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Exemplary governance is one of the core foundations of our business strategy.

This regulates everything we do, including how objectives are set and achieved, how risk is monitored and assessed and how performance is optimised.

Significant and material change notices

  • 2019

    August (Gateway super accounts and Divisions 3A, 6, 7, and 10)

    • Significant event notice:
      • Lower fees
        • Fees capped on low-balance accounts
        • Exit fee scrapped
      • Changes to insurance
        • Premiums for income protection cover reduced
        • Insurance will be cancelled for inactive accounts
        • Continuing insurance cover while on unpaid parental leave and leave of absence
      • Some older members to be exempt from the ‘work test’
      • Inactive low-balance accounts to be transferred to the ATO

    August (Gateway income accounts and Divisions 1, 2, 3, 5, and 15)

    • Significant event notice:
      • Lower fees
        • Fees capped on low-balance accounts
        • Exit fee scrapped
      • Some older members to be exempt from the ‘work test’
      • Inactive low-balance accounts to be transferred to the ATO
  • 2018

    September-October (Divisions 6, 7 and Gateway)

    • Significant Event Notice: Reduction in administration fee from 1 October 2018

    August-September (all members)

    • Removal of term deposit option

    June (all members)

    • Introduction of Insurance in Superannuation Code of Practice

    March (all members)

    • Change to Cash investment option
    • Quitting investment in tobacco
  • 2017

    December (all members)

    • Annual Report 2017

    September (Gateway Division)

    • Significant Event Notice:
      • You’ll be covered by automatic income protection
      • Some conditions or definitions have changed

    September (Divisions 3A, Gateway)

    • Significant Event Notice: Important updates to your insurance. Some conditions or definitions have changed

    September (Division 10)

    • Significant Event Notice: Important updates to your insurance
      • You’ll be covered by automatic income protection
      • You can opt out of your Standard Cover
      • The way your insurance cover is calculated is changing
      • Some conditions or definitions have changed

    September (Division 7: Network Aviation)

    • Significant Event Notice: Important updates to your insurance
      • You can opt out of your Standard Cover
      • The way your insurance cover is calculated is changing
      • Some conditions or definitions have changed

    September (Division 7)

    • Significant Event Notice: Important updates to your insurance
      • You’ll be covered by automatic income protection
      • You can opt out of your Standard Cover
      • The way your insurance cover is calculated is changing
      • Some conditions or definitions have changed

    September (Division 6)

    • Significant Event Notice: Important updates to your insurance
      • You can opt out of your Standard Cover
      • The way your insurance cover is calculated is changing
      • Some conditions or definitions have changed

    September (Division 5)

    • Significant Event Notice: Important updates to your insurance
      • You can opt out of your Standard Cover
      • The way your insurance cover is calculated is changing
      • Some conditions or definitions have changed

    September (Divisions 1, 2, 3, 3AN, 4, 12, 15)

    • Significant Event Notice: Important updates to your insurance
      • Some conditions or definitions have changed
  • 2016

    December (all members)

    • Proposed super reforms are now law
    • Pension payments – changes to assets test from 1 Jan 2017

    October (all members)

    • Annual Report 2016
    • Super Update
    • Significant Event Notice:
      • Changing the way we keep in touch
      • Changes to rules for automatic transfer out of Qantas Super
      • Aligning waiting periods for income protection cover
      • Change to terminal illness definition

    May (Remaining members in Divisions 3A, 6, 7, and 10, with accrued default amounts)

    • Final opportunity for members with accrued default amounts to opt out of automatic transfer to Gateway
  • 2015

    December (all members)

    • Annual Report 2015
    • Super Update – Our new retirement calculator; introducing new CEO, estate planning; a reminder about tax implications on making withdrawals from super; Super 101; Q&As: Terminal illness benefit

    December (Division 15)

    • Division 15 Q&A

    September (all members)

    • Super Update – Upcoming changes; Best Doctors feature; new retirement solution; changes to pensions in Federal Budget 2015-2016; change to QROPs requirements; 12 month portability rule for Gateway; Qantas Super CEO to retire; member-elected Group C Director reappointed; insurance through your super
    • Investment Updates – Introducing Glidepath; choose a mix of investment options; simplifying names of investment options; strategic investment review outcomes (change of terminology for asset classes); managing our currency exposure; changes to investment objectives, time horizons and growth/defensive splits
    • Insurance Updates – New features for Voluntary Cover in Gateway; reminder to Division 8 members to make their choice; life events feature; change to terminal illness legislation; eligibility for income protection (Gateway); clarification of eligibility for $750,000 Voluntary Cover; total and permanent disablement definitions; new insurance features for Division 15 members

    August (Default members in Divisions 3A, 5, 6, 7, 10, and Gateway)

    • Default members to be automatically invested in Glidepath, Qantas Super’s new default investment option

    August (Division 9 and 14)

    • Retirement and transition to retirement accounts will automatically become Income Accounts in Gateway

    July (all members)

    • Managing our currency exposure
    • UK pension fund requirements changing

    May (Division 7)

    • Administration fee increase
    • Increase in cost of any Voluntary Cover
    • Timing of deductions

    May (Division 6)

    • Administration fee increase
    • Increase in cost of Standard Cover for income protection and any Voluntary Cover
    • Timing of deductions

    May (Gateway Division)

    • Increase in administration fees
    • Increase in cost of Basic Cover for income protection and any Voluntary Cover
    • Timing of deductions

    May (Division 8)

    • Transfer from Division 8 to Gateway

    May (all members)

    • Gateway as the new retained benefits offer for all members
    • Administration fee increases
    • Increases in premiums for income protection and Voluntary Cover
    • Timing of deductions
    • Important changes from 1 July 2015
  • 2014

    December (Divisions 1, 2, 3)

    • Changing the way defined benefit assets are invested

    November (Division 15 AaE)

    • Transfer from APSS to Qantas Super

    September (Divisions 6, 7, 8, 9, 14 and Gateway)

    • Administration fee rebate

    September (all members)

    • Abolition of the Low Income Superannuation Contribution and rephrasing of the Superannuation Guarantee

    August (Certain members in Divisions 1, 2 and all members in Divisions 4 and 12)

    • Introduction of member investment choice

    July (all members)

    • Increase in Medicare Levy
    • Dropping the APRA levy for 2014/2015
    • Weekly Credited Interest Rates
    • New superannuation rates and thresholds for 2014/2015

    July (Divisions where member investment choice applies)

    • Weekly investment switching

    July (Divisions 1, 2, 3 and 12)

    • Important changes to insurance for Defined Benefit divisions

    April (all members)

    • Update to our Privacy Policy
    • Completion of transition to new administrator

    March (all members)

    • Launch of financial advice offer
    • Change to distribution of death benefits for binding nominations

    March (Divisions 7, 8, 9, 10, 14 and Gateway)

    • New product disclosure statements

    March (Division 8)

    • Removal of minimum withdrawal amount
    • Removal of maximum number of withdrawals per year

    February (all members)

    • Change in administrator – limited services period has ended. New PIN to be issued

    January (Gateway Essentials Division)

    • Fee caps for Gateway Essentials

    January (all members)

    • Change in the administration of the voluntary insurance tax deduction

     

  • 2013

    December (all members)

    • Information about our new administrator, including new contact details
    • Updated Financial Services Guide
    • Limited service period as we change administrator
    • New requirements for handling complaints
    • New time limits for lodging an SCT complaint for decisions made by Trustee from 1/7/2013

    December (members in Divisions 6 and 7 with accrued default amounts)

    • Future of your super

    November (Divisions 3A, 5, 6, 7 and 10)

    • Final notice about accrued fault account transfer

    October (Division 11)

    • Division 11 closing with members being transferred to Gateway

    October (Division 8)

    • Fee changes

    September (all members)

    • Appointment of new administrator
    • Accepting transfers to Kiwisaver

    September (members in Divisions 3A, 5, 6, 7 and 10 with accrued default amounts)

    • Future of your super

    July (all members)

    • Launch of Best Doctors service
    • Funding a new operational risk reserve
    • Changes to Superannuation Guarantee contributions
    • Additional Funding Plan update (relevant to DB members)
    • Launch of Gateway division
    • Introduction of Operational Risk Reserve (deduction from credited rates)
    • Removal of Member Protection for small accounts

    July (Divisions 6, 7 and 8)

    • Administration fee

    July (Divisions 3A, 5, 6, 7 and 10)

    • New insurer
    • Exclusion for pre-existing medical conditions removed
    • New conditions and features
    • New definitions for disablement benefits and TPD
    • Insurance premiums

    July (all members except those in Gateway Division)

    • Change to strategic asset allocation for Aggressive option

    July (Gateway Division)

    • Stamp duty payable on income protection premiums

    July (Divisions 5 and 6)

    • Stamp duty payable on temporary disability premiums

    July (Division 8)

    • Exit fee
  • 2012

    December (Divisions 5, 6, 7, 8 and 10)

    • Introduction of term deposit option

    October (all members)

    • Interim credited interest rates determined weekly (previously monthly)

    July (all members) 

    • Reduction of higher tax concession for contributions of very high income earners
    • Reduction in Federal Government co-contribution
    • Government contribution for low income earners confirmed
    • Introduction of BPAY option
    • More flexibility for members with additional voluntary insurance cover
    • Interim credited interest rates determined weekly (previously monthly)

    July (Divisions 9 and 14)

    • Pension draw down relief continues in 2012/2013

Insurance in Superannuation Voluntary Code of Practice

  • Our progress in adopting the Insurance in Super Voluntary Code of Practice (October 2019)

    In December 2018 we let you know our plan for adopting the Insurance in Superannuation Voluntary Code of Practice.

    Focused on core principles including transparency, fairness, respect, and honesty, the Code was developed by the superannuation industry to improve the insurance offered to super fund members, and to help members better understand the insured benefits they have.

    The Code came into effect on 1 July 2018, and super funds who choose to adopt the Code have until 30 June 2021 to become compliant with it.

    We already comply with large parts of the Code; below is a summary of our progress to date:

    What has Qantas Super implemented so far?

    We’ve implemented everything we had in our transition plan to complete by 30 June 2019.

    We’ve worked with our insurer and administrator to introduce:

    • Additional options to make it easier for you to reduce, cancel and change your insurance cover. You can now change your cover over the phone or through our website;
    • A refund of your premiums, if you cancel your insurance within 14 days of being notified that you’ve received automatic cover;
    • A new process to ask permission to check if you already have cover with another super fund when you join Qantas Super; and
    • Shorter timeframes when responding to insurance-related enquiries and complaints, and shorter timeframes when assessing claims.

    Our goal for the rest of this financial year is to implement the rest of our transition plan. By 30 June 2020, we will:

    • Comply with new requirements to communicate your insurance benefits to you, to make it easier for you to understand the benefits that you have; and
    • Monitor our compliance with the Code, and report this back to you in the annual Code compliance report published on our website.

    Code requirement to consider younger members

    The Code states that consideration must be given to appropriate levels of cover and premiums for younger members.

    We had advised in our transition plan that we would be unable to comply with this requirement, because our premium rates for income protection cover did not vary by age.

    We are pleased to report that, since then, we’ve worked with our insurer to reduce premiums for income protection cover for our younger members. From 1 July 2019, members aged below 45 will receive a reduction in their premiums.

    This change means that we now comply with the Code requirement.

    Important notes

    The statements above reflect the current transition plan that is based on our expectations at the date of publishing. These expectations are entirely subject to change as we proceed through the transition process. You will be kept informed of our progress in implementing the Code.

    The current benefits to which members are entitled are as set out in the Trust Deed and Rules and relevant member disclosure documents. Legislative provisions also provide protection to members for insurance benefits. The Code does not override these provisions.

  • Our plan for transitioning to new insurance code of practice (December 2018)

    The Insurance in Superannuation Voluntary Code of Practice came into effect on 1 July 2018. The Code has been developed by the superannuation industry to improve the insurance offered to you as a super fund member and to help you to better understand the insured benefits you have. For these reasons we are supportive of the Code and have started to implement it. Super funds who adopt the Code have until 30 June 2021 to become compliant with it.

    When will Qantas Super comply with the Code?

    We already comply with large parts of the Code, which includes providing a straight forward claims experience if you need to make a claim. We are currently working with our insurer and administrator to make the necessary adjustments to comply with other Code requirements. Our expected timing for the adoption of key sections of the Code is:

    By 30 June 2019:

    • we will provide additional options on how to cancel, reduce or change your cover if you wish;
    • we will ask your permission to help you work out if you have any other insurance cover in another super fund;
    • we will comply with the requirements to allow the reinstatement of cover if you ask us to do so within a specific period of being cancelled; and
    • we will comply with new timeframes to respond to you if you have an enquiry or wish to make a complaint.

    By 30 June 2020:

    • we will comply with new requirements to communicate your insurance benefits to you, to make it easier for you to understand the benefits that you have; and
    • we will monitor our compliance with the Code and report to you in the annual Code compliance report published on our website.

    As the Code is voluntary, we will adopt the parts of the Code that we believe are in our members’ best interests. Below is a summary of two aspects that we will not adopt in full:

    1. Code requirement that premiums are less than 1% of salary

    In some divisions the average cost of automatic insurance cover, over a working lifetime, is more than 1% of salary. We are mindful that insurance premiums which are deducted from members’ accounts reduce super benefits, however we believe this remains appropriate as:

    • unlike many other superannuation funds, we provide automatic cover for income protection, as well as death and total and permanent disablement (TPD),
    • a significant proportion of our members would find it difficult to obtain TPD and income protection cover outside of Qantas Super at reasonable rates, due to the high risk nature of their occupations; and
    • the insurance benefits that you automatically receive are tailored to you based on your salary, and set at a level to adequately protect your family and your lifestyle, at a reasonable cost.

    2. Code requirement to consider younger members

    The Code states that consideration must be given to appropriate levels of cover and premiums for younger members.

    Historically the premium rates for income protection have not varied by age. We recently reviewed this practice and confirmed that it was preferable for our members to have fixed premium rates for all ages to avoid the very sharp increase in premium rates that would otherwise occur at older ages. We will continue to review our premium rates.

    Important notes

    The statements above reflect the current transition plan that is based on our expectations at the date of publishing. These expectations are entirely subject to change as we proceed through the transition process. You will be kept informed of our progress in implementing the Code.

    The current benefits to which members are entitled are as set out in the Trust Deed and Rules and relevant member disclosure documents. Legislative provisions also provide protection to members for insurance benefits. The Code does not override these provisions.

    Read more about the Code.

  • Protecting you. Protecting your super. (June 2018)

    On 1 July 2018, the Insurance in Superannuation Voluntary Code of Practice comes into effect.

    What is the code?
    The code was developed by the industry for two key reasons:

    • to improve the insurance offered to super fund members; and
    • to help members better understand the insured benefits they have in super.

    What’s Qantas Super’s position on the code?
    We know that, for many Qantas Super members, the insurance benefits provided as part of your super are important. We believe the code is generally aligned to the interests of members. The code also contains a range of principles, including transparency, fairness, respect, honesty, and timelines that we believe are appropriate.

    We’ve conducted a preliminary analysis of the code’s key requirements and have identified a number of changes that would have to be made to our current insurance arrangements to allow us to implement the standards of the code.

    In order to make those changes, we’ll need the support of our insurer as well as our other service providers. Most importantly, as a fund, we must also ensure that any changes we make are consistent with our legal obligations, including to act in the best interests of our members as a whole. If we determine that any of the changes are not appropriate, or may not be consistent with our legal obligations to members, we may decide not to adopt those requirements of the code.

    Next steps for Qantas Super
    Subject to these qualifications, we have decided that, in principle, we intend to start adopting the code from 1 July 2018.

    By 31 December 2018, we’ll share our proposed transition plan to become compliant with those standards of the code that are consistent with our legal duties, and the extent to which we expect to comply with all the standards. Funds that adopt the code have until 30 June 2021 to comply with it.

    We’ll regularly review our adoption of the code, including when there are any changes that are made, to ensure we continue to act in accordance with our legal obligations to members.

    What you need to do
    Nothing. We’re simply letting you know what we’re doing as a fund that’s committed to its members and to improving your confidence in your financial future.

Service providers

Service providers that may affect a material business activity at Qantas Super.

ServiceProviderABN
Master Custodian J P Morgan Chase NA43074112011
Internal auditor KPMG51194660183
AdministratorMercer Outsourcing (Australia) Pty Ltd83068908912
Shared services Qantas Airways Ltd16009661901
Centralised Portfolio Management / Investment ManagerParametric Portfolio Associates LLC89153743894
Investment ManagerPalisade Investment Partners Limited68010529665
Investment ManagerROC Capital Pty Ltd37167858764
Investment Manager / Advisor K2/D&S Management Co., LLCN/A
Investment ManagerBain Capital Credit, LPN/A
Investment ManagerArdea Investment Management Pty Ltd50132902722
Investment ManagerPendal Institutional Ltd17126390627
Investment ManagerH20 Asset Management LLPN/A
Investment ManagerEllerston Capital Limited34110397674
Investment ManagerCampbell Global, LLCN/A
Investment ManagerAXA Investment Managers Asia (Singapore) Ltd115203622
Investment ManagerJamieson Coote Bonds Pty Ltd165890282
Investment ManagerMetrics Credit Partners Pty Ltd150646996
Investment ManagerInsight Investment Management (Global) LimitedN/A
Investment ManagerLennox Capital Partners Pty Limited19617001966
Investment ManagerLongreach Alternatives Ltd25082852364

Service

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