BUSSQ Superannuation

BUSSQ is a superannuation and insurance provider originally established as an industry fund for the building, construction, and civil industries but which is now open to all.

Types of BUSSQ super accounts

BUSSQ offers two retirement-related products to choose from:

  • MySuper fund (default super fund)
  • Premium Choice super fund

According to BUSSQ, the benefits of its personal super account include:

  • Default or tailored insurance options
  • Competitive fees and charges
  • Competitive investment returns (one of Australia’s best performing super funds over the long-term as of 2015-16)
  • Variety of investment options including pre-mixed, sector, and direct investment options
  • Industry super fund
  • Financial advice available from a qualified professional
  • Flexible insurance cover options

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Eligibility to join BUSSQ superannuation

To sign up for a superannuation account with BUSSQ, you must be able to satisfy the following criteria:

  • You must be an Australian resident
  • You must be over 18 years of age

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How to join BUSSQ superannuation

If you satisfy the above eligibility criteria, then you can apply to join the BUSSQ super fund. You can sign up for a BUSSQ super account by comparing its products using Canstar’s superannuation comparison tables and then visiting the BUSSQ website.

Consider comparing super funds on the Canstar website and checking out our choosing a super fund checklist before signing up for a particular superannuation account:

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BUSSQ Superannuation FAQs

Yes, BUSSQ has a dedicated online portal for its super fund members. The features advertised include the ability to view your account balance online, access statements for your account and download super fund information.

The money in your BUSSQ super account is invested by BUSSQ. It offers a variety of investment options including pre-mixed, sector, and direct investment options.

When choosing an investment option, it is important to take into account investment timeframes and goals, and your personal risk tolerance for market fluctuations.

At the time of writing, BUSSQ charges a weekly administration fee of $1.50, and an investment fee of 1.04%.

Compare these fees to the average super fund fees on our database, as it’s important consider the impact fees might have on your super balance at retirement.

Yes, BUSSQ offers a consolidation service called Roll’n’save for members who have super in other funds.

Consider checking with your old super funds for information regarding costs such as exit fees and any insurance cover you may lose if you switch super funds. If you decide to switch to BUSSQ and have any questions or concerns about the rollover process, contact BUSSQ.

When reviewing your annual super statement, the items to pay close attention to can include::

  • Personal details are up-to-date
  • Nominated beneficiaries are up-to-date
  • Tax File Number (TFN) is recorded
  • Super contributions from employer and/or your voluntary contributions are correct
  • Investment asset class choices are appropriate for your life stage
  • Amount paid in fees for the year is not too high
  • Insurance in super is still adequate coverage for your needs
  • Super is consolidated, after checking whether there is insurance or any other benefits attached to the account you may lose and you’re comfortable to do so
  • The big picture – are you happy with your super fund overall?

BUSSQ is an industry super fund for employees of the building, construction & civil industries which was originally established in response to conflicts between building unions and the Queensland state government in the 1980s.

Since then it has evolved into a public-offer super fund open to all, which currently claims to have  over 85,000 members and $4 billion in funds under management.

Written by: Regina Collins | Last updated: December 18, 2018