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.
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QSuper Accumulation account investment options
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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What are the key features of a QSuper account?
- 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. 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.
If you do not meet the eligibility criteria above to open a QSuper account, you can still join Australian Retirement Trust (formerly Sunsuper), which is open to all Australians.
QSuper Accumulation account investment options
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. | Medium to 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 (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 |
| 50-57 | Focus 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 |
| 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 to High |
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.
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 with a QSuper Accumulation account take a look at our detailed reviews on its income protection, 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 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.
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Ask an Expert
Hello,
I’m on a working/holiday Visa and am quite inexperienced with money and tax lingo. I’m really just looking for a basic, trustworthy super account for my stay while I’m here. All the different options make me a little dizzy.
Can someone assist me with the kind of account I should open up?
Hi Navzad,
Thanks for getting in touch!
You can find super fund options using our comparison table. It should allow you to compare the features and benefits of each super fund provider based on its yearly performance. This way it will be easier for you to see which provider fits you best. If you need further help, a quick guide on how to compare super funds is also stated on the page.
You can also click the compare box beside each provider and compare up to 4 options side by side for easier comparison. As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of this account before applying.
When you are ready, press the ‘Go to site’ button to apply.
Hope this helps!
Best,
Nikki
Hello.
I am interested in opening a super account where I can consolidate all of my super funds into the one fund.
Can you please let me know of any funds in Australia where I can transfer my UK based super fund (along with my other Australian based funds) into a single super account?
Thank you for your kind assistance.
Hi Richard,
Thanks for reaching out.
You can check out our review on SMSF administration and compliance to give you additional information on managing your super fund.
Visit our list of super funds to compare different brands side by side using our comparison table. The link will allow you to assess which super fund would best suit your needs. Managing your own super gives you greater access and control as to how and where you should invest it.
Please ensure you review the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Cheers,
Joanne