Accumulation Account Guide. Issued 3 August 2015

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1 Issued 3 August 2015

2 2 WINNER 2015 Our superannuation product identification number (SPIN) is QSU0101AU (Accumulation) Our superannuation fund number (SFN) is Our MySuper authorisation number is The ABN of the Board of Trustees of the State Public Sector Superannuation Scheme (QSuper Board) is The ABN of the State Public Sector Superannuation Scheme (QSuper Fund) is

3 3 Contents Contents p4 p6 p12 p15 p22 p26 What makes QSuper super? Contributions Accessing your super Fees and other costs How super is taxed Important information Important information This is the. It gives you all the details about the Accumulation account product, and other important topics like fees and taxation as they apply to the account. The information in this document forms part of the QSuper Product Disclosure Statement for Accumulation and Income Accounts (PDS) issued on 3 August 2015, as the PDS references information that you ll find in this guide. Other important information is contained in the Investment Choice Guide, Income Account Guide and Accumulation Account Insurance Guide which also forms part of the PDS. You should consider the information contained in the PDS and the guides before making any decisions about the Accumulation account. If you need copies of any of the documents we refer to in this guide, you can download them from our website. Can t get to a computer? No problem, just give us a call and we ll send them to you. Keeping you informed There may be changes from time to time to information contained in this document and the guides. You can find out information about any changes that aren t materially adverse by visiting our website at qsuper.qld.gov.au or calling us on We ll also send you a copy of the updated information on request, free of charge. This guide is for all QSuper members who hold an Accumulation account. It outlines super arrangements for: Queensland Government or related entity employees former employees of the Queensland Government or related entities who have kept their membership spouses of QSuper members who have an account.

4 4 What makes QSuper super? Hello, and welcome to QSuper QSuper has a proud 100-year history of helping members just like you reach their retirement goals. It s a job we take seriously because after all, we want you to be able to retire with enough super to meet your needs. So who is this guide for? If you have a QSuper Accumulation Account, then this guide is for you. It explains everything you need to know about your super account. Before we get started, let s take a look at some of the membership benefits that are in store for you. We re good at what we do it s why we re an industry-leading fund We re proud to be a leader in our industry and we have the recognition to show for it our products and services have been consistently ranked by independent ratings companies as being among the best in the country. We offer some of the lowest fees in Australia 1 We keep our fees as low as we can and we believe in keeping them simple too, so with QSuper you don t pay any entry fees, exit fees or commissions. We offer a range of financial advice to meet your needs If it s advice you need, we can help. Whether you want advice on a single super topic or comprehensive advice that considers your whole financial situation, talk to us. And you can choose how you get it too, from online, over the phone or face-to-face whatever you prefer. 2 We help you get more out of your super Want to learn more about your super and some strategies to make the most of it? We run a range of seminars designed to give you the information you need to make super choices that are right for you. A flexible range of investment options Whether you want us to manage your investments, or you want to choose your own investment strategy for your super, we ve got options to suit. We make it easy for you to keep track of your super Want your super at your fingertips? With our convenient Member Online portal you can do just that with personalised access to your super whenever it suits you. We help you crunch your numbers with a range of tools and calculators If you re not sure how your super balance measures up or if you want to understand your current super situation better, our website has a range of calculators and online tools you can use to explore your options and understand things a bit better. We re here to talk to you about your super If you want to have a conversation with us about your super, our award-winning Contact Centre is just a phone call away. And because conversation leads to knowledge, you can be sure talking to us is the right move when it comes to your super. 1 SuperRatings Fundamentals report as at June SuperRatings does not issue, sell, guarantee or underwrite this product. 2 QInvest Limited (ABN , AFSL and Australian Credit Licence Number ) (QInvest) is ultimately owned by the QSuper Board (ABN ) as trustee for the QSuper Fund (ABN ). QInvest is responsible for the financial services and credit services it provides. Advice fees apply.

5 5 What makes QSuper super? We support you through the bad times As a QSuper member you can have peace of mind that we ve got you covered when it comes to insurance. All eligible members are automatically covered for death and total and permanent disability (TPD), and you can also get automatic income protection if you re eligible. So no matter what life throws at you, with QSuper you have the protection you need. Just remember some eligibility conditions apply. We re with you for the long term We understand that super is part of the bigger picture when it comes to your finances. That s why we offer a range of tools and services that help you get a better understanding of your whole financial situation. We re dedicated to working with you over your lifetime, because we know that getting your finances in a better position today means there could be more for you tomorrow. You re always welcome at QSuper Our commitment to you extends throughout your life, so no matter where you work, you can continue to enjoy the benefits of QSuper membership. Make managing your super easier by keeping it all together If you ve worked at a few different places, chances are you have little bits of super all over the place, making it hard for you to keep track of it. By consolidating all your super into your QSuper account, you could reduce the number of fees you re paying. 1 Our website has more information about how easy it is to consolidate your super with us so you can give up paying multiple fees for good. 1 Before you consolidate your super you should check with your other super funds about fees and any loss of insurance or other benefits.

6 6 Contributions Not sure what rules apply when it comes to contributing to your super? In this section we talk you through the different types of contributions you can make to your super and the conditions that apply. First of all, the contributions that go into your super are split into two types. Before-tax (known as concessional contributions) After-tax (known as non-concessional contributions) These are any contributions to your super before income tax is paid, and includes your employer contributions. These are any contributions made to your super after you ve paid income tax. Also, there are limits to how much you can add to your super every financial year before you re charged extra tax. $30,000 (or $35,000 if you re 49 or over on or before 30 June 2015) $180,000 Contributions can be made to your super in three ways: By you You can make voluntary contributions to your super either before or after tax. If you work for the Queensland Government you re generally required to make contributions of between 2-5% to your super and we refer to these as standard contributions. Your spouse can also make contributions to your super. By your employer Your employer must contribute the standard 9.5% super guarantee amount to your super as a before-tax contribution. However if you work for the Queensland Government and make standard contributions, your employer will contribute up to 12.75% to your super depending on how much you contribute. By the Australian Government If you re a low income earner, the Government may contribute to your super in two ways. If you earn less than $50,454 a year the Australian Government will contribute 50 cents for every $1 you contribute to your super (to a maximum of $500) through the Super Co-contribution scheme. If you earn less than $37,000 a year the Australian Government will make a contribution to your super to a maximum of $500 through the Low Income Superannuation Contribution scheme. You can find out more about the rules around contributions on the next page.

7 7 Contributions Contributions can come into your account in a number of ways (which are shown in the table below). We ve also included some handy information about the age limits that apply to the different types of contributions. Contributions made How Age limit By you Before or after tax. Can be made up to and including age 74. However if you re aged 65-74, you must work at least 40 hours over 30 consecutive days each financial year to be allowed to make contributions (this is called the work test). By your employer Before tax. No age limit. By your spouse After tax. Up to and including age 70, but if you re aged 65-70, you must meet the work test. If you re on a lower income, you may also be eligible for contributions from the Australian Government see over the page for details. Contribution categories Before-tax contributions These are contributions made to your super before you pay tax on your income. They are usually taxed at 15% 1 and include: contributions your employer makes salary sacrifice contributions you make contributions you ve claimed a tax deduction for. It s important we have your tax file number (TFN) on record so that any contributions we receive for you are taxed at the proper rate. TAX After-tax contributions These are contributions made to your super after you ve paid tax on your income (and include spouse contributions). You don t normally get charged extra tax on these contributions unless you exceed your contributions cap. Contribution caps Some limits apply when it comes to how much you can add to your super they re called contribution caps, and you ll be charged extra tax if you exceed them. If you re making before-tax contributions (don t forget these include your employer contributions) you can contribute up to $30,000 (or $35,000 if you re 49 or over on or before 30 June 2015) in a financial year before you exceed the cap. If you re making after-tax contributions you can contribute up to $180,000 in a financial year before you exceed the cap. However if you re under 65 at any time during the financial year you can contribute up to three times your after-tax cap (which is currently $540,000) in a financial year without being penalised. Just remember that as you re essentially bringing forward contributions, you couldn t contribute any more for the next two years after tax without exceeding the cap. Likewise if you ve previously brought forward contributions in the prior two financial years, this will limit how much you can contribute in the current financial year without exceeding the cap. The Tax Explanation factsheet explains how tax is applied to any excess contributions you make and the options that apply. You should note that there are some contributions that are exempt from the caps. They are: any super co-contribution payments you receive from the Australian Government certain profits you make from selling a small business a total and permanent disability payment. Want more information about these? Simply check out the Personal Contributions Guide. 1 Different tax rules apply if your adjusted earnings (this is your taxable income plus any reportable fringe benefits, net investment losses and concessional contributions) is more than $300,000 a year see the Personal Contributions Guide for more information.

8 8 Contributions from the Australian Government The two other types of contributions you need to know about are: the super co-contribution the low income superannuation contribution. Let s take a quick look at both. Super co-contribution This initiative encourages you to add more to your super. To be eligible you must earn less than $50,454 a year, in which case the Australian Government contributes up to 50 cents for every $1 you contribute after tax to your super, to a maximum of $500. You can find out more about the eligibility rules that apply in the Personal Contributions Guide. Low income superannuation contribution (LISC) This initiative is to help boost your retirement savings. If you re eligible, the Australian Government will refund the tax you paid on your before-tax contributions back into your super, up to a maximum of $500. To be eligible, you must earn less than $37,000 a year. 1 The Australian Parliament has passed legislation to end the LISC payment at the end of the 2016/2017 financial year. This means you ll no longer be eligible to receive any payments after 30 June However you ll have two years from this date for any amendment of your tax assessment to be processed. Making contributions Contributions can be made to your super a number of different ways. These are listed below and we ll give you a bit more detail about each one too. Employer contributions the contributions your employer must pay into your super If you re eligible for compulsory super guarantee contributions, your employer must contribute the standard super guarantee rate of 9.5% to your super. Queensland Government employees For most Queensland Government or related entity employees, there s an incentive system in place to help you get the most out of your super it s called standard contributions. This is generally part of your employment contract and is when you contribute between 2-5% of your salary to super, and your employer contributes between % on a sliding scale. This is how it looks: You pay Your employer pays Total contributed to your super 2% 9.75% 11.75% 3% 10.75% 13.75% 4% 11.75% 15.75% 5% 12.75% 17.75% In some circumstances, or if you re a casual employee, you may have other arrangements in place and your employer may only pay the super guarantee amount. In some cases they may let you make standard contributions but you should speak to them about what conditions are in your employment contract. You can find out what arrangement you have in your Welcome to QSuper letter. Police officers Different standard contribution arrangements apply for police officers. When you start work as a police officer you ll automatically contribute 6% of your salary to super and your employer will contribute 18%. You can choose to contribute less in which case, so will your employer. This is how it looks: You pay Your employer pays Total contributed to your super 3% 12% 15% 4% 14% 18% 5% 16% 21% 6% 18% 24% If you re a commissioned police officer (and have a contract to let you stay in the service over the age of 60) you contribute between 2-5% of your salary, plus any approved allowances, while your employer contributes between %. 1 Your adjusted taxable income is the income you get taxed on, plus any adjusted fringe benefits, target foreign income, total net investment loss, any pension or benefit that you get from the Government that s tax free and any reportable superannuation contributions that have had a child maintenance amount deducted.

9 9 Contributions Voluntary contributions the contributions you choose to make If you want to give your super a boost, you can contribute extra to your account either as a before-tax or after-tax contribution. Generally, all the contributions you make to your super, big or small, grow over the long term ultimately increasing the value of your super. You can make voluntary contributions to your account in four different ways: Through your employer Complete a Start or Change Regular Contributions to Your Super form and give it to your payroll office do this if you work for the Queensland Government or a related entity employer. Talk to your employer directly about setting this up do this if you don t work for the Queensland Government or a related entity employer. Via BPAY Use the individual BPAY details listed on your annual statement or you can find these through Member Online if you can t find them, give us a call and we can help. Make sure you use the correct biller code and customer reference number otherwise your contribution will be returned or incorrectly allocated. Complete a Deposit form Download and complete this form either from our website or ask us to send you a copy. Include a cheque or money order for the amount you want to deposit. Visit a Member Centre You can make contributions in person by cash (there s a maximum deposit amount of $1,000) or by EFTPOS (any daily transaction limits set by your bank will apply). Are you self-employed? Generally, you re considered self-employed if more than 90% of your total income comes from your own business. If this is the case, you can make personal contributions to your super and you may be able to claim a tax deduction on them. Some conditions apply to making these types of contributions so it s a good idea to get financial advice if you re in this situation. Salary sacrificing a tax-effective way to grow your super Salary sacrificing it really isn t as scary as it sounds! Essentially it s when you contribute a portion of your salary to your super before you pay any tax on it, which lowers the amount of salary you pay tax on. It can be a very tax-effective way of making contributions, as when you salary sacrifice you re paying 15% 1 tax on your contributions, instead of your marginal tax rate. And if you re already making contributions and you re-contribute your tax savings back into your super, you ll be boosting your super without decreasing your take-home pay. There s plenty of information about salary sacrificing in the Personal Contributions Guide, or have a conversation with us and we can talk about your options. Registered to BPAY Pty Ltd ABN Different tax rules apply if your adjusted earnings (this is your taxable income plus any reportable fringe benefits, net investment losses and concessional contributions) is more than $300,000 a year. See the Personal Contributions Guide for more information.

10 10 Super and your spouse 1 It s always nice to give your loved ones something special. So why not open a QSuper account for your spouse? Opening an account Opening an account for your partner is easy. You just need to complete and send us your Open an Account as the Spouse of a QSuper Member form along with a minimum deposit of $10 and once we ve set it up, you can start making contributions into it. Your spouse can then arrange for their employer to contribute their super to this account and they can also consolidate all their super into it too. Before consolidating, you should check with your other super funds about fees and any loss of insurance or other benefits. Making spouse contributions Making contributions to your spouse s account can be a real win-win because, depending on their income, you may be able to claim a tax offset. So here s how it works. If your spouse earns 2 $10,800 or less, you re entitled to a tax offset of 18% for the first $3,000 of any spouse contribution you make, up to a maximum amount of $540 per year. If your spouse earns more than $10,800 a year but less than $13,800 a year, you could be eligible for a partial tax offset. Just remember that any contributions you make on behalf of your spouse count towards their non-concessional contributions cap. This case study shows this in action: Steve 3 is 39 and earns $75,000 a year. Amy 3 is 37, works 10 hours a week and earns $12,500 a year. Steve contributes $120 a fortnight to Amy s account ($3,120 a year). Remembering only the first $3,000 receives the tax offset, Steve s tax offset is calculated like this: ($3,000 ($12,500 $10,800)) X 18% So... Steve gets a total tax offset of $234! Contribution splitting Contribution splitting lets you split any eligible contributions you made in the previous financial year with your spouse. You can do this by splitting whichever is less: up to 85% of the before-tax (concessional) contributions you made your concessional contributions cap for that year. Splitting your contributions with your spouse can also have some tax advantages although you should know that only your before-tax (concessional) contributions can be split, and some eligibility conditions apply. Our Contribution Splitting factsheet has all the information you need to know about this. Because this may have financial and tax implications for you, it s a good idea to get financial advice. Family law split If you and your partner split up, family law legislation allows you to split any super either of you hold. If we re required to action a split on your account, we ll open an Accumulation account for your partner (if they don t already have one) and this is where any of this super will go. Because the legislation around splitting your super is complex and may have financial and tax implications for you, it s a good idea to get financial and legal advice. You can find out more in our Family Law Legislation factsheet. 1 A spouse includes someone you re in a registered relationship with (your husband or wife for example), or someone you re living with on a genuine domestic basis. 2 Income is defined as assessable income plus any reportable fringe benefits and reportable employer superannuation contributions (RESC). 3 Steve and Amy are not real and this hypothetical case study is provided for illustrative purposes only.

11 11 Contributions

12 12 Accessing your super Your super is designed to support you financially in retirement which is why it s locked away, generally until you retire after reaching what s known as your preservation age. Your preservation age is: Between 55 and 60 (depending when you were born) You can usually access your super at retirement after reaching your preservation age. In some circumstances though you can access some or all of your super early. These circumstances broadly include: Severe financial hardship This covers situations where you re receiving income support payments and are unable to meet your immediate living expenses. Compassionate grounds This covers things like medical treatment, mortgage assistance, palliative care expenses and funeral expenses for a dependant. Terminal medical condition This covers situations where you re diagnosed with a terminal illness. Total and permanent disability This is if you re unlikely to ever be able to work again.

13 13 Accessing your super You can access your super when you reach what s known as a cashing condition. The most common of these is retiring after reaching your preservation age. Your preservation age is based on your date of birth and is how old you must be before you can start accessing your super. If you retire after reaching your preservation age, you can access all of your super. If you re under 60 when you retire, the QSuper Board must be satisfied you don t intend to ever work again before they ll release your super. The table below shows the different preservation ages in place: Your date of birth Your preservation age Before 01/07/ /07/60 30/06/ /07/61 30/06/ /07/62 30/06/ /07/63 30/06/64 59 Additionally, there may be some scenarios where you can access your super earlier. Before we look at those though, you need to know that not all your super is preserved. Any contributions made after 1 July 1999 are preserved (and they re not surprisingly called preserved benefits) but if you contributed before this date, you could have two more components: Restricted non-preserved these are contributions made before 1 July 1999 (either by you, or any employer contributions above the super guarantee rate at the time) that you can only access when you leave the employer you were working for when the contributions were made. Unrestricted non-preserved again these include contributions made before 1 July 1999, but as you ve now left your employer they re unrestricted. It also includes any money you had in your super when you met a cashing condition (such as becoming totally and permanently disabled). 01/07/64 or after 60 You re also able to access your super once you turn 65 regardless of whether you re working or not. Let s look at how this works in action: Liz 1 is a nurse who started working for Queensland Health in 1985, and made some personal contributions. In 2005 she changed jobs and started working for Mater Health. At the time, her super had two components a $25,000 restricted non-preserved component (which includes any personal contributions she made before 1 July 1999) and a $150,000 preserved component. As soon as she left Queensland Health, her restricted non-preserved component became unrestricted non-preserved and Liz could now take $25,000 in cash. However the remaining $150,000 preserved component will stay preserved until she retires or meets a cashing condition. Preserved $150,000 Preserved $150,000 LIZ CHANGES EMPLOYERS Restricted non preserved - $25,000 Un-restricted non preserved - $25,000 1 Liz is not real and this hypothetical case study is provided for illustrative purposes only.

14 14 Early release of super As mentioned on the page before, there are some scenarios where you can access your super before you reach retirement or turn 65. You can read about these below. Total and permanent disability (TPD) If you re assessed as having a total and permanent disability, your super is included as part of a TPD benefit. Just remember though that you don t have to take it as a lump sum, you can choose to leave it in your Accumulation account and draw it as you need it. You can also choose to open an Income account (you need a minimum of $30,000 to do this). Terminal medical condition If you re diagnosed with a terminal medical condition that will result in your death within 24 months, you may be able to access your super. Your super balance will be available to you to withdraw tax free, including any contributions you make during the 24 months from the date you ve been certified as having a terminal medical condition. When this period is up, any money that was made unrestricted non-preserved will still be available to you, but you may have to pay tax on any withdrawals (unless you re once again certified as having a terminal medical condition). However after the end of your certification period, any new contributions you make, and any investment returns you earn on your balance, will be preserved. You may also be able to access any insurance benefit you have, but the definition of terminal illness varies depending on who you are employed by. The important terms section in the Accumulation Account Insurance Guide provides the definition(s) of having a terminal medical condition. You also should read our Terminal Medical Condition factsheet for more information, and to find out how accessing your super early may affect your eligibility to claim your insurance benefit. Less than $200 in account You can withdraw your super if you have less than $200 in your account when you leave your job. Transition to Retirement (TTR) If you ve reached your preservation age and are still working, you can access the preserved part of your super as an income stream through the Transition to Retirement Income account. You can do this by withdrawing regular payments to a maximum of 10% of your account balance (in this scenario you can t withdraw it as a lump sum). Departing temporary resident If your temporary resident visa was cancelled or has expired, you may be able to access all of your super when you leave Australia. The Departing Temporary Resident Claim factsheet explains all the conditions that apply in this scenario. Severe financial hardship and compassionate grounds You can also access some of your super in certain circumstances known as severe financial hardship or compassionate grounds. Severe financial hardship this is if you re receiving income support payments and are unable to meet your immediate living expenses. If you ve reached your preservation age, slightly different conditions apply which you can find out by reading the Early Release of Superannuation Benefits Due to Severe Financial Hardship factsheet. Compassionate grounds this is if you need assistance paying your mortgage and in certain other cases, for example where you require medical treatment or need to make modifications to your home because you have a disability, or to pay for palliative care or a dependant s funeral. Before you can access your super on these grounds you must apply to the Government s Department of Human Services. You can find more about the conditions of release in the Compassionate Grounds Guide. Death benefits Many people are surprised to know that your super doesn t form part of your estate. Instead it s distributed by the QSuper Board, generally to a dependant or legal personal representative. The Death Benefit Guide has more information about who can receive your super and any tax rules that apply. You can choose the person/s who will receive your super when you die (as long as they re eligible) by completing and sending us your Make a Binding Death Benefit Nomination form. Moving money around your super accounts While you can t access your super early (unless one of the scenarios above applies), you can move it between your super accounts (if you have more than one). Don t forget that consolidating all your super together at QSuper has its benefits like ensuring you re not paying duplicate fees (including insurance premiums) which means more to invest for the future. Before you consolidate your super you should check with your other super funds about fees and any loss of insurance or other benefits. If you re employed you can transfer super you have with QSuper to another fund as long as you leave $2,000 in your Accumulation account. If you re a Queensland Government employee you can only transfer funds once in a 12-month period although you can transfer any rollovers you made to QSuper to another fund at any time.

15 15 Fees and other costs Fees and other costs We know the lower we keep our fees, the more you have in your account, which is why we offer some of the lowest fees in Australia and why we don t charge our members any entry or exit fees. As an Accumulation account holder you pay the following fees: You could also pay: Investment fee Administration fee Investment base fee Investment performance fee Insurance premiums Advice fees This covers the costs of managing your super. This covers the costs that relate to the investment of assets for each option. This covers the cost of insurance you have through QSuper. This covers the cost of advice you get from QInvest 1 about your QSuper account. We deduct them from your investment returns 2 We deduct them directly from your account It s important that you have a good understanding of the fees you re charged and how they impact your investment. This section covers everything you need to know about the fees and costs of your account. 1 QInvest Limited (ABN , AFSL and Australian Credit Licence Number ) (QInvest) is ultimately owned by the QSuper Board (ABN ) as trustee for the QSuper Fund (ABN ). QInvest is responsible for the financial services and credit services it provides. 2 Except for Self Invest, see page 20.

16 16 Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30-year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. Your employer may be able to negotiate to pay lower administration fees. Ask the fund or your financial adviser. To find out more If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website ( has a superannuation fee calculator to help you check out different fee options. Our fees Keeping our fees low is important to us which is why we keep an eye on them and regularly review them to make sure this is the case. How our fees work Our management fee is made up of a fixed component (which includes the administration fee that covers the general costs of managing your super) and a variable component (which can t be precisely calculated in advance and includes the investment fee). The QSuper Board has the right to change fees and costs without your consent. But if our fixed fees (which include the administration or advice fees) do increase, we ll get in touch with you to let you know and we ll give you at least 30 days notice. Our website at qsuper.qld.gov.au/fees always has the latest fees information. Our website will show you an estimate of the fees payable, and then when the variable components are confirmed after the end of the financial year, you ll also find them there. Just remember that actual investment fees may be different to the estimated fees. The investment fee and administration fee for all our investment options (except Self Invest) are deducted from the unit price each day, before the unit price is declared. Because Self Invest isn t a unit-based option, fees are deducted a little differently. You can find out how it works for Self Invest by reading the information on page 20. On the following page we explain the fees you could pay for your Accumulation account. These are the only fees we currently charge although this could change in the future. If we do introduce new fees we ll let you know before it happens. This document shows fees and other costs that you may be charged. These fees and other costs may be deducted from your money, from the returns on your investment or from the assets of the superannuation entity as a whole. Other fees, such as activity fees, advice fees for personal advice may also be charged, but these will depend on the nature of the activity or advice chosen by you. Taxes are set out in another part of this document. You should read all the information about fees and other costs because it is important to understand their impact on your investment.

17 17 Fees and other costs Fees for the Lifetime option Type of fee Amount How and when paid Investment fee Outlook Aspire Focus Sustain 0.60% p.a. 0.52% p.a. 0.45% p.a. 0.30% p.a. Fees are deducted each day from the unit price. Administration fee 0.20% p.a. Fees are deducted each day from the unit price. If you pay more than $1,000 in a financial year (totalled across all your Accumulation and Income accounts), we ll refund you any amount over the administration fee cap in July of the following financial year. Buy-sell spread Nil. Nil. Switching fee Nil. Nil. Exit fee Nil. Nil. Advice fees Relating to all members in Lifetime Other fees and costs 1 Insurance premium Death and TPD (Queensland Government) Death and TPD (non- Queensland Government) Income protection (Queensland Government) Income protection (non- Queensland Government) Nil. $1.11 $4.40 per unit, per week. $1.73 $3.44 per unit, per week. 0.37% 2.18% of salary. $0.17 $4.08 per unit, per week. Not applicable. No advice fees are deducted as part of managing your account. If you choose to get advice from QInvest you ll be charged an advice fee of $0 - $2,000. We can deduct a portion of your advice fee from your QSuper account for financial advice you get from QInvest about your QSuper account. See the Accumulation Account Insurance Guide for unit values. Your premiums are deducted from your account monthly in arrears. Your premiums are deducted from your account monthly in arrears. 75% of salary for superannuation purposes + contribution replacement benefit (employer and member contributions paid directly to your Accumulation account). Your premiums are deducted from your account fortnightly after we ve received super contributions from you and your employer. Per unit equal to $1,000 of monthly benefit. Your premiums are deducted monthly from your account in arrears. Indirect cost ratio The indirect cost, to the extent known, has been included in the investment fee. Note: The investment fee and administration fee are deducted daily from the unit price relevant to your investment option or options before the unit price is declared. The investment fee is estimated on 2015/2016 financial year management costs as at the issue date of this document, which may differ from the future fee. QSuper Self Invest fees are calculated differently. Please see the table under the heading Fees for Self Invest for more information. 1 For more information see the Additional explanation of fees and costs section on page 18.

18 18 Fees and costs for Lifetime The investment fees you re charged for your Lifetime account depend on which of the eight Lifetime groups you re placed in. Your age Under 40 Outlook Group Your Lifetime balance is: Outlook Any money invested in Lifetime Aspire Focus 58+ Sustain Aspire 1 Less than $50,000 Aspire 2 $50,000 or more Focus 1 Less than $100,000 Focus 2 From $100,000 to less than $250,000 Focus 3 $250,000 or more Sustain 1 Less than $300,000 Fees Administration fee (%) Estimated investment base fee (%) Estimated investment performance fee (%) Total estimated investment fee (%) Total fee Total fee on account balance of $50,000 $400 $360 $325 $250 Sustain 2 $300,000 or more Example of annual fees and costs for Lifetime This table gives an example of how the fees and costs for the Lifetime option for the Accumulation account can affect your superannuation investment over a 1 year period. You should use this table to compare this superannuation product with other superannuation products. Example Lifetime Outlook Balance of $50,000 Investment fees 0.60% p.a. For every $50,000 you have in Lifetime Outlook, you will be charged $300 each year. PLUS Administration fees of 0.20% p.a. And, you will be charged $100 each year in administration fees. PLUS Indirect costs for Lifetime Outlook Nil And, indirect costs of $0 will be deducted from your investment each year. EQUALS Cost of Lifetime Outlook 0.80% p.a. If your balance was $50,000 then for that year you will be charged fees of $400 for Lifetime Outlook. Notes: Additional fees may apply. The investment fee and administration fee are taken from the unit price of your investment option/s before the unit price is declared. This figure is just to give you an idea about how much you may be charged. It s based on the estimated 2015/2016 financial year management costs that we had at the time of printing, which may be different to what you re actually charged when the time comes. Self Invest fees are calculated differently. Please see the table under the heading Self Invest fees and costs on page 20 for more information. Additional explanation of fees and costs Administration fee This fee covers the general costs of managing your super. Investment fee This fee covers the costs of managing the investment of assets for each option. It s made up of an investment base fee and an investment performance fee (except in Self Invest). Investment base fee this covers the management of assets within each investment option. Investment performance fee this is paid to investment managers when their investment returns are above an agreed return target. We work it out by applying a percentage to the part of the return that s above the agreed target. The estimated investment performance fees are set out in the table above for Lifetime and for all other investment options, are set out in the table opposite entitled Fees for the Ready Made and Your Choice options. 1 This fee is indicative only and is based on the estimated 2015/2016 financial year management costs, which may differ from the actual fee. Given the nature of the investment component, investment fees cannot be precisely calculated in advance and are based on modelled return and fee data. While care is given to ensure projections are reasonable, they are estimates only.

19 19 Fees and other costs Advice fee This is charged for the advice you receive from QInvest. However when you re getting advice about your QSuper account, we contribute to the cost, so you aren t paying for the full cost of the advice. 1 The advice fee may vary depending on the type of advice you want for example the fee for financial advice on your entire financial situation will be very different to advice received on a single topic. Of course, QInvest will let you know upfront how much the advice will cost. A portion of your advice fee can be deducted from your QSuper account. Any portion that can t be deducted from your QSuper account can be paid directly to QInvest. If you want to know more about QInvest s advice fees, visit our website at qsuper.qld.gov.au/advicecosts Insurance premium We deduct a fee from your account to cover the cost of any insurance you have with QSuper. It s important to remember that we can t deduct your insurance premiums from any money you have in Self Invest. For the definitions of these fees please see page 21. Other charges and costs We don t currently charge you an additional fee for: investment switches family law transactions contribution splitting obtaining information about your Accumulation account dishonoured contributions or rollover payments attending a QSuper seminar. The QSuper Board has the right to introduce these fees in the future and if we do, we ll let you know. Administration fee cap We ve taken our commitment to offering competitive fees one step further by capping our administration fee at $1,000 in any financial year across all your Accumulation and Income accounts. This means you ll get a refund of any amount you pay over the cap into your account in July of the following financial year, as long as you still have an account with QSuper at the time of the refund. Any refund for fees related to your Accumulation account will be taxed. If the refund paid to your Accumulation account is 5 per cent or more of the account balance on the day it s paid, it will count towards your concessional contributions cap. Any investment fees you pay for our Lifetime, Ready Made or Your Choice options or any access, cash management and brokerage fees paid in Self Invest aren t included in the cap. Fees for the Ready Made and Your Choice options Option Administration fee (%) 2 Estimated investment fee (%) 2 Estimated total fee (%) Investment base fee Investment performance fee Total investment fee Total fee on account balance of $50,000 Moderate $255 Balanced $385 Socially Responsible $445 Aggressive $405 Cash $130 Diversified Bonds $230 International Shares $135 Australian Shares $135 1 QSuper won t be able to contribute towards the cost of advice when: (i) you have more than two advice appointments in a financial year; (ii) the advice doesn t relate to your QSuper benefit; (iii) you need help implementing your advice or require periodic reviews; or if you have recurring advice needs. 2 The investment fee and administration fee are deducted daily from the unit price relevant to your investment option or options before the unit price is declared. The investment fee is estimated on the 2015/2016 financial year management costs as at the issue date of this document, which may differ from the future fee. Self Invest fees are calculated differently. Please see the table under the heading Fees for Self Invest on page 20 for more information. 3 Performance fees for this option are paid by AMP Capital Investors Limited to their multi-managers as part of their investment fee. More information is available in the AMP Responsible Investment Leaders Fund product disclosure statement, which is available from ampcapital.com.au.

20 20 Self Invest fees and costs Because Self Invest is a direct investment option which lets you choose how your super is invested (from term deposits, exchange traded funds and shares), fees are deducted differently to our other investment options. Administration fee This fee is the same for Self Invest as it is for our other investment options except that the fee is calculated daily and deducted from your transaction account monthly. Investment fee The investment fee has two components: Access fee this gives you access to Self Invest s online facilities so that you can trade and manage your investments, and access reports and market research. The access fee is deducted from your transaction account once a month. Cash management fee this is for the management of cash deposits held in your Self Invest transaction account and is deducted from your transaction account before interest is credited to it. Activity fee Brokerage fee The fee that is deducted from your transaction account every time you buy or sell shares and exchange traded funds (ETFs). No matter if you re buying or selling, every trade incurs a separate fee and if you re performing multiple trades, each trade incurs a fee. Indirect cost ETF management fee We don t charge any fees direct to your account. Instead any investment fees and other expenses are included in the ETF management fees and are deducted from the returns of the ETF investment by the ETF managers. The prices quoted on the ASX are after fees and expenses have been deducted by the ETF managers. Fees for Self Invest Type of fee Amount How and when paid Investment fee Access fee Cash management fee $204 a year pro rata. 0.40% of daily cash balance. This is calculated daily and deducted monthly from your Self Invest transaction account. This is deducted before any interest is paid on your transaction account. Administration fee 0.20% p.a. Fees are calculated daily and deducted from your Self Invest transaction account monthly. If you pay more than $1,000 in a financial year (totalled across all your Accumulation and Income accounts), we ll refund you any amount over the cap in July of the following financial year. Other fees and costs Activity fee Order value Fee per trade Brokerage fee 1 up to $10,000 $19.50 $10,001 - $27,500 $29.50 $27,501+ $29.50 plus 0.11% on amounts over $27,500 Indirect costs This is deducted from your Self Invest transaction account once your orders are successfully completed. ETF management fee For details of the applicable ETF management fees please refer to the Self Invest investment menu available at qsuper.qld.gov.au/ selfinvest-etfs This is deducted from the ETF by the ETF manager before the return is declared. Indirect cost ratio Nil. Not applicable. 1 These rates don t include GST. GST is applied to the brokerage fee and you ll be entitled to a credit of 75% of any of the GST you pay.

21 21 Fees and other costs Defined fees Activity fee An activity fee is a fee that relates to costs incurred by the trustee of a superannuation fund that are directly related to an activity of the trustee that is engaged in at the request, or with the consent, of a member, or that relates to a member and is required by law, and those costs are not otherwise charged as an administration fee, an investment fee, an advice fee or an insurance fee. Administration fee An administration fee is a fee that relates to the administration or operation of the QSuper Fund and includes costs incurred by QSuper that relate to the administration or operation of the QSuper Fund, and are not otherwise charged as an investment fee, an advice fee, an activity fee or an insurance fee. Advice fee An advice fee is a fee that relates directly to costs incurred by QSuper because of the provision of financial product advice to a member by QInvest, and those costs are not otherwise charged as an administration fee, an investment fee, an activity fee or an insurance fee. Buy-sell spread QSuper currently does not charge buy-sell spreads. A buy-sell spread is a fee to recover transaction costs incurred by the trustee of a superannuation fund in relation to the sale and purchase of assets of the superannuation fund. Exit fee QSuper currently does not charge exit fees. An exit fee is a fee to recover the costs of disposing of all or part of members interests in a superannuation fund. Indirect cost ratio The indirect cost ratio, for a MySuper product or an investment option offered by a superannuation fund, is the ratio of the total of the indirect costs for the MySuper product or investment option, to the total average net assets of the superannuation fund attributed to the MySuper product or investment option. A dollar-based fee deducted directly from a member s account is not included in the indirect costs ratio. Investment fee An investment fee is a fee that relates to the investment of the assets of the QSuper Fund and includes fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees), and costs incurred by QSuper that relate to the investment of assets of the QSuper Fund, and are not otherwise charged as an administration fee, an activity fee, an advice fee or an insurance fee. Switching fee QSuper currently does not charge switching fees. A switching fee is a fee to recover the costs of switching all or part of a member s interest in a superannuation fund from one class of beneficial interest in the fund to another.

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