ING Living Super: Performance, features and fees
ING Living Super Offers 4 straight-forward managed investment options with low fees and strong past returns.
Key features of ING Living Super
ING Living Super provides several important benefits and features for members:
- Tailored investments. With ING Living Super, you can tailor an investment mix to suit your financial goals and life stage. You can choose from managed investments or a range of individual asset classes.
- Real-time share trading. ING Direct Living Super members can trade shares in real-time online. You can choose from the S&P/ASX 300 index, selected ETFs and listed investment companies.
- Cash Hub. When you open an account, a Cash Hub is automatically established for you. This interest-bearing account is designed to receive income, pay expenses and manage all other transactions for your linked Living Super account.
- Mobile access. You can check your Living Super balance alongside the balances of all your other ING accounts quickly and easily from your smartphone.
- Online access. It's also simple to manage your account online, allowing you to switch investments, trade shares and ETFs, and adjust your level of insurance. You can also rollover and consolidate your super online.
- 24/7 support. ING Direct offers customer support through its 24/7 contact centre, and super specialists are available to provide expert advice and assistance from Monday through to Saturday.
Investment options
Option 1: Pre-mixed managed portfolios
You can choose from 4 pre-mixed managed investment options.
| Investment Option | Risk level | Asset allocation range |
|---|---|---|
Conservative This option is designed to offer a higher return than cash and term deposits with some exposure to growth assets, while still being mostly a defensive portfolio. It's designed for members close to, or in, retirement. | Medium |
|
Moderate This option has a bit more exposure to growth assets than the Conservative option, and is an even split between growth and defensive. It's designed for members who may have a shorter timeframe, but are comfortable taking on a bit more risk. | Medium to High |
|
Growth This option is designed to achieve higher returns over the long term, with the potential for some volatility and negative returns in the short term. It's got a 70% allocation towards growth assets, and designed for members with an investment timeframe of at least 8 years. | High |
|
High Growth This is the highest growth option, with almost 100% allocation towards growth assets. It aims to achieve high long-term returns and is designed for members with a long timeframe (not near retirement). | High |
|
Option 2: Single sector options
If you choose this investment category, you can then access a wide range of single sector investment options, as outlined in the table below.
| Investment option | Asset allocation | Risk level |
|---|---|---|
Australian Shares | This option invests in 100% Australian shares, and aims to match the returns of the S&P/ASX 200 Accumulation Index. | High |
International Shares (Hedged) | This option invests in 100% international shares (hedged), and aims to match the return of the international share market measured by the MSCI World ex-Australia Index, hedged in Australian Dollars. | High |
International Shares | This option invests 100% in international shares, and aims to match the return of the international share market measured by the MSCI World ex-Australia Index. There is no currency hedging. | Very High |
Australian Listed Property | This option invests 100% in Australian listed property, and aims to match the return of the S&P/ASX 200 A-REIT Index. | Medium |
Australian Fixed Interest | This option invests in Australian fixed interest, and aims to match the return of the Bloomberg AusBond Composite Bond Index. | Medium |
International Fixed Interest (Hedged) | This option invests 100% in international fixed interest, and aims to match the return of the Citigroup World Government Bond Index ex-Australia. It's 100% hedged to Australian dollars. | Medium |
What insurance cover is available?
ING Living Super comes with three levels of insurance:
- Automatic cover. A pre-approved level of death and Total and Permanent Disability (TPD) cover is issued when you open an account. You can cancel or upgrade this insurance plan anytime.
- Tailored cover. If you would like a tailored insurance policy to suit you, you may want to consider this cover. You can choose between death, TPD or both.
- Income protection. This is added protection to insure a portion of your income in case you can't work for a period of time due to illness or injury.
Pros and Cons
Pros
- Flexible. With a wide range of investment options to choose from, you can tailor your Living Super account to suit your needs.
- Easy online access. You can easily log into your account online or via mobile 24/7, making it simple and convenient to manage your super.
- Rollover existing super online. It's easy to rollover existing super into your Living Super account online.
- Real-time share trading. The Shares option allows you real-time access to the ASX and increased control over where your super is invested.
Cons
- No ethical option. There is no ethical or sustainable investment option available with Living Super.
- Limited share trading. If you choose the direct share trading option, you can only access shares on the S&P/ASX 200 index as well as selected ETFs and listed investment companies.
How do I apply?
You can sign up for an ING Living Super account in two ways:
- Online. You can fill out an online application form within minutes by clicking the green "Go to Site" button.
- Over the phone. You can phone ING 8am-8pm, Monday to Friday and 9am-5pm Saturday (AEST/AEDT).
To open an account you will need to:
- Be an Australian resident
- Be aged 13 or over
- Have your Tax File Number (TFN) handy
- Choose your investment and insurance options
If you've compared a range of super funds and you're ready to open an ING Living Super account click the green "Go to Site button" on this page to begin the application process.
DISCLAIMER: This article may contain general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.
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Hi, I’m looking to transfer super from the UK and need a super fund that is “QROPS” certified – i.e. approved by UK Tax authority. Can you confirm whether the ING Direct Living Super is approved please?
Hi Stewart,
Thanks for your question.
Unfortunately the ING Direct Super isn’t QROPS approved. I’ve emailed you a document that lists all QROPS approved institutions in Australia, hope this helps.
Cheers,
Shirley
please send me information on the share trading option within the super account.
Which trading firm are the trades done by?
Thank you
Hi Jodi,
Thanks for your question.
I’ve emailed you some information regarding the ING Direct Living Super – share trade option. Please note that the PDS includes all four options.
The share trade broker is Core Equity Services, a divisions of Commonwealth Bank.
Cheers,
Shirley
Hi,
If we wish to use the trade shares option for 50% of the portfolio, can we also trade ETF’s and LIC and if so do these become part of the 50% limit?
Thanks Denise
Hi Denise,
Thanks for your question.
Please refer to page 4 of the PDS that I’ve emailed you – it lists ING Direct’s target asset allocation and limits. The thresholds are different according to which version you opt for.
Cheers,
Shirley
I have 5 or 6 years to go till retirement but have no super, my wife and I would like to open a joint super fund or a separate 1 each, so we can both invest till retirement, is there a minimum to start off the fund we are both self employed but would like to get something even a small amount locked away for retirement
Hi Ted,
Thanks for your question.
The minimum opening amount depends on which product you’d like to opt for. For example, on the ING site it states that “the Cash Hub must hold a minimum of $500 or 1% of your account balance (whichever is greater and capped at $10,000) plus an additional amount equal to the insurance premiums and pension payments (if applicable) due to be paid in the following two months”.
Terms deposits also require a minimum opening amount of $1,000.
Please us know if you have anymore questions.
Cheers,
Shirley
You call it a super fund. Does that mean that I only need to pay the superannuation surcharge of 15% and you do all of the paperwork that is normally associated with a self managed superannuation fund?
Regarding share investing….Can I invest on a weekly basis? Is ING the broker?
Hi Guydebyl,
Thanks for your question.
If you opt for the balanced option, then no admin or management fees apply.
ING Direct’s online access allows you to switch investments and purchase shares, so you can invest as often as you’d like. ING Direct will act as your share broker, please keep in mind that brokerage fees will apply.
Cheers,
Shirley
Hello
If I sell shares during the year who calculates capital gains etc and provides for it in the superfund account?
Hi Melroy,
Thanks for your question.
Generally your accountant calculates the capital gains tax payable, this is included in your annual tax return to the ATO every financial year.
All the best,
Shirley