QSuper CEO Michael Pennisi: Members first in an unprecedented year
04 November 2020
5
min read
QSuper CEO, Michael Pennisi, has reassured members they have remained our number one priority in a challenging year in this article, which appears in the 2020 QSuper Annual Report.
This year has been one like few others in QSuper’s more than 100-year history. We finished the 2019-20 financial year with a sense of pride in the way we served members and with a close eye on the continued uncertainty about the health and economic impacts of COVID-19.
As always, our number one priority is to support our 594,000 members and give them confidence in their retirement wellbeing. Many of our members are on the front line supporting the community through these challenging times and the thanks and admiration of everyone at QSuper goes to these very special people.
Our response to COVID-19
We know from talking with our members that consistent and strong investment returns are of the upmost importance to them. It is therefore pleasing our investment strategy helped smooth returns and continued to support members during the share market volatility experienced this year.
During this time, we listened to our members and their need for information and help, providing access to articles and webinars on critical topics and sharing insights into our investment strategy through multiple new digital forums.
As with many businesses, the necessary closure of our offices resulted in almost the entire QSuper business being conducted from our homes. I’m pleased to say the significant investment in technology and our people over recent years enabled us to maintain member service levels at a time of increased demand and we were able to continue to innovate and enhance the products, services and advice we provided to members.
Leading investment returns
Superannuation is a long-term investment and our investment strategy is purposefully designed for the long-term, which is evident in our 10-year performance to June 20201 that again ranks QSuper as one of the top 10 balanced funds in Australia. We were also recognised by ratings agencies for providing returns with the least volatility over this time.
New products and services
QSuper has always prided itself on innovation, which has again been demonstrated over the past year.
Our Socially Responsible investment option has been refreshed by replacing the investment manager, and this will change the focus through making a positive impact on the environmental and social considerations members have told us they care about most. This refresh has been developed with direct input from members, and aims to deliver on the same financial investment objectives of strong returns with fewer ups and downs in line with QSuper’s unique investment approach.
We have also continued to invest in technology solutions to assist the way we serve our members and use data for more personalised service delivery, and launched a new, simple and secure mobile app for our members from June 2020.
Following a detailed review of the advice needs of our members, we implemented some changes to the personal advice services currently offered through QInvest. The changes expand the range of topics that QSuper members can access over the phone, at no additional cost to members, and will mean comprehensive advice will no longer be available to clients. Comprehensive advice appointments booked and ongoing service agreements entered into prior to 6 July 2020 are however being honoured.
We have also made insurance easier to access for frontline workers joining us. A joining process, designed in partnership with our public sector employers, makes it easier to opt into insurance, which might not otherwise have been immediately available for these members. This is particularly important for our new members working on the frontline as they support our community during COVID-19."
Excellence recognised
Our performance as a fund is recognised across the superannuation sector and this provides members with comfort that they are with a strong and members-focused fund for their retirement. Our Accumulation account won Money magazine’s Best Balanced Super Product of 20202 and we were recognised by industry ratings agency ChantWest as Pension Fund of the Year (for the fifth consecutive year) and as Best Fund for Investments.3 Another ratings agency, SuperRatings, gave us the Smooth Ride Award as well as its Platinum Performance rating for the 10th year in a row.4
The future
A continually growing fund is important for our members as it enables us to invest in products, services and advice that supports their retirement savings journey. With that in mind, we are exploring the value of a merger with another Queensland-based fund Sunsuper, but any final decision will be assessed solely through the lens of there being clear value for QSuper members.
We recognise the many issues that COVID-19 has created for our members and the uncertainty this has added to all of our lives. But QSuper remains a constant. We have been serving members for more than 100 years and our sole purpose remains: to work tirelessly for our members. I look forward to continuing to lead the QSuper team to continue to deliver on this promise.
1. SuperRatings Fund Crediting Rate Survey, June 2020. SR50 Balanced Index (60-76). Past performance may not be a reliable indicator of future performance. QSuper’s Accumulation account, Balanced option only, ranked eight over ten years to 30 June 2020. Based on cumulative returns compounded annually after fees and taxes excluding fixed administration, contribution, switching fees and insurance premiums. SuperRatings does not issue, sell, guarantee, or underwrite this product. Ratings, awards or investment returns are only one factor that you should consider when deciding how to invest your super. Go to www.superratings.com.au for details of its ratings criteria.
2. Awarded Money magazine’s Best of the Best 2020 – Best Balanced Super Product. Money magazine awards are solely a statement of opinion and do not represent a recommendation to purchase, hold or sell this product, or make any other investment decisions. Ratings are subject to change. Go to www.moneymag.com.au for details of its ratings criteria. Ratings, awards or investment returns are only one factor that you should consider when deciding how to invest your super. Past performance is not a reliable indicator of future performance.
3. Awarded Chant West 2020 Pension Fund of the Year and Best Fund for Investments. Chant West does not issue, sell, guarantee, or underwrite this product. For further information about the methodology used by Chant West, see chantwest.com.au. Past performance is not a reliable indicator of future performance. Awards and ratings are only one factor when deciding how to invest your super.
4. Awarded SuperRatings Smooth Ride Award 2020 and 10-year Platinum Performance from 2010-2020. 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. Ratings, awards or investment returns are only one factor that you should consider when deciding how to invest your super.