Important information about your Qantas Super account
Gateway (Income Account Members)
Qantas Super is a not-for-profit fund, which means all our fees go to providing you with the products and services you need to make the most of your super.
This also means we’re always conscious of expenses, and work hard to make sure the fees you pay are good value for money – over the last two years alone, for example, we have lowered admin fees and launched Thrifty, a lower-fee investment option.
At the same time, we’ve also maintained our focus on delivering for you. Leading independent research agency SuperRatings this year awarded our MySuper product a Gold rating for the 11th year in a row, while our Income Account picked up a Platinum rating1. SuperRatings assesses superannuation products across several criteria such as investment performance, fees, insurance, and member servicing.
In addition, all of our investment options provided strong performance over the medium to long term, and ahead of industry medians (except Thrifty which launched in 2021) over the past 3, 5, and 7 years2. While past performance isn’t necessarily a good indicator of future performance, we’re continuing to work hard to deliver strong investment results going forward.
While we’re proud of our products and services, we’re constantly looking to improve. That’s why we wanted to let you know about some important changes to your account.
1The ratings are issued by SuperRatings Pty Ltd ABN 95 100 192 283 AFSL 311880 (SuperRatings). Ratings are general advice only and have been prepared without taking account of your objectives, financial situation or needs and are only one factor to be taken into account when deciding whether to invest in a financial product. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and SuperRatings assumes no obligation to update. SuperRatings uses objective criteria and receives a fee for publishing awards. Visit superratings.com.au for ratings information and to access the full report. © 2022 SuperRatings. All rights reserved.
2Performance for Qantas Super investment options is compared to the industry for each respective risk profile in the SuperRatings Fund Crediting Rate Survey as at 31 March 2023. Past performance is not a reliable indicator of future performance. Before considering whether Qantas Super is right for you, consider the PDS and TMDs.
An update to the fees and costs on your account
Investment-related fees have reduced
Investment-related fees for each of our investment options decreased during the 2022/23 financial year.
These are fees Qantas Super incurs in the management of our investment options, such as investment manager base fees, investment manager performance fees, brokerage, and stamp duty.
Rather than being charged directly to you as a member and deducted from your account like an Administration fee, these investment-related fees are incurred through the management of an investment option, and may take the form of reduced earnings that are passed on to you via credited interest rates.
To comply with regulatory requirements, super funds must use the investment-related fees and costs for the prior financial year in their Product Disclosure Statements (PDS). This helps provide members with an estimate of investment-related fees that may be incurred for the next financial year.
The table shows the investment fees and costs (which include transaction costs and performance fees) for all Qantas Super investment options estimated for the 12 months to 30 June 2023. Our updated PDS, which will be issued on 1 July 2023, will contain additional detail regarding investment fees and costs for the 2022/23 financial year.
For comparison we’ve also provided information for the period to 30 June 2022.
For example, a balance of $50,000 in the Growth option has had a reduction of $110 in investment fees and costs in the 2022/23 financial year compared to the prior year.
You are not charged for switching investment options and there is no buy-sell spread.
Administration fees and costs
Some administration costs are deducted directly from your account as Administration fees, while some are paid from the general Plan assets. For the 12 months to 30 June 2023, the administration costs paid from general Plan assets was 0.03%. Last year, this cost was 0.01% of general Plan assets. This updated figure will be disclosed in the PDS issued 1 July 2023.
We're here to help
If you have any questions about this and what it means for you, you can book a one-on-one appointment with a Super Adviser as part of your membership.