A new Queensland superannuation fund managing more than $200 billion in assets on behalf of two million members will be created through a merger of QSuper and Sunsuper, under legislation introduced into Parliament today.
Treasurer and Minister for Investment, Cameron Dick said the Superannuation (State Public Sector) (Scheme Amendment) Bill 2021 would support the proposed merger, which was brought to the Queensland Government by the boards of both funds, while protecting the existing entitlements and benefits of members.
“The merger of QSuper and Sunsuper will create Australia’s second largest superannuation fund, headquartered right here in Brisbane,” the Treasurer said.
“QSuper and its predecessor funds have been providing retirement benefits to Queensland public sector workers for more than a century.”
Since 2017, QSuper has been open to all Australians.
“Sunsuper was established in 1987 and has grown quickly to become a leading multi-industry fund open to all Australians,” he said.
“This merger will create the second largest superannuation fund in Australia, with its headquarters based in Brisbane, supporting 2,000 Queensland jobs.
“There’ll also be opportunities for new jobs in investment, information technology and customer engagement as the fund grows.”
The Treasurer said the Queensland Government would continue to be represented on the board of the merged fund, with a mix of current QSuper and Sunsuper board members to also remain.
“QSuper defined benefit members will continue to have their State guarantee enshrined in legislation, as Queensland will remain the only state in Australia that has its defined benefit liabilities fully provisioned,” The Treasurer said.
“The Queensland Government will continue ongoing discussions with QSuper and Sunsuper to ensure the merger delivers strong outcomes for members and the Queensland community as a whole.”