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QSuper review | Performance, features and fees
QSuper (which was previously a stand-alone super fund) merged with Sunsuper on 28 February 2022 to become Australian Retirement Trust, one of Australia’s largest super funds. Eligibility criteria apply to open a QSuper account.
When you open a QSuper Accumulation account (eligibility criteria below) you'll automatically be placed in the QSuper Lifetime option which is the default MySuper option. You can change investment options at any time.
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Unless indicated otherwise, the information in the table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, Australian Financial Services Licence 311880.
*Past performance data and fee data is for the period ending Jan 2024
What are the key features of a QSuper account?
Automatic death and TPD insurance. If eligible, the cover you receive will depend on your employment arrangements and your age. You can also opt out of insurance if you don't need it.
Automatically adjusts to meet your stage in life. The default MySuper option (QSuper Lifetime) is managed for you, with the investments changing over time in line with your age.
Pre‑mixed investment options. If you don't opt for the QSuper Lifetime investment option, you can choose between a range or pre-mixed options including a socially responsible option.
Manage your super online or via the app. Keep track of your super, receive push notifications, make contributions and change your investment options online 24/7 using the member portal online or via the QSuper mobile app.
Consolidate your super. The QSuper online tool lets you transfer money you have with other super funds to QSuper.
Online Advice available to members. Members can easily receive online advice anywhere, anytime, in just 15 minutes online.
Who can open a QSuper account?
In order to open a QSuper account, you must meet one of the following conditions:
• Be employed by the Queensland Government or QSuper default employer • Be a spouse of an existing QSuper member • Be a child (under the age of 25) of an existing QSuper member. • Retired and aged from 60 up to your 80th birthday for a QSuper Lifetime Pension.
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.
There are four ways to invest depending on how hands-on you want to be with your super.
Option 1: QSuper Lifetime (MySuper option)
When you open a QSuper Accumulation account, if you don't choose an investment option, you will automatically be placed in their MySuper option, QSuper Lifetime. With this product your balance is automatically adjusted in line with your age and account balance. When you're older, it'll shift towards a more conservative mix of assets such as fixed income and cash, and away from growth assets such as shares and property.
Age
Investment option
Risk
Under 40
Outlook
This option is for members under 40 years old. Because you're young and still have a long time before retirement, it invests more heavily in growth assets with around 25% asset allocation in defensive assets. In particular, it invests about half of your balance in equities.
High
40-49
Aspire
This option is for members aged 40-49 and split into 2 options: Aspire 1 (for balances below $50,000) and Aspire 2 ($50,000 and above). Aspire 1 has a higher allocation towards growth assets including equities to help your balance grow with the potential for higher returns. Aspire 2 still has more exposure towards growth assets than defensive, however it's slightly less focused on growth compared to Aspire 1.
High
50-57
Focus
This stage is split into 3 options: Focus 1 (less than $100,000); Focus 2 ($100,000 to less than $250,000); Focus 3 ($250,000+). Focus 1 has a much higher allocation towards growth assets, as it's designed to help your balance grow. Both Focus 2 and Focus 3 have less exposure to growth assets, as the strategy shifts to protecting the balance you've built up already.
Medium
58+
Sustain
This stage is split into 2 options: Sustain 1 (less than $300,000) and Sustain 2 ($300,000+). If your balance is below $300,000 by the time you're 58 or older, you'll stay invested in more growth assets to help your balance continue to grow as your approach retirement.
Medium
If you're after a pre-mixed investment option offering diversification across asset classes, you can choose from the QSuper Accumulation account diversified options. These options all invest in a mix of asset classes including shares, infrastructure, property and alternative assets and are managed on your behalf.
Product
Risk
Target asset allocation
Moderate
This is the lowest risk, lowest growth option with only around one third of your balance in growth assets. It's designed for members getting close to, or in, retirement.
Low to Medium
Growth: 32%
Defensive: 68%
Balanced
This option aims for a balance between growing your balance and protecting the balance you've already got, with around 65% allocation towards growth assets.
Medium to High
Growth: 65%
Defensive: 35%
Aggressive
This is the highest growth option, with the most allocation towards growth assets compared to all the investment options.
High
Growth: 74%
Defensive: 26%
Socially Responsible
This option seeks investment in clean energy, recycling, healthcare and green building while avoiding investment in fossil fuels, tobacco and gambling.
High
Growth: 64%
Defensive: 36%
If you want to build your own strategy, you can use the QSuper single asset class Single Sector to design a portfolio. You can choose to invest in a mix of options – cash, bonds, Australian shares and International shares, or combine them with the Diversified, Lifetime and/or Self Invest options.
Product
Risk
Asset allocation
Cash
Very low
Cash 100%
Diversified Bonds
Low to medium
Cash 0-10%
Fixed interest 90-100%
Australian Shares
Very high
Cash 0-10%
Australian Shares 90-100%
International Shares
Very high
Cash 0-10%
International Shares 90-100%
What insurance cover does the QSuper Accumulation account offer?
With a QSuper Accumulation account, when eligible, you will receive automatic death and total and permanent disability cover, and some members will also receive default income protection cover. What cover you automatically get (and how much) is determined by your employment arrangements and your age.
What you pay for insurance depends on your age, employment arrangements, and how much cover you have. For example you could pay between $0.42 and $1.55 a week for death cover, and between $0.06 and $6.06 a week for TPD cover. Insurance offered with a QSuper Accumulation account is provided by QInsure.
Note
There may be exclusions and/or restrictions which apply to your insurance cover. Check the "Accumulation Account Insurance Guide" available via the QSuper website.
If I meet the criteria, how do I apply for a QSuper account?
If you've decided to open a QSuper account you can open an accumulation account online. Make sure you have:
A spare ten minutes
Your personal details, including your name, address, date of birth and contact information
Your Tax File Number (it's not compulsory to give your TFN, but without it they won't be able to accept certain types of contributions from you and your benefit payments may be taxed at a higher rate than would otherwise apply)
Your employer's details
Nominate your beneficiaries
Once you sign up for an account you'll be asked to nominate your beneficiaries. The person/s nominated will receive your super and any insured death benefit if something happens to you. You can nominate one or more dependents.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
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