Salary sacrifice is the portion of pre-tax salary that an employee gives up in exchange for the employer making additional super contributions on their behalf.
Concessional contributions are contributions made by your employer or that you make with 'before-tax' dollars, like salary sacrificing.
Non-concessional contributions include spouse contributions and contributions you make from 'after-tax' dollars.
A quality super fund will usually offer competitive fees, an appropriate range of investment options, sound management, and other features and benefits.
Of course, the choice you make should always be based on your personal circumstances. A financial planner can help you decide on a fund that best suits your needs.
Switching is the transfer of your money from one investment option to the other.
Any amounts switched will be shown on your statement.
If you die while a member of a super fund, the value of your accumulated benefit (and any life insurance) will usually be paid to the person you choose as your beneficiary, like your spouse or child.
There are usually three ways to nominate a beneficiary:
- A binding nomination
- A binding non-lapsing nomination
- A non-binding nomination.
For more information or to nominate a beneficiary, please contact us.
You can contribute to your Suncorp super account in several ways including BPAY, cheques or branch deposits.
Once you've reached preservation age (currently 56 if born between 1 July 1960 and 30 June 1961), you can access your super as a ‘transition to retirement’ (TTR) pension. The benefits of a TTR pension are:
- You can ease into retirement by reducing your working hours without reducing your net income.
- You can boost your retirement savings without impacting your net income if you are still working full time.
The Age Pension is an income support payment paid by the Government to ensure you have a minimum level of income in your retirement.
Quarterly payment cut-off dates:
Quarter One; 1 July - 30 September 28 October
Quarter Two; 1 October - 31 December 28 January
Quarter Three; 1 January - 31 March 28 April
Quarter Four; 1 April - 30 June 28 July