QSuper and Sunsuper to merge and form Australian Retirement Trust

Rowan McDonald

Rowan McDonald

Head of TPD and General Insurance Claims | Canberra

Why are QSuper and Sunsuper merging?

QSuper and Sunsuper are two of Queensland’s largest superannuation funds.

In 2019, the funds agreed to explore a merger with the goal to form one of Australian’s largest superannuation funds, providing economies of scale through reduced fees and increased profits for members.

In 2021, the funds agreed to proceed with the proposed merger, with the merged entity to become known as Australian Retirement Trust (ART).

Following the merger, all members of QSuper and Sunsuper will become members of ART.

At this stage, the QSuper brand will continue, under ART, for existing and new Queensland Government employees and their families while most other members of QSuper and Sunsuper will transition to ART members.

The merger is currently on track to be completed on 28 February 2022.

What are the insurance impacts?

At this stage, it is yet to be seen if Australian Retirement Trust will continue to offer the same default insurance products offered by QSuper and Sunsuper.

This includes Sunsuper’s contentious TPD Assist policy, which splits a lump-sum Total and Permanent Disability (TPD) payment into six (6) yearly smaller payments.

As standard, QSuper members have typically had access to default life/death, TPD and income protection insurance, and members have been able to easily obtain increased insurance without invasive and exhausting underwriting obligations.

Conversely, most Sunsuper members only obtained life/death and TPD Assist insurance by default. Any increased cover through Sunsuper’s insurer AIA was required to be underwritten with extensive disclosure obligations.

To the best of our knowledge, existing insurance cover held with QSuper and Sunsuper will continue through the merger completion date in February 2022, with a view to updating members on any new insurance entitlements in, or around, July 2022.

We will be sure to update the Littles Library when we know more.

What about my existing claim with QSuper or Sunsuper?

Know your rights.

If you are yet to make a claim with QSuper or Sunsuper you are entitled to legal representation and Littles can help you.

If you have already lodged a claim and it has been delayed or rejected by QSuper or Sunsuper, you may be entitled to have the decision reviewed through an internal resolution procedure.

If your complaint has been upheld, you may be able to litigate in a court or lodge a complaint with the Australian Financial Complaints Authority (AFCA).

There are strict time limits to challenge an insurer’s decision, so it’s important you seek legal advice as soon as possible.

What is the Littles difference?

Put simply, Littles are experts in superannuation and insurance law matters.

Our insurance team has helped thousands of consumers claim their entitlements, and our Head of TPD and General Insurance has extensive industry knowledge and insight on how to maximise your prospects of success.

We also speak your language, at sixteen languages and counting. Forget paying for a translator or for a lawyer who doesn’t understand you and your cultural background.

All our superannuation and insurance law matters are conducted on a no win, no fee basis, and we don’t charge you upfront for any disbursements necessary to prosecute your claim.

If you would like superannuation and insurance law advice, reach out to Littles today by using our free Claim Checker.

About the author

Rowan McDonald

Littles’ Head of TPD and General Insurance, Rowan McDonald, is an expert in insurance and superannuation law. Rowan has over thirteen years of experience in the industry and has prosecuted thousands of successful insurance claims for consumers.

Having worked in the industry for over a decade, Rowan has an extensive industry contact list and regularly presents to disability support groups, financial industry professionals and multicultural organisations.

Rowan has also advised some of Australia’s top insurers, giving him unrivalled insight into the claim process from all perspectives. Rowan takes a pragmatic and common-sense approach to the advice he provides his clients.

For your free, personal consultation get in touch with Rowan today.

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