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Account adjustment for members who may have benefited from Accrued Default Amount transitions occurring at the same time as Suncorp Brighter Super migrations
MySuper legislation, introduced by the government, required superannuation funds to make changes to member accounts that contained Accrued Default Amounts (ADA). The MySuper changes were designed to ensure that ADA members who were not actively engaged in their superannuation account, invested their contributions in an authorised MySuper product. Suncorp’s authorised MySuper product was the Suncorp Lifestage Fund.
The MySuper legislation required that, where a member had not made an investment choice since joining the fund, their entire balance was to be invested in the Suncorp Lifestage Fund by 30 June 2017.
Although all relevant ADA members were moved to the Suncorp Lifestage Fund prior to that date, it may have been possible to transfer balances earlier by aligning transfers with the membership transitions to Suncorp Brighter Super on 3 December 2016 and 27 May 2017. Consistent with our commitment to doing the right thing for members, we are making adjustments to the account balances of any members who would have been in a better position if the ADA transfers had occurred at the time of these Suncorp Brighter Super transitions.
The adjustment represents the net difference in fees paid and investment earnings had we invested the balance of a member’s account at the date of the Suncorp Brighter Super transfer. The total amount of adjustments to affected member accounts is approximately $4.4m. A communication to all impacted members will be sent within two weeks of the payment.
We won’t ask you to do anything, however, if you have any questions, please contact our Customer Service team for a chat on 13 11 55 between 9am and 5pm (Brisbane time) Monday to Friday. We’ll be happy to help.
Things you should know
* Past performance is not a reliable indicator of future performance. Investment performance based on SuperRatings’ ranking of 50 balanced (60 -76) superannuation investment fund performances over 1 year to 31 December 2020 (Sources: Top 10 Super Funds - SuperRatings and SuperRatings Fund Crediting Rate Survey December 2020 (SuperRatings Survey) which is not publicly available). Investment funds compared are a diversified fund option with a growth assets ratio between 60% and 76%. Returns are calculated net of taxes and fees such as the investment fee, implicit asset-based administration fees and applicable indirect costs, and are gross of explicit fees such as fixed dollar administration fees and switching fees. This has been done for comparative purposes with the SuperRatings indices. When calculating investment performance, contributions taxes, withdrawal fee and any discretionary ongoing fees such as insurance fees and personal advice fees or other arrangements you may have in place with your advisor are not taken into account.
The median 1yr return of 3.30% is calculated based on the returns of 50 investment funds ranked by SuperRatings (Source: SuperRatings Survey).
SuperRating’s data is sourced directly from participating superannuation funds, as well as through publicly available sources..
^ The Suncorp Multi-Manager Growth Fund is an investment option available in Suncorp Brighter Super, which is issued by Suncorp Portfolio Services Limited ABN 61 063 427 958 AFSL 237905 as trustee for the Suncorp Master Trust ABN 98 350 952 020 RSE Fund Registration No R1056655. It is a high growth/high risk investment option managed by Morningstar Investment Management Australia Limited ABN 54 071 808 501 (Morningstar) which is not part of the Suncorp Group. The Growth Fund option has a high risk of negative annual returns over any 20-year period. The recommended minimum length of time to invest in the Fund is 10 years. Before making any decision to acquire or continue to hold Brighter Super, invest in or switch into any investment option including the Fund, please read the Brighter Super Product Disclosure Statement and Product Guide for further details about investment options including applicable fees, and speak to a financial adviser.