Our fees are among the lowest in the country
Our Income account won Money magazine's Best Balanced Pension Product for 2020.
Superannuation funds in Australia mostly fall into five main categories – industry funds, retail funds, public sector funds, corporate funds, and self-managed super funds (SMSFs).
For more than 100 years QSuper has been the public sector super fund for current and former Queensland government employees and their spouses. In 2017 we also opened up, to become a fund that anyone can join.
QSuper is described as a profit-for-members fund, meaning we have no shareholders and everything we do is for the benefit of our members.
This profit-for-members structure has some significant benefits for our members as it has allowed us to aim to keep fees low, and to avoid the imposition of transaction and switching fees, among other things. For more information on the advantages this structure offers, click here.
So what types of super funds are available to Australians and how do they differ from QSuper and from each other?
These are usually owned and operated by financial institutions such as banks, which aim to generate profits for shareholders or investors. They are open to all Australians, not just those working in any particular industry, and typically have higher fees1.
QSuper is not a retail super fund and does not have shareholders.
These funds were set up to provide superannuation benefits for workers in a particular sector – for example, healthcare, hospitality, or construction. These types of funds are similar to QSuper as they are mutual and return their profits to members. They are governed by trustees representing employers and employees from particular industries.
Industry super funds aim to keep fees low as part of their goal to help members provide for their retirement. Some, like QSuper, are now open to all Australians, not just those working in the sector they were originally established for.
They are small funds run by an individual or a family that is seeking greater direct control over their investments and willing to take on the responsibilities of investing, taxation and compliance. While you can set up your own private super fund and manage it, you must strictly adhere to the rules regulated by the Australian Taxation Office. A SMSF can have between one to four members, and each member acts as a trustee.
These funds were created for employees of federal and state government departments and commonly have limited investment options, lower fees or MySuper options and a member-first profit model.
Also called “employer” super funds, these are arranged by employers for their employees. Some larger corporate funds are “employer-sponsored’’ funds where the employer also operates the fund under a board of trustees appointed by the employer and employees.
We are one of Australia’s oldest super funds, formed more than a century ago.
We are now one of Australia’s biggest funds with over 585,000 members and more than $113 billion in funds under administration2 and have a strong track record of generating exceptional returns for members while aim to keep fees low. There are no investment switching fees (excluding the self-invest option), no withdrawal fees and no fixed yearly fee.
This is reflected in member research. QSuper ranks No.1 across the 15 biggest funds in terms of member satisfaction with financial performance with superannuation products3, and surveys have revealed that QSuper members recommend their fund to others more often than members of any other fund4.
Apart from strong investment returns and low fees, QSuper offers a great deal of flexibility in how your money is invested. Members can leave it to the proven expertise of the fund’s managers or they can have direct involvement and make all the investment decisions through the Self Invest platform.
Anyone can join QSuper. If you want to join (even if you are a member of another fund) it’s as simple as filling out our online form. Of course our professional staff are also available to talk through the options with you and help you fill out the form. You can call QSuper on 1300 360 750.
1. https://www.pc.gov.au/inquiries/completed/superannuation/assessment/report/superannuation-assessment.pdf, page 170, accessed 11 March 2020
2. Funds under administration as at 30 June 2019. Net assets include the retirement funds managed by QSuper and employer-sponsor receivables for Defined Benefit members managed and held by Queensland Treasury.
3. Roy Morgan, Superannuation Satisfaction: Satisfaction with Financial Performance of superannuation in Australia. 6 months to April 2019, n=16,649, Base: Australians aged 14+ with work based or personal superannuation. 15 largest super funds based on customer numbers
4. Engaged Strategy September 2018 Superannuation Consumer Loyalty and Recommendation Study. Survey of more than 1700 Australians, using the Net Promoter Score framework, in conjunction with customer experience, loyalty and brand metrics. More information and methodology available www.engagedstrategy.com.au
Tips to choose a super fund
QSuper honoured to be recognised with Chant West Pension Fund of the Year award
QSuper is celebrating another coveted award win for members, this time at the 17th Annual SuperRatings Fund of the Year Awards.
More than 3300 members across Queensland met face-to-face with our investment team to hear the latest on how they are managing your money.