QSuper superannuation

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QSuper is one of Australia’s largest super funds and is open to all Australians. The profit-for-members fund offers accumulation and retirement income accounts, financial advice and insurance options. Here’s an overview of QSuper’s super offering.

Types of QSuper super accounts 

QSuper accumulation account

QSuper’s accumulation account, designed for those working and saving towards retirement, offers a range of investment options:

Lifetime: This is QSuper’s default investment option. The provider says it uses your age and account balance to determine how your savings are invested and the level of risk involved. Each Lifetime investment option is designed to meet members’ needs at different stages of life, QSuper says.

Diversified and Single Sector: This option enables members to set their own mix of investments, choosing from cash, bonds and shares, or choose from pre-mixed options with asset allocations based on different investment goals, as well as a socially responsible option.

Self Invest: This option allows QSuper members to access different assets and market sectors with the help of enhanced research tools and analyst reports. QSuper says you can directly invest in a choice of S&P/ASX 300 shares, exchange traded funds (ETFs) and term deposits. This option is designed to be a real alternative to an SMSF, QSuper says.

Some of the other features offered through the QSuper accumulation account include: 

  • Insurance – members can access Income Protection cover, Total and Permanent Disability (TPD) cover and Death cover as part of their QSuper super account. As with any insurance product, consider checking the cover amount, any exclusions, limitations or other conditions that may apply, as well as the premiums you would be charged before deciding whether it suits your needs.
  • Online and mobile app access
  • Access to financial advice at no additional cost

How to join QSuper super

Before committing to a particular fund, consider comparing your options with Canstar and checking out our choosing a super fund checklist. You can also read QSuper’s product disclosure statement (PDS), which could help you decide whether its product offering is suitable for your needs.

If you decide to join QSuper and meet the eligibility criteria, you can apply to open an account via its website.

Finally, remember to tell your employer that you’ve joined QSuper. Your employer should give you a Superannuation Standard Choice Form to fill out, sign and return to them.

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QSuper FAQs

QSuper offers a Socially Responsible option as one of its Diversified and Single Sector options. QSuper says this option seeks to invest in areas such as clean energy, conservation and the environment, waste reduction and recycling, education and health care. It avoids investments including in fossil fuels, gambling and adult entertainment.

QSuper says members should be aware that this option invests in assets that aim for “higher long-term returns” and this increases the likelihood that your super may drop in value over the short term. Consider seeking financial advice to understand whether this option is suitable for you.

QSuper charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, QSuper says that it charges the following fees to members. Fee levels vary depending on the investment option chosen:

  • Investment fees: A base fee ranging from 0.08% to 0.31% per year and investment performance-based fee ranging from 0.00% to 0.24% per year.
  • Administration fees: 0.16% per year
  • Indirect cost ratio: Ranges from 0.00% to 0.28%. QSuper says its indirect costs are costs that are not included in the original investment fees, such as brokerage and stamp duty, as well as some of the specific operational costs involved with managing member’ investments.
  • QSuper does not charge fees to switch your investments or make withdrawals.

Bear in mind that other fees may apply. Consider checking QSuper’s product disclosure statement (PDS) for details. You can also compare the annual fees for QSuper’s default investment option to other super funds’ fees on Canstar’s database.

Yes, QSuper offers a consolidation service for its members.

Before you consolidate your super, you should check with your other super funds if there are any fees or tax implications, or loss of insurance or other benefits. You can contact QSuper directly for further information.

QSuper was established more than 100 years ago and is one of Australia’s oldest and largest super funds.

It has more than 594,000 members and $117 billion in funds under administration as at 30 June 2020 (net assets include the retirement funds managed by QSuper and employer-sponsor receivables for Defined Benefit members managed and held by Queensland Treasury). In June 2021, QSuper and fellow industry super fund Sunsuper signed an agreement to merge.

 

Written by: Sean Callery | Last updated: October 1, 2021