Sunsuper Superannuation

Sunsuper logo 2018

Sunsuper is an industry super fund.

At the time of writing, it is proceeding with a merger with QSuper and this will result in a superannuation fund with approximately 2 million members and total funds managed being around $200 billion. The merger is expected to be completed at the end of February 2022, and the newly combined super fund will be the largest based in Queensland, and one of the largest in Australia. It’s new name will be Australian Retirement Trust.

Types of Sunsuper super accounts

Sunsuper for life

Sunsuper for life is the main product available to members. Sunsuper for life members have access to 18 investment options, including:

  • the commonly offered options of Retirement (Cash), Conservative, Balanced and Growth funds
  • the less commonly offered options of Socially Conscious Balanced, Diversified Alternatives, International Shares, Property and Diversified Bonds
  • a Lifecycle Investment Strategy, which means that they manage your investment fund mix relative to your age, and therefore relative to your usual investment/retirement timeframe.

Some of the other features offered by Sunsuper include:

  • life insurance: Standard death cover and total and permanent disability assist cover (TPD) are offered as default cover, which means that you are automatically offered these when you become a member. The amount of this cover depends on your age and occupation. You can apply to increase these, and also to have income protection. The life/death cover also includes a terminal illness benefit, which will pay if you are diagnosed with a terminal illness and are expected to die from this within 24 months. As with any insurance product, consider checking the cover amount, any exclusions, limitations or other conditions that may apply, as well as the premiums you would be charged before deciding whether it suits your needs.
  • the ability to apply online to join Sunsuper, and also to consolidate/transfer any existing super funds you may have.
  • an online member login function, which provides you with the facility to check your balance, see previous statements, update your personal contact details etc. They also offer a mobile app to access this, as well as a mobile optimised website.
  • a range of financial advice options.

Sunsuper for Business

This product is for business owners and their employees.

How to join Sunsuper

Before committing to a particular fund, consider comparing your options with Canstar and checking out our choosing a super fund checklist. You can also read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for a Sunsuper product to help decide whether it is suitable for your needs.

If you decide to join Sunsuper you can do this online through their website.

You must be eligible to join a super fund in Australia.

Finally, remember to tell your employer that you’ve joined Sunsuper. Your employer should give you a Superannuation Standard Choice Form to fill out, sign and return to them.

Compare Super with Canstar

Sunsuper FAQs

Sunsuper offers a choice of 18 investment options at the time of writing. You can decide to only be in one of the options, or choose to split your investments between two or more (e.g. have 40% in the Socially Conscious Balance, 35% in International Shares and 25% in the Cash option). You can switch options at any time for no fee, Sunsuper states.

If you don’t make a decision as to how your money will be invested, Sunsuper says members will be invested into the Lifecycle Investment Strategy relevant to your age.

For more details on what each Sunsuper investment option entails, you can contact Sunsuper or read the PDS and other documentation on its website.

Sunsuper offers a Socially Conscious Balance option as their ethical investment option.

Their other options might have investments in companies not considered to fall within an ethical investment framework.

Sunsuper charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, some of its fees include:

  • Investment fees, which may vary from depending on the investment option. This reflects the fees and costs associated with the purchase/sale and ongoing management of investments of the fund and underlying investment vehicles, Sunsuper says. For example, the Lifecycle Investment Strategy investment fee has an estimated base fee of 0.22% to 0.24% per year plus an estimated performance-related fee of 0.03% per year, which is a total of 0.25% to 0.27% a year of your account balance. The Investment fee is deducted daily from the investment option.
  • Administration fees of $78 per year, plus an asset-based administration fee of 0.10% of your account balance each year (up to a maximum of $800).
  • Insurance fees, if you have insurance cover through your super. The cost will depend on the level and amount of cover you have, your age, and the type of work you do, Sunsuper says.

Bear in mind that other fees may apply. Consider checking Sunsuper’s PDS for details. You can also compare the annual fees for Sunsuper’s default investment option to other super funds’ fees on Canstar’s database.

Compare Super with Canstar

This can be done online through their website, or by downloading a form they provide (also found on their website). It can also be done via your MyGov account.

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:

  • Are your personal details up-to-date?
  • Are your nominated beneficiaries up-to-date?
  • Are the super contributions from your employer and/or your voluntary contributions correct?
  • Are your investment asset class choices appropriate for your life stage?
  • Are you happy with the amount you’re paying in fees?
  • Is your insurance still adequate for your needs?
  • Have you decided whether to consolidate your super, after checking whether there is insurance or any other benefits attached to the account you may lose and if you’re comfortable to do so?
  • The big picture – are you happy with your super fund overall?

Compare Super with Canstar

Sunsuper is a members first (or a not for profit) fund, and they exist only to benefit their members. Their members come from all types of occupations and industries.

This content was reviewed as part of our fact-checking process.

Written by: Roger Mai | Last updated: December 6, 2021