As a member of Qantas Super, you can choose to invest your super in one or a mix of our tailored investment options. Should you choose to change how you invest your super, it may take some time to see these changes reflected on your account.
The timing will depend on whether you are changing the options that apply to your existing account balance, or your future contributions.
Timing for investment option changes to your future contributions
Your new investment options apply to future contributions from the business day after your request is made. You’ll also see a change in your account on this day.
Please note that a request made after 11.30pm is deemed to have been made the next business day.
Timing for a change to your current balance (current investments)
It can take up to two weeks for an investment option change to your current balance to appear in your online account. This is because of the way we calculate and apply the returns for your investment options. Returns for your investment options are applied using a credited interest rate (CIR).
A week, for the purposes of CIRs, runs from a Wednesday to the following Tuesday.
When will my investment option change be effective?
Your new investment options will be effective from the first Wednesday after your request. Please note that a request made after 11.30pm on a Tuesday is deemed to have been made the next business day.
When will I see the change in my account?
While your new options will apply from the first Wednesday after your request, you won’t see the change in your account immediately. This is because there are some things we need to do in the background:
- Calculate the closing balance in your old options – To do this, we need to wait for the CIRs to be applied to your old options
- Transfer your closing balance to your new options
Your changes should be visible online within two weeks of your request, or as per the example below, on the last day of Week 2.
Example: Timing for a change to your investment options
The example below shows the timing of an investment option change request made on a Sunday. The example is for a current balance (current investments) change.
You'll receive confirmation of your investment option change
Once the investment option change for your current balance (current investments) has been processed, we’ll send you a confirmation note via email or post. Your note will include the balance amount that was transferred to your new investment options.
Why are CIRs calculated weekly?
There are many factors to take into account when deciding the frequency of interest rates, and for now, Qantas Super’s policy is for CIRs to be calculated on a weekly basis. We previously did this on a monthly basis before moving to weekly in 2014 to ensure results were more timely, while still maintaining accuracy for our members.
With CIRs being determined weekly, this means that changes to investment options are also done on a weekly basis. That’s because we can’t move the money into your new investment option until we know exactly what your account balance is.
Due to current member feedback we are investigating the option of moving to daily CIRs. This will take some time but if there’s a change, we will let our members know.
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