QSuper and Sunsuper merger: What it means for members

QSuper and Sunsuper will soon be coming together to form Australian Retirement Trust. There is some important information about the merger that our members should know.

What’s happening?

QSuper and Sunsuper will soon be coming together for the benefit of our members.

Australian Retirement Trust will be one of the country’s largest superannuation funds, taking care of over $200 billion in retirement savings for more than two million members.

QSuper will continue as part of Australian Retirement Trust for:

• Existing QSuper members
• Employees of the Queensland Government
• Employees of existing QSuper default employers
• Spouses and children (who join while under age 25) of QSuper members.

This merger is scheduled to be completed on 28 February 2022, subject to outstanding conditions and approvals.

Why are we merging?

Over the last two years, QSuper and Sunsuper have undertaken a detailed due diligence process to explore if both funds’ members would benefit from being part of a merged super fund.

Through this merger, Australian Retirement Trust will combine both super funds’ strengths and will aim to return profits to members as lower fees and better services. We will continue to provide guidance to help members feel secure and confident about their future.

What does this mean for QSuper members?

When we merge, there will be no changes to QSuper members’:

• Investments
• Insurance
• Account details (including any beneficiaries and authorities)
• BPAY details
• Contribution arrangements with their employer
• Pension payment amount and frequency (if applicable)
• Defined Benefit entitlements (if applicable)
• Current insurance claims (if applicable).

They’ll still be able to access the same services they know and trust, including:

• QSuper Member Online
• QSuper app
• Our in-house contact centre.

Leveraging our size to keep fees low

Following the merger, we expect to have the size and scale to ensure our administration fees remain among the lowest in the industry.

QSuper and Sunsuper have agreed that the administration fees members pay from their QSuper Accumulation account(s) and Income account(s), and those that are deducted from the Lifetime Pension pool, will be reduced from 0.16% to 0.15% per annum from 1 July 2022.¹

This decision to reduce fees is subject to confirmation by the trustee of Australian Retirement Trust after 28 February 2022. We’ll update our members once this decision has been made.

In the short term, as we are moving assets, investment transaction costs will be incurred that will be reflected in the unit price for some investment options, as outlined in the Important Information booklet January 2022.

What if I …

Impacts to forms, factsheets, and disclosure documents

As this merger involves a change of trustee, there will be some paper-based forms that we will not be able to accept after the merger. Visit qsuper.qld.gov.au/calculators-and-forms/forms/all-forms for details.

Updated forms, factsheets, and disclosure documents will be available on our website from 28 February 2022.

Summary of key dates

What’s next?

QSuper members will be sent an email or letter over the coming weeks letting them know about the merger and what it may mean for them. These communications will include a link to or copy of the Important Information booklet January 2022, which provides key details about the merger.

For more information

For more about the merger and how together it’s more super, read our frequently asked questions.

 

1. These fee changes will not impact the amount of administration fees paid from Australian Retirement Trust’s reserves.