What's a defined benefit account?
A Defined Benefit super account gives you a sum of money when you retire (also called a 'defined benefit') calculated based on your years of service with an employer, your 'multiple' (we explain below), and your final salary.
How does a defined benefit account work?
Our Defined Benefit account is designed to provide you with a retirement amount to reflect your service to the Queensland Government. And the best part is, it's not impacted by the ups and downs of the investment market. So you can rest easy knowing your benefit won't be affected by a market crash.
How's my retirement benefit calculated?
We calculate your retirement benefit by multiplying a number that reflects your years of service and your contribution rate (your multiple) with your final salary. The longer you work and the higher the rate you contribute to your account, the bigger your benefit will be when you retire.
Estimate your retirement
Use our defined benefit super calculator to estimate how much you might get when you retire.
Perks of having a Defined Benefit account with us
No fees
You don't pay the fees for your Defined Benefit account. They're covered by the pool of members with the same account.
Protecting your future (and theirs)
You automatically get insurance cover to protect you and your family, including a pension for your young children if you die.
Access to Member Rewards
Did you know brands across Australia partner with us to give our members exclusive deals and discounts? They can help you save in all parts of your life – from grocery shopping and big household purchases to once-in-a-lifetime experiences and holidays you'll never forget.
Save money today
You're not affected by the stock market
Your money is protected from stock market losses because it doesn't rely on investment returns. This is because your employer bears the risk, no matter what the market does.
When can I access my Defined Benefit super account?
You can cash in your defined benefit when you retire if you've reached age 60. Once you turn 65, you can access all of your super, whether you're working or retired.
Once you've got your retirement money, you can turn it into an income stream to keep working for you when you retire.
Retire with a fund you can trust
Consider turning your Defined Benefit into an income stream.
Transition to Retirement (TTR) Income account
You can transfer part or all of your Defined Benefit to our TTR Income account if you haven’t retired yet and have reached age 60 (the current preservation age).1 Use a TTR Income account to reduce your work hours and keep the same income or as part of a tax strategy in the lead up to retirement.
Find out more
Retirement Income account
If you want to turn your super into an income once you stop working, you can transfer your Defined Benefit to our Retirement Income account. As your money stays invested, your savings can continue to grow. You also benefit from tax-free investment returns and no tax on payments or withdrawals after you turn 60.
Find out more
Exclusive member seminar
QSuper Defined Benefit members are invited to learn more about how their account works and ask any burning questions.
Defined Benefit FAQs
Here are some common questions we get about our Defined Benefit super account.
Should I stay in a Defined Benefit super arrangement?
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With an Accumulation account, your returns are subject to the investment market. However, our investments aim to grow your super over the long term with the stability to weather the ups and downs of the market.
With a Defined Benefit account, your employer bears this risk (and you get paid a defined amount regardless of market conditions).
If you choose to leave the Defined Benefit account, you cannot re-join later. The Defined Benefit account also offers some unique benefits, such as a pension for your young children if you die, and the option to get a defined pension if you are totally and permanently disabled under the age of 55.
Consider speaking to a financial adviser to understand all your options.
Does my Defined Benefit account include insurance?
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As a Defined Benefit account member, you automatically get the following insurance:
- Death cover, including a child's pension
- Terminal medical condition cover
- Total and permanent disability cover
- Income protection.2
Your amount of insurance cover is the difference between the benefit you've accrued when you claim, and the projected benefit you would have accrued if you'd worked until age 55 and contributed at 5% (6% for police).
- You turn 55 years old (except income protection, which continues until you're 75)
- You stop working for the Queensland Government or a defined benefit employer
- You leave the Defined Benefit account
- You become totally and permanently disabled or die.
If you have an Accumulation account, you can get additional insurance through that account if you're eligible.
Your Defined Benefit account generally pays a death benefit as a lump sum to your estate or your dependants when you die.
Your children may get a pension of fortnightly payments (if they're eligible) if:
- You pass away while you’re a Defined Benefit account member, or
- You pass away from a TPD condition within 12 months of receiving a TPD lump sum payment or defined pension.
To find out the current child's pension rates and how they increase each year, eligibility requirements, and to learn how tax might apply to your child's pension, please read the Defined Benefit Account Guide (pdf).
How do I catch up my contributions if I've lowered them?
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If you previously chose to reduce your contribution rate, you may be able to catch up later. Just remember that if you choose to lower your contribution rate now, and catch up later, your salary is likely to have increased and therefore, your catch-up contribution will be a percentage of your higher salary. Speak to your payroll office to see how your take-home pay could be affected.
The catch-up option is not available for periods when you’re on leave without pay, but it might be available to you while you're receiving WorkCover benefits. Catch-up only applies if you have previously lowered your standard contribution, and does not apply to periods when you have been working part-time. There are several ways to catch up including increasing the standard contributions deducted from your pay, or by making a standard contribution directly to your account. For more information about catch-up contributions, please call us on 1300 360 750.