Disclosure

Our superannuation product identification number (SPIN) is QSU0101AU (Accumulation account).

Our superannuation fund number (SFN) is 2610 419 41.

Our MySuper authorisation number is 60905115063329.

The AFSL for the QSuper Board is 489650.

The ABN for the QSuper Board is 32 125 059 006.

The QSuper Board's RSE Licence number is L0003391.

The Funds’s ABN is 60 905 115 063.

The Fund's RSE Registration number is R1073034.

QSuper has been established by the QSuper Act 1990 to provide benefits for current and previous Queensland public sector employees and employees of Queensland Government entities, such as departments, statutory bodies and government owned enterprises. The Fund consists of Defined Benefit, Accumulation and Income accounts. The Defined Benefit account was closed to new members from 12 November 2008. On 13 April 2017, the QSuper’s Board RSE licence was varied from non-public offer to Public offer.

Accumulation member (including Public Offer)

Our QSuper Accumulation account is designed for prospective members and employers (Public offer members) and current and former Queensland Government employees and their spouses. With an Accumulation account, members can take an active role in how their superannuation is invested by choosing from ten different investment options ranging from higher risk/higher return to lower risk/lower return. If members don’t choose how they want their money invested, we place them into our default option, QSuper Lifetime. QSuper members who don’t work for the Queensland Government have the option for their employer to make their superannuation contributions into their Accumulation account on their behalf.

For these members, QSuper complies with the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS) and APRA Prudential Standards in a manner consistent with other public offer superannuation funds.  In particular the SIS requirements relating to Portability (including Trans-Tasman) and Temporary Residents Permanently Departing Australia.

Income Account (including Transition to Retirement) members

Our Income account is an account-based pension product that allows members to use their superannuation funds to provide an income in retirement. The pension is paid until the Income account balance is exhausted. The transition to retirement option allows eligible members to open an Income account and draw an income stream while they’re still working.

For these members, QSuper complies with the Superannuation Industry (Supervision) Act 1993 (Cth) and APRA Prudential Standards in a manner consistent with other public offer superannuation funds.

Defined Benefit Products (Closed products)

Current members with a Defined Benefit account are able to maintain their existing benefits until they decide to retire, transfer to an Accumulation account or leave their current employment. The Defined Benefit account was closed to new members from 12 November 2008. These defined benefit products are funded separately. Public Offer members will not be acquiring an interest in a defined benefit product.

Defined Benefit Arrangements

Due to the following arrangements, QSuper is technically classified as an unfunded public sector superannuation scheme.  Employing authorities are required to remit Defined Benefit employer contributions (excluding salary sacrifice contributions) to Queensland Treasury. These contributions are accumulated in a reserve, managed by the Queensland Treasury Corporation on behalf of the Queensland Government (‘Employer Fund’), which is maintained to finance the State’s future liability for the employer component of all defined benefits. The Queensland Treasurer, on advice from the State Actuary, determines the rate of employer contributions. As defined benefits become payable, the full cost is met by QSuper, with the Employer Fund contributing the employer’s share of these benefits. This split funding arrangement is the reason for the difference between net assets available to pay benefits, per the Statement of changes in net assets and the value of accrued benefits and vested benefits as at the respective measurement dates.

1. Key Management Personnel includes only those employees who have been appointed, with full decision making capacity, to roles which have responsibility for planning, directing and controlling the activities of the Group.

It’s a requirement of the QSuper Trust Deed that, at least every three years, an actuary investigates and reports on the QSuper defined benefit arrangements. Our Actuarial Report has information on the funding of our defined benefit accounts.

We have two products open to new members – you can find information on these in the QSuper Product Disclosure Statement for Accumulation and Income Accounts.

The QSuper Board has appointed QInvest to provide financial product advice and superannuation account administration services. The Financial Services Guide gives you information about the financial services QInvest Limited offers and the QSuper products that are issued by the QSuper Board. It also provides information about third party relationships and what to do if you have a complaint.

Product dashboards provide information (like return targets, fees and risk) to help you compare QSuper's Lifetime, our MySuper approved option, with other MySuper products. A dashboard is available for each of the eight groups within Lifetime.

• Outlook
• Aspire 1
• Aspire 2
• Focus 1
• Focus 2
• Focus 3
• Sustain 1
• Sustain 2

You’ll find more about MySuper funds on ASIC's MoneySmart website.

A conflict of duty or interest is a circumstance which may unduly or inappropriately influence the ability of the Board (or one of QSuper's Responsible Persons) to function with the degree of probity and independence their role requires, or with regard to their duty of care to superannuation fund members and their beneficiaries.

Find out more about our conflicts of interest & duty.

QSuper is committed to the evaluation of all claims and underwritten cases thoroughly, fairly and objectively.The payment of all valid claims promptly and correctly and transparency of decision- making and communication of actions is very important to QSuper.

QSuper’s philosophy is that, unless there is awareness of something to the contrary, all information provided by the member is assumed to be genuine.  A common sense approach to decision making is encouraged, and minimising any delays in the process.

The QSuper Board has elected that members employed by the Queensland Police Service, the Queensland Ambulance Service, or the Queensland Fire and Emergency Services be provided with automatic default insurance cover in their QSuper Accumulation account, (existing terms and conditions still apply), which they can cancel at any time.

Our Insurer's promises to you ^*

When you have QSuper insurance, it’s important that you get the highest standards of service in all your dealings.

That’s why our insurer, QInsure Limited, has joined the Financial Services Council of Australia and adopted the Life Insurance Code of Practice. It’s the life insurance industry’s commitment to mandatory customer service standards and it’s designed to protect customers.

What does the Life Insurance Code of Practice cover?

The Code sets out the life insurance industry’s key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for their life insurance services, such as being open, fair and honest. It also sets out timeframes for insurers to respond to claims, complaints and requests for information from customers.

The Code is monitored by an independent committee, to ensure effective compliance by life insurers. Insurers can be sanctioned if they do not correct breaches of the Code.

Key code promises

1. QInsure will be honest, fair, respectful, transparent, timely, and where possible will use plain language in communications.
2. QInsure will provide additional support if you have difficulty with making a claim.
3. When you make a claim, the claims process will be explained to you by a claims manager. The claims manager will keep you informed about the progress in making a decision on your claim.
4. A decision on your claim will be made within the timeframes defined in the Code, and if not, you will be informed of your options regarding making a complaint.
5. If your claim is denied, the reasons will be explained in writing and you will be informed of what steps you can take if you disagree with the decision.
6. The use of investigators and surveillance will be restricted to ensure your legitimate right to privacy.
7. The independent Code Compliance Committee will monitor compliance with the Code.
8. If Code breaches are not corrected, sanctions can be imposed.

Find out more about the Code and how to raise a Code breach.

We must notify members of all significant changes and events within the fund. We do this using a number of mediums, and information about our previous significant event notices can be found below.

The Australian Institute of Superannuation Trustees (AIST) is a national, not-for-profit organisation and is one of the principal advocates and peak representative bodies for the profit-to-member superannuation sector. It plays a key role in policy development and is a leading provider of research. On 12 April 2017, AIST published its new Governance Code in order to:

• promote continuously improving governance in the profit-to-member super sector;
• ensure that the culture of the profits-to-members concept is fully supported by governance structures; and
• improve accountability and transparency.

The Code is comprised of eight key principles underpinned by 21 requirements. As QSuper is a member of AIST, this QSuper’s Governance Report has been prepared to document QSuper’s compliance with the Code and, in instances where QSuper diverges from AIST’s requirements, the report seeks to explain the rationale for this.

* QInsure Limited (ABN 79 607 345 853, AFSL 483057) (‘QInsure’) is ultimately owned by the QSuper Board as trustee for QSuper. The QSuper Board holds a group life policy issued by QInsure, for death cover and total and permanent disability (TPD) cover and income protection cover.