$92
$587

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Pros and Cons
Pros and Cons
- Suncorp Everyday Super for business makes life easy for business owners and finance managers by removing the hassle of managing super payments and meeting 'choice of fund' obligations. Our online superannuation payments clearing house, Suncorp EASE offers fast electronic processing meaning no more writing cheques, or hours of manual data input. With a business account, you'll be able to use Everyday Super to make your default super payments. Everyday Super is a low cost and straightforward super account for your employees.
Summary
Suncorp is one of Australia's largest banking and general insurance groups and offers a range of superannuation solutions through Suncorp Master Trust. The fund's MySuper offering comprises 12 Suncorp Lifestage Funds which are tailored to suit the investment needs and risk profile of investors based on the year they were born. Choice members can also build their own investment portfolio from five Single Sector options. The Suncorp Lifestage Fund 1965-1969 outperformed the SuperRatings Index over the year to 30 June 2020; however, underperformed over the longer term. Fees are competitive and lower than the industry average across all account balances assessed. Members are not charged an investment switching fee, although a buy/sell spread may apply.Eligible members automatically receive Life and Total & Permanent Disability (TPD) insurance through the Suncorp Lifestages insurance cover. The Suncorp Lifestages insurance is tailored to members' age and will automatically be adjusted as members get older. Alternatively, members can choose their own cover up to a maximum of $850,000. A range of online tools, calculators and educational resources are available through the fund's website. Online account access and transaction facilities are available through the secure online facility, while members' account balances are also visible via Suncorp's Internet Banking and Mobile Banking App.
Features and Fees
Suncorp Bank Fees and Features
- Features
- Insurance Cover
- Fees
Features
Binding nominations | |
Account size discount | Online Access |
Home loans | Financial planning service |
Non-lapsing binding nominations | Employer size discount |
Anti-detriment payments | Credit cards |
Insurance Cover
Health insurance | Insurance life event increases |
Total and permanent disability cover | Long term income protection |
Fees
Admin fee $92 | Administration fee (%) 0.76% |
Switching fee $0 | Investment fee 0.21% |
Indirect cost ratio (%) 0.02% | Exit fee $0 |
Pros and Cons
- Suncorp Everyday Super for business makes life easy for business owners and finance managers by removing the hassle of managing super payments and meeting 'choice of fund' obligations. Our online superannuation payments clearing house, Suncorp EASE offers fast electronic processing meaning no more writing cheques, or hours of manual data input. With a business account, you'll be able to use Everyday Super to make your default super payments. Everyday Super is a low cost and straightforward super account for your employees.
Suncorp is one of Australia's largest banking and general insurance groups and offers a range of superannuation solutions through Suncorp Master Trust. The fund's MySuper offering comprises 12 Suncorp Lifestage Funds which are tailored to suit the investment needs and risk profile of investors based on the year they were born. Choice members can also build their own investment portfolio from five Single Sector options. The Suncorp Lifestage Fund 1965-1969 outperformed the SuperRatings Index over the year to 30 June 2020; however, underperformed over the longer term. Fees are competitive and lower than the industry average across all account balances assessed. Members are not charged an investment switching fee, although a buy/sell spread may apply.Eligible members automatically receive Life and Total & Permanent Disability (TPD) insurance through the Suncorp Lifestages insurance cover. The Suncorp Lifestages insurance is tailored to members' age and will automatically be adjusted as members get older. Alternatively, members can choose their own cover up to a maximum of $850,000. A range of online tools, calculators and educational resources are available through the fund's website. Online account access and transaction facilities are available through the secure online facility, while members' account balances are also visible via Suncorp's Internet Banking and Mobile Banking App.
Read More
Suncorp Bank Fees and Features
- Features
- Insurance Cover
- Fees
Features
Binding nominations | |
Account size discount | Online Access |
Home loans | Financial planning service |
Non-lapsing binding nominations | Employer size discount |
Anti-detriment payments | Credit cards |
Insurance Cover
Health insurance | Insurance life event increases |
Total and permanent disability cover | Long term income protection |
Fees
Admin fee $92 | Administration fee (%) 0.76% |
Switching fee $0 | Investment fee 0.21% |
Indirect cost ratio (%) 0.02% | Exit fee $0 |
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
Past 5-year return 5.10% | Admin fee $92 | Company ![]() | Calc fees on 50k $587 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return New | Admin fee $0 | Company ![]() | Calc fees on 50k $575 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 5.10% | Admin fee $0 | Company ![]() | Calc fees on 50k $495 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 5.10% | Admin fee $92 | Company ![]() | Calc fees on 50k $587 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 5.10% | Admin fee $92 | Company ![]() | Calc fees on 50k $587 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
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FAQs
Can I take money out of my superannuation fund?
Superannuation is designed to provide Australians with money in their retirement. The government has strict rules around when people can take that money out of their fund because it wants to prevent people eroding their savings before they reach retirement.
As a general rule, you can only take money out of your superannuation fund when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
That said, you can take money out of your superannuation fund early based on one of these seven special conditions:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
How much is superannuation in Australia?
Superannuation in Australia is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary.
The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.
How do you claim superannuation?
There are three different ways you can claim your superannuation:
- Lump sum
- Account-based pension
- Part lump sum and part account-based pension
Two rules apply if you choose to receive an account-based pension, or income stream:
- You must receive payments at least once per year
- You must withdraw a minimum amount per year
- Age 55-64 = 4%
- Age 65-74 = 5%
- Age 75-79 = 6%
- Age 80-84 = 7%
- Age 85-89 = 9%
- Age 90-94 = 11%
- Age 95+ = 14%
If you want to work out how long your account-based pension might last, click here to access ASIC’s account-based pension calculator.
What age can I withdraw my superannuation?
You can withdraw your superannuation (or at least some of it) when you reach ‘preservation age’. The preservation age is based on date of birth. Here are the six different categories:
Date of birth | Preservation age |
---|---|
Before 1 July 1960 | 55 |
1 July 1960 – 30 June 1961 | 56 |
1 July 1961 – 30 June 1962 | 57 |
1 July 1962 – 30 June 1963 | 58 |
1 July 1963 – 30 June 1964 | 59 |
From 1 July 1964 | 60 |
When you reach preservation age, you can withdraw all your superannuation if you’re retired. If you’re still working, you can begin a ‘transition to retirement’, which allows you to withdraw 10 per cent of their superannuation each financial year.
You can also withdraw all your superannuation once you reach 65 years.
What happens to my insurance cover if I change superannuation funds?
Some superannuation funds will allow you to transfer your insurance cover, without interruption, if you switch. However, others won’t. So it’s important you check before changing funds.
How does superannuation affect the age pension?
Most Australians who are of retirement age can qualify for the age pension. However, depending on the size of your assets and post-retirement income, you might be entitled to only a reduced pension. In some instances, you might not be entitled to any pension payments.
How can I increase my superannuation?
You can increase your superannuation through a ‘salary sacrifice’. This is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Like regular superannuation contributions, salary sacrifices are taxed at 15 per cent when they are paid into the fund.
Is superannuation taxed?
Superannuation is taxed. It is generally taxed at 15 per cent. However, if you earn less than $37,000, you will be automatically reimbursed up to $500 of the tax you paid. Also, if your income plus concessional superannuation contributions exceed $250,000, you will also be charged Division 293 tax. This is an extra 15 per cent tax on your concessional contributions or the amount above $250,000 – whichever is lesser.
Am I entitled to superannuation if I'm a contractor?
As a contractor, you’re entitled to superannuation if:
- The contract is mainly for your labour
- You’re over 18 and earn more than $450 before tax in a calendar month
- You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month
Please note that you’re entitled to superannuation even if you have an Australian business number (ABN).
Who can open a superannuation account?
Superannuation accounts can be opened by Australians, permanent residents and temporary residents. You’re automatically entitled to superannuation if:
- You’re over 18 and earn more than $450 before tax in a calendar month
- You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month
What are concessional contributions?
Concessional contributions are pre-tax payments into your superannuation account. The payments made by your employer are concessional payments. You can also make concessional contributions with a salary sacrifice.
When did superannuation start?
Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.
What happens to my superannuation when I change jobs?
You can keep your superannuation fund for as long as you like, so nothing happens when you change jobs. Please note that some superannuation funds have special features for people who work with certain employers, so these features may no longer be available if you change jobs.
What are the age pension's residence rules?
On the day you claim the age pension, you must be in Australia and you must have been an Australian resident for at least 10 years (with no break in your stay for at least five of those years). The following exceptions apply:
- You’re exempt from the 10-year rule if you’re a refugee or former refugee
- You’re exempt from the 10-year rule if you’re getting Partner Allowance, Widow Allowance or Widow B pension
- You can claim the age pension with only two years of residency if you’re a woman whose partner died while you were both Australian residents
- You might be able to claim the age pension if you’ve lived or worked in a country that has a social security agreement with Australia
How much superannuation should I have at age 40?
The amount of superannuation you should have at age 40 is based on how much money you need to have at retirement. That, in turn, is based on how much money you expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement.
The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week:
Lifestyle | Singles | Couples |
---|---|---|
Modest | $465 | $668 |
Comfortable | $837 | $1,150 |
Here is the superannuation balance you would need to fund that level of spending:
Lifestyle | Singles | Couples |
---|---|---|
Modest | $50,000 | $35,000 |
Comfortable | $545,000 | $640,000 |
These figures come from the March 2017 edition of the ASFA Retirement Standard.
The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.
Here is how ASFA defines retirement lifestyles:
Category | Comfortable | Modest | Age pension |
---|---|---|---|
Holidays | One annual holiday in Australia | One or two short breaks in Australia near where you live | Shorter breaks or day trips in your own city |
Eating out | Regularly eat out at restaurants. Good range and quality of food | Infrequently eat out at restaurants. Cheaper and less food | Only club special meals or inexpensive takeaway |
Car | Owning a reasonable car | Owning an older, less reliable car | No car – or, if you do, a struggle to afford the upkeep |
Alcohol | Bottled wine | Casked wine | Homebrew beer or no alcohol |
Clothing | Good clothes | Reasonable clothes | Basic clothes |
Hair | Regular haircuts at a good hairdresser | Regular haircuts at a basic salon | Less frequent haircuts or getting a friend to do it |
Leisure | A range of regular leisure activities | One paid leisure activity, infrequently | Free or low-cost leisure activities |
Electronics | A range of electronic equipment | Not much scope to run an air conditioner | Less heating in winter |
Maintenance | Replace kitchen and bathroom over 20 years | No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom | No budget to fix home problems like a leaky roof |
Insurance | Private health insurance | Private health insurance | No private health insurance |
Can my employer use money from my superannuation account?
No, your employer can’t touch the money that is paid into your superannuation account.
How do you calculate superannuation?
Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.
The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.
How do you calculate superannuation from a total package?
Superannuation is calculated at the rate of 9.5 per cent of your ‘ordinary-time earnings’. (For most people, ordinary-time earnings are their gross annual salary or wages.) So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.
As the Australian Taxation Office explains, some items are excluded from ordinary-time earnings. They include:
- Overtime work paid at overtime rates
- Expense allowances that are fully expended
- Expenses that are reimbursed
- Unfair dismissal payments
- Workers’ compensation payments
- Parental leave
- Jury duty
- Defence reserve service
- Unused annual leave when employment is terminated
- Unused long service leave when employment is terminated
- Unused sick leave when employment is terminated
Although the superannuation guarantee is currently at 9.5 per cent, it is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.
How do I choose the right superannuation fund?
Different superannuation funds charge different fees, offer different insurances, offer different investment options and have different performance histories.
So you need to ask yourself these four questions when comparing superannuation funds:
- How many fees would I have to pay and what would they cost?
- What insurances are available and how much would they cost?
- What investment options does it offer? How would they match my risk profile and financial needs?
- How have these investment options performed historically?
What will the superannuation fund do with my money?
Your money will be invested in an investment option of your choosing.