Types of QIEC Super accounts
QIEC Super offers three retirement-related products to choose from:
- Corporate super arranged by an employer for their employees to use
- Personal super available for individual employees
- Account-based pensions, which convert superannuation into regular income payments for retirees and workers in the transition to retirement (TTR) stage
According to QIEC Super, there are a range of benefits available to its members who have a personal super account, including:
- A range of investment options
- Flexible contribution and benefit options
- Competitive fees and charges
- Insurance in super available for death cover (life insurance), total and permanent disability (TPD) cover, and income protection cover, up to age 70
- Financial advice available from a qualified professional
- Easy online account access
Eligibility to join QIEC Super
To sign up for a superannuation account with QIEC Super, you must be able to satisfy the following criteria:
- You must be an Australian resident
- You must be over 18 years of age
- You must work for a QIEC Super registered employer
- Your employer – in the non-government education, child and other card, or community services industry – must contribute to the Fund
If you are under the age of 18, but earning more than $450/month before tax, you must be working more than 30 hours per week to qualify for a superannuation account.
How to join QIEC Super
If you satisfy all of the above eligibility criteria, then you can apply to join QIEC Super. You can apply for a QIEC Super account on its website. It can be helpful to compare super funds on the Canstar website and check our choosing a super fund checklist before signing up for a particular superannuation account:
QIEC Super FAQs
Yes, QIEC Super has a dedicated online portal for its super fund members. You can view your account balance online, access statements for your account and download super fund information.
The money in your account is invested by QIEC Super. QIEC offers a variety of investment options to members including high growth, balanced growth, and socially responsible investments.
When choosing an investment option, it is important to take into account your investment timeframes and goals, and your personal risk tolerance for market fluctuations.
QIEC charges a fixed weekly administration fee of $1.75 along with indirect investment administration and investment fees of 0.30% and 0.17% respectively. The indirect fees are deducted from your investment returns rather than your existing balance.
Compare these fees to the average super fund fees on our database, as it’s important not to let your super be eaten away by fees before you retire. However, bear in mind that while fees are an important consideration when selecting a super fund, other important issues such as performance and, if you decide you want it, insurance cover should also be factored into your decision.
Yes, QIEC Super offers a consolidation service for members who have super in other funds.
It’s important to check 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 have any questions or concerns about the rollover process, contact QIEC Super.
Be sure to check your statement carefully, paying close attention to things like:
- Personal details are up-to-date
- Nominated beneficiaries are up-to-date
- Tax File Number (TFN) is recorded
- Super contributions from your employer and/or your voluntary contributions are correct
- Investment asset class choices are appropriate for your life stage and circumstances
- Amount paid in fees for the year is not too high
- Insurance, if you want it as part of your super, is still adequate coverage for your needs
- Super is consolidated, if you’re comfortable to do so after checking whether there is insurance or any other benefits attached to any old accounts that you may lose
- The big picture – are you happy with your super fund overall?
QIEC Super is a Queensland-based industry super fund open to those working in the non-government education, child-care, and community services industries. It was formed in 1993 when the Childcare and Kindergarten Employees Superannuation Trust and Queensland Independent Education Superannuation Scheme merged.
As an industry super fund, QIEC Super claims not to charge ‘excessive fees’, and says it redirects any profits towards charging lower fees and improving existing services.
Note: Consolidating super funds is beneficial for many people but isn’t right for everyone (we explain some of the reasons why here), so the pros and cons should be carefully weighed up. When seeking the right fund for you there are many factors to consider, such as the fees charged, whether the insurance offering is suitable for you and the education and advice available. Past performance is an important consideration because it gives an indication of what a fund has been capable of delivering in the past through varied market conditions. However, investments can go up and down, so past performance is not necessarily indicative of future performance.