QSuper Defined Benefit account closes to new members
15 Dec 2008
On 12 November 2008 the Queensland Treasurer announced the Government would introduce legislation to close the QSuper Defined Benefit option to anyone who wasn't a member of the Defined Benefit account at that date.
The legislation has now been passed by Parliament and is effective from 12 November 2008. The QSuper Board of Trustees has been requested to implement the legislative changes.
Under the legislation, current members with a Defined Benefit account are able to maintain their existing benefits until they decide to retire, transfer to an Accumulation account, or leave their current employment. Defined Benefit account members who transfer between eligible QSuper employers and have a break in service of less than one month will be permitted to continue contributing to their Defined Benefit account.
Members who had the option to transfer to the Defined Benefit account will no longer be able to. These members will continue to receive contributions to their Accumulation account and can even make voluntary contributions if they leave their current employment. Members will continue to be provided with the Accumulation account offering, with the employer contributing 12.75% (18% for police officers) of salary to QSuper for members who are eligible to contribute 5% (6% for police officers) and make contributions at that rate. With limited exceptions, no member will be allowed to commence contributing to a Defined Benefit account.
However until 12 May 2009 there is limited scope to appeal. Under the legislation the Government Superannuation Officer is able to accept applications for appeal after 12 November 2008, but only in cases where they are satisfied the applicant took a step towards joining the Defined Benefit account before 12 November 2008. If you would like to submit an appeal to join the Defined Benefit account, please complete the Request to the Government Superannuation Officer to transfer to the closed QSuper Defined Benefit account form (pdf).
Members can be reassured that their existing benefits continue to be effectively managed and maintained. The QSuper Board of Trustees is committed to its members and remains focused on delivering solid long-term outcomes.
Ministerial Statement by the Honourable Treasurer (pdf)
Other news items