Suncorp Bank

Suncorp - Suncorp Lifestage Funds

Past 5-year return
6.78% p.a
Admin fee

$92

Calc fees on 50k

$587

SuperRatings awards
MySuper Gold
Past 5-year return
6.78% p.a
Admin fee

$92

Calc fees on 50k

$587

SuperRatings awards
MySuper Gold

Based on your details, you can compare and save on the following superannuation

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

Variety of options

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

Variety of options

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

Did you know ?

You can share these results by embeding it on any page you like.

Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
BALANCED
CONSERVATIVE BALANCE
GROWTH
+ View additional option performance information
Past 5-year return
6.78% p.a
Admin fee

$0

Company
Suncorp Bank
Calc fees on 50k

$495

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
New
Admin fee

$0

Company
Suncorp Bank
Calc fees on 50k

$575

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
6.78% p.a
Admin fee

$92

Company
Suncorp Bank
Calc fees on 50k

$587

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
6.78% p.a
Admin fee

$92

Company
Suncorp Bank
Calc fees on 50k

$587

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Gold
Go to site
More details
Past 5-year return
6.78% p.a
Admin fee

$92

Company
Suncorp Bank
Calc fees on 50k

$587

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details

FAQs

What are reportable superannuation contributions?

For employees, there are two types of reportable superannuation contributions:

  • Reportable employer super contributions your employer makes for you
  • Personal deductible contributions you make for yourself

What is superannuation?

Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.

How do you get superannuation?

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

How is superannuation calculated?

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.

What happens if my employer goes out of business while still owing me superannuation?

If your employer collapses, a trustee or administrator or liquidator will be appointed to manage the company. That trustee/administrator/liquidator will be required to pay your superannuation out of company funds.

If the company doesn’t have enough funds, in some cases company directors will be required to pay your superannuation. If the directors still don’t pay, the Australian Securities & Investment Commission (ASIC) might take legal action on your behalf. However, ASIC might decline to take legal action or might be unsuccessful.

So there might be some circumstances when you don’t receive all the superannuation you’re owed.

How does superannuation work?

Superannuation is paid by employers to employees, at least once every three months. The ‘superannuation guarantee’ 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 guarantee 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.

Superannuation 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.

You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:

  • Age 65
  • Your ‘preservation age’ and retire
  • Your preservation age and begin a ‘transition to retirement’ while still working

 

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 happens if my employer falls behind on my superannuation payments?

The Australian Taxation Office will investigate if your employer falls behind on your superannuation payments or doesn’t pay at all. You can report your employer with this online tool.

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.

When is superannuation payable?

Employers must pay superannuation at least four times per year. The due dates are 28 January, 28 April, 28 July and 28 October.

When can I access my superannuation?

You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:

  • Age 65
  • Your ‘preservation age’ and retire
  • Your preservation age and begin a ‘transition to retirement’ while still working

The preservation age – which is different to the pension 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

A transition to retirement allows you to continue working while accessing up to 10 per cent of the money in your superannuation account at the start of each financial year.

There are also seven special circumstances under which you can claim your superannuation:

  • Compassionate grounds
  • Severe financial hardship
  • Temporary incapacity
  • Permanent incapacity
  • Superannuation inheritance
  • Superannuation balance under $200
  • Temporary resident departing Australia

 

How do you find superannuation?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.

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.

How do you find lost superannuation funds?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.

Is superannuation paid on unused annual leave?

If your employment is terminated, superannuation will not be paid on unused annual leave.

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 many superannuation funds are there?

There are more than 200 different superannuation funds.

What fees do superannuation funds charge?

Superannuation funds can charge a range of fees, including:

  • Activity-based fees – for specific, irregular services, such as splitting an account after a divorce
  • Administration fees – to cover the cost of managing your account
  • Advice fees – for personal investment advice
  • Buy/sell spread fees – when you make contributions, switches and withdrawals
  • Exit fees – when you close your account
  • Investment fees – to cover the cost of managing your investments
  • Switching fees – when you choose a new investment option within the same fund

Do I have to pay myself superannuation if I'm self-employed?

No, self-employed workers don’t have to pay themselves superannuation. However, if you do pay yourself superannuation, you will probably be able to claim a tax deduction.

How much superannuation should I have?

The amount of superannuation you need to have at retirement is based on how much money you would 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