Why choose the Suncorp Employee Super Plan?
At Suncorp we like to speak your language and help take some of the hassle out of super. We make things simple when opening
your account and when growing your savings.
If any of the following sound like you, Suncorp Employee Super Plan can help:
What's so good about the Suncorp Employee Super Plan?
*Financial advice is provided by representatives of Suncorp Financial Services Pty Ltd (SFS) ABN 50 010 844 621, Australian Financial Services Licence (AFSL) & Australian Credit Licence (ACL) 229885. Various products and services are provided by different entities of the Suncorp Group. Banking products and services are provided by Suncorp Bank. Whilst SFS is a related body corporate of Suncorp Bank, Suncorp Bank is not responsible for, does not guarantee and is not liable in relation to products and services provided by SFS or by other entities of the Suncorp Group.
^The discount is only available per Eligible Person and can only apply once per annum, commencing from the date of the initial appointment. The staff offer will cease to apply if you leave Suncorp. The discount relates to time spent by a Financial Planner on plan preparation, telephone advice, and subsequent plan presentation to Eligible Persons, but not to any costs associated with the purchase of products. You will be advised of these costs when you meet with the financial planner, if applicable.
**Before moving your superannuation you should consider: any fees payable (eg. for exit or withdrawal); where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, eg. to your investments or tax position.
In the long run, paying higher fees than you need to can erode your super balance. But it’s also true that with super funds, as with most things, cheapest isn’t necessarily best. Over time the fees you pay have a big impact on your super savings and how much you'll have to play with when it's time to retire.
Here is a summary of some fees and costs for a Suncorp Employee Super Plan.
Note Other fees and cost may apply to your account.
*APRA (the Government’s prudential regulator of super funds and insurers) imposes a levy on the Trustee, a proportion of which will be recouped from your underlying investments on a monthly basis (excludes investments in the Suncorp Traditional Capital Guarantee Fund). For the year ending 30 June 2020 this levy should be no more than approximately 0.20% pa. It may change each year based as it is set by APRA, and as it is an expense of the Fund, any variation will be passed onto you without notice.
What about Super for my family members?
We recognize that our family members are the most important people in our lives and to honour this relationship we have enabled our Brighter Super offering to allow family members of our staff to link their Brighter Super, Super or Pension accounts to your Suncorp Employee Super plan account.
This means that your family member’s administration fee will be calculated in line with the fee structure shown in the below table for Brighter Super Personal and Pension:
The fees will be calculated on your combined balance.
Type of fee
$7.65 per month plus up to 0.53% of your account balance (less any applicable administration fee discount – see below). The administration fee is 0.76% for monies invested in the Suncorp Lifestage Fund and 0% if invested in the Suncorp Cash Fund.
Up to 0.76% pa
Administration Fee Discount*
0.05% per year for balances between $100,000 and $250,000
0.05% per year
Ranges from 0.00% per year to 1.54% pa, depending on the investment option(s) you choose
nil to 1.39% per year
Ranges from nil to +/-0.40%. This fee is reflected in the buy and sell unit price of each investment option.
nil to 0.40%
Investment flexibility and control
This is one of the great things about Suncorp Employee Super Plan – you’ve got real flexibility. For example you could start off by choosing to let us do all the work with our diversified multi-manager Suncorp Lifestage Fund. And then down the track you (with or without a financial adviser’s help) could start to build a more tailored portfolio from our choice of over 45 investment options.
Let 's do the work
When you're younger we'll put more of your money in growth investments like shares and property
As you get older we'll put more of your money in income investments better suited to more risk-averse investors with shorter time horizons.
Choose your own investment mix
Want to choose your own investment mix?
If you’d rather build your own Suncorp Employee Super Plan investment portfolio, then you can choose from our broad range of diversified and single-sector options. They bring together the skills of our investment partner and expertise from a variety of high quality Australian and overseas investment managers.
Suncorp Employee Super Plan’s investment options are designed to suit a broad range of investors. Each option has a varying degree of risk and expected return, so you and your adviser can mix the options to build the investment portfolio that’s right for you.
Find out more about unit prices and performance figures.
How is your superannuation fund performing?
You can compare the financial year results for all our investment options since the option started, or over the last five years, and see how each option has performed.
Performance figures for our super investment options and annual reports are provided below.
Super is a long term investment and offers good potential to grow your money in a concessionally taxed environment over time. When considering investment returns, it’s important to note that past performance is not an indicator of nor guarantee of future performance.
Unit prices, product dashboards and fund profiles
Find out more about unit prices, product dashboards, and fund profiles for investment options.
Investment Performance Reports
Access to insurance benefits
- Life & TPD $750,000
- Income Protection $10,000 per month
- $1 million for Life or TPD
- and for Income Protection up to 75 per cent of your salary up to a maximum benefit of $10,000 per month
Type of member
Life cover only calculated as:
Life cover calculated as:
Permanent employees working at least 15 hours a week
Income Protection cover calculated as:
1Suncorp Group currently pays the Default Cover insurance fees for eligible employees of the Suncorp Group. This payment is applied as an employer contribution which counts towards your concessional contribution cap.
2Some existing members may have different levels of Life & TPD cover, waiting periods or benefit periods for Income Protection cover. Please refer to your online portal or call us on 1800 652 489 to confirm.
Cover is provided for all permanent employees who:
You generally won’t need to supply any medical evidence to receive your employer selected cover up to the Automatic Acceptance Limit (AAL). You will need to provide medical evidence and be accepted by the insurer in the following circumstances:
- Life & TPD $750,000
If you wish to make an Income Protection claim, you should notify the Customer Service team in writing within 28 days after the end of the waiting period. For a TPD claim, you must notify us no later than 12 months from the date of disablement.
In the event of your death, your legal personal representative should contact the Customer Service team in writing no later than 12 months from the date of death. The Customer Service team will inform your legal personal representative of any additional information required to support the claim.
What happens to my insurance if I leave Suncorp?
Employees who are members of the Plan and leave employment with Suncorp will remain members of the Plan.
Life and TPD Cover
If you leave employment with Suncorp and don’t want to continue your Life and TPD cover, you should notify the Customer Service team in writing.
Sophistication and simplicity
Your Income Protection cover under the Plan will cease effective the date we are notified that you have left employment with Suncorp. You may apply to reinstate your Income Protection cover up to 6 months from the date you ceased employment with only limited underwriting required. without the need to provide any additional evidence of health.
If you do not apply within 6 months from the date you ceased employment, you will not be eligible.
What can you expect if you decide to join?
If you haven’t already joined the Suncorp Employee Superannuation Plan through Suncorp’s employee on-boarding process then you will need to complete a Standard Choice form. Once this has been completed you will need to scan and email the form to firstname.lastname@example.org so that the Payroll team can create your account. Please note that there are cut off dates within the Payroll system that may impact when your account is created. Manual forms such as this one must be submitted by 2pm Thursday (AEST) in a non-pay week to ensure that they’re actioned for the following pay cycle.
Once your account is set up, we will issue your welcome pack complete with online login details so that you can get involved with your retirement savings in the comfort of your home.
Important Note: If you did not join the Suncorp Employee Super Plan within 120 days of joining Suncorp, you won’t be provided with default insurance automatically and you will be required to be underwritten to receive cover. Please contact us on 1800 652 489 to find out how to apply.
Want to know more?
Super can seem complicated - but we can help you get it all sorted. If you would like more information on the Suncorp Employee Super Plan, please take some time to read the Product Disclosure Statement, Product Guide, Understanding Investment Risk Flyer, Suncorp Superannuation Fee Definitions Flyer, the SESP Insurance Premium Rates Guide, and the SESP ex Promina Insurance Premium Rates Guide. But of course if you prefer, just give us a call on 1800 652 489.
|29 May 2019||Product Update|
|03 Apr 2019||Product Update|
|02 Apr 2019||Product Update|
|13 Mar 2019||Product Update|
|01 Mar 2019||Product Update|
|20 Feb 2019||Product Update|
|20 Feb 2019||Product Update|
|24 Dec 2018||Product Update|
|07 Nov 2018||Product Update|
|29 Oct 2018||Product Update|
|03 Aug 2018||Product Update|
|07 May 2018||Product Update|
|19 Jan 2018||Product Update|
|04 Dec 2017||Product Update|
|15 Nov 2017||Product Update|
|17 Oct 2017||Product Update|
|31 Aug 2017||Product Update|
|21 Mar 2017||Product Update|
|06 Mar 2017||Product Update|
|24 Oct 2016||Product Update|
|08 Jun 2016||Product Update|
We're here to help
The Suncorp Employee Superannuation Plan (the Plan) is issued by Suncorp Portfolio Services Limited ABN 61 063 427 958 AFSL 237905 RSE licence no L0002059 (SPSL) as trustee for Suncorp Master Trust R1056655 ABN 98 350 952 022 R1056655. The Plan is part the Suncorp Master Trust. Insurance cover within the Plan is issued by Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron). SPSL is part of the Suncorp Group of companies and Asteron is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). The different entities of TAL and the Suncorp Group are not responsible for, or liable in respect of, products and services provided by the other. Information provided is general advice only and does not take into account any person’s objectives, financial situation or needs. Before making and decision to acquire or continue to hold an account within the Plan, please read the Suncorp Employee Superannuation Plan Product Disclosure Statement and Product Guide, and other associated documents and speak to your financial adviser. The Plan is not a bank deposit or other liability and is subject to investment risk including possible delays in repayment and loss of the interest and principal invested.
Suncorp-Metway Ltd ABN 66 010 831 722 (Suncorp Bank) is not liable nor responsible for, and does not guarantee or otherwise support, Suncorp Employee Superannuation Plan accounts. Internet Banking and Mobile Banking are provided by Suncorp Bank. Suncorp Bank does not guarantee the availability of the Internet Banking and Mobile Banking services and can terminate access to those services at any time without reason or notice. You must agree to Suncorp Bank’s terms and conditions before you can access Internet Banking and Mobile Banking. Suncorp Brighter Rewards is offered through Edge Loyalty Systems Pty Ltd trading as Lifestyle Rewards (ABN 96 138 299 288), Level 1/500 Chapel Street, South Yarra, VIC, 3141.