Sunsuper updates | Sunsuper Adviser News Skip Navigation

Sunsuper updates

Catch up on all the latest updates including digital binding nomination renewals, the ASFA Retirement Standard, the First Home Super Saver Scheme and the Australian Death Notification Service.

Binding nomination renewals go digital

To improve service outcomes for you and our members, we’re constantly transforming long paper-based processes into quick digital ones. In May, we updated our binding nomination renewal process to enable eligible members to renew nominations digitally. Members will receive an email notification to renew their binding nomination via Member Online and authorise via a One Time Pin when their binding nominations become due, currently every 3 years. If a binding nomination is not confirmed, the nomination will revert to a preferred nomination.

What is the ASFA Retirement Standard?

The Association of Superannuation Funds of Australia (ASFA) Retirement Standard benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in retirement.

Budgets for various households and living standards for those aged around 65

Modest lifestyle1

Comfortable lifestyle1

Age Pension2

Single

Couple

Single

Couple

Single

Couple

Total per year

$28,254

$40,829

$44,412

$62,828

$22,375 (maximum basic rate)

$33,732 (maximum basic rate)

1ASFA Retirement Standard, national, March quarter 2021

2Excludes pension and energy supplements.

Life on the Age Pension is considered very basic, with no or very low-cost leisure activities, no private health insurance and holidays limited to very short breaks or day trips in your city.

In comparison, a modest retirement lifestyle is considered better than the Age Pension, but still only able to afford fairly basic activities. Whereas a comfortable retirement enables a retiree to be involved in a broad range of leisure and recreational activities, private health insurance and have a good standard of living.

For example, a comfortable retirement means you can afford domestic and occasional overseas holidays, while a modest retirement allows for one holiday in Australia or a few short breaks.

For more information, visit superannuation.asn.au/resources/retirement-standard and our Sunsuper Education Hub sunsuper.com.au/learn/education-hub/how-much-super-should-i-have

Benefits of the First Home Super Saver Scheme

The First Home Super Saver (FHSS) Scheme allows Australian first home buyers to save for their deposit using the tax concessions within super.

Tax concessions applied to voluntary contributions (both before and after-tax) allow potential buyers to save up to $30,000 currently, scheduled to rise to $50,000 from 1 July 2022. Any amounts contributed will count towards super contributions caps. Individuals can apply to have a maximum of $15,000 of these voluntary contributions from any one financial year released under the FHSS Scheme, up to a total of $30,000 across all years. This means couples can release up to $60,000 currently and potentially $100,000 from 1 July 2022.

How much could first home buyers’ benefit?

Modelling by Canstar3 found an average income earner who saves $10,000 a year for five years through super would be $10,349 better off than if they saved it in a bank, even if they picked the highest-earning savings account available.

Other eligibility requirements apply. For more information on the FHSS Scheme, visit ato.gov.au4

3Canstar, Tamika Seeto, ‘First Home Super Saver Scheme (FHSS Scheme) – How Much Could You Save?’, canstar.com.au/home-loans/first-home-super-saver-scheme, May 2021

4ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-scheme

Sunsuper signs on to the Australian Death Notification Service

Reducing the burden for our members and their loved ones in their time of need

The loss of someone can cause significant emotional stress in addition to a lengthy estate administration process, often involving numerous forms across multiple service providers causing pain, confusion and grief for people trying to manage the affairs of a person who has passed.

Putting our members' needs first, Sunsuper has joined the Australian Death Notification Service (ADNS), collaborating with a national network to provide support to those vulnerable customers and offer the ability to notify of a death via a single, secure online environment.

How it helps members

The ADNS allows people to notify multiple organisations online that someone has passed away – saving time, effort and reducing burden. Importantly applicants don’t need to have a death certificate to start the process.

How does it work?

The ADNS takes all the information from a person notifying us of someone's passing (through the online portal); allowing them to both select and pass on this information to multiple organisations, including banks, utilities and their super fund. This can then be actioned by the relevant institution.

The ADNS can be contacted via deathnotification.gov.au

To see the process in action, watch the NSW Registry of Births Deaths and Marriages’ demo video.5

5youtube.com/watch?v=UQQMM3w7Uiw