Make sense of your statement 2019 20 PDF

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How to read Suncorp annual statement...

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Making sense of your statement —

Your annual statement Your annual statement provides you details of your super account as at 30 June each year. If you have any questions or would like to see up-to-date information, simply login to your online account, which can be accessed at suncorp.com.au/super. From there you can check your super balance, transact and make changes to your account, update your contact details, access reporting and much more at a time that is convenient for you. If you haven’t done so already, setting up your online account is easy. Simply visit suncorp.com.au/register and complete the online registration — it only takes a few seconds! You’ll then receive a confirmation email with prompts to log into your account.

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July 2019

2020

Debits (out)

Credits (in)

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to 30 June

$3,130.21

$25,947.90 utions, eg. contrib earnings rollovers and

Closing ce balan account 7 $384,905.7

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t Your asse

$450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0

details Account r as at nce cove ra Your insu 20 30 June 20

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Biller code: 256602 Ref:

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Page 13

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What has changed since last year?

Protecting Your Super (PYS) fee rebate

Your election to retain insurance cover

On 1 July 2019, the Federal Government introduced new

The Federal Government introduced new laws called

laws called Protecting Your Super (PYS), designed to protect your superannuation savings from unnecessary erosion by insurance, investment and administration fees as well as other indirect fees and costs.

Putting Members’ Interests First (PMIF), designed to further protect your superannuation savings from unnecessary erosion by insurance fees.

The PYS rules introduced caps on fees for low balance

Under PMIF rules, we were required to cancel your existing automatic insurance cover if your account balance

member accounts. If your account balance is less than $6,000 at the end of each financial year, being the Suncorp Master Trust’s income year, the total combined amount of administration fees, investment fees and indirect costs charged to you is capped at 3% of the account balance. Any amount charged in excess of that

remained below $6,000 from 1 November 2019 through to 31 March 2020 (i.e. your balance never reached $6,000 at any time in this period), unless you elected to retain your insurance cover. Furthermore, new members joining from 1 April 2020 will not receive automatic insurance cover (unless they elect otherwise) if they’re aged under 25 years

cap must be refunded.

and/or have an account balance less than $6,000.

If applicable to you, the rebate will appear in the Fees section of your statement as one or more Protecting Your Super fee rebate transactions. It will also be incorporated in the Your Fees Summary section. Further information is

For the first time you are now able to view details of the election you made to either retain or cancel your insurance cover. Your election is shown in the Account details section of your statement.

provided later within this document.

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In the event that you haven’t made an election, your statement will show Not received. If you feel it is right for you, you can make an election by logging into your online account at suncorp.com.au/super.

Some key points to note

Enhanced Fee disclosure

Other information about fees

We need to disclose fees (such as the Administration fee)

If you have transferred to your current Suncorp super

and costs in your annual statement in accordance with the enhanced fees and costs disclosure regime prescribed in legislation. This means, for instance, if a tax benefit, like a tax deduction, was passed on to you, we are expected to show two separate amounts, one being the full fee

account from a previous Suncorp or Asteron product, you may still be getting used to the way the fees work on your account. Don’t forget:

charged before the tax benefit is applied (ie gross fee) and another amount for the tax benefit passed on to you in relation to the fee. You need to remember that the gross fee shown may have been greater than what you ultimately paid. Your annual statement displays total fees and costs (as applicable) in the Your Fees Summary section. Additionally, it also confirms what you paid after any tax benefit was passed on to you (ie net fee), which represents the actual total you paid. Displaying the fees and costs you incurred this way does not impact the overall amount of fees and costs you ultimately paid during the year.

— Administration fee rebates and Insurance fee rebates have been replaced with reduced upfront Administration and Insurance fees. — Administration fees and Investment fees may have been bundled in the past, but they are now shown as separate figures on your annual statement.

Electronic communications In the spirit of creating a brighter future for everyone, we generally communicate with our super customers electronically. Most communications (including annual statements) are stored in your online account and you are notified by email when they are ready to be viewed. This allows you to access your correspondence at any time.

We know this might be a bit confusing, but we are required by law to show fees and costs in your statement in this way. If you have any questions about this or any other matter in relation to your annual statement, speak to your adviser or give us a call.

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Here’s a snapshot of some of the important information in your statement and what it means

A

Credits in and debits out:

D

The ‘credits in’ amount on your statement includes

The insurance information on this page of your

any contributions, rollovers or other payments into your super.

statement shows the total amount of Life, Total and Permanent Disablement and Income Protection cover you have, as well as whether or not you have made an election to retain your insurance cover.

The ‘debits out’ amount includes any fees, taxes, or withdrawals. Note – your investment earnings could appear as either credits or debits depending

If you have automatic and voluntary insurance cover you will see these combined into one single amount on this page.

on investment performance.

B

Investment return: This amount reflects the change in balance from the beginning to the end of the statement period, taking into account contributions, fees and taxes that apply throughout this timeframe. It also includes interest allocated to your account from any investment in the Asteron Traditional Capital Guaranteed Fund if you’re invested in that option (see ‘Unit prices’ on page 8).

C

Insurance cover:

E

Beneficiaries: You can find more information about any beneficiaries you have nominated later in the statement.

F

Family linking: More information about family member accounts

Asset allocation:

that you have requested to be linked to your account are outlined later in the statement.

Different investment options may be invested across different asset classes. This pie chart shows you how your total account balance is invested across different types of assets. You may sometimes find your asset allocation doesn’t equal exactly 100% as these amounts are rounded to two decimal places.

G

Your details: Your statement reflects the information we have recorded for you. It’s very important that you keep us up to date with your current email address, mobile phone number and home address, as this is the way we communicate with you and send you important information. You can update your details at any time by logging into your online account or by giving us a call.

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A D

B E Family linking Name Family Linking1

C

Account No 987654321

See 'Family Linking' section for a complete list

Your details Account number: Date of birth: Date joined plan: Eligible service date: Tax file number: Smoker Status:

12345678 1 January 1950 1 January 1990

F G

1 January 1990 Supplied Non Smoker

Log in to update your details

Your adviser details Name: Adviser Name Phone: (02) 1234 1234

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H

Investment mix:

I

Unit prices:

Your current investment mix shows how

When you invest in super, units in your chosen

your account balance is split across different investment options. Your future investment strategy shows how future contributions will be invested. The percentage amounts are rounded to two decimal places (as unit prices are to four decimal places).

investment option are allocated to you. The number of units you receive will depend on the investment option’s entry price at that time and the amount you invest. For all investment options (except the Asteron Traditional Capital Guaranteed Fund), your balance in that investment option is calculated by multiplying the number of units you hold by the investment option’s exit price. The exit price is the amount shown on your statement and is generally less than the entry price. The difference between the entry and exit price is known as the buy-sell spread. For example, if you invest $5,000 into an investment option and the unit entry price is $1, you would receive 5,000 units in the investment option. If, on the same day, you tried to sell 5,000 units from the same investment option and it had a buy-sell spread of 0.50%, the unit exit price would be $0.995 and you would receive $4,975 You can find the latest buy-sell spreads in the monthly investment options performance reports on our website, suncorp.com.au/super.

Auto-rebalancing: In the past, details of any auto-rebalancing would have appeared in this section of your annual statement but you can now manage your auto-rebalancing via the investments tab in your online account.

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I H

9

J

Investment performance:

L

This shows how your chosen investment options

This is the amount you would receive if you

have performed over time. If you transferred from a different Suncorp superannuation product you may only be able to see performance since it’s inception in your current product.

were to exit the fund. This may differ from your closing account balance because of contributions received, changes to the value of underlying investments, withdrawals, and the deduction of taxes, fees and charges.

If you switched investments during the year, the performance of your previous investments will not be shown here but the earnings achieved by the investment that was switched out will still be reflected in the overall performance achieved. Please visit our website, suncorp.com.au/super if you would like to review the performance of any

M

chosen to receive your super (including any insurance benefit) if you die. If your percentage allocations do not equal 100% this may indicate your beneficiary nominations are no longer up to date. It’s a good idea to keep your beneficiary nominations up to date so they remain current

Preserved benefits: Within your super account balance, different sums of money may be categorised into different types of benefits, which may determine how accessible that money is. Your super benefit may be comprised of what’s known in super jargon as preserved, restricted non-preserved, and unrestricted non-preserved amounts: —

Your preserved benefit is the amount of your account balance that you cannot withdraw until you meet a condition of release.

—

Any restricted non-preserved benefit relates to specific employer contributions made before 1 July 1999 and you usually cannot withdraw this.

—

Any unrestricted non-preserved benefit can be withdrawn at any time.

10

Beneficiaries: Your beneficiary is the person or people you’ve

other investment options.

K

Withdrawal benefit:

and clearly reflect your wishes.

N

Binding non-lapsing beneficiaries: Normally, you’d need to update your super beneficiary every three years, but making a binding ‘non-lapsing’ nomination avoids this hassle. This means you never have to update your nominated beneficiaries, unless you want to. If you do, you can do it easily in your online account. You should still check your nomination from time to time as your personal circumstances may change and you may wish to update your nomination.

J

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K

L

M N

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O

Fees:

Q

Your statement sets out all the fees and charges that apply to your account. If you previously transferred from a different Suncorp or Asteron super product, the fees on your statement may

There are contribution limits (called ‘contribution caps’) on how much you can contribute to super in any one financial year without being charged additional tax. It’s important you know these limits,

appear different to those which you saw on your previous account.

as sometimes the additional tax for exceeding them can be substantial.

2019/20 is the first year in which the Protecting Your Super fee rebate has been applied to impacted members. If the rebate has been

You can find more information on our website suncorp.com.au/super.

applied to you it will appear in the Fees section of your statement as one or more Protecting Your Super fee rebate transactions.

R

deducted for percentage based Administration fees and dollar based Administration fees. A breakdown of the tax adjustments made to your Administration fee is shown later in your statement. If you have any questions please refer to the relevant Product Disclosure Statement and

adjustment resulting from the application of the fee rebate.

Insurance fees: Depending on the type of insurance cover, your insurance fee may consist of multiple components, including government stamp duty, that are applicable to the state where you live. If you have any questions please refer to the applicable insurance premium rates guide that you can find on our website suncorp.com.au/super.

Administration fee: Your Administration fee may consist of multiple components that are all included in the single Administration fee amount you see on your statement. You may also see separate amounts

Amounts shown as a credit to your account represent the rebate of fees, whilst any amounts shown as a debit represent the corresponding tax

P

Contribution caps:

Product Guide for your superannuation product, which are available on our website suncorp.com.au/super.

S

Offset payment: In the event that one or more adjustments have been processed on your account, these will appear as Offset Payment. We will have previously written to you providing details of the adjustment(s).

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O

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R

P

S Q

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T

Direct fees:

U

Indirect costs of your investment:

This section is a summary of the direct fees

Indirect costs of your investment are amounts

shown in the Your fees summary sec...