About QIEC Super
QIEC Super is the superannuation fund established specifically for the benefit of all participants in the non-government education sector, child and other care and community services in Queensland.
The Fund is a "profit for members" fund - after investment taxes and costs are taken out of returns all surplus are returned to members.
If you are considering whether QIEC Super is the right super fund for you, we encourage you to make a direct comparison with any alternative fund you may be looking at. Spending a few minutes making this comparison may help you decide on your best option.
We recommend you download a form to assist you in comparing QIEC Super.
It is important to be fully informed of all the fees and charges that can eat into your savings, the investment performance of the fund and any additional benefits that you may have access to. This way you can be in a position to increase your super. Please feel free to contact us if you have any questions about QIEC Super.
Check out QIEC Super's benefits below:
- QIEC Super is the only Queensland superannuation fund designed for the benefit of employees in the non-government education sector, child and other care and community services in Queensland.
- Choice of investment options
- Solid investment returns and low administration costs
- No charge for making contributions
- Competitive insurance benefits
- Access to competitively priced banking products
QIEC Super is managed by a trustee company, QIEC Super Pty Ltd, A.C.N. 010 897 480. The Trustee company has equal representation from participating employers and employer associations and the employee unions which are party to the Fund.
QIEC Super offers the choice of three investment options:
- Conservative Growth
- Balanced Growth
- High Growth
QIEC Super has low administration costs and has provided solid returns on your account - average 12.39% in the last five years (Balanced Growth option).
QIEC Super has over $500 million in investments and more than 25,000 members.
Low Administration Fees.
The administration fee is used to administer your account and the overall management of the Fund and to provide educational
and communication material to members. The administration fee will generally not exceed the interest credited
to your account in any one year if your account balance is under $1,000. However, taxes and insurance
charges still apply and, in times of low or negative investment returns, a fee of up to $10 per annum may be charged.
You will be notified in advance of any changes to our administration fees.
Fees applicable:
Type of fee or cost |
Amount | How and when this is paid |
|---|---|---|
| Fees when your money moves in or out of the Fund | ||
| Establishment fee: This is a fee to set up your account. | Nil | Not applicable. |
| Contribution fee: This is a fee charged on the initial and subsequent contributions made to the Fund. | Nil | Not applicable. |
| Withdrawal fee: This is a fee charged for each withdrawal made from the Fund. | $50 | Deducted from your benefit at the time of payment. No fee is charged for payments due to death, retirement, permanent incapacity, financial hardship, specified grounds or the ERF. |
| Termination fee: This is a fee for when you finally close your account. | Nil | Not applicable. |
| Management costs | ||
| Operational cost The fees and costs for managing your investment. The amount you pay for specific investment options is shown in the table below. |
$1.50 per week | The fees and costs calculated as a percentage of Fund assets are deducted from the Fund's investment earnings before the interest crediting rate is determined. This comprises management costs of the Fund as well as fees paid to investment managers. The $1.50 per week fee is an administration fee deducted from your account balance. |
| Other Management costs | ||
| Administration | 0.25% of assets from 01/01/08 | This amount is already deducted from investment returns before they are credited to your account. |
| Service Fees | ||
| Investment switching fee Subsequent fee for switching investment options |
Nil $50 |
No fee is charged for your first switch in each financial year. This fee is deducted from your account balance at the time of your second and subsequent switches in the same financial year. |
| Incidental Fees | ||
| Family law fees (on separation and divorce): | ||
| Enquiry fee: This fee is charged to process requests for information from your spouse (in Family Law Act form) - there is no fee charged if you request information. | $110 | This is payable by cheque by your spouse at the time of processing the request for information. |
| Splitting fee: This is the fee charged for splitting an account under the Family Law Act legislation (generally divided equally between you and your spouse). | $100 | This is deducted from your account balance and your spouse's account balance at the time of processing the split. |
| Operational Cost for each Investment option | |
|---|---|
| Investment option | Operational cost p.a.* |
| Conservative Growth | 0.75% |
| Balanced Growth | 0.94% |
| High Growth | 1.01% |
*Operational costs deducted from the Fund's investment earnings before the interest crediting rate is determined.
QIEC Super through Members Equity provides access to home loans, MasterCard, personal loans and saving accounts - all at competitive interest rates.
You can make additional member contributions "free" of charge.
QIEC Super accepts Salary Sacrifice contributions - An arrangement between an employee and employer where a certain amount of the employee's gross salary is paid direct into the employee's superannuation account. This reduces the employee's gross taxable income (therefore reducing the employee's personal income tax payable) as well as enhancing retirement savings. Salary Sacrifice arrangements are recognised by the Taxation Office as employer contributions and therefore taxed at 15% when received by QIEC Super. We recommend that you consult an independent Financial Planner to determine if Salary Sacrifice is a viable option for you.
QIEC Super provides competitive insurance benefits.
QIEC Super has excellent ancillary benefits for members
- Banking through Members Equity Bank, (including home loans, master cards, personal loans and savings accounts).