If you received a letter from Qantas Super letting you know that there was an error with the calculation of your super benefit and your accrued benefit at 30 June 2022 has been overstated, you must make a choice regarding whether you would like your benefit to be corrected.
This is because your employer has chosen not to correct your accrued benefit at 30 June 2022 to reflect your corrected Superannuation Salaries and working status in this instance. However, we must receive your consent not to correct your benefit. This is because, under the rules of Qantas Super’s Trust Deed, we cannot increase your compulsory member contributions without your permission, even if it could result in you receiving an extra super benefit.
If we do not receive your consent, we must correct your benefit. You must let us know your choice by 15 July 2023.
Option 1: Elect not to correct your accrued benefit to 30 June 2022
If you choose this option, your benefit will not be adjusted to reflect your corrected Superannuation Salaries and working status as shown in the table in the letter you received from us. If you choose this option, you will not be entitled to a refund of your overpaid compulsory member contributions as they must stay invested in Qantas Super to support the corresponding increase in your benefit.
Option 2: Elect to correct your accrued benefit to 30 June 2022
If you choose this option, we will adjust the discrepancy in your total super benefit to reflect your corrected Superannuation Salaries and working status. This means that your benefit to 30 June 2022 will be adjusted to what it should have been as shown in the table in the letter you received from us.
We will also transfer the amount by which your compulsory member contributions were overpaid to your Voluntary Account. In this account, your contributions will be invested according to the options you have chosen for your accumulation accounts, if any. If you have not previously made a choice, they will be invested in the Growth option.