Types of Sunsuper accounts
Sunsuper offers three retirement-related products to choose from:
- Corporate super arranged by an employer for their employees to use
- Personal super available for individual employees
- Account-based pension converts superannuation into regular income payments for retirees and workers in the transition to retirement (TTR) stage
Some of the features available to Sunsuper members who have a personal super account, include:
- A range of investment options, including its default ‘Lifecycle’ option, a range of diversified options that cater to a variety of risk appetites, plus single asset class options for savers who wish to build their own investment strategy.
- Insurance in super available for death cover (life insurance), and total and permanent disability (TPD) cover (as with any insurance product, consider checking the cover amount, any exclusions, limits or other conditions that apply, as well as the premiums you would be charged before deciding whether it suits your needs).
- dreamRewards program which offers deals and discounts to Sunsuper members
- dreamProject which is an information service to help Sunsuper members plan for their retirement
- Over-the-phone financial advice available
Eligibility to join Sunsuper
To sign up for a superannuation account with Sunsuper, you must be an Australian resident. To apply online you must be over 18 years of age – those under 18 need to call Sunsuper to get started. Bear in mind that other eligibility criteria may apply, so consider checking these with Sunsuper before starting your application.
How to join Sunsuper
If you satisfy all of the eligibility criteria, then you can apply to join Sunsuper. You can sign up for a Sunsuper account by clicking on its products in Canstar’s superannuation comparison tables and then sign up online on its website.
But first, consider comparing your options with Canstar and checking our choosing a super fund checklist before signing up for a particular superannuation account.
Sunsuper has a dedicated online portal for its super fund members. You can view your account balance online, access statements for your account, download super fund information and more.
Sunsuper says it offers a variety of investment options including pre-mixed, and more DIY options.
For example, its default ‘Lifecycle’ option invests members’ retirement savings across a range of asset classes, including Australian shares, property and cash. The portion of your savings invested in each asset class will change as you get closer to retirement, Sunsuper says.
Members also have the option of investing their funds in a range of other ‘pre-mixed’ options depening on their risk appetite or how far away from retirement they are.
Finally members can take a DIY approach and invest their savings in individual asset classes to suit their own needs and preferences. Asset classes on offer include.
- Fixed interest
- Shares (Australian and international)
- Hedge funds and more
When choosing an investment option, it is important to take into account your investment time frames and goals, and your personal risk tolerance for market fluctuations. Consider seeking profession advice from a financial planner before deciding how to invest your retirement savings.
According to Sunsuper, at the time of writing, the fees charged on its Sunsuper Super-savings accounts include:
Lifecycle Investment Strategy: Estimated total of 0.27% of your account balance per year.
Other investment options: Estimated base fee of between 0.07% p.a. and 0.32% p.a. plus an estimated performance-related fee of between 0.00% p.a. and 0.12% p.a. of your account balance.
Administration fee: $1.50 per week plus 0.10% p.a. of the first $800,000 of your account balance only.
Indirect cost ratio (a fee related to investment that is deducted from any returns before they are credited to your balance):
For the Lifecycle Investment Strategy: 0.52% p.a.
For Sunsuper’s other investment options: 0.00% p.a. – 1.61% p.a.
Bear in mind that other fees may apply. Consider checking the product disclosure statement (PDS) for details. You can also compare Sunsuper’s fees to the other super funds on our database.
Sunsuper offers a consolidation service for members who have super in other funds.
It’s important to check with your current super fund(s) for information regarding any switching costs and any insurance cover you may lose if you switch super funds.
To help you stay on top of your super, it may be beneficial to check your regular super statement closely. Here are some of the factors that could be worth paying attention to:
- Personal details are up-to-date
- Nominated beneficiaries are up-to-date
- Tax File Number (TFN) is recorded
- Super contributions from employer and/or your voluntary contributions are correct
- Investment asset class choices are appropriate for your life stage
- Amount paid in fees
- Insurance still adequate
- Super is consolidated, after checking whether there is insurance or any other benefits attached to the account you may lose and you’re comfortable to do so
- The big picture – are you happy with your super fund overall?
Established back in 1987, Sunsuper is an open super fund which means anyone can join it. Today, it is one of Australia‘s biggest super funds with 1.4 million members and $70 billion in funds under management, and as at October 2019. More than 100,000 ebusinesses manage their employees’ retirement savings through Sunsuper, it says.