Queensland’s largest superannuation fund will soon be able to welcome new members after the State Government introduced legislation allowing anyone to join.
QSuper, which has a history of more than 100 years, is currently only open to current and former Queensland public sector employees and their spouses.
QSuper CEO Michael Pennisi welcomed the historic move, saying it marked the start of a new era for the fund.
"Our focus will always be on our members and helping them with their financial journey throughout their lifetime," he said.
"So many friends and family of our members have contacted us over the years seeking to join QSuper and soon they’ll have that opportunity. Together, this paves the way for a great future."
The legislation introduced in Parliament today brings Queensland into line with most other states and territories. It also enables choice of superannuation provider for state and local government employees.
QSuper’s long-standing partnership with the Queensland Government will remain as the default fund for its employees, but for the first time, any member of the public will be able to join when the change takes effect.
QSuper is a proud Queensland institution which has more than 550,000 members and over $60 billion in funds under management making it one of the country’s largest funds.
Mr Pennisi said its scale enabled the Fund to create and introduce industry-leading benefits for its members such as Lifetime, Money Map and Online Advice, the Transfer Bonus and most recently the soon to be launched wholly-owned life insurance company, QInsure.
"We know that all members are different and that’s why we’re focused on providing them with the products, services and advice that makes sense at every stage of their life, starting from when they get their first job," he said.
"We will continue to build on our award-winning products and services for our members with some of the lowest fees in the country.
"By opening our fund, we’ll be able to help even more members, as their financial wellbeing partner for life."
QSuper is Queensland’s largest superannuation fund and manages in excess of $65 billion in funds for more than 550,000 members and was awarded SuperRatings Fund of the Year 2016.1
Geraldine Mitchell / QSuper / 0418 429 866 / firstname.lastname@example.org
1 SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria. Past performance is not a reliable indicator of future performance.