Here you’ll find important information about the transfer of your super as part of the proposed sale of Q Catering and Snap Fresh. We’ll continue to update this page as the sale progresses, so please come back from time to time for the latest on your super.
29 October 2018
You may have heard that Qantas is working towards a start date for dnata operations on 1 November 2018. Your current super arrangements with Qantas Super, however, will remain in place for a while longer. In fact, it can take between six and 24 months from the time of the sale to decide whether your super will be transferred to a new super fund.
What happens during this time?
There are a couple of tests we need to complete to be satisfied your super can be transferred to a new super fund.
Test 1: The transfer to the new super fund is in line with our duties to our members, including our duty to act in the best interests of members as a whole; and
Test 2: The rights you receive in the new fund for your super benefits will be equivalent to the rights you have in Qantas Super. This doesn’t mean your rights must be exactly the same, just that as a bundle they’ll be equivalent.
As you’d expect, this assessment is an important and complex activity that cannot be rushed.
For more detail on how the sale will impact your super, please read the letter we issued Q Catering and Snap Fresh employees in June 2018.
21 June 2018
11 May 2018
We’ve held 15 super information sessions at the catering centres since the sale was announced. More than 550 members have attended the sessions, with lots of questions about what the sale means for your super.
If you haven’t been able to attend one of the sessions, here are the top things to know:
We protect your savings
- The trustee of Qantas Super is the guardian of your super savings. We have to act in the best interests of all our members as a whole. We will work through the transfer process on your behalf.
- Nothing will change overnight. This process depends upon the Australian Competition Consumer Commission approving the sale. After that, Qantas Super and the new super fund (as yet unknown) will need to review the superannuation arrangements. This could take 12 to 18 months. Until then, your super savings will stay in Qantas Super.
Ways you can protect yourself
- Keep an eye out for emails and letters from us. We’ll send you information about the changes so be sure to read them.
- Be aware of taking financial advice from people who are not licensed financial advisers. They may not understand the terms of the sale, or the transfer from Qantas Super to another super fund.
Want to learn more about super?
It’s important to understand the importance of super and how the system works. After all, it’s the money you get to enjoy once you retire.
To learn more, take a look a look at some of the Qantas Super Fit modules. You can learn how super works, about defined benefits, topping up your super, investing, protecting your wealth, and life after work.