Exciting new changes coming for MySuper members
We are redesigning our MySuper offering, currently the Suncorp Lifestage Fund#, to help our members build their future and protect what matters. Work is underway to reduce administration fees for all MySuper members, with an expected delivery in the first half of 2021. This reduction will be in addition to the already competitive investment fees our members enjoy through our Lifestage Fund.
In having a Suncorp Super product, members can access online tools to help manage their super savings. In addition, members can view their super via the Suncorp banking app and, if eligible, enjoy an administration fee discount when family members link their relevant accounts**.
Step1: Create a MyGov account, then link the ATO to your account. If you already have a MyGov account, just log in and click through to the ATO Section.
Step2: Go to the ‘Super’ tab.
Step3: Choose the fund you want to transfer your money from (called the ‘transferring fund’), and then fund you want to transfer your money to (called the ‘receiving fund’) from the funds listed.
Step4: Confirm your selection and your funds should move your accounts into one Account within three days.
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. Market leading based on SuperRatings’ ranking of balanced (60 -76) superannuation investment funds performances over 1 and 3 years to 30 September 2020 (Source: https://www.superratings.com.au/top-10-super-funds). The returns are calculated net of taxes and fees such as the investment fee, investment performance fee and applicable indirect costs and is gross of administration 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 Suncorp Multi-Manager High 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.
# The Suncorp Lifestage Fund is an investment option available in our Suncorp Super products, Suncorp Brighter Super, Suncorp Everyday Super and (for eligible Suncorp employees only) Suncorp Employee Superannuation Plan. Before making any decision about your super, please consider the relevant Suncorp Super Product Disclosure Statement and Product Guide, available here, and speak to a financial adviser.
** Terms and conditions apply. Discount only applies to the percentage administration fee and is tiered based on total relevant account balance in Brighter Super and/or Suncorp Employee Superannuation Plan. Account balance money invested in the Suncorp Cash Fund and the Suncorp Lifestage Fund is excluded when the administration fee discount is calculated. Please refer to the relevant Suncorp Super Product Disclosure Statement and Product Guide for more information.