Before completing a QSuper transfer to an SMSF
- Only employees with a QSuper Accumulation Superannuation Fund can apply, not those with a Defined Benefit Account.
- You must also leave a minimum balance of $2,000 in your QSuper Fund as the Account needs to remain open in order to fund your Insurance Premiums.
- QSuper will also remain your default Superannuation Fund for all your Employer Super Guarantee Contributions (SGC).
Reasons for moving away from QSuper to an SMSF?
You have now been given a “choice” as to where your super balance can be invested (this has not been available before unless you left employment with the Queensland Government). This now gives you the ability to grow your retirement wealth greater than QSuper is able to do on your behalf.You can use your Superannuation to fund additional Income Protection where QSuper cannot; providing additional protection for your income against sickness or injury all the way through to your retirement.
You can have more control by customising your own investment strategy – including the option to invest into direct property.By consolidating more of your super into your SMSF you can potentially save on fees rather than having your superannuation monies split across QSuper and your SMSF.
QSuper will remain the default Superannuation Fund for all your Employer Super Guarantee Contributions (SGC) in order to fund your Insurance Premiums which means you will also retain your existing QSuper Insurances. Where applicable you will also retain your Personal Superannuation Contributions through Salary Packaging.
Forms to rollover / transfer QSuper to an SMSF
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Interested in setting up an SMSF?
The following pages provides more information on how you can establish an SMSF: How to set up an SMSF
If you have any questions please contact Grow SMSF.
