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.

The QSuper Board was established under the Superannuation (State Public Sector) Act 1990 (the QSuper Act). The QSuper Act includes rules relating to nominating and appointing and also established the Superannuation (State Public Sector) Deed 1990 (the QSuper Deed). The QSuper Deed provides the governing rules of the scheme under which we administer the provision of services to members.
Our Annual reports provide information on the governance and operation of the Fund, as well as financial statements, including Key Management Personnelremuneration.

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.

The Investments Proxy Voting Policy contains information on how we delegate the exercise of proxy votes to our equity managers in Australia and overseas.
Find out more about the QSuper Board and Trustee meeting attendance.
The QSuper Board uses outsourced service providers to help manage the QSuper Fund.

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.

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.

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.

Date  Topic Summary
November 2019

The Australian Government is making changes to how insurance cover is provided through superannuation as part of their “Putting Members’ Interests First” reforms. These changes aim to protect members under the age of 25 or with low superannuation balances from having their retirement savings unnecessarily eroded by insurance premiums.

These reforms commence from 1 April 2020 and only relate to insurance provided through the QSuper Accumulation account.

Super funds are required to notify members that could be impacted by this change. QSuper will be communicating to:

  • New and current members at risk of having their insurance cover cancelled on 1 April 2020.
  • Members that could be impacted by these changes from 1 April 2020 onward.
  • Members with a low superannuation balance.

You can find more information in the Product and legislation update November 2019 (pdf)

September 2019
  • Changes to the cost of Default rate salary-based income protection insurance cover (two year benefit period) from 1 July 2019.
  • Changes to the cost of Default rate unitised income protection insurance cover (two year benefit period) from 1 July 2019.
You can find more information in:
May 2019
  • Changes to the features, benefits, and cost of insurance cover from 1 July 2019
  • Changes to how we refer to our Income account product, who can open an Income account, and the minimum account balance that will apply on withdrawals and transfers between products
  • Changes to the Australian Government’s rules about the work test, making downsizer contributions, the First Home Super Saver Scheme, and the fees that can be charged on low account balances
  • Changes to the asset allocation of our Socially Responsible investment option and our Sustainable investment policy
  • Changes to how you can pursue the resolution of a superannuation-related complaint.
You can find more information in:
April 2019

The Australian Government is introducing changes on 1 July 2019 that aim to strengthen the measures that protect a member’s superannuation balance. This is part of the Australian Government’s Protecting Your Super package. Superannuation funds are required to notify members by 1 May 2019 who have not received any money into their account for six months or more as at 1 April 2019, alerting them to the fact that they are at risk of losing their cover. QSuper will be cancelling cover for inactive members who have not received any money into their Accumulation account for 13 continuous months. Members have been notified that they can permanently opt in or to have funds added to their Accumulation account to keep their insurance cover.

Members who are affected have been contacted with details of the changes.

July 2018
  • Reduction of our administration fee from 0.18% to 0.16% p.a. from 1 July 2018
  • Reduction of our administration fee cap from $1,000 to $900 per year from 1 July 2018
  • Changes to our Self Invest option to expand our Exchange Traded Fund (ETF) offerings from 1 July 2018
  • Change to the Socially Responsible investment option’s asset allocation range for cash effective from 27 November 2017
  • Changes to our QSuper Accumulation account insurance definitions, coverage, and arrangements for certain members a (such as, former police officers, QPAT employees, QAS employees and Magistrates), from 1 July 2018

You can find more information in:

April 2018
  • Changes to Aggressive investment option asset allocation from 1 July 2018
  • Changes to the Self Invest option (various effective dates for these changes)
  • Transfer balance caps (for standard Income accounts) and commutation authorities - how we manage these if you don't tell us what to do with the excess.
You can find more information in the Important information from the QSuper Board (pdf).
July 2017
  • From 30 September 2017, QSuper will change the way we disclose investment fees and costs in both the Accumulation and Income account investment options and we will also reduce our administration fee for Accumulation and Income accounts from 0.20% p.a. to 0.18% p.a.
  • From 1 July 2017, QSuper is making some changes to the insurance offered through the Accumulation account.  

You can find more information in:

May
2017
The following product, service and legislative updates will be taking place on 1 July 2017:
  • Investment option group names to change
  • Standard Risk measure Changes
  • Changes to Aggressive option asset allocation
  • Changes to the Self Invest option
  • Changes to existing order or priority for Income account payments
  • Introduction of Commonwealth Government superannuation reforms
  • Changes to Transition to Retirement Income account due to superannuation reforms
  • Closure of Self Invest within the Transition to Retirement Income account

Additionally the asset allocation ranges for the Socially Responsible investment option have changed, effective 21 November 2016.

You can find more information in the Important information from the QSuper Board of Trustees (pdf).
May 
2016
From 1 July 2016 QSuper is changing the insurance offered through the Accumulation account.  You can find more information in the Important information from the QSuper Board of Trustees (pdf).
March 2016

From 1 July 2015 we reduced our admin fee for Accumulation and Income accounts from 0.22% p.a. to 0.20% p.a. and our admin fee cap has reduced as well.

You’ll find more information in the Important information from the QSuper Board of Trustees (pdf).
March 2016 

From 1 July 2015 the legislative timeframe for accessing your super when you have a terminal medical condition has changed from 12 months to 24 months, for Accumulation account members and some exceptions apply.

You’ll find more information in the Important information from the QSuper Board of Trustees (pdf).
March 2016

From 1 December 2015 the Diversified Bonds investment option now has exposure to foreign currency.

You’ll find more information in the Important information from the QSuper Board of Trustees (pdf).
March 2016 From 1 January 2016 if you’re entitled to Defined Benefit salary reduction this can now be paid when you make a partial withdrawal from your Defined Benefit account.
You’ll find more information in the Important information from the QSuper Board of Trustees (pdf).
March 2016

From 6 June 2016 when you open a QSuper Income account or a Transition to Retirement (TTR) Income account with money from your Accumulation account, you could get a boost to your super balance.

You’ll find more information in the Important information from the QSuper Board of Trustees (pdf).
March 2016 From 1 July 2016 we’ll be making some changes to the asset allocation ranges for some investment options.

Accumulation account members will find more information in the Important information from the QSuper Board of Trustees - Accumulation (pdf).

Income account members will find more information in Important information from the QSuper Board of Trustees - Income (pdf).
October 2015 On 4 November 2015, there will be an increase to premiums for OnePath death insurance, additional death insurance and salary continuance cover available to some QAS employees who transferred to the Accumulation account in 2001. You’ll find more information in the Changes to insurance premiums for QAS employees Important Notice.
August 2015 There has been a change to the early release conditions for Defined Benefit accounts. These account members are now able to apply to withdraw funds directly from their Defined Benefit account without having to open an Accumulation account first. You'll find more information in the August 2015 edition of Super Scoop.
March 2015 On 1 January 2015 the QSuper Board of Trustees made some changes to the asset allocation ranges of six of the eight groups in the QSuper Lifetime investment option. You can find more information in the March 2015 edition of Super Scoop.
March 2015 The QSuper Board has made a change to QSuper's Socially Responsible Investment Policy. From 30 June 2015 QSuper will no longer invest in tobacco. You can find more information in the March 2015 edition of Super Scoop.
September 2014 On 1 January 2015, QSuper will be increasing premiums for death and TPD insurance cover available through an Accumulation account. You can find more information in the Insurance Important Notice
July 2014 In September 2014, QSuper will be launching Self Invest, a new direct investment option for members seeking greater control over their super investments. Find out more in the Self Invest Important Notice
July 2014 QSuper has updated the standard risk measure rating for the Moderate investment option and for the Focus 1 and Sustain 1 groups in the QSuper Lifetime investment option. Moderate changed from the risk band 3 (low to medium) to risk band 2 (low), Focus 1 changed from risk band 5 (medium to high) to 4 (medium), and Sustain 1 changed from risk band 1 (very low) to 2 (low). You can find more information in the August 2014 edition of Super Scoop.
July 2014 From 1 September 2014, QSuper will be changing the deadline for the receipt of an investment switch application from 5.00pm to 3.00pm. QSuper now also offers members the ability to withdraw a switch application before the cut-off time on the Brisbane working day it is received. You can find more information in the August 2014 edition of Super Scoop.
March 2014 QSuper is introducing an annual cap on our administration fee. This fee cap will be administered by way of a rebate in July of the following financial year. You can find more Information in the March 2014 edition of Super Scoop.
March 2014 On 26 May 2014, QSuper will expand the Lifetime option to eight groups and change the investment objectives for some groups. The introduction of new groups means the investment fees will change for most members invested in Lifetime. You can find more information in the Lifetime Important notice.
August 2013

On 16 December 2013, QSuper changed investment objectives for some investment options.

A new lifecycle investment option called QSuper Lifetime became available for Accumulation account members to invest in.

There were also a number of changes to our insurance arrangements for Accumulation account members.

You can find more information in:
July 2013 On 1 July 2013 the QSuper Board introduced changes which allow QSuper members to make a binding death benefit nomination for their QSuper account/s. You can find more information in the August 2013 edition of Super Scoop.
1 July 2013 From 1 July 2013, the QSuper Board has implemented changes to the rules around transfers out of the Accumulation account for Queensland Government and related entity employees. You can find more information in the August 2013 edition of Super Scoop.

 

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.