From 6 May 2019, QIEC Super will merge with NGS Super.
NGS Super is the leading industry super fund for those working in non-government education, and community focused organisations. The fund is open to all and has approximately 98,000 members.
QIEC Super has a 30 year history looking after the superannuation needs of employees in the non-government education, child care, and community services industry. In order to continue to strengthen and enhance the interests of members, the QIEC Super Board identified that QIEC Super would benefit from merging with another fund. NGS Super was identified by QIEC Super as a larger like-minded education and care industry fund with a similar heritage and values.
NGS members’ interests are at the core of everything we do and this alliance which represents the continued and welcomed growth of our Fund to secure the financial futures of all our members. NGS Super has low fees, award-winning insurance and affordable financial planning advice.
The Trustees of NGS Super and QIEC Super believe that the merger will be in the best interests of the members of both funds.
Advantages of the merger
The merger will see NGS Super’s assets increase to around $11 billion and membership increase to around 120,000.This merger is a positive and exciting step for members. The larger Fund will have a stronger presence in the superannuation industry with greater bargaining power with service providers, and it is expected to gain benefits from the merger that will underpin new products and services that can be offered to members in future.
QIEC Super members’ account balances will automatically be transferred to NGS Super at the merger date and a new account will be established in NGS Super.
If you are a QIEC Super member without an existing NGS Super account, your QIEC Super account will close and your account balance will be transferred to your new NGS Super account on 6 May 2019.
If you are a QIEC Super member with an Income Stream account your QIEC Income Stream account, which may be a Retirement Income Account or a Transition to Retirement Account, will be transferred to NGS Super at the merger date.
Limited service period
To ensure a successful transfer of both employer and member accounts, some necessary steps are required.
There will be a limited service period for QIEC Super members who are transitioning to NGS Super between 6 May 2019 to 26 May 2019. The purpose of the limited service period is to allow new member accounts to be established and to ensure that all data received is tested for accuracy.
This means that for a period, only a limited number of transactions on accounts will be possible, to ensure that we can accurately transfer all records across.
Please refer to the Employer Tools section of the website for further information about Employer arrangements.
Welcome to NGS Super
All transferring QIEC Super members will receive a welcome letter which includes a new member number and details to access your account online once all the member data has been reconciled.
NGS Super looks forward to welcoming our new QIEC Super members.
You can find out more about NGS Super by reviewing the Product Disclosure Statement.
More information will be available on the NGS Super website on the 6th May 2019.