class funds such as Suncorp Australian Shares Fund, Suncorp International Shares Fund, Suncorp Property Fund, Suncorp Australian Fixed Interest Fund, Suncorp Cash Fund and Everyday Super Term Deposit.

  • Suncorp WealthSmart Personal Super

This option gives you greater freedom when managing investments within your super. You get to choose from a number of diversified investment options as well as various single asset class funds. You can choose from the diversified alternatives based on factors such as ability to withstand risk, desired returns and time frame. The portfolios on offer include Secure, Conservative, Capital Stable, Balanced, Universal Balanced, Growth, Universal Growth and High Growth. The single sector investment options comprise of Cash, Guaranteed Cash, Term Deposits, Australian Bonds, Fixed Interest, Wholesale Global Credit Income, Property Securities and more.

What pension accounts are offered by Suncorp Super?

If you’re turning to Suncorp for a pension solution you get to choose from the Everyday Super Pension and the WealthSmart Pension.

  • Receiving payments. You get to choose how much money you receive as pension payments, provided you meet the government specified minimum withdrawal limit. You get to decide the payment frequency, which can be monthly, quarterly, bi-annually or annually. You also have the option to make lump sum withdrawals at any time.
  • Tax benefits. If you are over 60 years of age, you don’t have to pay any tax towards regular pension payments or lump sum withdrawals. You don’t have to pay tax on investment earnings as well.
  • Investment options. If you open an Everyday Super Pension account, you can leave the investment aspect to professionals or choose to invest your money on your own in one or more single asset class bonds. The WealthSmart Pension account lets you choose from various diversified portfolios based on factors such as risk, returns and time period. It lets you invest your money in a number of single asset class bonds as well.
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Useful tips when applying or switching to Suncorp Super

You can become a Suncorp Super member as an individual or through your employer. If you wish to apply as an individual you can submit an online application. You can also initiate the process over the phone or by visiting any Suncorp branch. Becoming a part of this super fund is possible at various stages.

  • When you start working for the first time
  • When you switch jobs
  • When you start making plans for retirement

Applying requires that you meet some basic eligibility criteria.

  • You’re an Australian resident
  • You have a tax file number

In order to complete the application successfully you’ll have to provide different kinds of information.

  • Your name, home address, email address and phone number
  • Your tax file number (optional)
  • Details about your employment
  • Your investment options
  • Beneficiary details
  • Details of rollovers from existing super accounts, if any

After Suncorp opens your account, you get access to its online platform. You can login at any time to change personal details, details of beneficiaries and investment options.

While Suncorp Super gives you multiple investment options, so do a number of other super funds. This makes it important that you compare your options before applying.

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