CODE 2, VOL 33, NO 11 : 31 may 2019
QSUPER ACCUMULATED BENEFIT ACCOUNT CHANGES – UPDATE
The information in this Code 2 is for members who have their superannuation with QSuper in an ‘Accumulated Benefit’ account.
Those who have a ‘Defined Benefit’ account are not affected by the changes discussed below. Neither are those who do not have their superannuation paid to QSuper.
Your union representatives met with QSuper insurance and superannuation representatives on Wednesday 29 May 2019 and I now provide this update to members with an accumulated account.
You will have recently received important correspondence, either mailed in the post or in an email from QSuper, it is important that you read (or access online and read) the correspondence sent to you. In that correspondence is a ‘Significant Event Notice’ (SEN) from QSuper. That SEN sets out the changes to accumulated benefit superannuation holders.
Your union is not permitted to provide you with superannuation advice, this can only be done by a licensed provider of financial advice. However, I provide a list of the key changes I encourage you to take note of in the SEN –
• Increase in income protection waiting periods, and
• Reduction in length of benefit period, and
• Increase in cost of insurance cover, and
• Changes to when your access to cover will end, and
• Change to ‘date of disablement’, and
• Many other changes
Therefore it is crucial that you review the SEN and consider your personal circumstances in any decision you make regarding your superannuation in light of the many changes occurring.
The changes take place on 1 July 2019 and they have been decided upon by QSuper (in their words) ‘in response to new regulations brought in by the Australian Government… to make sure QSuper’s insurance offering remains viable… and comply with the requirements set out in the Protecting Your Super package by the Australian Government’.
Unfortunately, your union had no say in the formulation of these changes and we have no capacity to affect their implementation. All I can do is again suggest you consider your personal financial situation in light of these changes.
As I said above, your union cannot legally provide you with superannuation advice, and as such I recommend you contact QSuper directly, and/or speak to a financial advisor of your choice.
John Oliver - General Secretary
Authorised by John Oliver General Secretary
United Firefighters' Union of Australia, Union of Employees QLD