Suncorp hosts first Superannuation Annual Members Meeting
Last week Suncorp Superannuation provided a deep dive on its fund’s recent performance at the first Annual Members Meeting of the Suncorp Master Trust.
Held virtually, the event was an opportunity for Suncorp Super to connect with its members and to provide more details on how the fund invests, the thinking behind investment decisions, and, of course, how the fund has performed.
Members had the opportunity to hear from Suncorp Executive General Manager – Wealth, Shailendra Singh during the virtual meeting.
Mr. Singh explained that Suncorp understands the critical importance of providing members with a superannuation fund that delivers both now and, in the future, which is why Suncorp is focused on delivering sustainable investment performance, engaging with members, and being a trusted service provider.
Shailendra Singh, Suncorp Executive General Manager – Wealth
Sustainable long-term investment performance ensures members’ retirement outcomes are protected and enhanced. This continues to be a key priority for our teams, and pleasingly in the past financial year, we delivered strong investment results for our members.
This included delivering chart-topping investment performance for the Suncorp Brighter Super Multi-Manager Growth Fund, as recognised by research houses Super Ratings and Chant West.
"We also received a platinum rating for Suncorp Bright Super (pension) and gold rating for our other funds including Master Trust and Everyday Super, as recognised by Super Ratings when they recently compared 550 of Australia’s major superannuation products against ‘value for money' for members,” said Mr. Singh.
While fund performance has been strong, the Suncorp superannuation team has also prioritised a member engagement program of work, to provide more timely and relevant support to members. In the past year, this included:
Growing digital portal logins to 242,000 compared to 55,000 in the year prior
Answering more than 97,000 member calls, including answering 79 per cent of calls within 30 seconds and exceeding call centre service-related targets
Supporting more than 18,000 members access their superannuation early release payments as part of the Government’s Superannuation Early Release Scheme. During this time, Suncorp prioritised quick payment of these applications and finalised 70% of these payments within two business days. This result far exceeded the industry average of 31%
It was also reported that as of December 2020, Suncorp had increased Funds Under Administration (FUA) to more than $6 billion as a result of strong investment performance, coupled with improved investment markets.
Additional insights were also provided throughout the session on the fund’s investment decisions including outlining a number of recent changes which incorporate responsible investment principles into members’ superannuation investments.
Suncorp Bank CEO Clive van Horen said he was proud of the fund’s recent performance and the team’s efforts to deliver sustainable outcomes for members.
“The team have focused on delivering positive outcomes for members and delivered exceptional outcomes, particularly over a challenging period for local and international markets due to COVID-19,” Mr van Horen said.
“We understand the importance of a sustainable superannuation system and delivering effective outcomes for our members.”