QSuper - Accumulation
QSuper is one of Australia's largest and oldest superannuation funds and was originally established to provide for the retirement needs of Queensland Government employees. The fund is now a public offer fund and allows members from all industries to apply for membership. QSuper was the winner of the 2020 Smooth Ride award and was also nominated as a finalist for the 2020 MyChoice Super of the Year and the 2020 Net Benefit awards.QSuper offers an investment menu of 4 Diversified options and 4 Single Sector options, as well as Self Invest, which provides access to Direct Shares listed on the S&P/ASX 300, a range of Exchange Traded Funds (ETFs) and Term Deposits. The QSuper Balanced option outperformed the relevant SuperRatings Index over the 10 years to 30 June 2019.Fees are lower than the industry average across all account balances assessed. Administration fees paid in excess of $900 are refunded to the member in July of the following financial year. The fund does not charge an investment switching fee or a buy-sell spread.QSuper's insurance offering allows eligible members to apply for up to $3 million of Death cover and up to $3 million of Total and Permanent Disability (TPD) cover. Income Protection with a benefit period of 2 years, 5 years or to age 65, covering up to 87.75% of salary, is available following a 30, 60 or 90 day waiting period. The fund offers high quality educational material, interactive tools and calculators, as well as seminars and financial planning services at no additional cost. Further, members are able to view and update account details, as well as perform transactions through the secure Member Online portal.
Admin fee $0 | Health insurance |
Administration fee (%) 0.16% | Binding nominations |
Indirect cost ratio (%) 0.09% | Anti-detriment payments |
Exit fee $0 | Switching fee $0 |
Financial planning service | Employer size discount |
Credit cards | Home loans |
Insurance life event increases | Non-lapsing binding nominations |
Investment fee 0.58% | Long term income protection |
Account size discount |
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
Product | Past 5-year return | Admin fee | Company | Calc fees on 50k | Features | SuperRatings awards | Go to site | |
|---|---|---|---|---|---|---|---|---|
9.11% | $0 | QSuper Lifetime | $465 | Advisory services Death insurance Income protection Online access Term deposits Variety of options |     | More details | ||
6.7% | $0 | QSuper - Accumulation | $415 | Advisory services Death insurance Income protection Online access Term deposits Variety of options |    | More details |
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FAQs
Superannuation is designed to provide Australians with money in their retirement. The government has strict rules around when people can take that money out of their fund because it wants to prevent people eroding their savings before they reach retirement.
As a general rule, you can only take money out of your superannuation fund when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
That said, you can take money out of your superannuation fund early based on one of these seven special conditions:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
First home buyers are the only people who can use their superannuation to buy a property. The federal government has created the First Home Super Saver Scheme to help first home buyers save for a deposit. First home buyers can make voluntary contributions of up to $15,000 per year, and $30,000 in total, to their superannuation account. These contributions are taxed at 15 per cent, along with deemed earnings. Withdrawals are taxed at marginal tax rates minus a tax offset of 30 percentage points.
Voluntary contributions to the First Home Super Saver Scheme are not exempt from the $25,000 annual limit on concessional contributions. So if you pay $15,000 per year into the First Home Super Saver Scheme, you have to make sure that you don’t receive more than $10,000 in superannuation payments from your employer and any salary sacrificing.
Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.
A superannuation fund is an institution that is legally allowed to hold and invest your superannuation. There are more than 200 different superannuation funds in Australia. They come in five different types:
- Retail funds
- Industry funds
- Public sector funds
- Corporate funds
- Self-managed super funds
Retail funds are usually run by banks or investment companies.
Industry funds were originally designed for workers from a particular industry, but are now open to anyone.
Public sector funds were originally designed for people working for federal or state government departments. Most are still reserved for government employees.
Corporate funds are arranged by employers for their employees.
Self-managed super funds are private superannuation funds that allow people to directly invest their money.
A majority of Australians are in accumulation funds. These funds grow according to the amount of money invested and the return on that money.
A minority of Australians are in defined benefit funds – many of which are now closed to new members. These funds give payouts according to specific rules, such as how long the worker has been with their employer and their final salary before they retired.
The value of your assets affects whether you can qualify for the age pension – and, if so, how much.
The following assets are exempt from the assets test:
- your principal home and up to two hectares of used land on the same title
- all Australian superannuation investments from which a pension is not being paid – this exemption is valid until you reach age pension age
- any property or money left to you in an estate, which you can’t get for up to 12 months
- a cemetery plot and a prepaid funeral, or up to two funeral bonds, that cost no more than the allowable limit
- aids for people with disability
- money from the National Disability Insurance Scheme for people with disability
- principal home sale proceeds you’ll use to buy another home within 12 months
- accommodation bonds paid on entry to residential aged care
- any interest not created by you or your partner
- a Special Disability Trust if it meets certain requirements
- your principal home, if you vacate it for up to 12 months
- granny flat rights where you pay more than the extra allowable amount
For full pensions, reductions apply when your assessable assets exceed these thresholds:
|
Category |
Home owners |
Non-home owners |
|
Singles |
$253,750 |
$456,750 |
|
Couples living together |
$380,500 |
$583,500 |
|
Couples living apart due to ill health |
$380,500 |
$583,500 |
|
Couples with only one partner eligible |
$380,500 |
$583,500 |
For part pensions, reductions apply when your assessable assets exceed these thresholds:
|
Category |
Home owners |
Non-home owners |
|
Singles |
$550,000 |
$753,000 |
|
Couples living together |
$827,000 |
$1,030,000 |
|
Couples living apart due to ill health |
$973,000 |
$1,176,000 |
|
Couples with only one partner eligible |
$827,000 |
$1,030,000 |
For transitional rate pensions, reductions apply when your assessable assets exceed these thresholds:
|
Category |
Home owners |
Non-home owners |
|
Singles |
$503,250 |
$706,250 |
|
Couples living together |
$783,000 |
$986,000 |
|
Couples living apart due to ill health |
$879,500 |
$1,082,500 |
|
Couples with only one partner eligible |
$783,000 |
$986,000 |
You can withdraw your superannuation (or at least some of it) when you reach ‘preservation age’. The preservation age is based on date of birth. Here are the six different categories:
| Date of birth | Preservation age |
|---|---|
| Before 1 July 1960 | 55 |
| 1 July 1960 – 30 June 1961 | 56 |
| 1 July 1961 – 30 June 1962 | 57 |
| 1 July 1962 – 30 June 1963 | 58 |
| 1 July 1963 – 30 June 1964 | 59 |
| From 1 July 1964 | 60 |
When you reach preservation age, you can withdraw all your superannuation if you’re retired. If you’re still working, you can begin a ‘transition to retirement’, which allows you to withdraw 10 per cent of their superannuation each financial year.
You can also withdraw all your superannuation once you reach 65 years.
Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.
When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:
- The name of your preferred superannuation fund
- The fund’s address
- The fund’s Australian business number (ABN)
- The fund’s superannuation product identification number (SPIN)
- The fund’s phone number
- A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund
You should also provide your tax file number – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.
Opening a superannuation account is simple. When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:
- The name of your preferred superannuation fund
- The fund’s address
- The fund’s Australian business number (ABN)
- The fund’s superannuation product identification number (SPIN)
- The fund’s phone number
- A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund
You might want to provide your tax file number as well – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.