Frequently asked questions about super
Registering for Suncorp Superannuation online services is simple.
- Go to Online access registration
- Enter your personal and Suncorp super account details;
- Click ‘Submit registration’.
We’ll send you everything you’ll need to complete the registration process to the email address you provide.
Just remember to keep your login details safe for next time you need to use our online services.
Updating your details with us is easy – you can change your address and other contact details online .
- Login to your online account; then
- Select ‘Personal details’ under the ‘My profile’ tab.
In your online account, you can also check your super balance, update your nominated beneficiaries, manage your investment choices, combine your super accounts, and more.
Your Client ID is unique to you and is what you use – along with your password – to log into your online account. You only have one Client ID even if you have multiple accounts (such as a Super and a Pension account).
Your Account Number is not required to log into your online account, but may be required if you complete some transactions by filling out a form.
Don’t worry if you’ve forgotten your password, we can help you recover it in just a few clicks. You’ll need to go to the login page and click on ‘Forgotten Password?’ and follow the prompts.
Once you’ve selected a new password, you’re ready to go and can resume using our online services.
How much super you’ll need to have saved by the time you retire will depend on:
- your expectations for things like travel, eating out, and helping out children and grandchildren;
- whether you’ll have any other income, such as part-time or casual work; and
- any debts that will continue after you’ve stopped working, such as your mortgage.
The Association of Super Funds Australia (ASFA) has estimated that a comfortable retirement costs $42,764 a year for a single person and $60,264 a year for a couple*.
* ASFA Retirement Standard, www.superannuation.asn.au, March Quarter 2018.
Yes, many working Australians can go with the super fund of their choice. The main exceptions are for people working in the public sector or those under some state awards.
Suncorp offers you two superannuation account options: Suncorp Everyday Super and Suncorp Brighter Super.
No, generally not. To give your super time to grow, the funds are ‘preserved’ throughout your working life. This means that usually you can’t get access to your super until you retire.
However, there are some exceptional circumstances under which you may be able to get early access to your super, including:
- becoming disabled (temporarily or permanently)
- terminal illness
- leaving Australia permanently (if an eligible temporary resident)
- severe financial hardship or compassionate grounds
- if you die, in which case your super is released to your valid beneficiaries.
Super is specifically designed as a way of saving money for your retirement. Other than in a few exceptional circumstances, you can’t get hold of your super money until you reach retirement age or ‘preservation age’, which is determined by your year of birth. At 65 years you can get access to your money whether you’re working or not.
Most superannuation accounts are regulated by the Australian Prudential Regulation Authority (APRA), whereas the Australian Tax Office (ATO) regulates self-managed super funds (SMSFs).
The Australian Securities and Investments Commission (ASIC) also enforces the legislation which regulates the conduct and disclosure obligations of superannuation trustees to their fund members. ASIC has a memorandum of understanding in place with both ATO and APRA to help facilitate the exchange of information between the regulators.
The main contribution into your super account will be from your employer. They are required by law to pay 9.5% of your income into your nominated super account if you earn over $450 each month.
You can also make personal contributions either before-tax or after-tax.
Your employer is required by law to contribute 9.5% of your salary in superannuation into your super account – that is the ‘superannuation guarantee’.
Salary sacrifice is the term used for making personal contributions into your superannuation account from your before-tax income. It’s a tax-effective way to grow your super and boost your super account balance.
It’s worth noting, however, that any money you salary sacrifice into your super account is taxed at a rate of 15% and because it’s going into your super, you more than likely won’t see this money until you retire. As this is a long-term investment, it’s best to talk to a financial advisor before you make any decisions.
If you’re your own boss, it’s important to set aside some of your income for superannuation so that you have enough money to live on once you retire.
While the amount of super you will need depends on a lot of different factors – such as your lifestyle, future medical costs and other expenses, like a mortgage – you can start to plan for retirement today by speaking to a financial advisor.
Your employer is required by law to pay a minimum of 9.5% of your yearly salary into your chosen superannuation account. If you are concerned that your employer is NOT complying with the superannuation guarantee (SG), here’s a few simple steps you can follow to get your super back on track.
- Ask your employer if they’ve been making SG contributions and into what super account (they might be paying it into an account you don’t use anymore);
- Get in touch with your super fund to get a member statement and check to see when the last contribution was made; and
- Lodge your query with the ATO if both your employer and super fund can’t help answer your questions. Lodging an unpaid super enquiry with the ATO requires some documentation, so make sure you check the ATO website for eligibility and instructions.
It depends on what you earn, and how much you add in personal contributions to your super. The government will boost your super account up to $500 per tax year if you’re a low or middle-income earner and make after-tax contributions.
To find out if you’re eligible, visit the ATO website.
Superannuation will not be paid on any unused annual leave should you leave your job.
Superannuation is a long-term investment, designed to give you financial support when you retire. It’s taxed differently to your income and not generally accessible until you reach your ‘preservation age’ (retirement). You can’t access it when you feel like in order to give your account balance a chance to grow.
To learn more about superannuation preservation age, take a look at the PDS.
Yes, you can. If your superannuation balance is less than $5,000, you can apply directly to the ATO . However, if your balance is over $5,000, you’ll need to fill out a Departing Australia super payment form and return it to us with the supporting documents listed on the form. Some of the documents must be certified so make sure you read the form and follow the instructions, otherwise your claim may be delayed.
If you’d like help completing the form, or if you have any questions, please contact us.
We understand that experiencing financial hardship is difficult. Because super is designed for your retirement, legislative rules mean that you won’t be able to access your super money until you reach a ‘condition of release’ (usually once you meet your ‘preservation age’ at retirement).
To make a cash withdrawal from your super account, we’ll need to gather quite a bit of information from you. To begin, download and complete the Severe financial hardship request form, and follow the instructions on the form closely before you send it back to us with all the supporting documents.
If you need help with your form, or have questions, please contact us.
Yes. There may be different exclusions that apply to your insurance cover, so it is important to consider these when deciding if insurance is appropriate for you. For example, depending on your policy a claim may be rejected if it relates to a ‘pre-existing condition’ or a ‘self-inflicted act’. Exclusions may change if you customise your cover or change your occupation, so take a look at the PDS for more information.
The only people who can use their super to help buy a house are first home buyers saving for a home deposit. Under the federal government’s First Home Super Saver Scheme, first home buyers can put in up to $15,000 a year ($30,000 in total) in voluntary contributions into their super. There are caps and exclusions that apply, so to learn more, head over to the ATO’s website.
When it comes to Suncorp super, you’ve got two broad choices: you can choose your own investment mix from a range of different options, or you can relax and we’ll do all the work for you with the Suncorp Lifestage Fund!
If you want to learn more about how we invest your super, take a look at the PDS.
Superannuation does carry certain risks with it so it’s important that you understand how super works. We’ve created handy tools and calculators to help you understand the risks associated with investing, so simply log in to your online account or contact us and we can help you.
Yes, you can! You can change your investment options as often as you want because we don’t charge switch fees or have an annual limit on switches. You can do this at any time by logging into your online account. While you’re logged in, you can even have your current account balance invested differently from how your future contributions are invested.
It’s not compulsory to tell us your TFN. However, if you don’t, you might be liable for extra tax to be taken out of your super contributions and we can’t accept any non-employer contributions, such as if you or your spouse want to add money to your super account.
Also, if you don’t add your TFN to your super account and you change jobs, you might lose track of your super, making it difficult to find again.
Yes, your super is taxable. But one of the best things about super is that you’ll almost certainly be levied less tax than you would by having your savings in a bank account or invested directly in managed funds.
Super money is taxed when it’s paid into your account, on investment earnings while it’s in your account, and (depending on your age and circumstances) when you eventually take it out of your account.
The amount of tax you pay on super contributions depends on what kind of contribution it was, whether you’ve gone over the contributions caps or if you’re a high-income earner.
Before-tax (concessional) contributions, like employer contributions and salary sacrifice, are taxed at 15% by the ATO. After-tax (non-concessional) contributions, like contributions made from your after-tax income or by your spouse into your super account, are not subject to tax.
To learn more about tax and super, visit the Australian Taxation Office (ATO) website.
Australian super funds charge a range of fees, including:
- Administration – for managing your account;
- Investment – for managing your investments
- Advice – such as investment advice;
- Switching – if you change funds or investment options within your current fund;
- Activity – if you need to split an account after a divorce or need a specific service;
- Exit – for when you close your super account; and
- Buy/sell spreads – to cover the transaction costs of buying or selling investment options.
Suncorp doesn’t charge any switching, activity or exit fees.
To learn more about the fees and costs associated with a Suncorp Everyday of Suncorp Brighter Super account, please read the policy documents.
The fees and costs you may be charged for your Suncorp super account will be taken out of your account balance, investment returns or from the super fund as a whole.
Small changes in fund performance and fees can have an impact on your long-term returns, so have a read of the PDS to make sure that Suncorp super is right for you.
All of the fees and costs for having a Suncorp Everyday Super account or Suncorp Brighter Super account are listed in the Product Guides and policy documents in Forms & Documents section.
The Australian Securities and Investment Commission (ASIC) website has some easy to use superannuation fee calculators to help you work out the fees and costs associated with different super funds.
Yes, you can have Life Insurance with Suncorp Everyday Super or Suncorp Brighter Super. It’s a tax effective way to get the cover you need without having to dip into your take-home pay, as premiums are taken out of your compulsory employer super contributions.
To learn more, have a read of the policy documents – it’s where you’ll find more information about the Insurance we offer.
If you’re eligible for insurance cover within your Suncorp Everyday Super account, you’ll have:
- Access to Life and Total and Permanent Disability Cover (TPD);
- Coverage based on your age that automatically adjusts as you get older;
- The option to apply for additional cover up to $850,000
If you’re eligible for insurance in a Suncorp Brighter Super account, you can receive:
- Up to $5 million of Life cover (including terminal illness cover up to $3 million);
- Total and Permanent Disability (TPD) cover up to $3 million
- Income Protection cover (two-year benefit period or until you reach age 65) up to $25,000 a month;
Eligibility criteria apply, so for full details and exclusions, please refer to the policy documents on our website.
The money in your Suncorp super account will be paid to your nominated beneficiary or beneficiaries. The person or people you nominate must each be a dependant, such as a:
- Spouse (legal and de facto, including same-sex);
- Financial dependant;
- Child; and
- Person in an interdependency relationship with you.
You can change your beneficiaries any time in your online account. It’s best to review them regularly to make sure they’re up-to-date, especially after your circumstances change with things like marriage, divorce or the birth of a child.
For full details and exclusions, check out the PDS.
Yes, you can nominate multiple beneficiaries for your Suncorp super account, but each of them must be a dependant. If you do have more than one beneficiary, you’ll need to tell us how you want your super distributed by advising a percentage to be paid to each, with the total adding up to 100%.
To see the full rules for nominating your super beneficiary, take a look at the PDS.
Changing or updating your beneficiary is simple. All you need to do is login to your online account, select ‘Beneficiaries’ under the ‘My super details’ tab and follow the prompts.
If you don’t choose a beneficiary, or your nomination is invalid, the trustee may use discretion to decide the beneficiaries in accordance with Superannuation Law, and this may not be to your estate.
There are certain conditions for nominating a beneficiary, so for full details and exclusions, take a look at the PDS.
You can search for your lost super in minutes without any need for paperwork! Simply log into your Suncorp super account and use our ‘search and combine’ feature to search for super accounts using the ATO SuperMatch database.
If you’ve ever moved house, changed your name or started a new job, there’s a chance you might have other superannuation accounts. Let us help you combine your super so you can stop paying multiple fees, reduce your overall paperwork and have more money for when you retire.
Follow these simple steps to combine your super into your Suncorp super account in minutes without any paperwork:
- Log into your Suncorp Super account and select ‘Search & Combine’ under the ‘Grow your super’ tab;
- Click on ‘Search for my super now’ to authorise the Trustee to act on your behalf and use your TFN to search for super accounts using the ATO SuperMatch database; then
- Review your search results, and Select the fund(s) you wish to combine into your Suncorp super account.
The monies will be deposited into your account within approximately three days and confirmation will be provide to you once allocated.