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 more than $13 billion in retirement savings for around 73,000 members (as of 31 December 2020).
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.
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.
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.
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.
LGIAsuper is currently preparing to merge with another Queensland profit-for-member super fund, Energy Super. The merger is planned for 1 July 2021.
Both LGIAsuper and Energy Super have a strong track-record of, and commitment to, delivering strong and sustainable returns to members.
Suncorp superannuation members’ insurance will not be changing at this time.
Yes. As part of the agreement between Suncorp and LGIAsuper, this brand will not change during our 18 month transition period.
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.