By now many people will be aware the Federal Government brought in some significant changes to the rules around superannuation. If you missed it you can read about them in some of our recent blog posts.
But for Queensland Government employees - including anyone who works for Queensland Health - there was one more big change at the beginning of the financial year. For the first time it is no longer compulsory for Queensland Health employees to use QSuper as their superannuation fund. Queensland Health staff are now free to use any fund on the market or even a self-managed fund.
The big question of course, is should you switch?
It's an understandable reaction when given a choice for the first time to want to exercise that choice. Many may assume that QSuper's performance might not stack up given they had a completely captive market.
But the reality is that despite tens of thousands of people having no choice but use QSuper, their performance as a super fund has been quite consistent.
In 2017 and 2016 they were named Super Fund of the Year by Choice Magazine. They have had consistently low fees and strong investment performance. For younger medical professionals, they have a good choice of funds that are well suited to the accumulation phase. It's a solid record.
Having said all that, there are some good reasons you might want to move away from QSuper:
The simple - if slightly unromantic - answer for the majority of Queensland Health employees is that there may be good reason to stay with QSuper. That certainly doesn't mean you shouldn't explore your options - especially if you fit into one of the categories mentioned above.
But the absolute worst reason to make a financial change is simply because you can.
|Tags: Financial planning superannuation Investment Financial independence Diversified portfolio|
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