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A message to Suncorp superannuation members from our CEO

Hello and welcome to LGIAsuper, 

LGIAsuper is a Queensland-based superannuation fund that has been working to grow the retirement savings of our members for more than half a century. 

As a profit-for-members fund, you will notice that we are different from funds that are owned by shareholders. Our members own our own fund, so all profits are returned for their benefit. 

As part of our acquisition of Suncorp’s superannuation business announced today, we will build the size and scale of our fund to ultimately enhance the benefits we deliver to all our members – including those of you moving across from Suncorp. 

As a member of Suncorp’s superannuation business, you won’t see any short-term changes to your fund or the team members who support you, and you don’t need to take any action. 

We have an exciting time ahead of us as we grow together, so I look forward to officially welcoming you. 

For more information please find our media release below. 

Yours sincerely, 
Kate Farrar 
LGIAsuper CEO 

Frequently asked questions

  • Who is LGIAsuper?

    LGIAsuper is a Queensland-based superannuation fund that has provided trusted and reliable investments, advice, and insurance solutions for more than 50 years.

    We look after around $22 billion in retirement savings for approximately 120,000 members (as at 1 July 2021).

  • Is LGIAsuper an open fund, available to people in different sectors?

    Yes, LGIAsuper is open to everyone. Whilst we have a proud history in local government, we are open to the wider community and are welcoming new members from many different sectors and industries.
  • What is a profit-for-members fund?

    LGIAsuper is a profit-for-members fund, which means that any profit is put back into the fund for the benefit of all our members.

    We don’t have any shareholders to pay. We don’t pay commissions to financial advisers. Our members always come first in everything we do. Suncorp’s superannuation members will soon be able to enjoy the benefits of being part of our member-focused fund.

  • How has LGIAsuper performed in the past?

    LGIAsuper is focused on solid long-term performance. Our default investment option has returned a compound average +8.83% per annum over 35 years (as at 30 June 2020)¹.

    In 2021, we achieved a Platinum rating for our Accumulation and Pension products from independent rating agency Super Ratings for the 13th year running. LGIAsuper was also acknowledged by research company Chant West in 2021, which awarded the fund its 5 Apples rating for both our Accumulation and Pension accounts².

     

    1. Returns are based on daily unit prices available to members. They are net of investment fees and taxes, and net of the 0.18% administration fee charged by the Fund. The $1 per member per week charge has not been deducted from these returns. Past performance is not a reliable indicator of future performance.
    2. You should refer to respective research houses (and their disclaimers) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated. Ratings are current as at date of publications. LGIAsuper pays a fee to some research houses for rating our funds.
  • Why did Suncorp choose LGIAsuper for this acquisition?

    The values and purpose of LGIAsuper align closely with those of Suncorp. This transaction will enable the combined organisation to take advantage of scale benefits in the future.

    By transitioning Suncorp’s superannuation business into LGIAsuper’s profit-for-members fund, we can achieve better service and products, at a lower cost, for all members. In doing so, Suncorp’s superannuation members become part of a profit-for-members fund, with all the advantages and benefits that brings.

  • What is the general reserve, and is this money that comes from members accounts?

    LGIAsuper maintains a general reserve, which represents accumulated surplus funds that have been set aside over time to ensure that the fund remains solvent should expenditure exceed fees charged to members for a period, as well as to support the sustainability of the fund by supporting strategic initiatives which deliver net benefits to members.

    The amount in the general reserve has not been allocated to any members of the fund, and is used for the benefit of all our members.

  • Who is Energy Super?

    LGIAsuper and Energy Super completed their merger on 1 July 2021.

    Both LGIAsuper and Energy Super have a strong track-record of, and commitment to, delivering strong and sustainable returns to members.

  • Will my superannuation account or products change?

    Suncorp’s superannuation members will not see any short-term changes to their fund.As part of the agreement with LGIAsuper, Suncorp will continue to distribute superannuation products to Suncorp customers for a transition period of 18 months following the completion of the sale, which is expected at the end of the 2021/22 financial year.
  • Will this impact my insurance?

    Suncorp superannuation members’ insurance will not be changing at this time.

  • Will my superannuation fund still be called Suncorp?

    Yes. As part of the agreement between Suncorp and LGIAsuper, this brand will not change during our 18 month transition period.

  • When can I expect to see new services or benefits?

    Completion of the Suncorp transaction is expected in the second half of the 2021/22 financial year, followed by an 18-month transition. We will keep you updated when anything changes, or new products or services become available to you.

  • Who do I contact if I have any questions?

    You can contact Suncorp about your superannuation using the usual contact details on the Suncorp superannuation website.