QSuper now part of Australian Retirement Trust
28 February 2022
5
min read
A new era in our long history has begun with the official merger of QSuper and Sunsuper to create Australian Retirement Trust - one of the nation’s largest super funds. With QSuper continuing as part of the merged fund, you and your employees can still enjoy the services you know and trust.
Australian Retirement Trust is proud to take care of over $200 billion in retirement savings for more than two million members.
QSuper continues as part of Australian Retirement Trust, and our members and their employers remain at the heart of all we do - as they have for over 100 years.
Benefits of QSuper and Sunsuper merger
By combining the power of two strong superannuation funds, we aim to help our members enjoy their best retirement, guiding them as they work towards their financial goals.
We can leverage our size and scale to seek out investments to protect and grow our members’ savings, while striving to return profits to them as lower fees and better services.
As part of this commitment, we expect to reduce administration fees from 1 July 2022 on many accounts.
Details of proposed fee reductionShow content
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, are proposed be reduced from 0.16% to 0.15% per annum from 1 July 2022. These fee changes will not impact the amount of administration fees paid from Australian Retirement Trust’s reserves.
This decision to reduce fees is subject to confirmation by the trustee of Australian Retirement Trust. 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.
Importantly, we’re still here to support you and your team with your superannuation needs.
Introducing Erick Cordero
Erick is heading the new Australian Retirement Trust, Government and Stakeholder Relationships team, which aims to enhance our continued support provided to the departments of the Queensland Government and Stakeholders. Prior to this role, Erick led QSuper’s Employer and Business Development team and has over 20 years’ experience in financial services.
What happens now the two funds have merged
We remain committed to making your super obligations easy and there are no changes to the services you have come to expect from us. You can still make contributions, contact QSuper, and receive information just the way you always have.
You also have access to the same QSuper products and services you’re familiar with, including:
Our Unique Superannuation Identifier (USI) numbers have not changed, so please continue to use the same number(s) when paying your employees’ super.
Updates to forms, factsheets, and disclosure documents
Our paper-based forms have been updated as this merger involved a change of trustee, and we are unable to accept some of the previous versions. Visit the forms page on our website for updated forms, factsheets, and disclosure documents.
No changes to QSuper accounts
Your employees with QSuper accounts are now members of Australian Retirement Trust but there are no changes to their:
- Investments
- Insurance
- Account details (including any beneficiaries and authorities)
- Defined Benefit entitlements (if applicable).
There are also no impacts to current insurance claims or members on graduated return to work programs.
Employees who have QSuper accounts will be sent an email or letter confirming the merger has taken place and what it means for them. From now on, you and your employees may receive communications on behalf of the QSuper part of Australian Retirement Trust as well as Australian Retirement Trust.
Who can access QSuper products and services
- Existing QSuper account holders
- Employees of the Queensland Government
- Employees of existing QSuper default employers
- Spouses and children (who join while under age 25) of QSuper account holders.
A spouse includes someone the member is legally married to or in a de facto relationship with (including same sex partners). A child includes adopted children, step-children, and the children of the member’s spouse.
There is an exception: The above conditions do not apply to the QSuper Lifetime Pension. You can start a Lifetime Pension even if you don’t meet any of these conditions (if you are otherwise eligible).
All Australians are invited to apply for an Australian Retirement Trust Super Savings account at australianretirementtrust.com.au
Employees who had a Sunsuper and a QSuper account
If an employee had both QSuper and Sunsuper accounts when we merged, they will still have separate accounts. This aims to make sure they do not lose any benefits they have with either fund (like insurance).
We’ll be contacting members with multiple accounts to let them know their options. In the meantime, they can access more information on our website.