New laws have been passed to support the merger of superannuation funds QSuper and Sunsuper, making the joint venture the second largest superannuation fund in the country.
Treasurer and Minister for Investment, Cameron Dick said the Superannuation (State Public Sector) (Scheme Amendment) Bill 2021 would support the proposed merger.
Mr Dick said the plan for a merger was brought to the Government by the boards of both funds, while protecting the existing entitlements and benefits of members.
“QSuper and its predecessor funds have been providing retirement benefits to Queensland public sector workers for more than a century and, since 2017, has been open to all Australians,” Mr Dick said.
“Sunsuper was established in 1987 and has grown quickly to become a leading multi-industry fund open to all Australians.”
He said there would be opportunities for new jobs in investment, information technology and customer engagement as the fund grew.
The Treasurer said the 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,” he said.
“The Government will continue discussions with QSuper and Sunsuper to ensure the merger delivers strong outcomes for members and the Queensland community as a whole,” Mr Dick said.