Choose a super fund
Find answers below to frequently asked questions about the changes to superannuation for Queensland public sector employees.
Table of contents
What is changing?
From July 2017, Queensland public sector employees will be able to choose the fund to which their superannuation contributions are paid.
At the same time, QSuper will become an open fund which means that anyone can become a member.
QSuper will remain our default fund, which means that your superannuation contributions will continue to be made to QSuper if you don’t choose another fund.
When is it changing?
Eligible Queensland Government employees will be able to choose their superannuation fund from July 2017.
Choice of fund will apply to you if you are a core Queensland Government employee (e.g. departmental employee) and your employer contributions are paid into a QSuper Accumulation account.
These changes will not apply if you are:
- a member of the QSuper Defined Benefit scheme, unless you first transfer to a QSuper Accumulation account
- a member of the closed QSuper Parliamentary scheme, the Judges’ scheme or the Governor’s scheme
- employed by a non-core agency, including Government-owned corporations and some statutory authorities.
If you are unsure whether you will be able to choose your super fund, check with your human resources unit.
Can I stay with QSuper?
Yes. QSuper will remain the Queensland Government’s default fund for our employees. You do not need to do anything if you wish to remain with QSuper.
What do I need to do?
- Current Queensland Government employees who want to remain with QSuper: you don't have to do anything. If you don't make a choice, your super contributions will continue to be paid into your QSuper account.
- Eligible current employees who want to choose another fund: complete a standard choice form, available through your payroll provider.
- New employees: if you don't choose a super fund when you start your new job with the Queensland Government, your super contributions will be paid into a QSuper Accumulation account. QSuper is the Queensland Government’s default fund.
Choosing another fund
How can I choose another fund?
Eligible employees can choose the super fund they want their contributions paid into, including a self-managed superannuation fund, by completing and submitting a superannuation choice of fund form which will be available from your payroll provider.
The fund you nominate must be a complying fund—an Australian super fund that meets specific requirements and obligations outlined in the Commonwealth’s Superannuation Industry (Supervision) Act 1993.
It is your responsibility to check whether the fund is a complying super fund.
Your employer cannot advise which fund best suits you. If you are unsure about your options you should seek independent financial advice.
How does it work?
While you can choose a fund at any time, your employer is only required to accept one standard choice form from you every 12 months.
When you submit the form, your employer must comply with your request within 2 months.
If you wish to transfer the balance of your existing fund, you will need to arrange this with your existing and/or new fund/s.
I am a member of the QSuper Defined Benefit Scheme, or closed State Scheme or Police Scheme, and I also contribute to a QSuper Accumulation account. Can I exercise choice of funds over my Accumulation account?
These changes will not apply to your QSuper Defined Benefit scheme or your membership of the closed State Scheme or Police Scheme.
If you wish to exercise choice over voluntary contributions paid into your accumulation account, contact your payroll provider.
Can I split my mandatory member and employer contributions between QSuper and another superannuation fund?
No. You cannot split member and employer contributions between funds. You can, however, transfer money from your receiving superannuation fund to another superannuation fund, subject to the fund’s rules.
What are my employer’s obligations?
Agencies need to:
- provide a standard choice form to
- new employees
- existing employees within 28 days on request
- make fortnightly payments to the employee’s chosen fund or, in the absence of a choice, the Government’s default fund QSuper
- pay contributions into a new fund nominated by an employee within 2 months
- allow employees to change fund at least once in a 12 month period.
Note: agencies are prohibited by law from providing advice on funds or insurance products.
What are my responsibilities when choosing a super fund?
You need to:
- seek financial advice on choice of fund, including insurance
- ensure your fund is compliant with the Superannuation Industry (Supervision) Act 1993and will accept your employer’s (and your) contributions
- make a decision on income protection, death and total permanent disablement, and life insurance
- provide your employer with a completed standard choice form
- contact your existing superannuation fund(s) to roll over your balances into your new fund
- monitor your superannuation balances.
Note: you are responsible for seeking independent accredited financial advice about choice of fund and insurance.
Do these changes affect my superannuation entitlements?
No. These changes do not affect your superannuation entitlements from your employer.
If I change my super fund, do I need to do anything in relation to my salary packaging arrangements?
If you want to continue your current level of contributions, exercising choice of super fund does not affect your salary packaging arrangements.
If you want to change your super contributions under your salary packaging arrangements, you will need to contact your salary packaging provider. Consider whether you need financial advice before changing contribution levels.
Will employer contributions be affected if I change fund?
No. There will be no change to your current employer superannuation contributions if you choose to shift to another fund.
What happens to my insurance if I change fund?
If you are considering joining another fund, it is important to understand the implications for any insurance cover you hold through super, and any special conditions that may apply to you.
See general information about insurance through super and seek independent financial advice based on your circumstances.
I am receiving income protection insurance payments for sickness or injury through my QSuper insurance policy. What happens to my payments if I change super fund?
Your insurance payments will continue provided that you remain a member of QSuper and meet the relevant criteria. These are outlined in QSuper’s disclosure documents. However, your insurance payments will stop if you leave the fund altogether.
I am a new employee and I don’t have a superannuation fund yet. What happens to my contributions?
If you do not already have a superannuation fund account, your new Queensland Government employer will make super contributions into a QSuper Accumulation account on your behalf. If you want to choose another fund, complete the standard choice form provided by your employer.
I am a new employee and I have an existing superannuation fund. What happens to my contributions?
If you already have a superannuation fund when you join the Queensland Government and you want your employer to make contributions to that fund, complete the standard choice form provided by your employer.
This should be done as soon as possible to avoid your first contributions being paid into a QSuper accumulation account. Should this happen, you can transfer the money out of QSuper to another fund without paying exit fees.
What happens if I stop working for the government or change jobs?
For QSuper accumulation account holders
If you change jobs within government, your contributions will continue to be made to your QSuper accumulation account unless you choose to nominate another fund.
If you gain employment outside government, you can nominate QSuper as your preferred superannuation fund with your new employer.
For QSuper Defined Benefit Scheme members
If your new employment is with another eligible Queensland Government employer, you can maintain your existing Defined Benefit Scheme membership providing your break in service is less than 1 month. If you are unsure about whether your new Queensland Government employer can contribute to the defined benefit fund, ask your new employer or contact QSuper.
If you change to an employer outside the Queensland Government you will not be able to maintain your defined benefit membership. You can, however, ask your new employer to make contributions to a QSuper accumulation account.
See Changing Jobs for more.
Where can I find out more?
- For advice on how to nominate a different superannuation fund, contact your HR unit or payroll provider.
- For advice on the processing of your choice of super fund, contact your department’s payroll provider.
- How to compare and select a superannuation fund (Australian Securities and Investment Commission)
- How to choose a financial adviser (Australian Securities and Investment Commission)
- Choosing a super fund (Australian Taxation Office)
- Check the compliance status of super funds.