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Pros and Cons
- Simple and online super solution. For all stages of life.
- Competitive investment and administration fees
- Access to real-time online share trading
- Automatic insurance cover provided for eligible super accounts
- Pension and Transition to Retirement account options available for eligible customers to draw regular income
Established in 2012, ING Living Super is a simple online retirement solution that can be tailored to suit the needs of members throughout their life. A minimum initial investment of $20,000 is required to commence a Pension or Transition to Retirement accountMembers have access to an investment menu of Cash and Term deposit options, 4 Diversified options, 6 Single Sector options, as well as Direct Shares listed on the S&P/ASX 300 and a selection of Exchange Traded Funds (ETFs). The Growth option outperformed the SuperRatings Index over the 3-year period to 30 June 2020; however, underperformed over other assessed time periods.Fees are lower than the industry average across all assessed account balances. ING Living Super’s fee structure includes a flat administration fee of $60 p.a. and a percentage-based administration fee of 0.50% up to $2,500 p. a. charged for all investments except for the Cash option. The fund does not charge an investment switching fee, although a buy-sell spread may apply. A good level of pension flexibility is provided, including a range of payment frequencies from fortnightly to annually. Beneficiary options are comprehensive, including both binding and non-binding nominations, as well as reversionary pensions and non-lapsing binding nominations. Additional benefits available include access to financial advice services, educational material, interactive tools and calculators, as well as the ability to view and update account details and perform transactions online.
ING Fees and Features
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment option performance
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Support: Plum Retirement Income offers access to phone-based help, online education, an electronic application process, and six monthly member statements which provides a level of assurance for members to make retirement decisions.
Transition to retirement and Account based pension product: Plum Retirement Income allows members to transition to retirement via the Self Select Investment Path.