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Each year we are required to assess our performance, and based on that assessment, make an annual determination that we are promoting the financial interests of our members. A separate determination needs to be made for each product we offer.

We offer these products to members:

  • A lifecycle MySuper product, called Glidepath
  • A choice product with six investment options (Cash, Conservative, Balanced, Growth, Thrifty, Aggressive) that come in super and income account versions
  • Several defined benefit divisions that are closed to new entrants

In relation to our defined benefit divisions, we undertake a comprehensive Actuarial Review every three years and the latest report is available here.

This publication covers our lifecycle MySuper Glidepath product, which has an automated investment strategy that adjusts your growth and risk profile over time.

Assessing our performance

In relation to our MySuper Glidepath product we have established several objectives and outcomes we aim to achieve for members that relate to Qantas Super’s:

  • Investment strategy and level of investment risk and return
  • Insurance strategy and fees
  • Fees and costs that affect the member returns
  • Options, benefits and facilities offered to members
  • Overall size and scale

We have assessed our performance against these objectives and outcomes for the year ending 30 June 2022. A summary of the assessment in each of these areas is set out in more detail below.


The investment-related outcomes assessment considers Qantas Super’s investment strategies and compares the risk and returns achieved by each investment option to comparable products in the industry.

MySuper Glidepath investment strategy

On a forward-looking basis the investment strategies for each stage of our MySuper Glidepath investment option are consistent with their risk and return objectives. As at 30 June 2022 all investment stages have a forward‑looking probability of 54-58% of meeting their stated return objectives over their recommended investment timeframes.

MySuper Glidepath risk and returns

We’ve assessed each stage of our MySuper Glidepath investment option separately. We have taken this approach so that each stage of the Glidepath can be more easily compared to other MySuper products. The outcomes and metrics on which we based this assessment are largely prescribed by the Australian Prudential Regulation Authority (APRA), and we use comparison data sourced from APRA and SuperRatings.

Investment returns

Our lifecycle MySuper Glidepath product was launched on 1 October 2015, and the performance of each investment stage over the past three and five years, after investment management fees, after investment performance fees, after administration fees, and net of tax (assuming a $50k balance), are shown in the charts below. Our MySuper Glidepath members received excellent, and in most cases first quartile, investment returns compared to other MySuper products over these periods.

3 year returns

Past performance is not a guarantee of future performance.

5 year returns

Past performance is not a guarantee of future performance.

As at 30 June 2022, the Government’s annual performance test applied only to MySuper products and was measured over an eight year assessment period. Our MySuper Glidepath product passed this test.

Level of investment risk

Investment risk can be assessed by reference to the standard deviation of returns, where a lower standard deviation means less volatility of returns. We observed that Glidepath has had similar standard deviations of returns compared to the median standard deviations of other comparable superannuation products.

Past performance is not a guarantee of future performance.

The level of investment risk was also assessed by estimating for each Glidepath investment stage, the probability of experiencing a negative return over the next 20 years. Consistent with the standard deviation assessment, it was observed that the level of investment risk for Glidepath is comparable to other superannuation products within the industry.

Risk adjusted returns

Sharpe ratios are used to understand the return of an investment in relation to its risk, or in other words, an investment option’s risk-adjusted return. Generally, the greater the value of the Sharpe ratio, the more attractive the risk-adjusted return. All investment stages of Glidepath had Sharpe ratios that ranked in the first quartile relative to peers.

Past performance is not a guarantee of future performance.


Due to the structure of Qantas Super’s insurance policies, this section covers the assessment of the MySuper Glidepath product and choice product. For the assessment of the default insurance we offer members as at 30 June 2022 we have:

  • Considered whether the premiums paid inappropriately erode retirement benefits
  • Compared the premiums payable to comparable products in the industry
  • Reviewed the claims ratio, which provides an indication of whether the premiums are too high relative to the actual claims experience

The results for these objectives are mixed.  The cost of Qantas Super providing insurance reflects the significant proportion of the membership that have high risk occupations.  In addition, the global COVID-19 pandemic and the resulting standing down of most of our active membership, led to a significant increase in premium rates for Total and Permanent Disablement (TPD) and Income Protection (IP) cover from 1 August 2020. However, these outcomes should be balanced by the difficulty our high risk members would have in obtaining TPD and IP cover outside the Plan at reasonable rates, or at all.

In FY2021/22, the Trustee undertook an extensive review of Qantas Super’s default insurance arrangements with a focus on reducing the erosion of members’ superannuation benefits through insurance premiums. This was achieved by reducing the levels of default Death and TPD cover provided to members, which in turn reduced the average aggregate cost of default cover for Death, TPD, and IP to approximately 1.5% of salary. These changes took effect on 1 July 2022 and have shown some improvement in the insurance outcomes metrics.

In addition, Qantas Super’s insurer MetLife is proposing material reductions to the premiums for TPD and IP as the COVID-19 loadings included in the premium rates are reduced. The lower premium rates are expected to be implemented from 1 July 2023.

Premiums do not inappropriately erode members' retirement benefits

As at 30 June 2022, 73% of members have annual death, TPD and IP insurance premiums at or below 1.5% of their salary, which is slightly below the target we set.

Premiums compared to similar products in the industry

Across our Plan as a whole, we observed that:

  • 81% of our members have Death insurance premiums at or below the median premium payable for other funds that provide death insurance
  • 13% of our members have TPD insurance premiums at or below the median premium payable for other funds that provide total and permanent disablement insurance
  • 44% of our members have IP premiums at or below the median premium payable for other funds that provide income protection insurance

Claims ratio experience

The claims ratio is the percentage of insurance premiums paid out in insurance claims. For example, an 80% claims ratio means that for every $1 of premium members have paid for insurance cover, the Plan has paid 80 cents back to members in claims. In relation to our MySuper Glidepath and choice members, we observed the following three year average claims ratios:

  • Death cover was 105%, which is above the expected range of 75% to 90%
  • TPD cover was 106%, which is above the expected range of 75% to 90%
  • IP cover was 46%, which is below the expected range of 65% to 80%

The actual claims experience described above is a key input into the insurance premium changes effective 1 July 2022 and 1 July 2023.

Fees and costs

The assessment of fees and costs considers the allocation of costs across the membership and compares our investment management fees, investment performance fees and administration fees to comparable products in the industry.

Based on the results of the assessment, we concluded that there is a fair and reasonable allocation of costs between products, divisions within Qantas Super, and the different types of members. As a not-for-profit fund, our fees are set at a level to recover these costs.

MySuper Glidepath product fees and costs

We’ve assessed each stage of our MySuper Glidepath investment option separately. We have taken this approach so that each stage can be more easily compared to other MySuper products. The outcomes and metrics on which we based this assessment are largely prescribed by APRA and we are required to use APRA comparison data.

Fees (i.e. which includes investment management fees, investment performance fees and administration fees), for Glidepath are shown below as a percentage of balance for a member with a $50,000 balance (as required by APRA). In general, Qantas Super targets being good value for money for members.

At 30 June 2022, Qantas Super’s total fees for MySuper Glidepath were significantly higher than the median fees of comparable products in the industry. In the FY2020/21 Member outcomes assessment, our MySuper Glidepath total fees were only modestly higher than those of other MySuper products.

The change from FY2020/21 to FY2021/22 is a direct result of the excellent investment performance achieved during FY2021/22, which in turn led to an increase in investment performance fees attributed to our external investment managers. It is important to note that the excellent investment returns shown previously in this FY2021/22 Member outcomes assessment are after investment management fees, investment performance fees, administration fees have been deducted, and are also net of tax.

In addition, Qantas Super’s investment fees reflect our long term, well diversified investment strategy, which includes allocations to various alternative sub-asset classes. While the investments within these alternative sub-asset classes have enhanced the return and risk profile of our investment options, they are also more expensive than traditional asset classes.

Options, benefits and facilities

The options, benefits and facilities assessment considers whether our overall product and service offering is appropriate for our members. For this assessment we have considered the rating given to us by SuperRatings and the feedback that we have received from you, our members.

We maintained our SuperRatings “Gold” ratings over the course of the year, while reducing administration fees and launching a new member care triage service as a result of listening to direct feedback from our members.

In our June 2022 member survey, overall satisfaction among members was 7.9 out of 10, which was consistent with the result in the previous year. During FY2021/22 members also gave an average rating of 4.5 out of 5 when asked to rate their experience following interactions with our website, call centre, advice team and member care team. A rating of ‘1’ indicates a ‘poor’ experience and a rating of ‘5’ indicates an ‘excellent’ experience. These are positive results given the challenging year the aviation industry and our members experienced during FY2021/22.

Taken together, the SuperRatings assessment and member feedback indicates that overall we are providing appropriate options, benefits and facilities to our members.

The rating is 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. 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 for ratings information and to access the full report. © 2022 SuperRatings. All rights reserved.

Overall size and scale

Overall, based on the outcomes calculated as at 30 June 2022, members are not disadvantaged because of the scale of, and within, the Trustee’s business operations.

We are able to design a MySuper Glidepath product specific to the characteristics of our members. The MySuper product we offer our members in general is competitive in terms of investments, insurance and fees against other comparable products.

Where Qantas Super’s MySuper Glidepath product hasn’t compared as well, the reasons are known, steps are being taken to improve the outcome for members and the issue did not directly relate to scale.

Further, the outcomes relating to benefits, options, and facilities generally demonstrate that members are satisfied that Qantas Super’s MySuper offering meets their needs, and their experience when interacting with the fund is positive.

Determination for the period ending 30 June 2022

MySuper Glidepath product determination

  • The financial interests of members are being promoted by the Trustee
  • The scale of the Trustee’s business operations is not disadvantaging members
  • The MySuper product’s operating costs are not inappropriately affecting the financial interests of members
  • The basis for the setting of fees is appropriate for members
  • The options, benefits and facilities offered are appropriate for members
  • The investment strategy, including the level of investment risk and return target, is appropriate for members
  • The insurance strategy is appropriate for members
  • The insurance fees charged do not inappropriately erode the retirement incomes of members
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