On 27 February 2022 we’re changing the insurance in Suncorp Brighter Super and Suncorp Everyday Super. We’ll write to you if you are affected, or you can find the details in the Product Disclosure Statements issued 4 February 2022. Learn more.
Super Retirement Frequently Asked Questions
If you have a Suncorp Everyday Super or Suncorp Brighter Super account, the fund details are:
Unique Superannuation Identifier (USI)
Super USI: 98 350 952 022 123
Pension USI: 98 350 952 022 321
Suncorp Brighter Super and Suncorp Everyday Super are part of the Suncorp Master Trust (ABN 98 350 952 022, RSE Fund Registration No. R1056655).
The amount of money you’ll need for retirement depends on things like your marital status, lifestyle needs, and if you own any assets or have any debts.
It’s recommended you speak with a financial adviser to make sure you have all the right information before making any decisions about retirement.
You can make personal contributions to your super at any time via direct debit, BPAY or in person at any Suncorp branch. But remember to keep the ‘contribution caps’ in mind so you don’t run into any extra costs at tax time.
You can also set up a direct debit from your nominated bank account for regular contributions. We’ll debit your account on or around the 15th day of the relevant month, depending on whether you have set up monthly, quarterly, half-yearly or yearly contributions.
Alternatively, to make your contribution via BPAY, use your Customer Reference Number (CRN) – which you can find on your online account – and the corresponding biller code listed below:
- Employer SG/Award contribution – 256594
- Salary sacrifice contribution – 256610
- Spouse contribution – 256628
- Member contribution – 256602
- Employer voluntary contribution – 256636
There are two main types of retirement income streams: allocated pensions and annuities. Both have their advantages and disadvantages, but the good news is you don’t necessarily have to choose one or the other.
For example, depending on your circumstances and after consulting your financial adviser, you could use some of your super lump sum to buy an annuity and the rest to start a pension account.
There is no fixed retirement age in Australia, however people often choose to retire when they are eligible to apply for the Age Pension. In 2021-22, the Age Pension age is 66.5 years, but is set to rise to age 67 by 1 July 2023.
To learn more about accessing your superannuation visit the ATO’s website.
You can determine when you will be able to access your super by using this table:
| Your date of birth | Your preservation age |
|---|---|
| Before 1 July 1960 | 55 |
| 1 July 1960 - 30 June 1961 | 56 |
| 1 July 1961 - 30 June 1962 | 57 |
| 1 July 1962 - 30 June 1963 | 58 |
| 1 July 1963 - 30 June 1964 | 59 |
| 1 July 1964 onwards | 60 |
To learn more about ‘preservation age’ and super, visit the ATO’s website.
The main difference between SMSFs and other super accounts is that members of an SMSF are usually also the trustees of the superannuation fund. If you set up an SMSF, you’re responsible for complying with super legislation and tax laws, as well as managing how the super funds are invested.
It’s recommended that you speak with a financial adviser before starting your own SMSF as there are rules and legal obligations that govern what you can and cannot do as a trustee.
Pensions and annuities are two different kinds of retirement incomes.
An annuity is an investment that provides you with a series of regular payments, either for a chosen term or for your lifetime, in return for a lump-sum investment. It can be used with other retirement investments, like account-based pensions, to set you up with an income stream that could, depending on the type of annuity, last throughout your retirement.
It’s recommended you speak with a financial adviser before you make any decisions.
Yes, a pension account is different to your super account. With a pension account, you can get paid a regular income – just like what you were used to when you were working. This allows you to continue to live your regular lifestyle.
There can be tax benefits for opening a pension account, so to learn more, have a look at our pension accounts page.
An account-based pension is another type of regular income you can buy with your super money. You can purchase an account-based pension after you’ve reached ‘preservation age’, which is calculated from when you were born.
Account-based pensions don’t have a fixed start and end date like some other annuities do. How long it will last depends on how often and how much you withdraw each year, the fees you pay and investment returns you get.
Find out more about our account-based pensions.
If you’re ready to retire, getting access to your super money is easy with either a Suncorp Everyday Super Pension account or Suncorp Brighter Super Pension account .
You can choose if you’d like to receive regular payments into your nominated bank account, either:
- Yearly;
- Half-yearly;
- Quarterly;
- Monthly; or
- Fortnightly (twice monthly)
Payments are made on or around the 14th of each month, and on the 28th for twice monthly payments.
A TTR strategy can allow you to cut back on work hours by supplementing your income from your super. When you reach your ‘preservation age’, you can open a pension account which will pay you a limited income stream.
Your regular super account will still continue to grow from your employer’s contributions, any salary sacrificing you do and any personal contributions you make, but you’ll also have your pension account to top up your income.
If you want to learn more, take a look at our Transition to Retirement page.
There can be tax advantages to saving through super and drawing an income from a pension, so speak to a financial adviser for more information on how a TTR could work for you.
If you want to learn more about Transition to Retirement page.
A TTR can help you cut back on the number of hours you work by topping up your income from your super, but only when you reach ‘preservation age’ or qualify for a ‘condition of release’ to access your super.
Before you start a TTR strategy, you might like to consider the income you’ll need, your lifestyle expenses, as well as any impacts on tax or government benefits.
We recommended speaking to a financial adviser before making any decisions.
