What changed for super from 1 July 2023
01 July 2023
5
min read
A range of key changes to superannuation came into effect from 1 July 2023. We’ve pulled together a summary of some that might affect you.
Superannuation Guarantee
The rate of compulsory super that employers must pay eligible workers rose from 10.5% to 11% from 1 July 2023. Under the current legislated timetable, the Super Guarantee (SG) rate will continue to rise incrementally by 0.5% each financial year to 12% by 1 July 2025.
Learn more about SG rises
Minimum drawdown
From 1 July 2023 members with an Income account could be getting more money each pay following the Australian Government’s decision to increase minimum superannuation drawdown rates. The change reverts minimum drawdown rates back to the levels they were at before COVID-19 emerged in early 2020.
Drawdown changes
Queensland Government super contribution changes
The Queensland Government has made some important changes to employee and employer super contributions, which took effect from 1 July 2023. Among the changes are that many people who work for the Government can now choose how much of their pay they put into super voluntarily.
The details
Retirement Bonus
The Retirement Bonus is one feature of our award-winning products designed to help you retire well with confidence. It’s a payment that you might receive when you open our Retirement Income account or buy a Lifetime Pension. The changes from 1 July have created a single Retirement Bonus design that’s the same for all Australian Retirement Trust members.
Find out more
Insurance premiums
As part of a profit-for-members fund, everything we do is for our members – so we provide insurance for when life doesn't go to plan. Insurance premiums for QSuper Accumulation accounts changed on 1 July 2023.
How those changes might impact you depends on your age, cover amount and employment details (including occupational rating). Our July 2023 Significant Event Notice has more information about insurance premiums. And check the cover you currently hold via Member Online.
Learn more about QSuper insurance
Investment changes
We are updating some objectives, risk labels and asset allocations for various investment options; our Self Invest option will be closed to account holders who aren’t already invested in the option; and we are making changes to the investment approach of our Socially Responsible option.
Our July 2023 Significant Event Notice has more information about investment changes.
How your super investments work