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QIEC Super is an Industry Superannuation Fund, which means that the Fund has low fees, pays no commissions and is run only to profit members. QIEC Super (ABN: 15 549 636 673) is governed by a Trustee company, QIEC Super Pty Ltd (ABN: 81 010 897 480, Corporate Authorised Representative No: 268804 under Australian Financial Services Licence No. 238507).
The Directors who sit on this company and who oversee the operations of the Fund are referred to as the Board of Trustees. The Board, in running the operations of QIEC Super, make all decisions in the best interests of members.
The rules of QIEC Super are set out in the Trust Deed, which addresses:
- who can join and contribute to the Fund;
- the payment of benefits, including insurance (if any);
- the structure of the Trustee Board;
- the investment of Fund assets;
- how member enquiries and complaints will be dealt with;
- admission and termination of employers;
- payment of tax liabilities
Members are able to view a copy of the Trust Deed, upon request.
Board of Trustees
The Board of Trustees of QIEC Super currently consists of eight (8) Directors. The Board of Trustees satisfies 'equal representation' requirements, ensuring that the key stakeholders in the Fund, being employees and employers, have an equal say in decision making.
A detailed list of Directors are contained under the "Director" tab on the website.
- three Directors are nominated by the Queensland Independent Education Union;
- one Director is nominated by United Voice;
- two Directors are nominated by the Australian Community Services Employer Association;
- the other two Directors will be representative of non-state school employers:
- one Director will represent the Catholic Education sector; and
- one Director will represent the Independent Schools sector.
There are also two Alternate member representative Directors and two Alternate employer representative Directors who attend meetings and make decisions if the primary Directors are unavailable.
The Board of Trustees meets at least six (6) times per year to consider the key issues affecting the Fund.
The Board of Trustees has constituted five (5) sub-Committees to assist it in its oversight and management of QIEC Super. Each Committee has a Charter setting out its functions and responsibilities, as well as its accountability to the Trustee Board. The details of these Committees, and their composition, are set out below.
- Composition: Messrs Burke, Fazldeen, Spriggs, Flaherty, Swan and Bicknell sit on this Committee, which is chaired by Mr Burke. The Committee meets at least six (6) times a year.
- Responsibility: This Committee is responsible for reviewing the investment performance of QIEC Super as a whole, as well as the performance of individual fund managers. The Committee meets and interviews individual fund managers from time to time. It also considers advice from its appointed external investment adviser in making recommendations to the Trustee Board as to the Fund's asset allocation, investment policy statement, which investments to acquire or redeem, selection of fund managers, investment of cashflow and in the setting of crediting rates for each investment option.
Audit, Compliance and Risk Management Committee
- Composition: Messrs Flaherty, Seymour, Fazldeen, and Fuller sit on this Committee. Mr Flaherty chairs this Committee. The Committee meets at least four (4) times a year.
- Responsibility: This Committee is responsible for overseeing QIEC Super's compliance with its legislative and compliance obligations, as well as the preparation and audit of the Fund's annual financial statements and tax returns. The Committee has ongoing liaison with the Approved Auditor and also considers reports from its external compliance consultant as well as the Fund's internal auditor.
- Composition: Messrs McGhie, Seymour, Fuller and Ms Ryan and Hunter sit on this Committee. Mr McGhie chairs this Committee. The Committee meets at least four (4) times a year.
- Responsibility: This Committee is responsible for considering the marketing of QIEC Super to existing and prospective members. This Committee reviews all disclosure material, as well as the Fund website and promotional campaigns.
- Composition: Messrs Fazldeen, McGhie, Spriggs and Hardy sit on this Committee. Mr Fazldeen chairs this Committee. The Committee meets as required.
- Responsibility: This Committee is responsible for considering how to distribute death benefits amongst beneficiaries, as well as considering the appropriateness of Total and Permanent Disablement and Income Protection claims that are declined by the insurer. If the Committee disagrees with an insurer's decision to decline a claim, representations are made to the insurer requesting reconsideration of the case.
Strategic Review Committee
- Composition: Messrs Fazldeen, Burke, Flaherty, Hardy, Swan and Ms Ryan sit on this Committee, which is chaired by Mr Fazldeen. The Committee meets as required.
- Responsibility: This Committee is responsible for reviewing the strategic direction of the Fund, including consideration of enhancements to the benefit design (i.e. improved insurance or member investment choice offering for members).
Training of Directors
Due to the complexity of the legislation governing the superannuation industry, the Directors undertake an ongoing training program to ensure that they remain familiar with the latest regulations and industry developments. Directors are required to undertake a minimum amount of training each year, with part of the training requiring formal assessment.
Regulation of QIEC Super
QIEC Super is regulated by the Australian Prudential Regulation Authority (APRA), and is classified as a Registrable Superannuation Entity (RSE) by APRA.
The Trustee company holds an RSE Licence with APRA and is an Authorised Representative under the Australian Financial Services Licence held by Independent Fund Administrators & Advisers Pty Ltd.
As required by APRA, the Trustee Board has in place a Risk Management Strategy (RMS) and a Risk Management Plan (RMP). The RMS outlines the risks and controls in place for the Trustee and the RMP addresses the risks and controls in place for the Fund. These documents are periodically reviewed, in conjunction with the external compliance consultant. Members may request a copy of the RMP.
Conflict of Interest
Each Director is required to disclose any actual or potential conflicts of interest (COI) that they may have.
General Advice Warning
This information provided by QIEC Super is of a general nature, and does not take into account your individual financial situation, objectives or needs. If you require such specific advice, you should contact a licensed financial adviser. You should consider the Product Disclosure Statement before making any decisions in relation to QIEC Super.