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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I wish to invest my super and get a monthly return. What is the best way to do this. I am 4 months away from retirement at age 67 years
Hi Mark,
An account based pension allows you to keep the majority of your super balance invested, and receive a regular income for you to access / spend in retirement. These are offered by most major super funds. I’d suggest speaking with your current fund about yor options for setting up an income stream when you retire, or speaking with a financial advisor for more personal, tailored advice.
Thanks,
Alison
Is it possible to transfer shares held in a personal account into a living super instead of cash .
Hi Goldfish,
Thanks for your question.
If you are looking at share trading within Living Super you would not be able to transfer (in specie) directly to your Living Super account any shares held externally. The shares would need to be sold and converted to cash and then deposited into super.
Please be mindful of contribution caps when depositing to super. The concessional cap for 2015/16 is $30,000. For those aged 49 or over before the start of the financial year the concessional cap is increased to $35,000. Anything over this amount effective 3/5/2016 there is lifetime cap $500,000.00 for non-concessional contributions.
Hope this helps.
I am an Australian living overseas and may return next year and am interested in consolidating my super with ing. It says only Australian residents and wanted to check your definition of this!
thanks
Hi Damien,
Thanks for your question.
An Australian resident is a person who is living in Australia and is either: an Australian citizen, a permanent visa holder, or a protected Special Category Visa (SCV) holder.
Hope this helps,
Shirley
Id like to roll my funds across to Australian Super please.
Hi Stephen,
Thank you for your comment.
You have come through to finder.com.au, a financial comparison website, not ING, please click on one of the “Open” buttons above to be taken to the ING website where you will be able to contact ING directly and discuss your needs with them.
Regards
Jodie
I have 3 super funds each with existing life insurance products (life, TPD & income protection), can I roll them in to the ING product and keep the total existing level of cover in the combined accounts.
Hi Michael,
Thanks for your enquiry.
It may be possible for you to request a transfer and roll your existing super funds into the ING Direct Living Super account.
You’ll need to download a transfer form on the ING Direct website and provide your most recent statements of insurance (within the past 12 months).
Please note that there is a maximum of $20 000 for income protection and $2 million for death and TPD.
If you have any further enquiries about the transfer, please contact ING Direct.
Thanks,
Belinda