Legislation supporting the merger of QSuper and Sunsuper has passed through Parliament.
Treasurer, Cameron Dick (pictured) said the Superannuation (State Public Sector) (Scheme Amendment) Bill 2021 would enable the two super funds to proceed with finalising their merger.
“The merger will establish the headquarters of Australia’s second-largest superannuation fund, managing more than $200 billion in assets on behalf of two million members, right here in Brisbane,” Mr Dick said.
“QSuper and Sunsuper are two equally strong and respected funds,” he said.
“For more than 100 years, QSuper and its predecessor funds have provided retirement benefits to public sector workers in Queensland, before opening its doors to all Australians in 2017.
“Established in 1987, Sunsuper has grown quickly and is now one of Australia’s leading funds, also open to all Australians.”
Mr Dick said subject to final regulatory and board approvals, the new fund would be a financial powerhouse for Queensland.
He said new jobs would be created in the areas of investment, information technology and customer engagement.
The Treasurer said the merged fund would be a profit-for-member entity with the sole goal of maximising member returns – continuing the operations of QSuper and Sunsuper.
“Costs will be distributed across a larger membership base, with the funds indicating that fees will be able to be reduced as a result of the merger,” he said.
The Treasurer said the State’s guarantee in respect of QSuper defined benefit members would continue to be enshrined in legislation.
It is expected the merged entity will begin operations in 2022.
