Suncorp is joining LGIAsuper
1 April 2022
From 1 April 2022, Suncorp super will be owned by LGIAsuper. Together, the combined superannuation group is stronger, larger, and able to do more for members.
Find out what to expect and how you could benefit from being part of a larger super group with greater scale and a sole focus on superannuation. Or view the ASX announcement.
Who is LGIAsuper?
LGIAsuper is a Queensland-based super fund that has been providing trusted and reliable investments, advice, and insurance to members throughout Australia for more than 56 years.
As a profit-for-members fund, LGIAsuper does not have shareholders, so can focus exclusively on protecting and growing retirement savings for members. This carries through to all aspects of the business and translates into putting members front and centre.
LGIAsuper is currently expanding, having merged with Energy Super last year, and now is excited to welcome Suncorp super members.
Kate Farrar, CEO of LGIAsuper, outlines potential benefits for Suncorp super members.
Visit lgiasuper.com.au to find out more.
Stronger, larger, better together
With the addition of Suncorp super members, the combined superannuation group manages around $31 billion on behalf of 250,000 members. Our increased size brings scale and greater certainty for members. It strengthens our service delivery teams, so we can enhance the support, education and advice teams. And it opens up the potential to improve our products and deliver more benefits to you.
At the same time, we’re not too big. We believe our size is ideal – enough scale to create efficiencies while remaining nimble enough to operate as a boutique provider that can still offer personalised services.
Do I need to do anything?
The changes to the fund from 1 April are primarily administrative in nature. You have the same product, the same access to it, largely the same processes, and the same people looking after your retirement savings. Now may be a good time for you to consider whether your superannuation arrangement is right for you.
We have written to you to let you know the changes that affect you now. If there are other changes in the future, we’ll keep you updated.
If you do not want your account to be included in the move to LGIAsuper, please complete a withdrawal form for your product. Before deciding to change your superannuation arrangements, you may wish to consider whether doing so would result in higher fees and costs, a loss of benefits (e.g. insurance cover), changes to your investment strategy or any adverse tax impacts. You may wish to speak to a financial adviser before making any changes.
One change to note – super@spsl.com.au
The change we want members to be most aware of is a new enquiries email address. From 1 April, please send your email queries to super@spsl.com.au. We’ll continue to receive emails sent to our current address for some time, but now is a good time to update your address book.
Our individual email addresses will also change on 1 April, so if you’re in direct contact with one of the team, make sure you use their new email address too.
There are no changes to our phone numbers and website address at this time.
FAQS
If you have a specific question about your account, please check the FAQs or contact us using the details below.
No, the way your super is invested remains the same from 1 April. There is no change to the investment menu, and you can continue to manage your investments in your online account (where applicable).
Find out more about our investment options.
Yes, there is no interruption to any of our services due to the sale. You can continue to transact with us as usual. Any investment switches, withdrawals, enquiries, applications or claims that are in progress at the time of the sale continue to be processed and by the same team.
From 1 April there is a new enquiry email address: super@spsl.com.au. We’ll continue to receive emails sent to super@suncorp.com.au for some time, but now is a good time to update your address book.
Any marketing preferences we have on file for your superannuation account were reset on 1 April.
This does not affect your marketing preferences for the Suncorp Group. For example, if you have opted out of receiving text messages in the past, from 1 April you may start to receive text messages from us with information and tips about your super and the fund. However, your marketing opt-out with the Suncorp Group will continue and you will not receive texts from companies in the Suncorp Group.
If you would like to opt-out of receiving marketing material from us, please call our Customer Service team or you can ‘unsubscribe’ when we send you a marketing email.
If you’re a pension member there are no changes to when and how often you receive your pension payments. However, as there is a change of Trustee name, the payee name for your pension payments on your bank statement will change to ‘SPSL Super’ from 1 April 2022.
There are no changes to your insurance cover. Members who have insurance, such as life cover, total and permanent disability, and income protection, will retain those arrangements.
No, any insurance application or claim in progress at the time of the sale, continues to be processed and by the same team.
For members of Suncorp Brighter Super, Suncorp Everyday Super, the Suncorp Employee Superannuation Plan, SPSL Pooled Superannuation Trust (formerly the Suncorp Pooled Superannuation Trust) or the Suncorp Classic Pension:
If you have a complaint in progress and we are not able to resolve it to your satisfaction, you are able to contact the Customer Relations Team. The email address for this team changed on 1 April and you can now reach them using the following contact details:
By phone: 13 11 55
By email: complaints@lgiasuper.com.au
By fax: 1300 369 954
In writing: GPO Box 1576, Sydney NSW 2001
If you wish to make a complaint, please call us on 13 11 55.
For members of other products:
Your complaint process has not changed.
If you’re a Suncorp Bank customer you can continue to transact on your super account in Suncorp branches and, if you have the Suncorp Bank app, you are still able to see your super balance within the app (where applicable).
The only change you might notice, if you receive pension payments or have an existing Direct Debit Request (DDR) in place, is a different name (‘SPSL Super’) on your bank statement after 1 April 2022.
As part of the sale:
· Suncorp Portfolio Services Limited changed its name to SPSL Limited
· the Suncorp Master Trust became the SPSL Master Trust
· the Suncorp Pooled Superannuation Trust became the SPSL Pooled Superannuation Trust.
SPSL is a wholly owned subsidiary of LGIAsuper and is licenced by APRA to act as a superannuation trustee and to offer a MySuper product. SPSL is responsible for the operation of the funds under its trusteeship including ensuring that the funds comply with relevant legislation.
SPSL has been delivering superannuation and retirement products for more than 20 years. We currently have over 130,000 customers with super and retirement products under the Suncorp brand. Through the products and services we provide, our employees strive to give our members the confidence of knowing they are protected and their futures are brighter.
Need more information?
If you have any questions, just call our Customer Service team on 1800 191 517 or email super@spsl.com.au.
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