Media reports on QSuper becoming a 'public offer' fund

Wednesday, 10 December 2014

You may have seen some reports in the media that the Queensland Government is considering changing legislation to allow QSuper to become an open fund (also referred to in the report as a ‘public offer fund’). This simply means we would be open to new members who are not currently working for the Queensland Government.

It’s important to remember that the media reports are speculation, and that no formal Government announcement has been made. However the QSuper Board has been considering an open fund licence, as we see this as part of the natural evolution in QSuper’s 100 year history.

We’d like to assure you that if the Queensland Government does confirm at a later date that QSuper can become an open fund, it will have no impact on the way we operate your account. We will continue to seek to offer all our members the best possible products, services and advice.

We are committed to maintaining our position as an industry leading fund for members and employers, focussing on helping our members reach their best possible retirement outcomes. What it would mean is that you would be able to share the award-winning benefits of QSuper membership with your friends and family, even if they have never worked for the Queensland Government.

The Board sees real benefits in working towards QSuper becoming an open fund, and we will continue to keep members informed.

FAQs

So is the Government selling off QSuper?

No. Discussions around QSuper becoming an open fund are in no way associated with the privatisation or selling/leasing of assets, and should not be confused with a share float (also known as an Initial Public Offering, or IPO). Open fund discussions are purely focused on the type of licence we hold, and mean that if QSuper is granted the appropriate licence and becomes an open fund, any member of the Australian public can apply to join us.

What is an open fund?

An open fund is one that any member of the Australian public can apply to join. Currently, membership of QSuper is limited to current and former employees of the Queensland Government and their spouses.

If QSuper does in the future receive the licence required to become an open fund, it will generally mean that anyone will be able to become a member of QSuper and request that their employer make contributions to their QSuper account, regardless of whether or not they have ever worked for the Queensland Government. Most large not for profit funds are open to the public. This means that your family and friends would be able to enjoy all the great benefits QSuper membership has to offer.

When will QSuper become an open fund

Given recent media reports are speculation and no formal Government announcement has been made, we are unable to confirm if or when QSuper might become an open fund.

For more information please contact us.