Frequently asked questions

Eligibility

Subject to the information in question 11 below, you are a Group Member of the SPSL (Suncorp) Super Class Action if you:

  1. are or were a member of a superannuation fund under the SPSL Master Trust (formerly known as the Suncorp Master Trust); and
  2. had an account affected by the payment of Conflicted Remuneration^ to Financial Services Licensees (as defined in paragraph 9 of the Further Amended Commercial List Statement) in the period 1 July 2013 to 21 June 2019, inclusive (Relevant Period);
    or
  3. at any time during the Relevant Period received payment, or were entitled to receive payment, from a superannuation fund under the SPSL Master Trust (formerly known as the Suncorp Master Trust) of all or part of the benefits of a deceased member who satisfied paragraphs 1. and 2. above, by reason of the member’s death;
    or
  4. satisfy all of the following:
    1. were the spouse, within the meaning of s 90MD or 90XD of the Family Law Act 1975 (Cth), of a member of the superannuation fund under the SPSLMaster Trust (formerly known as the Suncorp Master Trust) who at any time during the Relevant Period had rights in or in respect of a superannuation fund under the SPSL Master Trust (formerly known as the Suncorp Master Trust), and who satisfied paragraphs 1. and 2. above; and
    2. at any time during the Relevant Period received a transfer from a superannuation fund under the SPSL Master Trust (formerly known as the Suncorp Master Trust) of all or part of the member’s account(s) in a superannuation fund under the SPSL Master Trust (formerly known as the Suncorp Master Trust) pursuant to an order or settlement in a Family Law Act 1975 (Cth) proceeding or a superannuation agreement within the meaning of Part VIIIB of the Family Law Act 1975 (Cth).

Ineligible Group Members

  • You are not considered to be a Group Member if, during the period 1 July 2013 to 21 June 2019, or are currently:
    • a director, an officer, or a close associate (as defined by s. 9 of the Corporations Act) of SPSL (Suncorp), or
    • a judge, judge of Appeal or the Chief Justice of the Supreme Court of NSW or a judge or the Chief Justice of the High Court of Australia
  • You are also not considered a Group Member if you opted-out of the Class Action. Please note that opt out closed on 18 December 2020 and Group Members who have not yet opted out, may not do so now without the leave of the Court.

^ This does not include Conflicted Remuneration in respect of a Risk-Only Product. A Risk-Only Product is a life risk insurance product within the meaning of s 963B(1)(b)(i) of the Corporations Act 2001 (Cth) which has no investment component or balance and is not either a group life policy for members of a superannuation entity or a life policy for a member of a default superannuation fund within the meaning of s 963B(1)(b)(ii) of the Corporations Act.

To facilitate the distribution of the Resolution Sum to Group Members, SPSL (Suncorp) was ordered by the Court to and has provided specified information about each of the Group Members, to the extent that SPSL (Suncorp) was able to locate such information after undertaking reasonable searches of its records.

The data includes a complete list of members (present and former) of the SPSL Master Trust in respect of whose accounts the Commissions^ the subject of the Suncorp Super Class Action were paid. As such, if a member's name is not contained in the data, it will be deemed that that member is not a Group Member who is entitled to participate in the Settlement Distribution Scheme.

Please note that there may be a number of reasons why your name may not be in the data provided by SPSL (Suncorp).

For instance, if you were or are a “Sunsuper” member please note that “Sunsuper” is a different superannuation fund and brand to that in the Suncorp Superannuation class action.

Additionally, please note that, even if you were a Suncorp (SPSL) Superannuation member during the Relevant Period (1 July 2013 to 21 June 2019), you will not be a Group Member if you only held a Suncorp product known as a “risk-only” product.

Such “risk-only” products are not the subject of this Suncorp Superannuation Class Action.

A “risk-only” product is a life risk insurance product (within the meaning of s963B(1)(b)(i) of the Corporations Act 2001 (Cth) (Corporations Act)) which has no investment component or balance and is not either:

  1. a group life policy for members of a superannuation entity; or
  2. a life policy for a member of a default superannuation fund within the meaning of s963B(1)(b)(ii) of the Corporations Act.

Consequently, if you only held a “risk-only” product with SPSL during the Relevant Period (that is, if, other than "risk-only products", you held no other products with SPSL during the Relevant Period), you are not a Group Member in this class action and your name will not be contained in the data.

Even if you held an SPSL product that was not a “risk-only” product in the Relevant Period, you nevertheless may not be a Group Member if, during the Relevant Period, you did not pay the relevant Commissions, or all of your Commissions paid have been refunded or rebated to you by SPSL.

^ Commission includes up-front, trailing and all other forms of commission, but does not include commissions paid in relation to a Risk-Only Product (as defined in paragraph 20b) of the Further Amended Commercial List Statement) or fees agreed to by members for the provision of advice services.

You may check whether your name (or the name of the Group Member through whom you claim an interest, if you are entitled to receive payment or received payment of all or part of the benefits of a deceased member or are a spouse that satisfies criteria 4 in question 10 of the FAQs) is contained in the SPSL (Suncorp) Group Member Data, and hence whether you are eligible to register to participate in the Settlement Distribution Scheme. You can do this by:

No. If you have opted out of the class action, you will be unable to participate in the class action settlement even if you fit the definition of a Group Member.

If you no longer hold a superannuation account with SPSL (Suncorp) or are no longer a SPSL (Suncorp) member, you are eligible to participate in the settlement so long as you satisfy the Group Member eligibility criteria (see question 10 of the FAQs), and your data has been provided by SPSL (Suncorp) confirming that you had an account affected by the payment of Conflicted Remuneration in the period 1 July 2013 to 21 June 2019 (inclusive).

If you wish to participate, you will need to register to participate in the settlement (see question 17 of the FAQ) and provide the details set out in question 21 of this FAQ during registration.