Top QSuper fund to open to public for first time
QSuper, the highly awarded not-for-profit superannuation fund for Queensland public servants, will be available to the general public soon.
The $65 billion super fund with more than 550,000 members has been closed to the public for more than 100 years until last week when the Queensland government moved to introduce legislation to allow QSuper to be open to the general public.
The move is expected to shake up the $2 trillion super sector. QSuper won the best value superannuation fund award for 2016 from SuperRatings.
As well QSuper won best value MySuper fund and the best new product award for Money Map.
SuperRatings reviewed more than 620 superannuation products covering 21 million super fund members for the awards.
"In this constantly changing superannuation environment, QSuper is a standout, performing consistently well across all of our key assessment criteria", explained SuperRatings chief executive Adam Gee at the awards.
Gee says the fund's Money Map allows members to track their transaction accounts, savings accounts, credit cards, mortgages, loans and super in a single online dashboard.
In the coming months everyone will be able to join and enjoy all the benefits membership has to offer, explains CEO Michael Pennisi.
On the flip side, members of QSuper will be able to leave the fund and join another one or set up a self-managed superannuation fund.
QSuper recently announced it will be running its own insurance in house and it will have plenty of attractive, flexible options for members.
It is the first not-for-profit superannuation fund to set up a life insurance company instead of outsourcing it to one of the private insurers.
From July 1 QSuper superannuation fund members will be able to nominate their occupation when applying for life and death cover that could mean lower premiums.
Members can hold death cover and TPD cover separately, allowing members to have just one or the other, or both but with different amounts of cover.
More QSuper members will receive income protection cover automatically or be able to apply for it. There are no pre-existing exclusions if members meet the eligibility requirements.
Queensland's local government fund, LGIA will also be open to the general public following the legislation changes. LGIA Super looks after about $9.5 billion for about 90,000 members.