Suncorp Employee Super Plan

Your flexible, fuss-free, online account

Or call us 13 11 55 Mon - Fri 8am - 6pm AEST

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:

I want to take advantage of a super offer where administration and insurance fees are currently funded by my employer.
I want a super product that offers a transition to retirement option for when I am transitioning to retirement and also has a pension account for when I’m ready to retire.
I want a flexible super account that gives me as much or as little control as I want over my investments.

I want access to insurance cover to protect myself and my loved ones in the event of my death.
I want online access and less paperwork.
I want to see my super balance alongside my Suncorp Bank accounts via Suncorp Bank internet banking.

What's so good about the Suncorp Employee Super Plan?

Online speed, simplicity and
convenience

Check your super in your secure online account or with Suncorp Bank Internet Banking.
If you are a Suncorp Bank customer, keep up to date with your super on your mobile device via the Suncorp App.
Review your account using the personalised dashboard in your secure online account which shows you how your super savings are tracking.

Sophistication and simplicity

Design your own investment portfolio from over 45 Australian and international investment options including multi-manager portfolios
Or leave the investing to us
If the default level of insurance cover is not enough for your situation, you can apply for life & Total and Permanent Disablement (TPD) insurance of up to $1 million. If your application is successful and all insurance cover is provided, the premiums for the cover above the default level, will be payable by you

Financial advice and
general support

Access to personal advice from Suncorp Advice* on an array of areas such as selecting investments and insurance cover, making contributions or working out how much super you need to retire
As a Suncorp Employee, Suncorp Advice will cover the cost of your initial meeting with a Suncorp Financial Planner. There’s no obligation to proceed, but if you do you’ll receive a 50% discount on the standard financial advice fees (including plan preparation)^
We can help you find any lost super and rollover your existing funds into one account. We will deal with the other super funds on your behalf**

^*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.

Competitive fees

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.

Dollar based administration fee of $7.65 per month, currently paid by your employer Suncorp
% based fee of 0.06% currently paid by your employer Suncorp if eligible*
You won't pay any investment switching fees, exit fees or commissions
If you make any changes to your investment strategy, you may incur a buy-sell spread, these range from 0.00% pa to 0.40% pa

Suncorp currently pays the insurance premiums for eligible employees of the Suncorp Group
You can also choose to make a payment from your account to your adviser for advice tailored to your personal situation
You will pay investment fees ranging from 0.16% to 1.39%. We’ll automatically establish you in the plan’s default investment strategy which is the Suncorp Lifestage Fund which has a fee of 0.24%

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.

To find out if your family are eligible, please refer to page 4 of the Suncorp Brighter Super Product Guide

Type of fee	Amount
Administration 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 0.15% per year for balances between $250,000 and $500,000 0.20% per year for balances over $500,000	0.05% per year 0.15% per year 0.20% per year
Investment Fee	Ranges from 0.00% per year to 1.54% pa, depending on the investment option(s) you choose	nil to 1.39% per year
Buy-sell spread	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%

*Balances invested in the Suncorp Cash Fund and the Suncorp Lifestage Fund are not included for administration fee discount purposes.
Other fees and costs may apply. Please refer to Suncorp Employee Super Plan PDS and Product Guide for more details.

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.

With Suncorp Employee Super Plan, you’ve got two broad choices, you can:

Let 's do the work

We allocate you a diversified investment mix based on you age, so you’re not putting all your eggs in one basket.
We automatically change your investment mix over time to suit your changing needs and risk appetite.

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

If you’d rather build your own Suncorp Employee Super Plan investment portfolio (perhaps with your financial adviser’s help), you can choose from our broad range of 13 diversified and 35 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.
SESP’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.

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

Annual Reports

Download 2015 Report (PDF, 1.5MB )

Access to insurance benefits

Life insurance is important when you are working and building a future. Having your insurance within your superannuation could help make sure you have cover in place to help protect yourself should something happen.

Insurance fees for Default Cover are funded by the Suncorp Group as an additional contribution and simply deducted from your super account balance, so you have no immediate out of pocket expenses¹
Eligible Employees that join the plan within 120 days will be automatically accepted for Default Cover - no medical evidence is required
Life insurance is issued by Asteron Life and Superannuation Limited (ALSL)

Automatic insurance benefits are limited to the following amounts, also known as the Auto Acceptance Limit (AAL)

- Life & TPD $750,000
- Income Protection $10,000 per month

Members can apply and be underwritten for cover up to

- $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

If you’re employed on a permanent basis with the Suncorp Group, you’ll be provided with Default Cover when you join the Plan, which Suncorp currently pays for if you’re eligible1. The type of cover you receive depends on how you’re employed by the Suncorp Group, and is outlined below.

Type of member	Default cover^2,3
Casual employees	Life cover only calculated as: Fixed amount based on your age
Permanent employees	Life cover calculated as: 7.5% of your salary multiplied by future years and complete days of service to age 70
Permanent employees working at least 15 hours a week	Income Protection cover calculated as: Up to 75% of your salary, paid monthly for a maximum benefit period of 2 years regardless of the number of claims with a 60 day waiting period

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.

³The amount of your insurance cover may be subject to maximum limits. For more information please refer to the PDS

Cover is provided for all permanent employees who:

are age 15 and over but less than age 70 (for Life and TPD cover) or age 69 (for Income Protection cover);
work 15 hours or more per week (for TPD and Income Protection cover); and
meet the ‘at work’4 requirements under the insurance policy.

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:

Your employer selected cover is above the AAL:

- Life & TPD $750,000

You apply for additional insurance cover

How can I make a claim?

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

Upon leaving employment with Suncorp, your Life and TPD cover will automatically continue at an amount equal to the dollar value of your insurance cover at the time we are notified that you have left employment with Suncorp. It’s important to note that once you leave employment with Suncorp:

Insurance Fees will continue to be deducted directly from your account
If you don’t have any money in your account or enough money to pay your Insurance Fees, your account will be closed and your insurance cover will be cancelled
You may wish to make voluntary contributions or rollover other super monies to ensure that you have enough money to cover the cost of your Insurance Fees

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 peoplespacerequest@suncorp.com.au 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.

No Product Updates have been issued after the effective date of the current Product Disclosure Statement.