The start of the new 2017-18 financial year has a special significance at QSuper, which opened its doors to new members as a public offer fund on Saturday July 1.
Membership in QSuper was previously restricted to current and former Queensland Government employees and their spouses but following state legislation changes, which came into effect on July 1, the fund is now open to anyone who would like to join.
Ahead of the change, more than 8000 individuals had registered their interest to join the 100-year-old fund.
QSuper chief executive Michael Pennisi was unavailable to be interviewed on Monday, but a spokesperson for the fund confirmed that some rollovers have already begun trickling in.
While the public offer licence means QSuper can now take new members from around the country, the fund’s strategy is to remain focused on its home state.
Via a media release, Pennisi said that while the new licence was a milestone in QSuper’s long history, the fund remained focused on its current members and their financial wellbeing.
“Our members always come first and this focus has not, and will not, change,” the release stated. “We will continue to provide all of our members the best possible value for money through award-winning products, services [and] advice, and some of Australia’s lowest fees.”
All of QSuper’s operations and staff are based in Queensland, where the fund is a major contributor to the state’s economy. QSuper employs more than 1000 Queenslanders across the state and has investment interests in some big local assets, such as Port of Brisbane, Brisbane Airport and Robina Town Centre.
QSuper recently launched its own insurance business, QInsure, which could prove a drawcard for potential new members. The fund manages a portfolio worth $70 billion on behalf of 560,000 members.
Already one of the top 10 largest super funds in the country, QSuper well placed to attract new members as a public offer fund given its strong track record on investment performance and a number of recent industry accolades, including picking up Large Fund of the Year, and Pension Fund of the Year at the 2017 Conexus Financial Superannuation Awards.