Where are you at with your super?

QIEC Super Merger with NGS Super - Employer FAQs

QIEC Super (and its former super funds) have been caring for our members’ retirement needs for nearly 30 years.

QIEC Super considers that it needs to look beyond being a stand-alone fund and in the interests of our members has chosen NGS Super as a merger partner.  NGS is a larger like-minded industry fund specialising in the non-government education sector and community focussed organisations.

You may have many questions as to how the merger between QIEC Super and NGS Super will affect you, so we have developed a number of questions and answers to assist your understanding of the process.

Please review and if you have any further questions please contact us on 1300 360 507 or email on info@qiec.com.au.  Alternatively, you can contact one of our dedicated team of Client Services Managers who are able to visit your workplace.

 

Questions and Answers

QIEC Super is merging with NGS Super.

NGS Super is the leading industry super fund for those working in non-government education, mutual finance and community focused organisations. NGS Super is open to all* and have approximately 98,000 members. They have low fees, award-winning insurance and provide their members with quality education and affordable financial planning advice.

You can find out more about them on their website at: ngssuper.com.au

* NGS Super is a public offer fund meaning that family members and friends are able to join the Fund.

The Trustees of NGS Super and QIEC Super believe that the merger will be in the best interests of the members of both funds.

QIEC Super is a strong and respected superannuation fund in Queensland. As a like-minded fund with aligned values and a similar heritage serving the non-government education and community services sectors, it has a strong cultural fit with NGS Super.

The merger will see Fund assets increase to around $10.3 billion and membership increase to around 125,000.

The larger merged Fund will be well positioned to offer members improved products and services at sustainably low Industry Super fund fee levels.

This merger is a positive and exciting step for members. The larger merged Fund will have a stronger presence in the superannuation industry with greater bargaining power with service providers, and we expect to gain benefits from the merger that will underpin new products and services we can offer members in future.

The merger will take effect in May 2019, subject to the successful completion of comprehensive due diligence and risk assessment being undertaken by both parties.

NGS Super will be the “Successor Fund” therefore it is expected that QIEC Super members will automatically transfer to a new QIEC division in NGS Super.

QIEC Super Employer records will also automatically transfer to NGS Super at the merger date.

We are currently investigating the options for Employers of QIEC Super regarding the Clearing House and will provide details closer to the merge date.

We will be in contact with you closer to the merger date with details on any changes to the USI* (Unique Superannuation Identifier) and with other details to assist you and your employees with the merger. We will also set up a forum to assist Employers with any queries.

*The USI is used in SuperStream to identify a superannuation Fund and/or product.

QIEC Super employers can continue to contact the QIEC Super Client Services Managers.

NGS Super and QIEC Super are currently working through the staffing impacts of the merger. We understand the value of personal relationships and will ensure you continue to receive the personalised and high level of service you rightfully expect from the Fund.

No. There is no need to change your Default super fund from your current arrangement, whether it is QIEC Super or NGS Super.

There are some aspects of the merger still to be finalised. We will provide further updates in due course, so you are aware and familiar with any changes that may occur.

Yes. Employers can continue to use the QIEC Super Employer Online functionality until the time of the merger. We will provide further updates in due course as to how you can pay contributions from the merger date.

The Fund will communicate directly with members.  This process has already commenced.

There will be only one MySuper product.  We will provide you with copies of the new PDS for new employees closer to the merger date.

Members and employers will receive targeted communications.  We will also provide updates via our website. The FAQs will be updated during the merger process, therefore in order to stay up-to-date, please review this web page periodically.

We will also issue newsletters at key points throughout the merger.