The Palaszczuk Government has paved the way for a financial powerhouse to be established in Queensland, after legislation supporting the merger of QSuper and Sunsuper was passed by Parliament today.
Treasurer and Minister for Trade and Investment Cameron Dick said the passing of the Superannuation (State Public Sector) (Scheme Amendment) Bill 2021 would enable the two super funds to proceed with finalising their merger.
“The merger will establish the headquarters of Australia’s second largest superannuation fund, managing more than $200 billion in assets on behalf of 2 million members right here in Brisbane”
“QSuper and Sunsuper are two equally strong and respected funds with long histories of delivering for their members.
“For more than 100 years, QSuper and its predecessor funds have provided retirement benefits to public sector workers in Queensland, before opening its doors to all Australians in 2017.
“Established in 1987, Sunsuper has grown quickly and is now one of Australia’s leading funds, also open to all Australians.
“Subject to final regulatory and board approvals, this new fund will be a financial powerhouse for Queensland, supporting 2,000 local jobs and reinforcing Queensland as a preferred investment destination.
“New Queensland jobs are also expected to be created in the areas of investment, information technology and customer engagement as the fund grows in the future.”
The Treasurer said the merged fund would be a profit-for-member entity with the sole goal of maximising member returns, continuing the current operations of QSuper and Sunsuper.
“Costs will be distributed across a larger membership base, with the funds indicating that fees will be able to be reduced as a result of the merger,” he said.
“The merger of these funds will build on the successful legacy of both QSuper and Sunsuper and is a great result for their members and for Queensland.”
The Treasurer said the state’s guarantee in respect of QSuper defined benefit members would continue to be enshrined in legislation.
Following completion of final approvals, it is expected the merged entity will commence operation in 2022.