QSuper review | Performance, features and fees
QSuper offers an ultra low-fee lifestage super account that readjusts your investment mix as you get older, as well as several additional pre-mixed super options to choose from.
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QSuper investment options
When you join QSuper you'll automatically be placed in the QSuper Lifetime fund which is the default MySuper option. You can change investment options at any time after joining.
What are the key features of QSuper?
- Automatic death and TPD insurance. The automatic 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.
- Self-invest directly in shares, ETFs and term deposits. If you want to be more hands-on with your super you can invest in a range of single asset options.
- 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. You can ask QSuper to search the ATO for any other super you may have when you complete the application form.
- Online Advice available to members. QSuper Members can easily receive online advice anywhere, anytime, in just 15 minutes.
QSuper investment options
QSuper Accumulation offers four ways to invest depending on how hands-on you want to be with your super.
Option 1: QSuper Lifetime (MySuper option)
When you join QSuper the fund will automatically place you in the Lifetime option, which is the default MySuper option. 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.
|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.
|Medium to High|
This option is for members aged 40-49 and split into 2 options: Aspire 1 (for balances below $50,000) and Aspire 2 (for balances above $50,000). 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.
|Medium to High|
This stage is split into 3 options: Focus 1 (less than $100,000); Focus 2 ($100,000-$200,000); Focus 3 (200,000+). 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 to High|
This fund 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 to High|
What insurance cover does QSuper offer?
As a QSuper Accumulation member, 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.
Summary of default insurance as included in the QSuper PDS document.
|Situation||Default death cover||Default TPD cover||Default IP cover|
|I work for the Queensland Government on a permanent full-time or part-time basis and make standard contributions.||✓||✓||✓|
|I work for a default employer or the Queensland Government on a permanent full-time or part-time basis and don't make standard contributions.||✓||✓||✓|
|I am a police officer with the Queensland Police Service.||✓||✓||✓|
|I work for a default employer or the Queensland Government as a casual employee, or my account was opened as a result of a family law split.||✓||✓||Must apply|
|I have an Income account and an Accumulation account is opened for me as a result of a contribution (including consolidation from another fund).||✓||✓||Must apply|
|I have applied for an Accumulation account direct with QSuper (not through my employer).||✓||✓||Must apply|
If you're looking for more information on the different insurance covers offered by QSuper take a look at our detail reviews on QSuper income protection, QSuper TPD cover and QSuper Life insurance.
What you pay for insurance depends on your age, employment arrangements, and how much cover you have. For example you could pay between $0.43 and $1.28 a week for Death cover, and between $0.03 and $3.18 a week for TPD cover. Insurance offered through QSuper is provided by QInsure.
NoteThere may be exclusions and/or restrictions which apply to your insurance cover. Check the "Accumulation Account Insurance Guide" available via the QSuper website.
How do I join QSuper?
- A spare ten minutes
- Your personal details, including your name, address, date of birth and contact information
- Your Tax File Number (it's unnecessary to give your super fund your TFN, but without it your fund 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.
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