Why choose the Suncorp Employee Super Plan?
- I want to take advantage of a super offer where administration and insurance fees are currently funded by my employer
- I want a super product that also has a pension account, for when I’m ready to retire
- I want a flexible super account that gives me as much or as little control as I want over my investments
- I want online access and less paperwork
- I want to be rewarded with discounts on retail, entertainment and travel
What's so good about the Suncorp Employee Super Plan?
- Keep up to date with your super on your mobile device
- Check your super balance in your secure online account
- A personalised dashboard shows you how your savings are tracking
- Administration and insurance fees (default cover) are currently funded by my employer if eligible
- Discounts on fees for family members who link their Brighter Super accounts to yours if eligible
- No investment switching fees, exit fees or commissions
- Design your own investment portfolio from 48 Australian and international investment options including multi-manager portfolios
- Or leave the investing to us
- If the default level of insurance cover is not enough for your situation, you can apply for life & TPD insurance of up to $1 million. If your application is successful and all insurance cover is provided, the premiums for the cover above the default level, will be payable by you
- Access to personal advice from Suncorp Advice* on an array of areas such as selecting investments and insurance cover, making contributions or working out how much super you need to retire
- As a Suncorp Employee, Suncorp Advice will cover the cost of your initial meeting with a Suncorp Financial Planner. There’s no obligation to proceed, but if you do you’ll receive a 15% discount on the standard financial advice fees (including plan preparation)^
- We can help you find any lost super and rollover your existing funds into one account. We will deal with the other super funds on your behalf**
*Financial advice is provided by representatives of Suncorp Financial Services Pty Ltd (SFS) ABN 50 010 844 621, Australian Financial Services Licence (AFSL) & Australian Credit Licence (ACL) 229885. Various products and services are provided by different entities of the Suncorp Group. Banking products and services are provided by Suncorp Bank. Whilst SFS is a related body corporate of Suncorp Bank, Suncorp Bank is not responsible for, does not guarantee and is not liable in relation to products and services provided by SFS or by other entities of the Suncorp Group.
^The discount is only available per Eligible Person and can only apply once per annum, commencing from the date of the initial appointment. The staff offer will cease to apply if you leave Suncorp. The discount relates to time spent by a Financial Planner on plan preparation, telephone advice, and subsequent plan presentation to Eligible Persons, but not to any costs associated with the purchase of products. You will be advised of these costs when you meet with the financial planner, if applicable.
**Before moving your superannuation you should consider: any fees payable (eg. for exit or withdrawal); where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, eg. to your investments or tax position.
Low fees? How low are we talking?
- Dollar based administration fee of $6.50 per month, currently paid by your employer Suncorp
- % based fee of 0.05% currently paid by your employer Suncorp*
- You won't pay any investment switching fees, exit fees or commissions
- You will pay investment fees ranging from 0.00% to 1.54%. We’ll automatically establish you in the plan’s default investment strategy which is the Suncorp Lifestage Fund which has a fee of 0.20%
- If you make any changes to your investment strategy, you may incur a buy-sell spread, these range from 0.00% pa to 0.50% pa
- Suncorp currently pays the insurance premiums for eligible employees of the Suncorp Group
- You can also choose to make a payment from your account to your adviser for advice tailored to your personal situation
*APRA (the Government’s prudential regulator of super funds and insurers) imposes a levy on the Trustee, a proportion of which will be recouped from your underlying investments on a monthly basis (excludes investments in the Suncorp Traditional Capital Guarantee Fund). For the year ending 30 June 2017 this levy should be no more than approximately 0.20% pa. It may change each year based as it is set by APRA, and as it is an expense of the Fund, any variation will be passed onto you without notice.
What about Super for my family members?
We recognize that our family members are the most important people in our lives and to honor this relationship we have enabled our Brighter Super offering to allow family members of our staff to link their Brighter Super, Super or Pension accounts to your Suncorp Employee Super plan account.
This means that your family member’s administration fee will be calculated in line with the fee structure shown in the below table for Brighter Super Personal and Pension:
The fees will be calculated on your combined balance.
To find out if your family are eligible, please refer to page 4 of the Suncorp Brighter Super Product Guide
Up to 0.55% of your account balance (less any applicable administration fee discount – see below). The administration fee is 0.65% for monies invested in the Suncorp Lifestage Fund and 0% if invested in the Suncorp Cash Fund.
Administration fee discount*
0.05% per year for balances between $100,000 and $250,000
0.15% per year for balances between $250,000 and $500,000
0.20% per year for balances over $500,000
0.05% per year
0.15% per year
0.20% per year
Ranges from 0.00% per year to 1.54% pa, depending on the investment option(s) you choose.
nil to 1.54% per year
nil to 0.50%
*Balances invested in the Suncorp Cash Fund and the Suncorp Lifestage Fund are not included for administration fee discount purposes.
Investment flexibility and control
This is one of the great things about Suncorp Employee Super Plan – you’ve got real flexibility. For example you could start off by choosing to let us do all the work with our diversified multi-manager Suncorp Lifestage Fund. And then down the track you (with or without a financial adviser’s help) could start to build a more tailored portfolio from our choice of around 50 investment options.
Prefer to keep things simple?
Fund. The actual investment mix may differ from that shown here. You can find the latest actual investment mix for your Suncorp
Lifestage Fund in the monthly Suncorp investment options asset allocation report available by clicking here
Want to choose your own investment mix?
If you’d rather build your own Suncorp Employee Super Plan investment portfolio (perhaps with your financial adviser’s help), then you can choose from our broad range of 13 diversified and 35 single-sector options. They bring together the skills of our investment partner and expertise from a variety of high quality Australian and overseas investment managers.
Suncorp Employee Super Plan’s investment options are designed to suit a broad range of investors. Each option has a varying degree of risk and expected return, so you and your adviser can mix the options to build the investment portfolio that’s right for you.
How is your superannuation fund performing?
You can compare the financial year results for all our investment options since the option started, or over the last five years, and see how each option has performed.
Performance figures for our super investment options and annual reports are provided below.
Super is a long term investment and offers good potential to grow your money over time. When considering investment returns, it’s important to note that past performance is not a guarantee of future performance.
Investment Performance Reports
Suncorp Employee Super Plan Annual Report
Access to insurance benefits
- Insurance premiums are funded by the Suncorp Group as an additional contribution and simply deducted from your super account balance, so you have no immediate out of pocket expenses1
- Eligible Employees that join the plan within 120 days will be automatically accepted for default insurance cover - no medical required
- Automatic Insurance benefits are limited to the following amounts, also known as the AAL
- Life & TPD $750,000
- Income Protection $10,000 per month
- Members can apply and be underwritten for cover up to
- $1 million for Life or TPD
- and for Income Protection up to 75 per cent of your salary up to $10,000 per month
- Life insurance is issued by Suncorp Life and Superannuation Limited (SLSL)
If you’re are employed on a permanent basis with the Suncorp Group, you’ll be provided with Default Cover when you join the Plan, which Suncorp currently pays for if you’re eligible1. The type of cover you receive depends on how you’re employed by the Suncorp Group, and is outlined below.
|Type of member||Default Cover2,3|
|Casual employees||Life cover only calculated as:
|Permanent employees||Life cover calculated as:
|Permanent employees working at least 15 hours a week||TPD cover calculated as:
1Suncorp Group currently pays the default cover insurance fees for eligible employees of the Suncorp Group. This payment is applied as an employer contribution which counts towards your concessional contribution cap.
2Some existing members may have different levels of Life & TPD cover, waiting periods or benefit periods, for Income Protection cover. Please refer to your online portal or call us on 1800 652 489 to confirm.
3The amount of your insurance cover may be subject to maximum limits. For more information ‘For more information please refer to the PDS and Product Guide for the Suncorp Employee Super Plan.
Who is eligible for Life, TPD & Income Protection covers?
Cover is provided for all permanent employees who:
- are age 15 and over but less than age 70 (for Life and TPD cover) or age 69 (for Income Protection cover);
- work 15 hours or more per week (for TPD and Income Protection cover); and
- meet the ‘at work’4 requirements under the insurance policy.
You generally won’t need to supply any medical evidence to receive your employer selected cover up to the Automatic Acceptance Limit (AAL). You will need to provide medical evidence and be accepted by the insurer in the following circumstances:
- Your employer selected cover is above the AAL:
- Life & TPD $750,000
- You apply for additional insurance cover
4If you are not ‘at work’ in active employment on the day you commence employment, you’ll be covered under New Events Cover. You must be ‘at work’ then for 60 consecutive days before you are covered under All Events Cover. For more information, please refer to the “Insurance in your super” section of the Suncorp Employee Superannuation Plan Product Guide.
How can I make a claim?
If you wish to make an Income Protection claim, you should notify the Customer Service team in writing within 28 days after the end of the waiting period. For TPD claim, you must notify us no later than 12 months from the date of disablement.
In the event of your death, your legal personal representative should contact the Customer Service team in writing no later than 12 months from the date of death. The Customer Service team will inform your legal personal representative of any additional information required to support the claim.
What happens to my insurance if I leave Suncorp?
Employees who are members of the Plan and leave employment with Suncorp will remain members of the Plan.
1. Life and TPD cover
Upon leaving employment with Suncorp, your Life and TPD cover will automatically continue at an amount equal to the dollar value of your insurance cover at the time we are notified that you have left employment with Suncorp and your Insurance Fees will be deducted from your account. It’s important to note that once you leave employment with Suncorp:
- Insurance Fees will be deducted directly from your account
- If you don’t have any money in your account or enough money to pay your Insurance Fees, your account will be closed and your insurance cover will be cancelled.
- You may wish to make voluntary contributions or rollover other super monies to ensure that you have enough money to cover the cost of Insurance Fees.
If you leave employment with Suncorp and don’t want to continue your Life and TPD cover, you should notify the Customer Service team in writing.
2. Income Protection cover
Your Income Protection cover under the Plan will cease effective the date we are notified that you have left employment with Suncorp. You may apply to reinstate your Income Protection cover up to 6 months from the date you ceased employment with only limited underwriting required. without the need to provide any additional evidence of health.
If you do not apply within 6 months from the date you ceased employment, you will not be eligible.