BEST-FEATURED PENSION FUNDS
GOLD WINNER SUNSUPER
A set-and-forget approach allows pensioners to get on with enjoying their lives
Sunsuper for Life Income pension features include an incentive for signing up, a set-and-forget investment strategy and financial planner consultations.
It offers a signing-on bonus of up to $4800 for Sunsuper members who activate the income account. But to qualify they need to have been with Sunsuper’s savings account for at least 12 months, and the higher the account balance the bigger the bonus (0.3%). A member with $200,000 receives $600, rising to $1500 for $500,000 up to a maximum of $4800 for $1.6 million.
Pensioners can choose from a range of investment options or, to make their lives simpler, opt for the Today and Tomorrow strategy. This pays an income from the cash option (which holds the equivalent of about two years’ income) and the rest stays in the retirement option. Income is paid from the cash until there are no funds left and then it is taken from the retirement account.
Sunsuper offers free, simple, over-the-phone financial advice as well as more comprehensive face-to-face advice with a qualified financial planner.
The retirement investment option charges fees totalling 0.80%pa, as well as admin costs of $3 a week plus 0.10% on the first $800,000.