important information about your super
TRANSCRIPT
Important informationabout your super
Prepared and issued by theQSuper Board (ABN 32 125 059 006, AFSL 489650)as trustee forQSuper (ABN 60 905 115 063)MySuper authorisation number 60 905 115 063 329Unique Superannuation identification number (USI) 609 05 115 063 001
Accumulation account application form enclosed
QSuper Product Disclosure Statementfor Accumulation Account
Issued 31December 2021
Contents21. AboutQSuper
32. How super works
43. Benefits of investing in theQSuperAccumulation account
54. Risks of super
55. Howwe invest yourmoney
86. Fees and costs
107. How super is taxed
128. Insurance in your super
159. How to open an account
1 AboutQSuperFor over 100 years, QSuper has looked afterthepeoplewho lookafterQueensland. Today,weareoneofthe largestsuperannuationfundsin Australia,1 and look after the retirementsavings of over 620,000members.We striveto help youmake themost of today, whileplanning to achieve your retirement goals.Wedo this through our unique investmentphilosophy,award-winningproducts, financialeducation, and personal services.On 15March 2021, theQSuper and SunsuperBoards executed a Heads of Agreement toconfirm an intention tomerge theQSuper andSunsuper funds to create a $200 billionsuperannuation fundopen to all Australians. Theproposedmerger is subject to a number ofconditions, including finalBoardapprovalsandwillonly take place if it is considered by both theQSuper and Sunsuper Boards to be in theirmembers’ best interests. Under the Heads ofAgreement, thetwofundswillwork togetherwitha view to completing amerger.Please refer to theQSuper website for themostup to date information about the proposedmerger: qsuper.qld.gov.au/merger
QSuper Accumulation accountThis account can help you save for retirementduring your working years.When you open an Accumulation account, weautomatically invest yourmoney in our defaultinvestment option, Lifetime. This option usesyour age and Lifetime account balance to set aninvestmentstrategythatwehavedeterminedwillsuit your life stage.If you would likemore control over how yourmoney is invested, you can choose froma rangeof Diversified and Single Sector investmentoptions. You also have access to Self Invest,where you can invest directly in shares, termdeposits, and/or exchange traded funds (ETFs).Formore information, read theAccumulationAccountGuide or Investment ChoiceGuide,availableonourwebsite–qsuper.qld.gov.au/pds
About this Product DisclosureStatementThis ProductDisclosure Statement (PDS) is asummary of significant information you needto know about theQSuper Accumulationaccount. Other important information whichalso formspartof thePDScanbe found in theAccumulation AccountGuide, InvestmentChoiceGuide, andAccumulation AccountInsuranceGuide
You should consider this information beforemaking a decision about the product. Thesedocuments are availableat qsuper.qld.gov.au/pds
General advicewarningThe informationprovided inthisPDSisgeneralinformation only and does not take intoaccount your personal financial situation orneeds. You should consider whether theinformation is appropriate to your personalcircumstances and needs before acting on itand, where necessary, seek professionalfinancial advice tailored to yourpersonal circumstances.
Other informationProduct dashboards, and additionalinformation aboutQSuper and its products,theQSuper Board, and trustee and executiveremuneration, and TargetMarketDetermination product information areavailable onlineat qsuper.qld.gov.au/disclosure
Thematerial relating to this productmaychange betweenwhen you read this PDS andthe day you acquire the product.
1Australian Prudential Regulation Authority (APRA)Annual Fund-level Superannuation StatisticsJune 2020 edition (issued 16December 2020) for assets.
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RetiringwithQSuperQSuper offers retirement products, includingtransition to retirementproducts, tosuit your lifestage and individual retirement goals. If you arenot already aQSupermember, you will need toopen this Accumulation account first, beforecommencing one of our otherretirement products.Formore information, read theQSuper ProductDisclosure Statement for IncomeAccount andLifetime Pension, available on our website –qsuper.qld.gov.au/pds
Defined Benefit productsTheQSuper Board also administers DefinedBenefitproducts,whicharenowclosedtonewmembers. TheseDefined Benefit productsarefundedseparately.Youwill notbeacquiringan interest in a Defined Benefit product. InrelationtoyourAccumulationaccount, Incomeaccount, or Lifetime Pension, theQSuperBoard will comply with the SuperannuationIndustry (Supervision)Act1993 (Cth)andAPRAPrudential Standards in amanner consistentwith other public offer superannuation funds.More information is available onlineat qsuper.qld.gov.au/disclosure
2 How super worksSave for retirementSuperannuation is designed to help you save forwhen you stop working and retire, throughlong-term investment returns and tax savingsincentives provided by the AustralianGovernment.While you are working, your employer will pay acompulsory amount to your super known as thesuperannuation guarantee (SG).Other types of contributions include voluntary/personalcontributions,spousecontributionsandthe Australian Government’s co-contribution.There are limits, or caps, on howmuch you cancontribute into your super.
Choose your super fundMost people can choose which super fund theywant theiremployer topaytheirSGcontributionsinto. If you do notmake a choice, your SGcontributions will go into your employer’snominateddefaultsuper fund.From1November2021, theremay be circumstances where youremployermay need to contact the ATO torequest details of your stapled super fund.
Access your superYougenerally cannot access your super until youhave reached your preservation age (betweenage59and60,dependingonwhenyouwereborn)and have retired. Earlier access is allowed inlimited circumstances.
Turn your super into incomeIf you’re under age65 andwant to start graduallyeasing intoretirement,youcansetupaTransitionto Retirement Income account. Once you reachyour preservation age and permanently retire,you can set up a Retirement Income accountand/orpurchaseaLifetimePension. If youarenotalready aQSupermember, youwill need to openthis Accumulation account first.
Read the important information abouthow super works in theAccumulationAccountGuide and theQSuperProductDisclosure Statement for IncomeAccount and Lifetime Pension beforemaking a decision.Available at qsuper.qld.gov.au/pds orcall us to request acopy, freeof chargeMore information is also available atmoneysmart.gov.auThematerial relating to how superworksmay change betweenwhen youread this PDS and the day you acquirethis product.
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3 Benefits of investing in theQSuper Accumulation accountIt’s never too late or too early to get started with our Accumulation account. Investing withQSupercan help you save for retirement during your working life.
Award-winningMembers can feel confident their retirementsavings are in safe hands, knowing we aim todeliver value formoney in the long run when itcomestotheirsuper.We’veearnedSuperRatings’SmoothRide 2022 award1andourAccumulationaccount has wonMoneyMagazine's Best ValueMySuper Product 2022.1
Profit formembersWebelieve inkeeping feessimple .Becausewe’rea profit-for-members fund, you can be assuredthat we’re working in your best interests, notsomeone else’s.
Financial adviceQSupermembers have access to over-the-phone personal financial advice about theirQSuper account. Examples include: switchinginvestment options, whether tomake additionalsuper contributions, and the level of insurancecover you hold with us.Decidingwhat is best for youwill depend on yourpersonal circumstances and youmay want toseek personal financial advice to get themostfromyoursuperannuation.Youcanfindoutmoreabout financial advice options atqsuper.qld.gov.au/advice or by calling uson 1300 360 750.
Getmore out of your superWe run a range of seminars and workplace talksdesigned to give you the information you needtomake super choices that are right for you.
Range of investment optionsWhether you want us tomanage yourinvestments or you want to choose your owninvestment strategy for your super with SelfInvest, we’ve got a wide range of options to suit.
Keep track of your super 24/7You can useMemberOnline and/or theQSuperapp to check your account balance, switchinvestment options, update personal details,andmore.
Protecting your futureYoumay be automatically covered for deathcover, totalandpermanentdisability (TPD)cover,and income protection cover if youmeeteligibility criteria.2
Abonus at retirementIf eligible, youmay receive abonus at retirement,thanks to our unique retirement bonus.3
Formore information about thefeatures andbenefits of investingwithQSuper, please see theAccumulationAccountGuide and Investment ChoiceGuide, available atqsuper.qld.gov.au/pds
1 For further information, refer to qsuper.qld.gov.au/awards. These awards are solely statementsof opinion and do not represent a recommendation to purchase, hold, or sell any securities, ormakeany other investment decisions. Ratings and awards are subject to change and are only one factorthat you should consider when deciding how to invest your super. Past performancemay not be areliable indicator of future performance.2Eligibility conditions apply. Refer to theAccumulationAccount InsuranceGuide formore information.3 Eligibility criteria apply. Refer to theAccumulation AccountGuide formore information. Note, theretirement bonus was previously known as the Income account transfer bonus.
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4 Risks of superAll investmentscarry risk,anddifferentstrategiesmay carry different levels of risk, depending onboth the assets thatmake up that strategy, andthe investment timeframe.Assets with the highest long-term returnsmayalso carry the highest level of short-term risk.
Risks of investing in super include:Investment returns will vary over time, as willthe value of your investments.Futurereturnsmaybedifferenttopast returns.Investment returns are not guaranteed, andsometimes investment returnsmay benegative, whichmay reduce youraccount balance.The laws affecting your supermay change.The balance of your super, includingcontributionsand investment returns,maynotbe enough to provide enoughmoney for thelength of your retirement, or to keep pacewith inflation.Investmentoptionsmaycloseorchange,oraninvestmentmanagermayunderperform,whichcould affect the returns of yourinvestment option.
Makingany investment involvessomelevelof risk.The level of risk for each person will varydepending on a range of factors, including age:investmenttimeframes,whereotherpartsof theperson’s wealth are invested, and the person’srisk tolerance.
Read the important informationaboutthe risks of super in the InvestmentChoiceGuidebeforemakingadecision.Access the guide atqsuper.qld.gov.au/pds or call us torequest a copy, free of charge. Thematerial relating to the risks of supermay change betweenwhen you readthis PDS and the day you acquirethis product.
5 Howwe invest yourmoneyWhen you open an Accumulation account andhave notmade an investment choice, youwill beautomatically invested into our defaultoption, Lifetime.If you wantmore personalised control over yourinvestments, we offer the following options:Diversified options: Pre-mixed investmentoptions offering diversification acrossasset classes:
ModerateBalancedAggressiveSocially Responsible.
Single Sector options: Invest in individualasset classes:
CashDiversified BondsInternational SharesAustralian Shares.
Self Invest: Invest someof your super directly inshares, exchange traded funds (ETFs), and/orterm deposits. This option ismanaged entirelyonline by you.Formore information about each of ourinvestment options, read the Investment ChoiceGuide, availableonlineatqsuper.qld.gov.au/pds
When deciding how to invest yoursuper, youmust consider the likelyinvestment return, the risk, and yourinvestment timeframe.
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Our default investment optionOur default investment option is called Lifetime.Thisoptionautomaticallyadjustsyour investmentstrategybasedonyourageandLifetimeaccountbalance, and automatically places you in one ofthe following groups.
Thismeans yourmoney is investedmoreaggressively when you are younger, and ismoreprotected as you approach retirement.The following tables give you an idea of what toexpect fromLifetime,dependingonyourageandLifetime account balance.
Accumulation account - Lifetime groupsSustain
Aged 58 or overFocus
Aged 50-57Aspire
Aged 40-49Outlook
Aged under 40Suitable for investorswho are close to or
in retirement.
Suitable formedium-terminvestorswhowant exposure toassets with potentially
higher returns.
Suitable formedium tolong-term investorswhowant exposure toassets with potentially
higher returns.
Suitable forlong-term investorswhowant exposure toassets with potentially
higher returns.
Sustain 1Focus 1Aspire 1Outlook
Balance:Less than $300,000Objective:CPI +2.5% p.a.Timeframe:2+ yearsRisk: Low tomediumSRM: 1-2
Balance:Less than $100,000Objective:CPI +4.0% p.a.Timeframe:5+ yearsRisk:Medium to highSRM: 3-4
Balance:Less than $50,000Objective:CPI +4.5% p.a.Timeframe:10+ yearsRisk:Medium to highSRM: 3-4
Balance:AnyObjective:CPI +4.5% p.a.Timeframe:10+ yearsRisk:Medium to highSRM: 3-4
Sustain 2Focus 2Aspire 2
Balance:$300,000 ormoreObjective:CPI +2.0% p.a.Timeframe:2+ yearsRisk: LowSRM: 0.5-1
Balance:$100,000 to lessthan $250,000Objective:CPI +3.75%p.a.Timeframe: 5+ yearsRisk:Medium to highSRM: 3-4
Balance:$50,000 ormoreObjective:CPI +4.0% p.a.Timeframe:10+ yearsRisk:Medium to highSRM: 3-4
Focus 3
Balance:$250,000 ormoreObjective:CPI +3.5% p.a.Timeframe: 5+ yearsRisk:Medium to highSRM: 3-4
DefinitionsObjectiveThis is the targeted investment return objectiveafter fees and taxes.TimeframeThis is theminimum suggestedinvestment timeframe.
Standard RiskMeasure (SRM)TheSRMnumberhelpsyoucompare investmentoptions by showing howmany times a negativeannual return is expected over a 20-year period.Note, the SRMdoes not give you a total pictureof all forms of risk. Find outmoreat qsuper.qld.gov.au/srm
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Asset allocation rangesThe table below shows the asset allocation ranges of the groups in our default investment option,Lifetime.
Sustain 2Sustain 1Focus 3Focus 2Aspire 2Focus 1
OutlookAspire 1
30-90%15-75%0-30%0-25%0-20%0-20%Cash
0-35%0-35%25-75%15-70%5-60%0-45%Fixed interest
0-20%0-25%0-25%0-25%0-30%0-30%Real estate
0-45%0-50%0-50%0-55%5-60%5-65%Equities
0-20%0-25%0-25%0-25%0-30%0-30%Infrastructure
0-20%0-20%0-20%0-25%0-25%0-25%Commodities
0-25%0-25%0-25%0-25%0-30%0-30%Alternatives
How to change investment optionsIf you no longerwant to be invested inQSuper Lifetime, you can change your investment option/s viaMemberOnlineorbycompleting theSwitch Investments form, available atqsuper.qld.gov.au/forms.QSuper does not charge a fee to switch investment options.
Changes to the investmentoptionswe offerFrom time to timewemay add to, close, orchangeour investmentoptions.Wewill notifyyouof any significant change.
Beforemaking a decision, read theimportant informationaboutQSuper’sinvestment options in theInvestment ChoiceGuide, availableatqsuper.qld.gov.au/pdsor call us torequest a copy, free of charge. Thematerial relating toQSuper’sinvestment optionsmay changebetweenwhen you read this PDS andthe day you acquire the product.
Responsible investment policyQSuper considers ESG (environmental, social,governance) issues within a framework focusedon providing competitive returns for ourmembers. QSuper doesn’t own shares incompanies involved inmanufacturing cigarettesand other tobacco products (Global IndustryClassification Code 302030), clustermunitions,or landmines. The only exception is Self Invest,where you control all socially responsibleinvestment decisions.WealsoofferourSociallyResponsible investmentoption, which ismanaged using investmentprinciples that we consider align with soundESG principles.
We reserve the right to limitinvestment switches and partialwithdrawals. Seeqsuper.qld.gov.au/investments forinformation and changes.
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6 Fees and costs
Did you know?Smalldifferences inboth investmentperformanceandfeesandcostscanhaveasubstantialimpact on your long term returns. For example, total annual fees and costs of 2%of youraccountbalance, rather than1%could reduceyour final returnbyup to20%over a30-yearperiod (for example, reduce it from $100,000 to $80,000). You should consider whetherfeatures such as superior investment performance or the provision of bettermemberservices justify higher fees and costs. You or your employer, as applicable, may be able tonegotiate to pay lower fees. Ask the fund or your financial adviser.
To find outmoreIf you would like to find outmore or see the impact of the fees based on your owncircumstances, theAustralian Securities and Investments Commission (ASIC)website(moneysmart.gov.au) has a superannuation fee calculator to help you check differentfee options.
Fees and other costsThisdocumentshows feesandothercosts thatyoumaybecharged.These feesandothercostsmaybe deducted from your account, from the returns on your investment, or from the assets of QSuperas awhole. Other fees, such as activity fees, advice fees for personal advice, and insurance fees,mayalsobecharged,butthesewilldependonthenatureoftheactivity,advice,or insurancechosenbyyou.Taxes, insurance fees, and other costs are set out in another part of this document. You should readall the information about fees and other costs because it is important to understand their impact onyour investment , and can be used to compare costs between different super funds.The fees and other costs for each investment option offered byQSuper for the Accumulationaccount are set out in theAccumulation AccountGuide.
Howandwhen paidLifetimeType of feeDeducted daily before the unit price isdeclared.
Investment feeLifetime groups
p.a.0.55%Outlookp.a.0.47%Aspire 1p.a.0.47%Aspire 2p.a.0.39%Focus 1p.a.0.39%Focus 2p.a.0.39%Focus 3p.a.0.27%Sustain 1p.a.0.27%Sustain 2
Deducted daily before the unit price isdeclared. Capped at $900 p.a.
p.a.0.16%Administration fee
The Trustee fee of 0.017%p.a. isdeducted from the general reserve anddoes not affect your account balance.
p.a.0.017%Trustee fee
Nil.Buy-sell spread
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Howandwhen paidLifetimeType of feeNil.Switching fee
The administration fee covers theprovision of advice about your QSuperaccount.Nil.
Advice feesRelating to all membersinvesting in a particularMySuper product orinvestment option.Other fees and costs
Indirect costs cover amounts that havereduced the return on your investment
Indirect cost ratioLifetime groups
but are not charged as a fee and arereflected in the unit price.p.a.0.10%Outlook
p.a.0.09%Aspire 1p.a.0.09%Aspire 2p.a.0.08%Focus 1p.a.0.08%Focus 2p.a.0.08%Focus 3p.a.0.04%Sustain 1p.a.0.04%Sustain 2
Additional explanation of fees and costsFormore information on how super is taxed, seepage 10 of this PDS. Formore information oninsurance fees, see page 14.QSuper can change the fees which youmay becharged. Youwill begivenat least 30days’ noticebefore any increase in administration, insurance,or advice fees takes effect.The investment fee and indirect cost ratio arebasedon the feesandcosts for the financial yearended 30 June 2021, andmay differ from futurefees and costs. Investment fees also includeperformance-based fees. Formore information,see theAccumulation AccountGuide.Under government legislation, if your accountbalance with a superannuation fund is less than$6,000 at the end of the financial year (30 June),or on exit, the total combined amount ofadministration and investment fees, and indirectcosts that canbecharged toyou is cappedat3%(calculated using account balance as at 30 June,or for the proportionate period, if you exit).Any amount charged in excess of this capmustbe refundedwithin threemonths of the end ofthe financial year.
At QSuper, if your administration fee exceeds$900 in a financial year (totalled across all yourAccumulation and/or Income accounts), you willreceive a refund of any amount you pay over thecap into your account/s in July of the followingfinancial year, as long as you still have an accountwithQSuper at the time of the refund.
Advice feesWedo not charge advice fees.However, additional feesmay be paidto a financial adviser if a financialadviser isconsulted,andwill bedetailedintheStatementofAdviceyouradviserhas given you. Formore information,read theAccumulation AccountGuideavailable on our website –qsuper.qld.gov.au/pds
Insurance feesWededuct a fee fromyour account tocover the cost of any insurance youhave withQSuper. Premiums are netof any tax deductions we claim.
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Default option - example of annual fees and costsThis table provides an example of how the fees and costs for our default option can affect yoursuperannuation investment over a one-year period. You can use this table to compare differentsuperannuation products.
Accumulation account holders
Balance of $50,000Example – LifetimeOutlook
For every $50,000 you have in LifetimeOutlook, you willbe charged $275 each year.
0.55%p.a.Investment fees
And, you will be charged $80 each year in administrationfees.
0.16%p.a.PLUSAdministration fees
And, indirectcostsof$50eachyearwill bedeductedfromyour investment.
0.10%p.a.PLUS Indirect costs forLifetimeOutlook
If your balancewas$50,000, then for that year youwill becharged fees of $405 for LifetimeOutlook
0.81%p.a.EQUALS cost of LifetimeOutlook
Note:Additional feesmay apply, and these are provided in the tables on pages 8 and 9.
Readthe important informationabout feesandcosts (includingdefinitionsandexplanationsof fee types) for all investment options in theAccumulationAccountGuide beforemaking adecision.See theguideavailableatqsuper.qld.gov.au/pdsorcall us to requestacopy, freeof charge. You can find the definitions of each fee type at qsuper.qld.gov.au/fees. Thematerial relating to fees and costsmay change betweenwhen you read this PDS and theday you acquire the product.
7 How super is taxedSuper can be a tax-effective way of saving for your retirement, as it’s generally taxed at a lower ratethanmost other investments. Tax payable on contributions (money in) and withdrawals (money out)is paid directly from your account or from the withdrawal itself. Any withdrawals youmake once youturn 60 are generally tax-free.
Tax on investment earningsInvestment earnings in an Accumulation account are taxed at up to 15%. Formore information, seethe Investment ChoiceGuide.
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Contribution caps apply to your super, and it is important to be aware that there are taximplications if you exceed the caps.
Tax on contributions
After-tax (non-concessionalcontributions)
Before-tax (concessionalcontributions)
Personal/voluntary contributionsmade from your after-tax salary
Employer contributionsSalary sacrifice arrangements
Spouse contributionsContributions for which a taxdeduction has been claimed
$110,000 per year2 (or up to $330,000over three years if certain conditionsaremet).
$27,500peryear1 (orhigher if youhaveunused carry forward concessionalcontributions and your total
Contributionscap
superannuation balance is less than$500,000).
Nil if your total superannuation balanceexceeds $1.7million (this limit waspreviously $1.6million and hasbeen indexed).
0%15% (if your income3plusconcessionalcontributions are over $250,000 per
Tax oncontributionswithin thecap
year, you pay 30% tax on someor all ofyour contributions).
0% on excess contributions that youwithdraw andmarginal tax rate plus an
Marginal taxrateplus interestcharges(on any contributions over your cap).
Tax oncontributions
interestchargeontheassociatedearningsYoucanclaimupto85%ofyourexcessexceedingyour cap (a 15% non-refundable tax offset applies
to the associated earnings).concessionalcontributions ina financialyear back from your super
47%onexcess contributions that you donot withdraw.
Tax on lump sumwithdrawalsIf you’re aged 60 or older, lump sumwithdrawals are usually tax-free. If you’re under age 60, taxmaybepayableonthe taxablecomponentofyoursuper.However, if youhave reachedyourpreservationage, youmaybeeligible for a taxoffsetwhichmeans youdon’t pay any tax under the low rate cap. Thelow rate cap is $225,000 for the 2021-22 financial year. Formore information, see theAccumulationAccountGuide.
If youmake a lump sumwithdrawal from an Accumulation account, you need to keep aminimumbalanceof $10,000 in this account for it to remain open, to keep your insurance cover, or if you arereceiving ongoing contributions to your account. Thisminimumbalance applies unless you arewithdrawing all your funds and closing your account.
1This is the concessional cap for the 2021-22 financial year. 2This is the non-concessional cap forthe 2021-22 financial year. 3Thismeans income for surcharge purposes (less any reportablesuperannuationcontributions),whichequalsyour taxable income lessanyassessable firsthomesupersaver amount, plus your reportable fringe benefits and any net investment loss for the income year.
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Dowe have your tax file number (TFN)?YoushouldprovideuswithyourTFNwhenyou joinQSuper.Youdonothave toprovideyourTFN, butwithout it, youmay not be able tomake some types of contributions, and in somecases youmay have to pay additional tax.
Read the important informationabouthowsuper is taxedbeforemakingadecision.AccesstheAccumulationAccountGuideatqsuper.qld.gov.au/pdsorcall us to requestacopy, freeof charge. Thematerial relating to how super is taxedmay change betweenwhen you readthis PDS and the day you acquire the product. Formore information about contributions,see theAccumulation AccountGuide. From time to time, the Australian Governmentmayintroduce additional levies. If this happens, we will update this information on our website.
8 Insurance in your superWhen aQSuper Accumulation account is opened, you will automatically receive default insurancecover, if you are eligible. The type/s of insurance youmay receive include death cover, total andpermanent disability (TPD) cover, and/or income protection cover.
Summary of our default insuranceThe default insurance cover you can receive is based on how you joinedQSuper, your employmentsituation, and your age. Refer to theAccumulation Account InsuranceGuide formore information. Inadditiontoothereligibility requirements, youwill automatically receive insurancewhenyoumeeteitherof the below requirements:
You’re aged 25 or older and your Accumulation account balance has been $6,000 ormore, andwe have receivedmoney into your account in the last 13months, orYouworkforQueenslandemergencyservices,beingQueenslandPoliceService(QPS),QueenslandAmbulance Service (QAS), or Queensland Fire and Emergency Service (QFES), as you are coveredby the dangerous occupation exception.
Important informationIf youareeligible toreceivedefault insurancecover, thecostof thiscoverwill bedeductedfrom your account when cover starts. Wewill continue to deduct premiums unless youcancel the cover.If youwant default insurancebefore youmeet theabove requirements, youcanapply forcover. Any application will be subject to eligibility, a pre-existing exclusion periodmayapply, and you will need to permanently opt in to cover when you apply.1
Keep inmindthatyoucanpersonaliseyour insurancecovertomeetyour individualneeds.When reviewing your insurance cover, consider if the default level of cover provided isright for you, your eligibility tomake a claim, and the cost of your insurance.
1 Youmay be required to provide health and other information at the time of your application, andyour cover will start on the day it’s accepted. Your cover will be subject to the terms and conditionsapplyingat that time.Formore information,please refer to theAccumulationAccount InsuranceGuide.
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The tables below outline the level of default insurance cover that youwill either automatically receiveor can apply for. See theAccumulation Account InsuranceGuide for details.
Incomeprotection cover
Death cover andTPD cover
Employmentarrangementswhen cover starts
UnitsAgeAge16-64:87.75%of your insured salary.21
3DeathTPD
16-20Youwork for theQueenslandGovernment on a permanentfull-time or part-time basis andmake standard contributions.1
Waiting period: 90 days or accrued sickleave, whichever is greater.
33
DeathTPD
21-64
Benefit period:Two years.3Nil
DeathTPD
65-69Members of the Legislative Assembly,Judicial Registrars, andMagistratesarenoteligible for income protection cover.
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DeathTPD
16-20Youwork for theQueenslandGovernment or a defaultemployer on a permanent 2
2DeathTPD
21-64full-time or part-time basis anddo notmake standardcontributions.1
2Nil
DeathTPD
65-69
None, but, if you are eligible, you can applyfor units of income protection cover.3
12
DeathTPD
16-20Youwork for theQueenslandGovernment or defaultemployer on a casual basis. 2
2DeathTPD
21-64
2Nil
DeathTPD
65-69
Age16-59:87.75%of your insured salary.213
DeathTPD
16-20Youwork for theQueenslandPolice Service.
Waiting period: 180 days or accrued sickleave, plus approvedQueensland PoliceServicesick leavebank,whichever isgreater.
33
DeathTPD
21-59
Benefit period:Two years.None, but, if you are eligible, you can applyfor units of income protection cover.3
12
DeathTPD
16-20You previously worked for theQueenslandGovernment ordefaultemployerandyourcoverstarts after employment ends.4
22
DeathTPD
21-64
2Nil
DeathTPD
65-69
1MostQueenslandGovernmentemployeesmakestandardcontributionstosuperofbetween2-5%or3-6%forpoliceofficers.2 Insuredsalary isbasedonyourQueenslandGovernmentordefaultemployer’scontributions to your account. Your benefit includes a contribution replacement benefit of 12.75%.Amaximumbenefit limit of $20,000 amonth applies unless you are approved for a higher limit afterprovidingyourhealthandother information.SeetheAccumulationAccount InsuranceGuide fordetails.3 Subject to themaximummonthly cover of $5,000 permonth if you are employed on a casual basis.4 Subject to how you joinedQSuper.
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Incomeprotection cover
Death cover and TPD coverOther situations
UnitsAgeNone, but, if you areeligible, you can
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DeathTPD
16-20Your account is opened after a family lawsplit.ORYou opened an account to transfer fundsfrom yourQSuper Income account or
apply for units ofincome protectioncover.1
22
DeathTPD
21-64
2Nil
DeathTPD
65-69another super fund, or tomake a personalcontribution
The cover you will receive will depend on youremployment situation. Refer to theAccumulationAccount InsuranceGuide formore information.
You do not have an Accumulation accountand one is openedwhen youmove from aDefined Benefit account.
None, but, if you areeligible, you can
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DeathTPD
16-20You opened yourQSuper account directlyand you said yes to insurance2
If you started working for aQueenslandGovernment or default employer beforeyour account wasopened, the cover youmay automaticallyreceive depends on your employment
apply for units ofincome protectioncover.1
22
DeathTPD
21-64
2Nil
DeathTPD
65-69
arrangements.Formore information,seethetables on page 13.
Some cover comeswith a pre-existing exclusion period, which is the period during whichwewill not pay an insurance benefit if the illness or injury you are claiming for relates to apre-existingcondition.Forall termsandconditionsregarding insurance,seetheAccumulationAccount InsuranceGuide.
Howmuch you payInsurance premiums are deducted from your Accumulation account, and the cost depends on yourage, employment arrangements, and howmuch cover you hold.
Police officersDefault rate3
MaximumMinimumMaximumMinimumInsurance premiums$3.99$1.34$2.00$0.67Death cover (per unit per week)$9.91$0.10$4.96$0.05TPD cover (per unit per week)
0.752%0.073%2.328%0.234%Income protection (percentageof your insured salary)Premiums formembers who joinedQSuper directly and have occupationally rated, and all otherpremiumsareavailable in theAccumulationAccount InsuranceGuide.All premiums includestampduty,may be subject to rounding, and are net of any tax deductions we claim.
1Subject tothemaximummonthlycoverof$5,000permonth if youareemployedonacasualbasis.2 Ifyou applied to joinQSuper directly, your coverwill be considered personalised and premiumspayableat the occupational rate. If you were under age 16when you applied to join, and weren’t asked anyoccupational rating questions, your premiumswill be payable at the standard rate.3Default rate premiums apply to all employment arrangements and other situations outlined in thetables on pages 12 and 13. This does not includemembers who applied to join QSuper directly astheir premiums are occupationally rated.
14
Eligibility criteria and exclusionsIn somecircumstances, youmightnotbeeligiblefor cover, and/or be excluded from receiving abenefit. Pleasemakesure youmeetour eligibilitycriteria and cancel your cover to stop payingpremiums for cover that you are not eligible for.Formore information, see theAccumulationAccount InsuranceGuide.
Applying for,making changesto, and cancelling insuranceIt’s easy to apply for insurance,make changes topersonalise your insurance arrangements, orcancel any or all of your insurance. Log in toMemberOnline, call us, or complete theChangeof Insurance form orApplication toCancelInsurance form, available on ourwebsite— qsuper.qld.gov.au/forms
If you apply for insurance (includingdefault insurance)oradditionalunitsofcover within 120 days of starting yourjob with theQueenslandGovernmentor a default employer, youmay notneed to provide health and otherinformation.
Read all the information about termsand conditions (including insuranceeligibility and exclusions) in theAccumulationAccount InsuranceGuidebefore you decide whether insuranceis appropriate, as it may affect yourentitlement to insurance cover or toreceive a benefit. You can cancel yourcover at any time.Wewill continue todeduct premiums from your accountunless there is not enoughmoney inyouraccounttopayyourpremiums,orwe haven’t receivedmoney into youraccount for 13months. There arevarious circumstanceswhencoverwillend. Formore information, see theAccumulationAccount InsuranceGuide.
9 How to open an accountIt’s easy to become aQSupermember:Directly: You can apply to join onlineat qsuper.qld.gov.au/join (as long as youmeeteligibility requirements), via a referral by a thirdparty,orbycompletingtheOpenanAccumulationAccount form at the end of this PDS.QueenslandGovernment employer or defaultemployer:AnAccumulation account isautomaticallyopenedforyouwhenyouremployermakes their first contribution. You do not needto apply to join.Throughafamily lawsplit: If youandyourspouseseparate, family law legislationmay require thebalanceofanysupereitherof youhold tobesplit.If you are entitled to any super fromyour spouseand they are aQSupermember, we will open anAccumulation account for you.
Making information availableelectronicallyQSupermaymake certain information availabletoyouelectronically ratherthansending itbypost.If we have an email address for you, wewill eitheremail you the information or send you an emailnotification that the information is available onour website or MemberOnline.Wemay alsomake this information available orsendyouanotificationbySMSorthroughanapp.The informationwewillmakeavailable in thiswayincludes significant event notices and otherimportant information, financial services guides(FSG),productdisclosurestatements (PDS),yourbenefit statement, our annual report, and exitstatements.If you don’t want to receive this type ofinformation electronically, it’s easy to opt out orchange your preference for futurecommunications throughMemberOnline or bycalling us on1300360750. If you doopt out, thiswill apply to all future notifications of theinformation we list above.
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Cooling-off periodYou (or your employer if you became amemberthroughyouremployer)haveacooling-offperiodof 30 calendar days fromwhen yourQSuperAccumulation account is opened to decide if theaccount is right for you.
Theremay be changes from time totime to information contained in thePDS. You can find out informationabout any changes that are notmaterially adverse by visiting ourwebsiteatqsuper.qld.gov.auorcallingus on 1300 360 750.
Wewill also send you a copy of theupdated information on request, freeof charge.
Enquiries and complaintsIf you have a complaint, we want to resolve thisfor you as soon as possible, so please call us on1300 360 750 (or +61 7 3239 1004 if calling fromoverseas).Alternatively, write to us at:The Enquiries and Complaints OfficerQSuper, GPOBox 200, BrisbaneQLD 4001Letters should bemarked ‘Notice of enquiryor complaint’.You can also email QSuper via the Contact usform on our website or visit one of ourmember centres.If you are unhappy with our response, or if youhavenot receiveda responsewithin the requiredperiod, you can lodge a complaint with theAustralianFinancialComplaintsAuthority (AFCA).AFCA provides fair and independent financialservices complaint resolution that is free toconsumers. AFCA imposes time limits withinwhich to lodge a complaint with them.You can contact AFCA by:
1800 931 678 (free call)Phone:Australian FinancialComplaints Authority Limited,GPOBox 3Melbourne, VIC 3001
Mail:
afca.org.auWebsite:[email protected]:
Telephone1300360750 (+61732391004 if overseas)Monday to Friday: 8.00am – 6.00pm (AEST)Postal addressGPOBox 200, BrisbaneQLD 4001Email [email protected] 1300 241 602 (+61 7 3239 1111 if overseas)qsuper.qld.gov.au
Member Centres70 Eagle Street, Brisbane63George Street, BrisbaneSunshineCoastUniversityHospital,GroundFloor,MainHospitalBuilding,6 Doherty Street, Birtinya
Whenwesay “we”, “us”, “our”, “QSuper”, or “theQSuperGroup”,weare referring to theQSuperBoard,QSuper Limited (ABN 50 125 248 286, AFSL 334546), QInvest Limited (QInvest) (ABN 35 063 511580, AFSL 238274), andQInsure Limited (QInsure) (ABN 79 607 345 853, AFSL 483057), unless thecontext we are using it in suggests otherwise. QSuper Limited, QInvest, andQInsure are ultimatelyowned by theQSuper Board as trustee for QSuper.TheQSuper Board does not guarantee the investment performance of theQSuper Accumulationaccount or the repayment of capital. If there is any difference betweenwhat we say in this PDS andQSuper’s Trust Deed and/or theGroup Life Insurance Policy, the Trust Deed and/or theGroup LifeInsurance Policy will prevail. You can access the Trust Deed, also known as the Superannuation (StatePublic Sector) Deed 1990 (Qld), at legislation.qld.gov.au or from qsuper.qld.gov.au©QSuper Board. PDS11. CMSO-725. 12/21.
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Personal detailsSymbols
First nameTitle
Middle name
Last Name (mandatory)
GenderFemaleMale
Date of birth (dd/mm/yyyy) (mandatory)
//
Mobile phone numberHome phone number
Work phone number
Email Address
This is the email address wewill send your confirmation andimportant information to.Wemay need to use yourmailingaddress from time to time.
Residential address (mandatory)
PostcodeState
Postal address Same as Residential address
PostcodeState
Employment statusUnemployedSelf-employedFull-time
RetiredCasualPart-time
Providing your tax file numberSymbols
If we already have your TFN, you do not need to give it to usagain. Under the Superannuation Industry (Supervision) Act1993, your super fund is authorised to collect your tax filenumber (TFN), which will only be used for lawful purposes.These purposesmay change in the future as a result oflegislative change. If you transfer your super to another fundwemay disclose your TFN to the other super provider unlessyou tell usnot to inwriting. It isn’t anoffencenot toquoteyourTFN.However,providingyourTFNtoyoursuper fundwill havethe following advantages (whichmay not otherwise apply):
Your super fund will be able to accept all types ofcontributions to your account(s)Thetaxonemployercontributionstoyoursuperaccount(s)will not increaseOther than the tax thatmay ordinarily apply, no additionaltaxwill bedeductedwhenyoustartdrawingdownyoursuperbenefitsIt will make itmuch easier to trace different super accountsinyournamesothatyoureceiveall yoursuperbenefitswhenyou retire.
Your TFN
Financial representative
I would like to giveQSuper the authority to releaseinformation aboutmy superannuation account/s to afinancial representative (including financial adviser,solicitor, accountant, or tax adviser), and have attachedacompletedAuthoritytoReleaseInformationtoaFinancialRepresentative form available atqsuper.qld.gov.au/forms
When to use this form
Open an Accumulation AccountComplete this form if youwant to open aQSuper Accumulation account or to become aQSupermember.If you are aged 14 or over, you can sign up quickly and easily online at qsuper.qld.gov.au (except if you open anaccount for a person under a power of attorney, in which case youmust use this form).You do not need to use this form if your employer has nominatedQSuper as their default fund (i.e. the fund theyautomatically pay super into if employees do not choose their own fund), as your employer will provide uswith thisinformation. From1November 2021, theremay be circumstanceswhere your employermay need to contact theATO to request details of your stapled super fund. Checkwith your payroll teamor call us on 1300 360 750.Please complete this form inBLOCK letters using blue or black ink.
Your investment choice
YourQSuperAccumulation account balancewill be investedin the Lifetime investment option. This option uses your ageand Lifetime account balance to set an investment strategythat suits your life stage.If youwould likemorecontroloveryour investments,weoffera range of investment options to choose from. Formoreinformation, readthe InvestmentChoiceGuideavailableonlineat qsuper.qld.gov.au/pds, or call us to request a copy.You can change your investment choice at anytime viaMemberOnline.
Your insurance options
AspartofbecomingaQSupermember,youwill receivedeathcover and total and permanent disability cover.Youwill receive this coverwhen you are aged 25or over, andyourAccumulationaccountbalancehasbeen$6,000ormore.At that time, you will also need to have receivedmoney intoyour account in the last 13months.
If you are under age 16, do not complete this sectionof the form - go to section 8. Youwill receive coverautomatically when youmeet the above criteria andyour insurancepremiumswillbepayableatthestandardoccupational rate.
Important informationThis cover is subject to a five-year pre-existing exclusionperiod. Thismeans that, within the first-five years of yourcovercommencing, youwill notbeable toclaimforany illnessor injury where the signs or symptoms existed before thedate your insurance cover starts.Tick this box if youwant insurance cover:
Yes I want insurance cover, please complete section 6.
Tick this box if you do notwant insurance cover andgo to section 8.
If you don't take insurance now, wewill not automaticallyprovide you with cover in the future, as you have advisedus youdon'twant insurance cover. You can apply for coverlateron,butyoumayberequiredtoprovidehealthandotherinformation (subject to eligibility).
Occupational rating questions(mandatory to receive default insurance cover)
These questions refer to the role you spend themost timeperforming, and will help us determine your insurancepremium.
Occupation
Are you:Q1.Aregisteredorenrollednurseorassistant innursingwhois qualified and currently practicing, or
Working in the retail sector, or food and beverageservice?
NoYes
Are you:Q2.A qualified tradesperson currently working within yourarea of expertise (e.g. hairdresser, chef, plumber,electrician, plasterer, carpenter or concreter), orA skilled worker with lightmanual duties (e.g. jeweller,building inspector, laboratory technician, foreman oroffice equipment technician)?
NoYes
Are you:Q3.A police officer, firefighter, paramedic, or otheremergency or protective services worker, includingsecurity guard or corrections officer, orA professional sportsperson, orWorking in amanual occupationwhich does not requiretrade qualifications andmay be subject to accident orenvironment hazards (e.g. earthmover, driver, cleaner,labourer, factory worker or agricultural worker)?
NoYes
Aretheusualworkactivitiesofyour jobconsideredofficeQ4.basedorschool teaching (thismeansyouspendat least80%of your work time doing clerical, call centre,administrative or other office or classroombasedactivities), orAre you amedical practitioner, lawyer or engineer whospends at least 80%of your work hours in an office orclinical environment?
NoYes
Doyoucurrentlyperform,or intendtowork ina jobwithinQ5.thenext threemonthsthat includes,anyof the followingrisky activities:Handlingfirearms(otherthanpolice,correctionalofficers•and licensed security guards), dangerous chemicals orexplosivesOffshore work – oil and gas platforms, ships at sea•Underground(inconstructionandminingenvironments)or underwater formore than 20%of total at work time
•
Working at heights over 20metres in any environmentrequiring hard hat and harness for safety by law
•
Crop dusting, aerial mustering or any low level flyingactivity (defined as below 150metres or 500 feet)
•
Flyingmore than 200 hours per annum as a passenger•other than on a commercial airline, or as a pilot (fixedwing or helicopter)?
NoYes
Are youearningmore than $120,000 a year, (before taxand employer paid superannuation), from your job?
Q6.
NoYes
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Do you have a university qualification which you areusing/is required in your current role?
Q7.
NoYes
Do you have a senior/executive levelmanagement roleQ8.inyourcompany (yourdirect reportswouldbemid-levelmanagers or skilled specialists in a sedentary setting),orIsyourroleconsideredprofessional (e.g.doctor,solicitor,accountant– requiringmembershipofaprofessionalorgovernment body to practise in your occupation)?
NoYes
The duty to take reasonable care
When applying for insurance, you have a legal duty to takereasonable care not tomake amisrepresentation to us orthe insurer before the contract of insurance is entered into.Amisrepresentation is a false answer, an answer that is onlypartially true, or an answer which does not fairly reflect thetruth.This duty also applies when extending ormaking changes toexisting insurance, and reinstating insurance.If you do notmeet your dutyIf you do notmeet your legal duty, this can have seriousimpacts on your insurance. Your cover could be avoided(treated as if it never existed), or its termsmay be changed.Thismayalsoresult inaclaimbeingdeclinedorabenefitbeingreduced.Please note that theremay be circumstances where theinsurermay later investigate whether the information youprovided touswas true. For example, the insurermaydo thiswhen a claim ismade. As part of these investigations, theinsurermayrequireyoutosupplyhealthandother informationand require you to attendmedical examinations.Guidance for answering our questionsWhenweaskyouquestions,wedosoonbehalfof the insurer.You are responsible for the information provided to us andthe insurer. When answering our questions, please:
Think carefully about each question before you answer. Ifyou are unsure of themeaning of any question, please askus before you respond.Answer every question that we ask you.Do not assume that wewill contact your doctor for anymedical information.Answer truthfully, accurately and completely. If you areunsure about whether you should include information,please include it.Review your application carefully before it is submitted. Ifsomeoneelsehelpedprepareyourapplication(forexample,youradviser), pleasecheckeveryanswer (and if necessary,makeanycorrections) before theapplication is submitted.
Changes before your cover startsBefore your cover starts, please tell us about any changesthatmeanyouandeachpersonthatansweredourquestionswould now answer differently. As any changesmight requirefurther assessment or investigation, it could save time if youlet us know about any changes when they happen.
If you need helpIt’s important that you understand this information and thequestions we ask. Ask us or your adviser for help if you havedifficultyunderstandingtheprocessofapplying for insuranceor answering our questions.If you’re having difficulty due to a disability, understandingEnglish or for any other reason, please let us know sowe candiscussanyadditionalsupportyoumayneed. If youwant,youcan have a support person you trust with you or receiveassistancefromtheAustralianGovernment'sTranslatingandInterpreting Service (TIS National) on 131 450. It’s availableto anyone, 24/7 (all day, every day).About this applicationWhen you apply for insurance, we conduct a process calledunderwriting. It’showthe insurerdecideswhether itcancoveryou, and if so onwhat terms and at what cost.You will be asked questions that the insurer needs to knowthe answers to. These will be about your personalcircumstances, such as your health andmedical history,occupation, income, lifestyle,pastimes,andcurrentandpastinsurance. The information you give in response to thesequestions is vital to the insurer’s decision.Notifying the insurerAfter your cover starts, please tell us immediately if you thinkyoumay not havemet your duty and we’ll let you knowwhether it has any impact on the cover.What canwe do if the duty is notmet?If you do not take reasonable care not tomake amisrepresentation, therearedifferent remedies thatmaybeavailable to the insurer. These are set out in the InsuranceContracts Act 1984 (Cth). These are intended to put theinsurer in theposition theywouldhavebeen in if thedutyhadbeenmet.For example the insurermay:
avoid the cover (treat it as if it never existed);vary the amount of the cover; orvary the terms of the cover.
Whether the insurer can exercise one of these remediesdepends on a number of factors, including:
whether, when you answered our questions, you tookreasonable care not tomake amisrepresentation. Thisdependsonallof therelevantcircumstances.This includeshow clear and specific our questions were and how clearthe information we provided on the duty was.what the insurerwould havedone if theduty hadbeenmet– for example, whether the insurer would have offeredcover, and if so, on what termswhether themisrepresentation was fraudulent; andinsomecases,how long ithasbeensincethecoverstarted.
Before the insurer exercises any of these remedies, theinsurer will explain its reasons, how to respond and providefurther information, and what you can do if you disagree.
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Open an Accumulation Account
Declaration and authorisation
Pleaseconfirmthatyouunderstand theproductyouhaveapplied for by signing and dating this form below.
I have read and agree to the terms and conditions in theQSuper Product Disclosure Statement for AccumulationAccount (PDS), QSuper’s Your Privacy factsheet, and theFinancial ServicesGuide.I understandany insurancecover that Imayhaveasaresultof this application, won’t start until I meet the eligibilitycriteria, outlined insection5of this formanddetailed in theAccumulation Account InsuranceGuide.Once I am amember, I can apply for, cancel, or changemycoveratanytime,subject toeligibilityconditions.Premiumsare calculated in accordance with the PDS.I also agree to be bound by the Trust Deed and thegoverning rules of QSuper in relation to the operation ofmy account.I confirm the information I have given is true and correct.Ihavereadandunderstandmy legaldutytotakereasonablecare not tomake amisrepresentation toQSuper and itsinsurer. I understand that If I donotmeetmy legal duty,mycover could be avoided (treated as if it never existed) or itstermsmay be unfavourably changed. In addition, if I makeaclaim, itmaybedeclinedortheapplicablebenefit reduced.I agree to assist the insurer to investigate any claim orrepresentation I make by: (a) providing all information andthird party consents reasonably required by the insurer;and/or (b) attending all medical examinations reasonablyrequired by the insurer.I confirmthat I amtheperson identifiedas theapplicantin this form,orhaveapowerof attorney (POA) toactonthe applicant’s behalf.1
I have read and accepted the above declarationsName
Signature (Please sign in blue or black pen—QSuper doesnot accept electronic signatures on this form).
Date signed (dd/mm/yyyy)
//
If youareunderage14, yourparentorguardianneeds tosignhere:
Name
Signature
(Please sign in blue or black pen -QSuper does not acceptelectronic signatures on this form).
Date signed (dd/mm/yyyy)
//
Relationship to applicant
If youwould like togiveustheauthority to release informationaboutyouraccount toyourparentorguardian,pleaseattacha completedAuthority to Release Information to a PersonalRepresentative form, available at qsuper.qld.gov.au/forms
Send your completed form to us atQSuper by:QSuperGPOBox 200BrisbaneQld 4001
Post:
11 If you are acting on behalf of an applicant under a power of attorney, we require a certified copy of the power of attorney to be supplied with this application.
Postal addressGPOBox 200, BrisbaneQLD 4001Email [email protected] 1300 241 602Website qsuper.qld.gov.au
Member Service teamPhone 1300 360 750Overseas +61 7 3239 1004Monday to Friday: 8.00am – 6.00pm (AEST)
Member Centres70 Eagle Street, Brisbane63George Street, BrisbaneSunshine Coast University Hospital, GroundFloor, Main Hospital Building, 6 Doherty Street,BirtinyaThis formandall productsare issuedbytheQSuperBoard (ABN32125059006,AFSL489650)as trustee forQSuper (ABN60905115063).This isgeneral informationonly, so it does not take into account your personal objectives, financial situation, or needs. Consider whether the product is right for you by reading the productdisclosure statement (PDS) available fromour website or by calling us on 1300 360 750. We take the privacy of your personal information very seriously. We arecollecting this information to administer your superannuation account and are authorised to do this under theSuperannuation (StatePublic Sector) Act 1990 (Qld).Wemay also disclose this information to third parties if we need to, if you have given consent to the disclosure, or if we are required to by law. Formore information aboutour privacy policy, you can downloadQSuper’s Your Privacy factsheet from qsuper.qld.gov.au or call us to request a copy, free of charge.
©QSuper Board. CMSO-725. 12/21.
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Phone1300 360 750 (61 7 3239 1004 if overseas)Monday to Friday: 8.00am – 6.00pm (AEST)
Postal addressGPOBox 200, BrisbaneQLD 4001
Fax1300 241 602 (61 7 3239 1111 if overseas)
Member Centres70 Eagle Street, Brisbane63George Street, BrisbaneSunshine Coast UniversityHospital, Ground Floor, MainHospital Building, 6 DohertyStreet, Birtinya
qsuper.qld.gov.au
This document provides information about the upcoming merger between QSuper and Sunsuper. It’s important you read this document to understand what the merger may mean for you.
What’s happeningWe are pleased to announce we have agreed to merge with Sunsuper to create Australian Retirement Trust.
The merger is scheduled to be completed on 28 February 2022, subject to outstanding conditions and approvals. This will complete a two‑year process of discussion and detailed due diligence.
QSuper: Part of Australian Retirement TrustQSuper will continue as part of Australian Retirement Trust, as an offering for:
• Existing QSuper members• Future employees of the Queensland Government and QSuper
default employers• Spouses and children (who join while under age 25) of QSuper members.
What this means for youAs an existing QSuper member, there will be no changes to your investments, insurance, administration fees, or account details when we merge, and you’ll still receive communications from QSuper. You’ll continue to have access to the same award‑winning1 products and services you know and trust.
Following our merger with Sunsuper, we expect to have the size and scale to ensure that our administration fees remain among the lowest in the industry. Administration fee reductions are being considered, as outlined on page 3.
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 on page 3.
What’s coveredAbout Australian Retirement Trust 2
What this means for your account 3
• Administration fees from 1 July 2022
• Investment transaction costs
What happens when we merge 4
• When we’re merging• How we’re merging
The technical details 4
• Communication preferences • Protecting your privacy
• Impacts to services and forms
What if... 5
• You have both a QSuper and Sunsuper account
• You leave the QSuper part of Australian Retirement Trust and want to re‑join later
• You want to join QSuper before the merger
• You want to start an Income account and/or Lifetime Pension before the merger
Contact details 6
Important numbers 6
Other changes 7
• Financial Services Guide update
QSuper and Sunsuper are mergingImportant information booklet January 2022
1 For information about QSuper’s awards, refer to qsuper.qld.gov.au/awards. These awards are solely statements of opinion and do not represent a recommendation to acquire, dispose of, or vary an interest in any superannuation product. Ratings and awards are subject to change and are only one factor that you should consider. Past performance may not be a reliable indicator of future performance.
About Australian Retirement Trust When QSuper and Sunsuper merge, Australian Retirement Trust will be one of Australia’s largest superannuation funds, taking care of over $200 billion in retirement savings for more than 2 million members.
620,000members
$133 billionretirement savings
1.4 millionmembers
$90 billionretirement savings
Australian Retirement Trust anticipated membership and retirement savings are based on QSuper and Sunsuper data as at 30 June 2021. QSuper’s funds under administration calculates net assets that include the retirement funds managed by QSuper and employer‑sponsor receivables for Defined Benefit members managed and held by Queensland Treasury.
As a fund that works for members, not shareholders, Australian Retirement Trust will work in your best interests. This means we will aim to return profits to our members as lower fees and better services. We’ll have the capacity to leverage our size and scale to seek out investments that aim to deliver strong, long‑term investment returns to help members’ super balances grow.
Whether you’re starting out in your working life, enjoying retirement, or somewhere in between, we’re here to help.
As an existing QSuper member, you’ll be able to access the same products and services you know and trust, including:
• An investment capability that has a track record of delivering strong, long‑term returns via award‑winning products1
• Transparent fees that are among the lowest in the country2
• Personal financial advice about your QSuper account at no additional cost3
• Easy account management through Member Online and the QSuper app
• The latest super and investment information and education through our website articles, calculators, webinars, videos, and podcasts.
1 Visit qsuper.qld.gov.au/awards for details.2 Chant West Super Fund Fee Survey, June 2021. The Chant West data is based on information provided by third parties that is believed to be accurate. Chant West does not issue, sell, guarantee, or underwrite this product. The findings are based on account balances of $25,000 and $50,000. Only administration and investment fees and costs are covered. Fees are gross of income tax. Go to chantwest.com.au for further information about the methodology used and Chant West’s Financial Services Guide. For the QSuper Investment options: Lifetime option Focus 1, Aggressive, Balanced, and Moderate.3 Eligibility conditions apply. You can find out more about our advice options at qsuper.qld.gov.au/advice
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What this means for your account
Investments
Insurance
Administration fees
Account details (including any beneficiaries and authorities)
BPAY details
Contribution arrangements with your employer
Pension payment amount and frequency (if applicable)
Defined Benefit entitlements (if applicable)
Current insurance claims (if applicable).
You can continue to access the same services you currently enjoy, including:
QSuper Member Online
QSuper app
Our in‑house contact centre.
When we merge on 28 February 2022, there will be no changes to your:
Administration fees from 1 July 2022Following our merger with Sunsuper, we expect to have the size and scale to ensure that our administration fees remain among the lowest in the industry.
QSuper and Sunsuper have agreed that from 1 July 2022:
• Administration fees that you pay from any of your QSuper Accumulation account(s) and Income account(s), and those that are deducted from the Lifetime Pension pool, will be reduced from 0.16% to 0.15% per annum1
• The administration fee cap will be reduced from $900 to $875 per annum, so that any administration fees you pay on your QSuper Accumulation and/or Income account(s) over the cap of $875 in a financial year (that’s the combined figure for all of these accounts) will be rebated back to you in July of the next financial year, as long as you still have a QSuper Accumulation and/or Income account with Australian Retirement Trust at the time of the refund.
This decision to reduce fees is subject to confirmation by the trustee of Australian Retirement Trust after 28 February 2022. Further information will be provided once that decision has been made.
Investment transaction costsIn the short term, as we are moving assets and integrating our investment teams, investment transaction costs will be incurred that will be reflected in the unit price for some investment options in the same way that investment transaction costs would normally be factored into the calculation of the daily unit price of some of the investment options in the QSuper Accumulation and Income accounts.
This means that over the next 2‑3 years, the investment transaction costs of the merger will reduce the unit prices by up to 0.05%, depending on the investment option.
The QSuper Board expects that, within approximately 18 months, the investment benefits for members is expected to outweigh the short‑term investment transaction costs of the merger.
Taking into account all relevant considerations (including these short‑term investment transaction costs) the QSuper Board considers that the merger is in the best financial interests of members as it is expected to create a fund that has the scale to deliver better investment opportunities and greater efficiencies that will produce long‑term financial benefits for members.
1 These fee changes will not impact the amount of administration fees paid from Australian Retirement Trust’s reserves.
3
Important information booklet January 2022
What happens when we mergeWhen we’re mergingQSuper and Sunsuper have agreed to merge to become Australian Retirement Trust on 28 February 2022. If for any reason there are changes to the date of the merger, or any of the details outlined in this Important information booklet, we will let you know.
How we’re mergingThe merger between QSuper and Sunsuper will occur through a type of transfer known as a “successor fund transfer” and will also include a change of trustee, referred to together in this document as the “merger”.More specifically, the merger will involve: • The transfer of Sunsuper Superannuation Fund
(ABN 98 503 137 921) member benefits and assets to QSuper on 28 February 2022, which will be renamed Australian Retirement Trust, and
• The QSuper Board resigning and Sunsuper Pty Ltd (ABN 88 010 720 840) being appointed as the trustee of the Australian Retirement Trust, who will then be renamed Australian Retirement Trust Pty Ltd.
QSuper will continue as part of Australian Retirement Trust, forming the Government Division, providing an offering for existing members and new members who meet the eligibility conditions.This means that current QSuper products and members will be in the Government Division of Australian Retirement Trust, which we refer to as the “QSuper part of Australian Retirement Trust”. If you are a member of QSuper when we merge, at that time, your membership and benefits will automatically be transferred to the QSuper part of Australian Retirement Trust.
The technical detailsCommunication preferences Your communication preferences will carry over to Australian Retirement Trust, including whether you have chosen to receive information we’re required to send you by law and/or updates about services and products via email.
You can review your communication preferences in Member Online at any time.
Protecting your privacyWe are committed to protecting your privacy and the security of your personal information. You can access:
• QSuper’s privacy policy at qsuper.qld.gov.au/privacy• Sunsuper’s privacy policy at sunsuper.com.au/
privacy‑policy
As part of the merger, all of the superannuation information we hold about you will be transferred by 28 February 2022 to Sunsuper Pty Ltd, which will become the trustee of Australian Retirement Trust. Any of your information that is transferred before 28 February 2022 will be handled in accordance with Sunsuper’s privacy policy. On 28 February 2022, Australian Retirement Trust will issue a new privacy policy that will describe how your information will be managed from that date. From 28 February 2022, you will be able to access this policy at qsuper.qld.gov.au/privacy
Impacts to services and forms In the lead up to and directly after the merger, some service and processing interruptions may occur. We understand this may be an inconvenience to you, however we will try to ensure these interruptions are as limited as possible. Information about any service interruptions will be available on our website.
There may also be some paper‑based forms that we will not be able to accept after the merger. We encourage you to submit any paper forms to QSuper by 18 February 2022 to ensure we have enough time to process your request. Updated forms will be available on our website after the merger. Visit qsuper.qld.gov.au/form‑updates for details.
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What if...You have both a QSuper and Sunsuper accountIf you have both a QSuper and Sunsuper account, you’ll also receive a communication from Sunsuper letting you know about the merger and any impact on your Sunsuper account/s.
Your Sunsuper and QSuper Accumulation accounts will not automatically be combined on 28 February 2022, including any death benefit nominations or third party authorities. This aims to make sure you do not lose any benefits you have with either fund. If you have income protection cover with both Sunsuper and QSuper, you may not be able to receive a benefit from both at the same time, or the amount you can receive could be limited. Please refer to the Accumulation Account Insurance Guide for further information, or contact us if you have further questions. We will also contact you after the merger to let you know your options.
If you’d like to combine these accounts before the merger, you can do so in Member Online or by completing the Consolidate with QSuper form found at qsuper.qld.gov.au/forms. Consolidation requests should be made by 18 February 2022 in order for them to be processed by 28 February 2022.1
You leave the QSuper part of Australian Retirement Trust and want to re‑join laterFrom 28 February 2022, new members must meet at least one of the following conditions to join the QSuper part of Australian Retirement Trust:
• Be employed by the Queensland Government or QSuper default employer
• Be a spouse of a QSuper member• Be a child (who joins while under age 25) of a
QSuper member.
A spouse includes someone you are 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 your spouse.
This means that if you close your QSuper account (e.g. you transfer your money to another super fund), you may not be able to access QSuper products unless you meet the eligibility conditions.
There is an exception: If you are not a QSuper member and want to start a QSuper Lifetime Pension (and are otherwise eligible), you will still be able to open a QSuper Accumulation account for the purpose of us receiving the money you want to use to start your Lifetime Pension. This Accumulation account will then be closed when your money is transferred to your Lifetime Pension.
You can join the public offer part of Australian Retirement Trust at australianretirementtrust.com.au
You want to join QSuper before the mergerNew members can apply to join QSuper before the merger:
Online at qsuper.qld.gov.au/join before 11.59pm (AEST) Sunday, 27 February 2022
Over the phone before 6.00pm (AEST) Friday, 25 February 2022
By completing and returning a paper Open an Accumulation Account form by Friday, 18 February 2022.
You want to start an Income account and/or Lifetime Pension before the mergerIf you want to open an Income account or start a Lifetime Pension (and are otherwise eligible) before the merger:
You will be unable to do this via Member Online between 5.00pm (AEST) Friday, 18 February and 11.59pm (AEST) Sunday, 27 February 2022
Paper Open a Transition to Retirement account and Open a Retirement Income account and/or Lifetime Pension forms will need to be received by QSuper by Friday, 18 February 2022 to ensure we have enough time to process them before the merger. If your form is received after this date, you may be required to complete a new form (which will be available from 28 February 2022).
1 Before you consolidate your super, please consider where your employer contributions are paid and if withdrawing savings from your current fund/s could lock in a previous investment loss. You should also check with your other fund/s if you will lose access to benefits such as insurance or pension options, if the other fund/s will charge you exit penalties or fees, or if there are tax implications.
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Important information booklet January 2022
Contact detailsQSuper’s phone numbers, Member Centre locations, postal, email, and web addresses will not change from 28 February 2022 when we merge with Sunsuper to become Australian Retirement Trust.
The only changes will be to our registered office address, and the addition of a web address for Australian Retirement Trust.
QSuper Before 28 February 2022
Australian Retirement Trust From 28 February 2022
Website qsuper.qld.gov.au qsuper.qld.gov.au For QSuper members
australianretirementtrust.com.au For other Australian Retirement Trust members
Registered office address 70 Eagle Street Brisbane QLD 4000
30 Little Cribb Street Milton QLD 4064
Postal address GPO Box 200 Brisbane QLD 4001
No change
Important numbers Some numbers associated with QSuper will change from 28 February 2022 when we merge with Sunsuper to become Australian Retirement Trust.
QSuper Before 28 February 2022
Australian Retirement Trust From 28 February 2022
Your client number Unique to you and found on most emails from us, your annual statement, Member Online, or the QSuper app.
No change
Australian business number (ABN)
32 125 059 006 QSuper Board (Trustee)
60 905 115 063 QSuper
88 010 720 840 Australian Retirement Trust Pty Ltd (Trustee)
60 905 115 063 Australian Retirement Trust
Unique Superannuation Identifier (USI)
60905115063001 QSuper
60905115063002 Queensland Government and default employers
60905115063001 QSuper part of Australian Retirement Trust
60905115063002 QSuper part of Australian Retirement Trust (only to be used by Queensland Government and default employers)
98503137921001 Public offer part of Australian Retirement Trust
Australian financial services licence (AFSL)
489650 QSuper Board
228975 Australian Retirement Trust Pty Ltd
Registerable superannuation entity (RSE) licence
L0003391 L0000291
Registerable superannuation entity (RSE) number
R1073034 R1073034
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Other changesFinancial Services Guide updatesOur Joint QSuper Board/QInvest Financial Services Guide (FSG) has been updated to reflect some changes to the financial services offered, the introduction of a new complaints handling policy, and how QSuper is paid. You can view the updated FSG at qsuper.qld.gov.au/guides
A new Joint Australian Retirement Trust/QInvest Financial Services Guide will replace the above FSG from 28 February 2022 to reflect the merger. This new FSG will provide information about the financial services that relate to the QSuper part of Australian Retirement Trust. It will be available at qsuper.qld.gov.au/guides
We’re here for youOur focus on putting members first will not change as QSuper becomes part of
Australian Retirement Trust.
If you have any questions about the merger, or need any help, please contact us on 1300 360 750 or visit qsuper.qld.gov.au/merger
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Important information booklet January 2022
When we say ‘we’, ‘us’, ‘our’, ‘QSuper’, or ‘the QSuper Group’, we are referring to the QSuper Board, QSuper Limited (ABN 50 125 248 286, AFSL 334546), QInvest Limited (QInvest) (ABN 35 063 511 580, AFSL 238274), and QInsure Limited (QInsure) (ABN 79 607 345 853, AFSL 483057), unless the context we are using it in suggests otherwise. QSuper Limited, QInvest, and QInsure are ultimately owned by the QSuper Board as trustee for QSuper. When we say Australian Retirement Trust, we are referring to the Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL 228975) as trustee for Australian Retirement Trust (ABN 60 905 115 063), unless the context we are using it in suggests otherwise.This notice and all QSuper products are issued by the QSuper Board (ABN 32 125 059 006, AFSL 489650) as trustee for QSuper (ABN 60 905 115 063). This is general information only, and it does not take into account your personal objectives, financial situation, or needs. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement (PDS). You can download QSuper PDSs from qsuper.qld.gov.au/pds or call us on 1300 360 750 to request a copy. © QSuper Board. CMSO‑381. 01/22.