Phone 1800 444 396
Web brightersuper.com.au
Email info@brightersuper.com.au
Post GPO Box 264, Brisbane QLD 4001

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Brighter together

Looking after your super as you move to ANZ

On 31 July 2024, current members of Brighter Super’s Suncorp Group Corporate Plan, who are also Suncorp Bank employees, will be transitioned to Brighter Super's new Norfina Limited Corporate Plan. This Plan will be established effective 1 August 2024, with the same superannuation terms and conditions that applied immediately prior to the completion of the Bank sale.

The Norfina Limited Corporate Plan is virtually identical to the Suncorp Group plan. Importantly, there will be no changes to your investment options, member number or beneficiary nomination(s).

Understanding the 31 July 2024 changes

Some Suncorp Bank employees are currently reimbursed for their default Death, Total & Permanent Disablement (TPD) and Income Protection insurance fees within Brighter Super.

From 1 August 2024, if you maintain the minimum required balance in Brighter Super1, you will continue to receive your existing insurance cover and, if you are one of those eligible employees, ANZ will continue to reimburse insurance fees for a period of two years after the transfer of your employment to ANZ. After this period, maintaining your insurance cover within the Fund will be at your own cost, with fees deducted from your super account.

If you are not one of those eligible employees, you will continue to pay your own insurance fees.

As Suncorp has communicated previously, ANZ is unable to make additional contributions to cover administration fees, which are deducted from your super account. However, you will continue to receive the benefit of discounted administration fees as a transferring Suncorp Bank employee.

The discounted administration fees that apply while you are both a Brighter Super member and an ANZ Group employee are 0.06% p.a. of your account balance plus $7.65 per month2.

Based on an account balance of $300,000, this equates to an annual administration fee of $271.80 (i.e. $180 + $91.80). By way of comparison, a standard Brighter Super member with the same account balance pays 0.18% p.a., equal to $540.

We remain committed to providing value

As a 100% member-owned fund, Brighter Super is dedicated to providing you with value to help you retire with confidence.

We’ve demonstrated this recently through a range of initiatives that formed part of our commitment to being ‘brighter together’:

  • Strong investment performance, with our MySuper option returning 9.07% over the 12 months to 30 June 2024 and our Balanced and Growth options delivered double digit returns of 10.57% and 11.91% for the same period3.
  • Effective 1 February 2024, we reduced insurance fees for Suncorp Group plan members by approximately 8% for death cover, 30% for Total and Permanent Disablement cover and 12% for Income Protection4.
  • We introduced fee reductions across most of our investment options from 31 May 2024, along with a consistent fee cap so that no member will pay more than $900 in administration fees from the 2024/25 financial year. For some members, that will mean a reduction of around 70%.
  • We streamlined our investment options from 31 May 2024 to make it easier for you to select superannuation investments that meet your needs and risk tolerance.

We are continuing to streamline our operations in order to create a strong fund for the future, and plan to deliver further fees reductions in January 2025.

What do you need to do?

You do not need to do anything to facilitate your move to Brighter Super's Norfina Limited Corporate Plan. This will happen automatically on 1 August 2024 (subject to completion of the Suncorp Bank sale to ANZ).

However, with the change of employer it is important to update your contact details with us so we can continue to deliver important updates on your superannuation investment.

Please log in to Member Online to check your contact details (including email address and phone number) are current and up to date.

If you are considering a change to how your super is invested, talking to a financial adviser can help. If you do not already have a financial adviser, Brighter Super’s in-house team of financial advisers are here to help you.

Or if you have general questions about the changes, refer to our frequently asked questions below or contact us.

  1. A minimum amount of $8,000 must remain in your account to keep it open and retain insurance cover.
  2. 0.06% is calculated on the average daily balance and deducted monthly from your account. The administration fee is capped at $900 per year for eligible accounts. An additional 0.03% administration fee applies but is deducted from the Fund’s General Reserve, not from your account. These fees are current as at 1 July 2024 and may be subject to change.
  3. 12 months to 30 June 2024. Investment returns are only one factor to be considered when deciding whether to invest. Past performance is not a reliable indicator of future performance. Investment returns are not guaranteed.
  4. These percentages are approximate only and may differ depending on your personal circumstances.