Updates on super

Superannuation End of Financial Year 2018/2019 cut-off times

The end of the financial year is approaching fast. Following is a summary of important information and cut-off times for members, employers and advisers looking to make contributions to all Suncorp Superannuation products - Brighter Super, Everyday Super or Suncorp Employee Super plan.

For a contribution to be processed within the 2018-2019 financial year and be included in a member’s Annual Statement, it must be received by Friday 28th June 2019.

Lower investment fees for Suncorp Everyday Super, Suncorp Brighter Super and SESP* members are here!!!

Recently, we made some investment fee changes for the Suncorp Lifestage Funds (MySuper default investment option) and certain Suncorp branded investment options available in Suncorp Brighter Super, Suncorp Everyday Super (EDS) and Suncorp Employee Superannuation Plan (SESP).

Transition Plan for the Insurance in Super Voluntary Code of Practice

Suncorp Portfolio Services Limited (we, our, us), trustee of the Suncorp Master Trust, has adopted the Insurance in Superannuation Voluntary Code of Practice (‘the Code’), which commenced on 1 July 2018.

We believe that adopting the Code is in the best interests of our members and anticipate it will lead to better outcomes for our members in relation to insurance arrangements through their Suncorp super products.

We already comply with some elements of the Code, and aim to comply with additional requirements in 2019 and meet all requirements by June 2021. Our Transition Plan outlines our timeline for compliance.

Insurance in Superannuation Voluntary Code of Practice

Suncorp Portfolio Services Limited (SPSL) intends to adopt the Insurance in Superannuation Voluntary Code of Practice (Code), which commenced on 1 July 2018. By 31 December 2018 we will publish on our website our transition plan for becoming compliant with the standards of the Code. We will start complying with the Code as early as we can, and by no later than 30 June 2021.

You can also find a copy of the Insurance in Superannuation Voluntary Code of Practice.

New limits on pension transfers

There is now a limit to the total amount of superannuation that you can transfer into a pension account, where your investment earnings (including capital gains) are tax-free.

New non-concessional caps

Non-concessional contributions are generally those contributions that you make to super from your after-tax income.

Lower concessional cap

Concessional contributions are generally those made from your pre-tax income, such as those made by your employer or via salary sacrifice.

Get super sorted and link internet banking with your super account.

Here’s some good news for Suncorp Brighter Super and Suncorp Everyday Super customers. You can now link Suncorp Bank Internet Banking with your super account if you’re a Suncorp Bank customer. 

The investment bumpy road explained

Our investment manager, Ibbotson explains how recent market fluctuations is nothing out of the ordinary and provide their views on investment strategy.

Is a Santa rally coming to town this year?

In past years, stock markets have experienced a lift in December as investors increased trading in the lead up to the year end. This phenomenon is aptly named – the Santa rally.

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