BIG Change to Superannuation Landscape. Does it Affect You?

As of July 1st this year, Queensland’s largest and Australia’s second largest super fund, QSuper, will no longer be the only choice for Queensland’s largest employer, the Queensland Government.

The below is an excerpt from an email recently sent to all Queensland Government employees:

Colleagues,
From July 2017 you will be able to choose your superannuation provider.
This change aligns superannuation arrangements in the Queensland public sector to those that have applied to public servants in nearly all other states and the Commonwealth for some time.

So why is this such a big deal? Basically, it means that Queensland’s largest collective of employees now has access to Super Choice, a benefit that non-government employees have had access to for years.

The Queensland Government has over 215,000 full-time equivalent employees, to put that in perspective, Townsville is one of Australia’s largest urban centres with a population of around 190,000.

Whilst some public servants may choose to remain with QSuper, they now have the choice to consider other superannuation options which may be more appropriate to their needs which is a real positive.

This announcement, along with more broader changes across the superannuation industry should at the very least prompt you to have a look at your current superannuation and personal insurances needs.

You should have by now received your annual statement from your super provider for the 2016/2017 financial year. Don’t throw it away. Have a quick read, understand what it means for you now and what it will mean for you as you approach retirement.

If you have questions, give me a call, I’m only too happy to help.

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Hindsight Group Pty Ltd (ABN 88 168 442 528) t/a Hindsight Wealth is a Corporate Authorised Representative of Affinia Financial Advisers Limited - ABN 13 085 335 397 & AFSL 237857.

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