Industry "Super" Fund Vs Private - Qsuper Vs SunSuper

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  retiredfeline on 15/12/2017 - 10:50

  +1

  I am of the understanding that you cannot join an industry super fund unless you worked in that industry, i.e. I worked for Gov at some point hense I have Qsuper, and if I close it I dont think I can rejoin later.

  Don't assume, check with the fund. For example Unisuper allows former members to rejoin now.

  • 

    codename47 on 08/01/2018 - 14:35

    +1 - UniSuper Started Personal members.

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  TheOtherLeft on 15/12/2017 - 13:12

  A bit off topic but can you exit from your Gov super? I have PSS super but when I left and went to private industry the rules state I can't transfer to another super. The only way to get it out is withdrawing it and getting stung with 15% tax.

  • 

    Almost Banned on 15/12/2017 - 14:02

    +1

    Yep - my understanding is if you move an untaxed fund into a taxed fund you take the tax hit in a lump sum.
    It stings.

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  Seraphin7 on 15/12/2017 - 14:01

  +1

  There is so much more to this than "Which is better SunSuper or Qsuper". You need to be appraised of the totality of what each of these is offering you (as a specific individual, distinct from all others) especially around insurance, not to mention that another fund entirely may be a better fit for you.

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  ucd12345 on 16/12/2017 - 09:40

  but since I have not been contributing to the Qsuper they have been stinging me fees for several years without even letting me know.

  Are you able to share which fees you were charged and why? Or are you referring to entirely optional insurance premiums…?

  For QSuper, according to their website the current administration fee is 0.18% pa (capped at $1000), on top of which you would be paying direct + indirect investment fees between 0.09% (passive Aussie shares) and 1.03% (life stage based investment). Here is their fee breakdown for reference.

  For SunSuper, according to their website the administration fee is currently $78 pa + 0.10% pa (effectively capped at $878), on top of which you would be paying direct + indirect investment fees between 0.06% (cash) and 1.26% (property). This is based on their investment fees page and account fees page.

  So overall the fees — and returns! — will depend on your investment choices.
  It seems that SunSuper offers a broader range of predefined investment options and the admin fee is potentially more attractive for large balances.
  QSuper, on the other hand, allows direct investment into ETFs and ASX300 shares using their Self Invest feature,
  and because the admin fee does not contain a fixed weekly component, you may well come out ahead if your balance is under $100,000.

  In the end, you will need to make choice that suits your specific circumstances, which are only known to you. This post is not financial advice.

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  lizzle on 16/12/2017 - 21:08

  FYI - QSuper used to be exclusively for gov workers (+friends/family?), but they have changed rules to allow anyone who wants to join to be able to do so.
  Source: Recently joined QLD Health and was told this by a QSuper rep during orientation.