Queensland’s largest super fund has announced an initiative that has the potential to benefit thousands of members approaching retirement.
In an Australian industry first, QSuper members with an Accumulation account may be eligible for a bonus when they open an Income Account to access their retirement savings.
It’s known as the QSuper Income Account Transfer Bonus and comes into effect on 6 June.
QSuper CEO Michael Pennisi said it was further evidence of the Fund’s focus on individual members and supporting them throughout a lifetime of financial decisions.
“We’re always looking for ways to improve our members’ retirement outcomes and by applying some smart thinking, we’re able to achieve something that no other industry or retail fund has done,” Mr Pennisi said.
“It started with our Lifetime investment option, where we broke new ground by recognising that no two members were the same and shifted the focus away from a one size fits all to a more tailored approach.
“This is another way we’re supporting our members in their retirement.”
Mr Pennisi said the innovation was made possible by returning funds which had been set aside for future tax payable, to members as they enter the Income phase of their retirement.
“While the Transfer Bonus amount will vary, depending on a few things like a member’s super balance, investment options, the Fund’s tax position and the time of the transfer, every dollar helps,” he said.
“Eligible members won’t need to apply for the Transfer Bonus, we’ll work out the amount automatically and the bonus will be included in the money we move across to their Income account.”
Mr Pennisi said that with the number of Australians aged 65 and over expected to double by 20551, helping members through their post-retirement phase was a key priority of the Fund.
“I’m very proud to bring this tax saving benefit to our members. It’s industry leading and further proof of how we are working hard to get the best for our members.”
The Transfer Bonus follows in the footsteps of other QSuper industry firsts including the Lifetime investment option, Self Invest, Money Map and Online Advice.
Information about the Transfer Bonus and eligibility requirements will be made available to QSuper members from today.
QSuper is one of Australia’s largest superannuation funds and manages in excess of $60 billion in funds for more than 540,000 members.
Media enquiries: Geraldine Mitchell 0418 429 866 or Maryanne Kepui 0418 867 011
The QSuper Income Account Transfer Bonus is made possible due to QSuper’s asset structure. In 2014, QSuper’s custodian State Street fully segregated $44 billion of QSuper Fund assets into Income and Accumulation, allowing a more equitable allocation of tax. By splitting the assets, QSuper can take advantage of tax concessions that apply to an Allocated Pension Plan.
1. 2015 Intergenerational Report