Best Pension Fund Manager

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

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.

KIRBY RAPPELL, CEO, SUPERRATINGS