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Kinetic Super member FAQs

 

I am currently a Kinetic Super member, what will happen to my account?

From 12 May 2018 your Kinetic Super account will close and your money will transfer into your new Sunsuper for Life super-savings account. Your money will be invested in the Sunsuper investment option(s) that most closely match your Kinetic Super investment option(s).

Investment option mapping

Kinetic Super investment option  Investment option in Sunsuper 
 Growth (MySuper)  Lifecycle Investment Strategy (MySuper)
 Aggressive Growth
 Moderate   Retirement
 Australian Shares
 Australian Shares - Index
 Overseas Shares

 70% International Shares - Index (unhedged) and
 30% International Shares - Index (hedged)

 Property  Property
 Cash  Cash
 Bonds   Diversified Bonds

Any employer contribution arrangements (including salary sacrifice) and preferred beneficiary nominations will automatically come across to your new Sunsuper account. There may be a few actions you need to take if you hold a Binding nomination or Direct Debit for example. You will be able to fully transact on your Sunsuper account by the 28th of May.

Any insurance arrangements you have as part of your Kinetic Super account prior to 12th May 2018 will continue in your new Sunsuper account. If you do not currently have insurance cover on your Kinetic Super account, you will not be provided with cover as part of the transfer. However once you become a member of Sunsuper, you can apply for Death, Total and Permanent Disability and Income Protection cover with Sunsuper.

What are the benefits of being a Sunsuper member?

  • Access is available to General and Personal Financial Advice at no additional cost
  • We conduct TFN Serarchs for any lost or unclaimed super
  • Member Online and Mobile App
  • We are a profit for member superfund
  • Dream rewards

Can I keep my accounts (Kinetic Super and Sunsuper) separate? 

As part of the transition all Kinetic Super accounts will close. You do have the option to opt out of having your two insurances merged by holding two Sunsuper for Life accounts. In order for this to happen, you will need to let us know by the 7th of May if this is something you'd like to do.

What if I don't want to become a member of Sunsuper?

If you don't want to become a member of Sunsuper, you'll need to submit your request to rollout of Kinetic Super before the 4th of May.

Before making any decisions about your super's future, we recommend checking out a company called Chant West who can help you make an informed decision about superfunds.

I have an account with Sunsuper and Kinetic Super, what will happen to my accounts during and after the merge?

On the 11th May 2018 your Kinetic Super account will close and your money will transfer into your existing Sunsuper for Life super-savings account. You will be able to transact on our Sunsuper account with the Kinetic Super monies by the 28th May 2018.

The Kinetic super monies will be invested in the Sunsuper investment option(s) that most closely match:

Investment option mapping

Kinetic Super investment option Investment option in Sunsuper
Growth(MySuper) Lifecycle Investment Strategy(MySuper)
Aggressive Growth
Moderate Retirement
Australian Shares
Australian Shares - Index
Overseas Shares

70% International Shares - Index (unhedged) and
30% International Shares - Index (hedged)

Property Property
Cash Cash
Bonds Diversified Bonds

 

I have insurance through Kinetic Super and Sunsuper, will I still have cover when I come completely to Sunsuper?

From 12th May 2018 your insurance cover will be provided via your Sunsuper account. You'll receive the same amount of total cover as you had previous to the 12th May 2018, although your premium may be different. Your cover will be provided as fixed Tailored in your Sunsuper for Life account.

There are important eligibility criteria which will be outlined on the letter Sunsuper send you in April.

Should you hold Income Protection cover with both Sunsuper and Kinetic Super, you will receive the higher of the two amounts, up to the maximum of 85% of your salary. The same waiting and Benefit periods will apply to the policy, with any adjustments to your premiums will be disclosed to you in writing. If the benefit and waiting period are different, we will apply the longest benefit period and the shortest waiting period.
Members who already hold a Sunsuper for Life account (including Corporate/Business or Income) will be contacted by Sunsuper (in April) directly to advise the insurance cover arrangements they'll receive.

I don't have insurance cover, will this remain?

If you don't have insurance with Kinetic Super or Sunsuper, this will not change as part of the transfer. If you would like to apply for insurance with Sunsuper, you are welcome to do this via our tailored insurance application process.

I have a Corporate account with Sunsuper, will my Kinetic Super insurance and balance be added to this?

As you currently have a Corporate account with Sunsuper, your Kinetic Super account will be transferred to a new Super-savings account within Sunsuper. Once the transfer is complete you can choose to combine the super-savings account into the Corporate account. This can be done by completing a Transfer of cover form found on your employer micro-site. This also provides you with the opportunity to review your insurance, investment and beneficiary needs.

Who do I contact if I want to make changes to my account moving forward?

Between now and the 12th of May, you should still contact Kinetic Super for any account enquiries. After the 12th of May, Sunsuper will be able to assist you with your account. Please be aware that between the 12th of May and 21st of May Sunsuper will only be able to provide limited service whist we wait for your balance to come across.

Why do I need to setup my Binding nomination, direct debit, TPA etc again, can't you just get the information from Kinetic Super?

These were added to your account using forms that contain details relating to the Kinetic Super Trustee, which means they cannot be loaded to a Sunsuper account. For these particular types of requests to be valid for your Sunsuper for Life account, you will need to fill out the relevant Sunsuper form.

I have a Binding Death Nomination in place with Kinetic, can I send you my nomination now?

The nomination you hold with Kinetic Super will remain valid until the 11th of May. To apply your Binding nomination with Sunsuper we will require you to complete our form and date it no earlier than the 12th of May in order to be valid. Any nominations received prior to that date will not be accepted.

Key dates you need to know 

April 2018
If you have both Kinetic Super and Sunsuper accounts, you’ll receive important updates from Sunsuper regarding the transition.

4th May – 11th May
No financial activity can be made on your Kinetic Super account.

12th May
Your Kinetic Super account will close and transfer to Sunsuper.

From 14th May
Non-financial account updates can be made to your Sunsuper account.

From 28th May 2018
Financial account updates can now be made to your Sunsuper account.

June 2018
You’ll receive an update on your new or existing Sunsuper account.

Information for Income Account Members

I am receiving payments (income account) from my Kinetic Super pension account, what will happen to my account and these payments?

From 12 May 2018 your Kinetic Super Smart Pension account will close and your money will transfer into your new Sunsuper for Life Retirement Income account. Your money will be invested in the Sunsuper investment option(s) that most closely match your Kinetic Super investment option(s).

Investment option mapping

Kinetic Super investment option Investment option in Sunsuper
Growth(MySuper) Lifecycle Investment Strategy(MySuper)
Aggressive Growth
Moderate Retirement
Australian Shares
Australian Shares - Index
Overseas Shares

70% International Shares - Index (unhedged) and
30% International Shares - Index (hedged)

Property Property
Cash Cash
Bonds Diversified Bonds

 

Sunsuper and Kinetic Super will be working closely together to ensure you are not going to be financially disadvantages by this transition. In accordance with your Kinetic significant events notice, you will receive your payment from Kinetic Super on the 9 May 2018. Your first payment from Sunsuper will be determined by the frequency you've selected.

Fortnightly members will have their first Sunsuper payment on 23 May 2018.

All other payment frequencies will have their first Sunsuper payment paid for the 11 June 2018.

I receive fortnightly payments with Kinetic Super, do you offer fortnightly payments and do they go at the same time as Kinetic does?

We do offer fortnightly payments however our payment runs are slightly different to what you currently experience.

Instead of receiving 24 payments a year, you'll receive 26 as we pay every second Wednesday. This will also mean your payment amount will be re-assessed and potentially adjusted if you have opted for a percentage amount.

Any adjustment to your payment amounts will be communicated closer to transition.

I received an extra payment from Kinetic Super, do you know why?

Before moving across to your Sunsuper for Life account, you may have received an additional payment from Kinetic to which you likely received a letter from Kinetic about. This additional payment was a true up payment; this is paid to you to ensure the Kinetic Super fund meets its legislative obligations of paying income account holders their minimum percent for the time they held an open account.

Will I still receive the same amount of money from Sunsuper as I did with Kinetic Super?

When you come across to Sunsuper, we will automatically recalculate your payments for the remainder of the year based off your current set up. At the start of the financial year, we will once again recalculate your payments based off your current set up.

If you were set up with Kinetics fortnightly payment method, you will notice you'll receive more from Sunsuper which may mean you'll need to re-assess your set up. Instead of receiving 24 payments within the year (paid on the 15th and 28th) you'll receive 26 payments issued every second Wednesday. Any adjustments to your payment amount will be communicated.

If you are in receipt of Centrelink, you may wish to talk to them to find out if this change will impact your entitlement.