Where are you at with your super?

Retirement Bonus

Get your retirement off to a cracking start with QIEC Super’s Retirement Bonus

QIEC Super is giving back more to its members and now pays a Retirement Bonus to all eligible members who open a Retirement Income Account. The Retirement Bonus is a refund of investment earnings previously withheld from your account for capital gains tax on unrealised gains, which is no longer payable by the Fund when you commence a Retirement Income Account.

You are eligible to receive the Retirement Bonus if you:

  • Commence a new Retirement Income Account or you switch from a Transition to Retirement Account to a Retirement Income Account from 1 November 2017; and
  • Have been a member of QIEC Super for at least 12 continuous months; and
  • Have not previously had a Retirement Income Account with QIEC Super; and
  • Have not previously received a QIEC Super Retirement Bonus.

The amount of the Bonus you will receive depends on the Retirement Bonus rate, as well as the purchase price of your Retirement Income Account, or your Retirement Income Account balance if you are switching from a Transition to Retirement Account. You may also be eligible for a loyalty bonus. The Retirement Bonus rate is determined by the Fund annually, but can be updated at any time during the year, depending on circumstances.

If you are commencing a new Retirement Income Account, your Retirement Bonus amount will be determined by multiplying your Retirement Income Account purchase price by the Retirement Bonus rate.

If you are switching from a Transition to Retirement Account to a Retirement Income Account, your Retirement Bonus amount will be determined by multiplying your Retirement Income Account balance by the Retirement Bonus Rate.

To reward members who have been with QIEC Super for a period of 5 or more years, we will boost your Retirement Bonus by paying you an additional 10% of your calculated Retirement Bonus. The loyalty bonus will be paid at the same time as your Retirement Bonus.

Retirement Bonuses are paid on the commencement date of your Retirement Income Account or the date that you switch from a Transition to Retirement Account to a Retirement Income Account. The Retirement Bonus rate is currently 1.27%.

The bonus will be paid into your Retirement Income Account, and will be visible on Member Online and any future statements you receive.

 

In the below examples, the Retirement Bonus rate is 1.27%.

Example 1

Mike has been a member of QIEC Super for 7 years, on 01/02/2018 he commences a Retirement Income Account with a purchase price of $200,000.00. Mike’s Retirement Bonus will be $2,540.00. Mike will also receive the Loyalty Bonus of $254.00.

Example 2

Mary has a QIEC Super Transition to Retirement Account and has been a member of the Fund for 2 years. On 3 February, Mary turns 65 and her Transition to Retirement Account balance of $175,000.00 is switched to a Retirement Income Account. Mary’s Retirement Bonus will be $2,222.50. She is not eligible for the Loyalty Bonus.


The Retirement Bonus is considered by the Fund to be a refund of investment earnings and is not considered to be a concessional contribution. Therefore, receipt of the Retirement Bonus is not expected to impact your concessional contribution cap position. QIEC Super is consulting with the Australian Taxation Office to confirm this, and if there is any change, QIEC Super will advise you in writing at the earliest opportunity.