QSuper products and services still available: what advisers need to know
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. As part of the merged fund, QSuper products and services are still available.
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 remain at the heart of all we do - as they have for over 100 years. We’ve merged for the good of our members and your clients. Our partnership with you is as valuable as ever to help them achieve their financial goals.
Benefits of QSuper and Sunsuper merger
By combining the power of two strong superannuation funds, we aim to help your clients who have QSuper products to enjoy their best retirement.
We can leverage our size and scale to seek out investments to protect and grow our members’ superannuation 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.
Introducing Anne Fuchs
As head of the advice team at Australian Retirement Trust, Anne oversees the dedicated QSuper adviser support team. Anne led advice and retirement at Sunsuper for seven years and prior to this has held roles at the Association of Financial Advisers, BT Funds Management, RetireInvest and Colonial First State. She also ran a consultancy business, Pinnacle Practice, and authored the Little Black Book series in partnership with Money Management.
What happens now the two funds have merged
Now that the QSuper and Sunsuper merger is finalised, there is some important information you need to know.
How you work with us
There are no immediate changes to your current QSuper contacts, the way you contact us, the way you work with us, or the services we provide, including:
QSuper authorities and beneficiary nominationsShow content
Any existing authorities to release information or beneficiary nominations your clients have with QSuper remain on their QSuper accounts within Australian Retirement Trust.
For new authorities received from 28 February 2022, here’s how it works:
| I want my authority to apply to my client’s QSuper and Australian Retirement Trust Super Savings account(s) |
Submit using your company’s branded form and refer to Australian Retirement Trust. |
| I want my authority to only apply to my client’s QSuper account(s) |
Submit using your company’s branded form and refer to QSuper only, or use a QSuper form. |
| I want my authority to only apply to my client’s Australian Retirement Trust Super Savings account(s) |
Submit using an Australian Retirement Trust form. |
Changes to forms, factsheets, and disclosure documentsShow content
Our paper-based forms have been updated and some of the previous versions are no longer accepted, as this merger involved a change of trustee. Updated forms, factsheets, and disclosure documents are now available on our website.
If you were registered with SunsuperShow content
If you have clients who had Sunsuper accounts and were a registered adviser with them, you will be unable to access your clients’ QSuper account details, or request advice fee payments from QSuper accounts, via the Sunsuper portal Adviser Online - the same as prior to the merger.
We currently have a separate service offering for QSuper accounts. Adviser Online and similar Sunsuper services remain only for Australian Retirement Trust clients who were former Sunsuper members, or members who have a Super Savings account.
We are working hard to align our services and streamline your experience as quickly as possible. We’ll keep you updated throughout this process.
Who can access QSuper products and services
There are some changes to eligibility for QSuper products now that we have merged. To access QSuper products, your clients must be either:
- 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.
Lifetime Pension exception: The above conditions do not apply to the QSuper Lifetime Pension. Your clients can start a Lifetime Pension even if they don’t meet any of these conditions (if they are otherwise eligible).
Your clients are also invited to join the public offer part of Australian Retirement Trust at australianretirementtrust.com.au
What it means for your clients with QSuper accounts
QSuper account holders are now members of Australian Retirement Trust, a fund that works for members, not shareholders. It’s important to know that there are no changes to their:
- Investments
- Insurance
- Account details (including any beneficiaries and authorities)
- Pension payment amount and frequency (if applicable)
- Defined Benefit entitlements (if applicable).
There are also no impacts to current insurance claims or members on graduated return to work programs.
For more details on what the merger means for your clients with QSuper accounts, see our Important Information booklet January 2022.
Clients who applied to join QSuper before the merger
If your client has applied to join QSuper, their QSuper account will need to be activated within 12 months of when they made their application.
To activate their account, your client will need to put money into it. They can do this by:
- Combining their super via Member Online, the QSuper app, or by completing a Consolidate with QSuper form1
- Making a voluntary payment, as little as $10, from their bank account using their unique BPAY® details found in Member Online or the QSuper app, or complete a Deposit form.
Clients who had a Sunsuper and a QSuper account
If your client 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.
What’s next for you and your clients?
Your clients who have QSuper accounts will soon be sent an email or letter confirming the merger has taken place and what it means for them.
Please be aware you and your clients may receive communications on behalf of the QSuper part of Australian Retirement Trust as well as Australian Retirement Trust.
We will keep you updated as we work towards aligning our services to give you the best experience possible.
1. Before your client consolidates their super, they should consider if withdrawing savings from their current fund/s could lock in a previous investment loss. They should also check with their other fund/s if they will lose access to benefits such as insurance or pension options, if the other fund/s will charge exit penalties or fees, or if there are tax implications.