Best Pen­sion Fund Man­ager

A fund’s in­no­va­tive ap­proach pro­vides re­tirees with ex­tra value and sup­port just when they need it most

Money Magazine Australia - - CONTENTS -

The Best Pen­sion Fund Man­ager for 2019, QSu­per, is a Queens­land-based fund that man­ages over $80 bil­lion on be­half of more than 580,000 mem­bers, in­clud­ing al­most 50,000 pen­sion mem­bers. Pre­vi­ously a closed fund, QSu­per opened its doors to all Aus­tralians in 2017.

Su­perRat­ings con­sid­ered over 180 pen­sion prod­ucts and found that the QSu­per in­come ac­count is com­pet­i­tively priced and has de­liv­ered strong re­tire­ment out­comes for mem­bers, in ad­di­tion to of­fer­ing flex­i­ble prod­uct fea­tures.

“The award is fan­tas­tic recog­ni­tion of the value-for-money prod­ucts and ser­vices we’ve de­liv­ered to mem­bers for over 100 years, and since 2017 all Aus­tralians can share the strong per­for­mance and ben­e­fits of be­ing a QSu­per mem­ber,” says Michael Pen­nisi, QSu­per’s CEO. “The trust that our mem­bers place in us as cus­to­di­ans of their re­tire­ment sav­ings is some­thing we take very se­ri­ously. It is per­haps at re­tire­ment when our mem­bers rely on us more than at any other point, and by ap­ply­ing some smart think­ing we’ve been able to achieve a num­ber of in­no­va­tive so­lu­tions to help our mem­bers.”

In an in­dus­try first, QSu­per’s in­come trans­fer bonus au­to­mat­i­cally pro­vides an un­capped bonus to el­i­gi­ble mem­bers when they roll their QSu­per ac­cu­mu­la­tion ac­count or tran­si­tion to re­tire­ment in­come ac­count into a QSu­per in­come ac­count. “We are very proud to bring this unique un­capped tax sav­ing ben­e­fit to our mem­bers,” says Pen­nisi. “Since it com­menced in June 2016, over $18.5 mil­lion has been given to over 11,000 mem­bers, with the largest sin­gle trans­fer bonus amount­ing to al­most $43,000.”

QSu­per has de­liv­ered sig­nif­i­cant value for pen­sion mem­bers over the long term. As at Au­gust 31, 2018, the bal­anced op­tion had re­turned 7.9%pa over 10 years for pen­sion mem­bers, which was well above the in­dus­try me­dian of 7.2%.

QSu­per’s pen­sion prod­uct is com­pet­i­tively priced with a trans­par­ent fee struc­ture. Ad­min­is­tra­tion fees are a low 0.16%pa, capped at a max­i­mum of $900pa, while in­vest­ment fees and in­di­rect costs for its bal­anced op­tion are 0.79%pa (in­clud­ing per­for­mance fees). There are no es­tab­lish­ment, con­tri­bu­tion or in­vest­ment switch­ing fees.

QSu­per of­fers mem­bers high lev­els of con­ve­nience with pen­sion pay­ment fre­quen­cies rang­ing from fort­nightly to an­nu­ally. Mem­bers can also se­lect au­to­matic in­creases in their pen­sion pay­ment based on in­fla­tion each July.

Ac­cess to ad­vice is im­por­tant. QSu­per of­fers mem­bers ac­cess to per­sonal phone and on­line ad­vice at no ad­di­tional cost through QIn­vest. QIn­vest also of­fers fee-for-ser­vice com­pre­hen­sive ad­vice cov­er­ing a range of topics, from bud­get­ing to re­tire­ment pro­jec­tions, aged care liv­ing, es­tate plan­ning and Cen­tre­link/DVA en­ti­tle­ments.


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