QSuper | Performance, features and fees
QSuper is a lifetime account that readjusts your investment mix as you get older.
QSuper's Accumulation account is a low-fee MySuper authorised product which helps you to save for your retirement. It automatically adjusts your mix of investments as you get older so you don’t have to worry about switching accounts. Alternatively, you can also take a more active role and choose from a range of investment options, ranging from lower risk/lower return to higher risk/higher return. QSuper allows you to monitor and manage your super anytime online.
Past performance - 1 year
Past performance - 5 Years
Calculated fees p.a. on $50,000 balance
|Name||QSuper Lifetime - Aspire 1|
|Past 5 year performance||9.74%|
|Annual admin fee||
0.16% of balance p.a.
|Calculated fees on 50K||$395|
|Insurance included||Death, TPD|
|Number of members||580,000|
Awards won by QSuper
- Choice Super Fund of the Year (SuperRatings Awards 2018)
- Best Fund: Investments (Chant West Awards 2017)
- Large Fund of the Year (Conexus Financial Awards 2017)
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 (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 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. Keep track of your super, make contributions and change your investment options online 24/7 using the member portal. However, there's no mobile app available at this stage.
- Consolidate your super. You can ask QSuper to search the ATO for any other super you may have when you complete the application form.
QSuper investment options
QSuper Accumulation offers four ways to invest depending on how hands-on you want to be with your super. These options are detailed below:
What are the fees?
QSuper Accumulation has a number of fees and other costs which will be deducted from your account on a regular schedule. These fees relate to the administration of your account and the management of your investments and are presented as a percentage of your balance. See the example below for fees applied on a balance of $50,000 in the default Lifetime aspire 1 investment option.
Example of annual fees and costs on $50,000 in Lifetime Aspire 1 account
|Investment fees including Indirect Cost Ratio||0.63%|
Other costs may be charged for additional services including personal financial advice and insurance premiums. Within the Lifetime option, there is a difference in fees depending which group you fall into. QSuper says the difference in fees reflects the cost of managing the assets. Click below to see the fees applied for each different investment option.
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|
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.