We owe some members some money for charging incorrect fees

Following an upgrade to our systems and change to our product suite, Suncorp has identified some fee issues that have impacted some member accounts.

We are working to resolve these as a matter of priority and will, if we have not already done so, notify you if your account has been affected.

If your account has been impacted, we will refund the money to your account, and any interest you might have missed out on.

Most of this work was completed by 30 June 2018 and we will continue to provide further updates.

We apologise for the inconvenience. Thanks for your patience and understanding.

If you have any questions or would like more information, please contact your financial adviser or our Customer Service team for a chat on 13 11 55 between 8am and 6pm (Eastern Standard Time) Monday to Friday. We’ll be happy to help.

Inaccuracies in recent disclosure documents

We’ve identified some inaccuracies in some of our recent disclosure documents, and although there was no financial impact to customers as a result, we wanted to let you know about them.

  • The Suncorp Brighter Super and Suncorp Employee Superannuation Plan Product Disclosure Statements dated on 30 September 2017 (PDS) displayed investment fees for some investment options, net of tax (the amount actually charged) instead of on a gross basis. Any member who joined under a PDS was charged the correct investment fee. The Suncorp Brighter Super PDS also contained a slight rounding error (0.01% pa) with respect to the percentage of administration fee disclosed in relation to Suncorp Lifestage Fund. The Suncorp Brighter Super PDS referred to the fee as being 0.77% rather than 0.76%. New PDSs were issued on 3 April 2018 with these errors corrected, and we will inform impacted members individually of this in their 2018 Annual Member Statement or by separate notification on their online member portal.
  • 2017 Annual Member Statements for Suncorp Brighter Super, Suncorp Employee Superannuation Plan, and Suncorp Everyday Super contained inconsistent reporting of long term performance resulting in the performance returns being under stated in some cases, and overstated in others. While there was no financial impact to member accounts, we will write to affected customers to let them know about this error in their 2018 Annual Member Statement or by separate notification on their online member portal.

 

Further information will be available in our superannuation fund Annual Reports for 2018. We apologise for any confusion these inaccuracies may have caused.

If you have any questions or would like more information, please speak to your financial adviser or our Customer Service team on 13 11 55 between 8am and 6pm (Eastern Standard Time) Monday to Friday. We’ll be happy to help.