Special AdviceQSuper rollover to SMSF: Qsuper members can transfer to an SMSF

Can you make a QSuper rollover to SMSF?
 
Due to recent legislation changes, all Queensland Government employees with a QSuper Accumulation Superannuation Fund can transfer the majority of their existing member benefit from QSuper to another complying Superannuation Fund – including an SMSF. So yes, it’s definitely possible to request a QSuper rollover to SMSF.

 

Before completing a QSuper transfer to an SMSF

Before transferring any super to an SMSF it is essential that you receive appropriate advice from a licensed advisor who can guide you on whether transferring the majority of your QSuper balance is right for you.
 
Are there any conditions?
 
Yes, there are a few conditions:
  • 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.

What are some of the advantages?
 
Everyone’s situation will be different but there are a number of advantages to moving your QSuper Fund with the support of Financial Advisers Australia.Did you know that the average Australian Super Fund with a “Balanced” Portfolio generates an average of 8.7%* increase in growth over 10 years compared to QSuper at 7.5%^.
 
It may not sound like much but 1.2% or even more over a long term can mean thousands of dollars when it comes to your retirement.What stays the same?
 

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.

* Figures accurate as of 31 Dec 2012 courtesy of Andex Charts 2013.
^ QSuper figures are based on compound annualised return, net of fees and tax.

 

Forms to rollover / transfer QSuper to an SMSF

Related articles:

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.

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