On 12 November 2008 the Queensland Government announced it was closing the QSuper Defined Benefit option to anyone who wasn't already a member of the Defined Benefit account at that date.
Under the legislation, current members with a Defined Benefit account are able to maintain their existing benefits until they decide to retire, transfer to an Accumulation account, or leave their current employment.
What if I’ve reached my preservation age?
If you’ve reached your preservation age and decide to retire, you may want to open an Income account. It’s a product that allows you to use your superannuation benefit to generate a tax-effective income stream in retirement. You can find out more in the Income Account PDS.
What if I have a Define Benefit and secure employment with another Queensland Government employer?
Generally, if you’re re-appointed to a Queensland Government or related entity employer within a month of leaving your old job, you may be eligible to continue your Defined Benefit account membership, provided you haven’t withdrawn any of your benefit from this account and your new Queensland Government or related entity employer provides for QSuper Defined Benefit account membership.
You’ll also need to inform your new pay office that your contributions should be paid to your existing Defined Benefit account.
If you have a current Defined Benefit account and you’re considering redeployment at a reduced grade of pay, this could reduce the superannuable salary used to calculate your benefit. If this occurs, you may be entitled to a salary reduction benefit, to recognise the benefit you accrued on the higher salary. You can find out more in the Defined Benefit Account Guide.
What if I don't secure paid employment with another Queensland Government employer and I’m not retiring?
If you leave employment with the Queensland Government your Defined Benefit account will be closed. You can choose how your benefit is transferred by completing a Defined Benefit Account Claim form. On the form you’ll be able to elect that you’ve accepted a redundancy or a retrenchment. And by providing a copy of the official correspondence from your employer confirming the circumstances and conditions under which you left employment, you may have access to your super.
If you’ve ever contributed to your Defined Benefit account at a rate of less than 5%, you may not have received your maximum multiple growth during this time. You may be able to catch-up the missed growth for periods where you’ve under- contributed. Depending on your circumstances you could consider doing this before leaving employment. For more information have a read through the Defined Benefit Account Guide.
You can also find out more about your options in the following publications: