qsuper.qld.gov.au

AccumulationAccount GuideIssued 28 February 2022

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Who this guide is forIfyouareconsideringopeningaQSuperAccumulationaccount,or you already have one, this guide is for you. It explainseverythingyouneedtoknowaboutthisaccountandbecomingaQSupermember.

Important informationThis QSuperAccumulation AccountGuide provides detailsabout theQSuper Accumulation account product, and otherimportant topics like how fees and taxation apply to theaccount.

The information in this document forms part of theQSuperProductDisclosureStatement forAccumulationAccount (PDS)issuedon28February2022,asthePDSreferences informationfound in this guide. Other important information is containedin the Investment ChoiceGuide, andAccumulation AccountInsuranceGuide, which also form part of the PDS.

Consider the informationcontained in thePDSbeforemakingany decisions about the Accumulation account. If you needcopies of any of the documents we refer to in this guide, youcan download them fromour websiteat qsuper.qld.gov.au/pds or call us to request a copy, free ofcharge.

This guide and all QSuper products are issued by AustralianRetirementTrustPtyLtdas trustee forAustralianRetirementTrust (the Fund). Any reference to "QSuper" is a reference totheGovernment Division of Australian Retirement Trust.

Unlessthecontextprovidesotherwise, referencestoproductsinthisguide(includingAccumulationaccount, Incomeaccount,and Lifetime Pension), are references toQSuper products.Whenwe say "we", "us", "our", or "the Trustee", wemeanAustralian Retirement Trust Pty Ltd.

Keeping you informedThe information contained in the PDSmay change from timeto time. You can find out information about any changes thatare notmaterially adverse by visiting our website atqsuper.qld.gov.auor calling uson1300360750.Wecan alsosend you a copy of the updated information on request, freeof charge.

Superannuation identification number(USI) 609 05 115 063 001

Australian Retirement Trust ABN 60 905 115 063

Whenmembers come first, we all win

QSuper products have kept the same relevant features postmerger. TheSmooth Ride 2022 award was won based on the investment performance ofthe Balanced investment option in theQSuper Accumulation and Incomeaccounts before theQSuper and Sunsuper fundsmerged. For further ratingsand award information, see the back cover.

Contents

1About theQSuper Accumulation account

1How super works

6Benefits of investingwith theQSuperAccumulation account

6Risks of super

6Howwe invest your super

7Fees and costs

13How super is taxed in an Accumulation account

15Insurance in your super

15How to open an account

15Important information

About theQSuperAccumulation account

Welcome to theQSuper feelingQSuper is part of a fund1 that works formembers, notshareholders. Wework inmembers’ best interests and arecommitted to returningprofits to themas lower feesandbetterservices.

Westrive tohelpeachofourmembersmake themostof today,while planning to achieve their retirement goals. We do thisthrough our financial education, personal service, uniqueinvestment philosophy, and award-winning products.2OurAccumulation account can help you save for retirement duringyour working years.

Wherever youwork, QSuperworks tooOur commitment to you extends throughout your life, so nomatter where you work, you can continue to enjoy the benefitsof QSupermembership. If you change employers, simplycompleteaChooseQSuper formto let yournewemployer knowyouwant to stay withQSuper.

One super account. One lessworry.If you have worked at a few different places, chances are youhavemultiple super accounts. This couldmean that your superis being reduced by payingmultiple sets of fees.

Wemake it easy to combine your super, so you can stop payingmultiple fees and havemore to invest in your future. Simply logintoQSuper'sMemberOnline,select ‘Consolidate’andnominatewhich super accounts you would like to combine.3

Eligibility rules apply toQSuper accountsYou are eligible to open an Accumulation account if you are:

An employee of theQueenslandGovernment or QSuperdefault employerAn existingQSupermember holding aQSuper Incomeaccount, Lifetime Pension4 or Defined Benefit account;A spouse of an existingQSupermember; orA child (who applies to join while under the age of 25) of anexistingQSupermember.

Exceptionsmay apply in limited circumstances.

The definition of a child includes:

Your biological childYour adopted childYour stepchildA child of your spouseYour child within themeaning of the Family LawAct 1975.

A spouse includes someone:

You’re legally married toYou are in a relationship with that’s registered under a law ofan Australian State or Territory, orYou are not legally married to but whom you live with on agenuine domestic basis in a relationship as a couple.

Providing uswith your tax file number (TFN)It’s important youprovideuswith yourTFN. It’s not anoffencenot to quote your TFN. However, providing your TFN to yoursuper fund will have the following advantages:Your super fund will be able to accept all types ofcontributions to your account(s).The taxonemployer contributions to your super account(s)will not increase.Other thanthetaxthatmayordinarilyapply,noadditional taxwill be deducted when you start drawing down your superbenefits.It will make it much easier to trace different super accountsinyournamesothatyoureceiveall yoursuperbenefitswhenyou retire.

Formore information, see our Tax Explanation factsheet.

How superworks

Payingmoney inContributionsA number of rules apply to super contributions depending onthe type of contributions that aremade to your account.

Two types of contributions to your super:

Before-tax (concessional contributions)Symbols

These are any contributions to your super before income taxispaid, and includeyouremployercontributions, salarysacrificecontributionsandanycontributionsonwhichyouhaveclaimeda tax deduction.Concessional contributions cap: $27,500 per year.

After-tax (non-concessional contributions)Symbols

These are any contributionsmade to your super after incometax has been paid.Non-concessional contributions cap: $110,000 per year.

Youmaybeeligible tocontributemore toyour super thanthe above limits. See page 2 of this guide formoreinformation.

1QSuper is a part of Australian Retirement Trust.2 For further information, refer toqsuper.qld.gov.au/awards. These awards are solely statements of opinion and donot represent a recommendation to purchase, hold, or sell any securities, ormake any other investment decisions. Ratings and awards are subject to change and areonly one factor that you should consider when deciding how to invest your super. Past performancemay not be a reliable indicator of future performance.3 Before you consolidate your super, you should check with your other super funds if there are any fees or tax implications, or loss of insurance or other benefits.4Unless you purchased a Lifetime Pension using theOpen a Lifetime Pension - for non-QSupermembers only form.

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Accumulation Account Guide

Fourways contributions can bemade to your super:

By youSymbols

Youcanmakecontributionstoyoursupereitherbeforeoraftertax, up to age 66.If you are aged 67-74, youmustwork at least 40 hours over 30consecutive days each financial year to be allowed tomakecontributions (thework test).Anexception to this is if your totalsuperannuation balance at 30 June of the previous financialyear was below $300,000, you will be able tomake voluntarycontributions within 12months from the end of the financialyear in which you lastmet the work test, up to age 74.If youwork for theQueenslandGovernment, you are generallyrequiredtomakecontributionsofbetween2-5%toyoursuper.If you are 65 years old or older andmeet the eligibilityrequirements,youcanmakeadownsizercontribution1 intoyoursuperannuationofup to$300,000 fromtheproceedsofsellingyour home.

By your spouseSymbols

Your spouse can alsomake after-tax contributions to yoursuper. Youmust be under age 67, or youmust have worked atleast 40 hours in a continuous 30-day period if you are aged67 - 74.

By your employer

Youremployermustcontributethestandardsuperguaranteeto your super (some employers, including theQueenslandGovernment, pay higher contributions). If you applied to joinQSuperdirectly, fill inaChooseQSuper formto letyouremployerknow that you want them to pay your super contributions toQSuper.

By the Australian Government

If youarea low incomeearner, theGovernmentmaycontributeto your super in twoways. You don't need to apply. If you'reeligible and we have your tax file number (TFN), the ATOwillautomatically pay it to your account.

Super co-contribution scheme of up to $500 for thoseearning lessthan$56,112peryearwhomakeeligibleafter-taxcontributions.2

Low Income Superannuation TaxOffset (LISTO) of up to$500 for those earning less than $37,000 per year.

Formore information about contributions, see our PersonalContributionsGuide. Download itfrom qsuper.qld.gov.au/guides, or call us to request a copy,free of charge.

How to paymoney into your super:Through your employer:Ask your payroll office how to setup regular contributions (before or after tax) from your pay.BPAY®:Our BPAY® biller code and your customer referencenumbercanbefoundonline inMemberOnlineor inyourannualstatement, or you can call us to request this information.

Deposit form:Visit qsuper.qld.gov.au/forms to downloadthis form, or call us to request a copy, free of charge. You canalsomake a downsizer contribution to your account bycompleting theDownsizer Contribution intoSuperannuation form. Youwill need to send us the completedform(s), togetherwithachequeormoneyorderfortheamountyou want to deposit.Member Centres:Visit a Member Centre in person tomakea contribution by EFTPOS, cheque, ormoney order.

Contribution capsSome limits apply when it comes to howmuch you can add toyoursuper.Thesearecalledcontributioncaps, andyoumaypayextra tax if you exceed them.

Before-tax contributions include your employer contributionsand any personal contributions youmake via salary sacrifice, orclaim a tax deduction on. You can contribute up to $27,500 in afinancial year before you exceed the cap. If your totalsuperannuation balance at the end 30 June of the previousfinancial yearwas less than$500,000, youcancarry forward anyof your unused concessional contributions from the financialyear commencing 1 July 2018 onward. Unused amounts areavailable for amaximumof five years, and will expire after thisperiod.

If you aremaking after-tax contributions, you can contribute upto $110,000 in a financial year before you exceed the cap. Thisis provided that your total super balance is less than $1.7millionat 30 June 2021 (this limit was previously $1.6million and hasbeen indexed).

Bring forward ruleIf you are under 67 at any time during the financial year and youhave a total super balance of less than $1.48million3 at 30 June2021, you can contribute up to three times your after-tax capover three years (which would be $330,000 in a financial year4)without being penalised.5 Because thismeans you are bringingforward contributions, you could not contribute anymore forthenext twoyearsafter taxwithoutexceedingthecap.Likewise,if youhavepreviously brought forward contributions in thepriortwo financial years, thiswill limit howmuchyoucancontribute inthe current financial year without exceeding the cap.

TheTaxExplanation factsheet explains how tax is applied to anyexcess contributions youmake and the options that apply.

You should note that there are some contributions that areexempt from the caps:

Any super co-contribution payments you receive from theAustralian GovernmentAfter-taxcontributionmadeusingthecapitalproceedsof thesale of certain small business assetsAfter-tax contributionmade from an eligible personal injurypayment (structured settlement)A downsizer contribution.

1 See ourDownsizer Contribution factsheet, including theDownsizer Contribution into Superannuation form, available on our website formore information. 2This is thethreshold for 2021-22 financial year. To receive a super co-contribution from theAustralianGovernment, youmustmake an eligible personal contribution. For furtherinformation, see ourPersonal ContributionsGuide.®RegisteredtoBPAYPtdLtdABN69079137518. If youareself-employed,pleasedonotusetheBPAYbillercodestomakesuperannuationguarantee (SG)contributionsinto your super account. Please call us formore information aboutmaking SG contributions.3This limitwaspreviously $1.4million andhasbeen indexed.4This amountwaspreviously $300,000but hasbeen indexed. If youhavealready triggeredabring-forwardarrangementbefore1July2021andarestillwithin thebring-forwardperiod,youwill nothaveaccesstothe increasedbring-forwardamount (yourmaximumbring-forwardamount will amount remain $300,000) until that period expires. 5 If you have a total super balance of $1.48million ormore and less than $1.59million at 30 June 2021,youmaybeentitledtoareducedbring-forwardamount. If your total superannuationbalance is$1.7millionormoreat30June2021,yournon-concessionalcontributionscap is nil, regardless of whether you have previously triggered a bring-forward arrangement.

2

If you havemultiple super funds, contribution caps apply to thecombined contributions going into all of your super funds, notjust the amount paid to us. Formore information, seeour Personal ContributionsGuide.

Claiming a tax deduction for personal (after-tax)super contributionsManyAustralianworkersmaybeeligible toclaimataxdeductionforafter-taxsupercontributions,alsocalledpersonalorvoluntarysupercontributionsornon-concessionalcontributions.Claiminga tax deduction for your after-tax super contributionsmay helpreduce the amount of income tax you pay and depending onyour circumstances, thismaymean you end up receivingmorein your tax refund.

Whenyouclaimataxdeductiononafter-taxsupercontributionsthey change to before-tax contributions and will then counttoward the before-tax (concessional) contribution cap. A 15%contributions tax will also be deducted by us from the amountyou claim on.

Formore information, see ourNotice of Intent toClaimorVary aDeduction for Personal Super Contributions form and factsheet.Download it fromqsuper.qld.gov.au/formsorcall us torequesta copy, free of charge.

Salary sacrificing – a tax-effectiveway to grow yoursuperSalary sacrificing is when you contribute a portion of your salaryto your super before you pay any income tax on it, which lowersthe amount of salary you pay income tax on. It can be atax-effective way ofmaking contributions, as when you salarysacrificeyoupay15%1 taxonyourcontributions, insteadofyourmarginal tax rate.

Also, you could choose to contribute your tax savings back intoyoursuper,meaningthatyouwill beboostingyoursuperwithoutnecessarily decreasing your take-home pay. Caps apply and allyour contributions are preserved until you are eligible to accessyour super. Formore information about salary sacrificing, seeour Personal ContributionsGuide or call us to talk about youroptions.

Contribution splittingContributionsplitting letsyousplit anyeligiblecontributionsyoumade in the previous financial year with your spouse.2 You cando this by splitting whichever is less:

Upto85%of thebefore-tax (concessional) contributionsyoumadeYour concessional contributions cap for that year.

Contribution splitting toa spousecouldbeusedasa strategy toeven out the super balances between partners. Only yourbefore-tax (concessional) contributions can be split, and someeligibility conditions apply. Formore information, see our SplitMy Super ContributionsWithMy Spouse form. Because thismayhave financial and tax implications for you, it’s a good idea togetfinancial advice. Contributions splitting does not reduce theamount counted towards your concessional contributions cap.

Takingmoney outYour super is designed to support you financially in retirement,so you generally cannot access it until you have reached yourpreservation age (refer to page 4 of this guide for furtherinformation on preservation ages) and have retired, ormetanother condition of release. A summary of some of theconditionsofreleaseandthetypesoffundsthatcanbeaccessedare shown below. Note that these are subject to youmeetingthe relevant eligibility criteria.

Youreachedyourpreservationageandpermanentlyretired, and do not intend to ever work again (10hours ormore perweek):Thisdeclaration relates toyour intentionnowanddoesnotmeanyoucouldnot return topart-timeor full-timework if your circumstances change in the future.

You have completely ceased an employmentarrangement on or after 60: Your superannuationbenefit accrued to this point will become unrestricted.If you resume or continue employment of 10 hours ormore per week, these new funds will remain restricteduntil youmeet a new condition of release.

Age 65 regardless of whether you are working or not.Money

ATransition toRetirement (TTR) IncomeAccount: Ifyouhavereachedyourpreservationage,arestillworkingand are under 65, you can access up to 10%of thepreserved part of your super annually as an incomestream through the TTR Income account.

FirstHomeSuperSaverScheme:This schemeallowsfirst home buyers to apply to the ATO towithdraw anypersonal contributionsmade after 1 July 2017.Conditions and eligibility conditions apply. Formoreinformation, visit ato.gov.au and our websiteat qsuper.qld.gov.au/firsthome

Severefinancialhardship:Thiscoverssituationswhereyouarereceivingeligible incomesupportpaymentsandareunabletomeetyourreasonableand immediate livingexpenses.3

Terminalmedical condition:This covers situationswhereyouarediagnosedwithaterminal illnessor injury.4

Total and permanent disability:This is if you areunlikely to ever be able to work again in a job for whichyou are reasonably qualified by education, training orexperience.5

Compassionate grounds:This covers things likemedical treatment,mortgageassistance,andpalliativecare expenses or funeral expenses for a dependant.6

Permanent immigration toNewZealand:Where youimmigrate permanently to NewZealand and transferyour super into a KiwiSaver account.7

1 If youradjustedearnings (this isyour incomeforsurchargepurposesplusyourconcessionalcontributions, lessreportablesupercontributionsandexcessconcessionalcontributions) aremore than $250,000 a year, extra taxmay apply – see the Personal ContributionsGuide formore information.2Youareable tosplit contributionsmade in thecurrent financial year if youare rollingover, transferring,orwithdrawingyourentireQSuperbenefit in thecurrent financialyear. You can apply to split your contributions when you are any age, but your spousemust be less than their preservation age or aged between their preservation ageand 65 years, and not retired.3 Formore information, seeourEarly Releaseof SuperannuationBenefitsDue toSevereFinancial Hardship factsheet.4 Formore information about accessing your superandany insurancebenefit, seeourClaimingaTerminalMedicalConditionBenefit factsheet.5Formore informationaboutaccessingyour superandany insurancebenefit,see our Permanent Disability Benefit Guide. 6 Formore information, refer to theQSuper website and ourCompassionateGroundsGuide. 7 Formore information aboutterms and conditions when transferring super to a KiwiSaver account, see our Transfer Your Super toNewZealand factsheet.

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Accumulation Account Guide

Departing Australia superannuation payment(DASP):Thisapplies totemporary residentswhosevisais cancelled or expired. See ourDeparting TemporaryResident Claim factsheet availableat qsuper.qld.gov.au/formsDocuments

ATO release authorities: For example, release ofexcessconcessionalornon-concessionalcontributions.Formore information visit ato.gov.auDeductions for financial advice: This fee deductionmust be for an advice fee that relates to your QSuperaccount, cannot relate toanongoing feearrangement,and youmust provide written consent.

Unrestricted non-preserved superYou can also access any unrestricted non-preserved amountyoumay have—see page 5 formore information.

If youmakea lumpsumwithdrawal fromanAccumulationaccount, youneed tokeepaminimumbalanceof $10,000in your Accumulation account for it to remain open, tokeepyour insurancecover, or if youare receivingongoingcontributions toyour account. If youare transferringpartof your account to another super fund, you need to keepaminimumbalance of $6,000. Theseminimumbalancesapplyunlessyouarewithdrawingall your fundsandclosingyour account.

Preservation ageYour preservation age depends onwhen youwere born.

The table below shows the different preservation ages in place:

Preservation ageYour date of birth55Before 01 July 1960

5601 July 1960 – 30 June 1961

5701 July 1961 – 30 June 1962

5801 July 1962 – 30 June 1963

5901 July 1963 – 30 June 1964

60From1 July 1964

Family law splitIf you separate from your spouse, family law legislation allowsyou to split any super either of youholdwith a valueof $5,000ormore.1 If we are required to action a split on your account, onceall required information and forms are received wewill open anAccumulation account for your former spouse (if they do notalready have one) and this is where any of this super will go.Because the legislation around splitting your super is complexandmay have financial and tax implications for you, it is a goodidea to get financial and legal advice. You can find outmore inour Family Law Legislation factsheet.

You canmanage your superannuation in one ormore ofthe followingways (depending on eligibility criteria):Keep your super in your Accumulation accountMake awithdrawal from your Accumulation accountOpen an Income account usingmoney from yourAccumulation accountPurchase a Lifetime Pension usingmoney from yourAccumulation account.

QSuper retirement bonusIf you choose to open a Retirement Income account or start aLifetimePensionusingmoneyfromyourAccumulationaccount,you could be eligible for theQSuper retirement bonus.2

In line with industry practices, we put asidemoney for taxprovisioning, to pay capital gains tax (CGT) when the Trusteesells assets for a gain. When you open aQSuper RetirementIncome account or Lifetime Pension, CGT is no longer payable.We can identify these tax savings, and if you are eligible, passthemon to you.

A retirement bonusmay be payable to eligiblemembers whentheymove funds from:

AQSuper Accumulation account to a Retirement Incomeaccount or Lifetime Pension, orAQSuper Transition to Retirement (TTR) Income account toa Retirement Income account or Lifetime Pension.

Factors that determine the transfer bonusEveryone’s potential retirement bonus amountwill be different.Your bonus amount depends on factors including:

Your super balanceYour investment options (past and present)The Fund's tax positionThe time of your transferYour period ofmembership.

The investment options you are invested in affect the amountofbonusyoumayreceive,assomeassetsattractahigherbonusthan others. Anymoney in the Cash andDiversified Bondsinvestment options does not qualify for the retirement bonus.

Also, anymoney invested inQSuperSelf Investdoesnot attracta bonus either, because you are already benefitting from theability tomove your assets across to a Retirement Incomeaccount or Lifetime Pensionwithout having to pay capital gainstax. A retirement bonus is also not paid if opening an Incomeaccountor LifetimePensionwith superannuationdeathbenefitmonies.

The retirement bonus calculation is historically based and if youhave been invested in an investment option for less than twomonths, your retirement bonus in relation to that investmentoption will be zero.

1 Excluding certain types of pensions or annuities of less than $2,000 p.a.2Note, the retirement bonus was previously known as the Income account transfer bonus.

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Partial transferIf youonlywant tousesomeof themoney in yourAccumulationaccount to open a Retirement Income account or LifetimePension, the retirement bonus will only be calculated on theportion you are using. At the time of the transfer, any bonusamount will be paid into your Accumulation account and thenforms part of the starting balance of your new RetirementIncomeaccountor thepurchasepriceof yourLifetimePension.Anymoney that remains in your Accumulation account couldqualify for the bonus in the future (less any retirement bonusalready paid), at the time youmake another transfer.

Full transferIf you are using the total balance of your Accumulation accountto start a Retirement Income account or Lifetime Pension, theretirement bonus will be calculated at the time of the transfer.Any bonus amount will be paid into your Accumulation accountand then form part of the starting balance of your newRetirement Income account or purchase price of your LifetimePension.

Withdrawing yourmoney or consolidatingwithanother super fundAnymoney you withdraw from your Accumulation account orask us to send to another super fund is not eligible for theretirement bonus. If youmake a partial withdrawal or if you onlytransfer somemoney to another super fund, themoney left inyour Accumulation accountmay be eligible for a potentialretirement bonus at the time it is used to open a RetirementIncome account or start a Lifetime Pension.

Accessing preserved vs non-preserved superSymbols

Preserved:All supercontributionsmadeafter1July1999arepreservedandcannotbeaccesseduntil youreachoneof the conditions of release shown on pages 3 and 4.

Symbols

Restrictednon-preserved:Thesearecontributionsmadebefore 1 July 1999 (either by you, or any employercontributionsabovethesuperguarantee rateat thetime)that you cannot access until you leave the employer youwere working for when the contributions weremade(unless youmeet another condition of release).

Unrestricted non-preserved:These are funds for whicha condition of release has been previouslymet, or werepreviously restricted non-preserved funds and you haveceased that working relationship.

Anymoney you had in your super when youmet a condition ofrelease is also unrestricted and can be accessed.1

QSupermembers can check whether their super is preservedor non-preserved in their annual statement each year.

Liz’s story

Liz2 isanursewhostartedworkingforQueenslandHealthin1985,andmadesomepersonal contributions. In2015she changed jobs and started working for a privatehospital. At the time, her super had two components –a $25,000 restricted non-preserved component (whichincludes any personal contributions shemade before 1July 1999) and a $150,000 preserved component. Assoon as she left Queensland Health, her restrictednon-preserved component became unrestrictednon-preserved and Liz could now take $25,000 in cash(at any time). However, the remaining $150,000will staypreserved until shemeets a condition of release, suchas permanently retiring after her preservation age.

Preserved$150,000

Restricted non‑preserved

$25,000

Unrestricted non‑preserved

$25,000

Preserved$150,000 Liz

changes employers

Who can receivemy superwhen I die?Superannuation does not automatically form a part of yourestate.3 It is amandatory obligation to pay your benefit as soonas practicable, generally it is paid to a dependant, such as aspouseorchild,oryourestate.Youcannominatewhowill receiveyoursuperwhenyoudie (if theyareeligible)bycompletingaMakea BindingDeath Benefit Nomination form. If eligible, yournominated beneficiary can choose to receive your super as alump sum, or apply to receive your super as a death benefitincome stream through our Income account.

Formore informationaboutwhocanreceiveyoursuperandanytax rules that apply, see ourDeath Benefit Guide.

1Conditions apply.2 Liz is not real, and this hypothetical case study is provided for illustrative purposes only. Additionally, figuresmay be rounded for ease of understanding. Membersshould seek advice from a qualified licensed professional regarding their own circumstances.3 InNewSouthWales,where achallenge to yourwill ismade, your superannuationmaybe included in thecourt’s considerationof your ‘notional estate’ for thepurposesof a ‘family provision order’.

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Accumulation Account Guide

Benefitsof investingwiththeQSuper Accumulationaccount

Award-winningMembers can feel confident their retirement savings are in safehands, knowingweaimtodeliver value formoney in the long runwhen it comes to their super. QSuper's Accumulation account(Lifetime option) wonMoneymagazine's Best ValueMySuperProduct 20221 for the second year in a row.

Returning profits tomembersQSuper is part of a fund that works formembers, notshareholders. Wework inmembers’ best interests and arecommitted to returningprofits to themas lower feesandbetterservices.

Financial advicemade easyDeciding what is best for you will depend on your personalcircumstances and youmay want to seek personal financialadvice to get themost from your superannuation.

You can find outmore about financial advice options atqsuper.qld.gov.au/advice

Getmore out of your superWerunarangeofseminarsandworkplacetalksdesignedtogiveyou the information you need tomake super choices that areright for you.

Wide range of investment optionsWhether youwant us tomanage your investments or youwantto choose your own investment strategy for your super, we’vegot a wide range of options to suit.

We also know that different life stages need different superstrategies. That’s why our default investment option for theAccumulation account, Lifetime, changes investment strategywith your age and Lifetime account balance.

Keep track of your super 24/7Personalised access to your super is available whenever it suitsyouthroughMemberOnline.YoucanuseMemberOnlineand/ortheQSuper app to track your super balance.

A range of tools and calculatorsIf you are not sure how your super balance is tracking forretirement or if you want to understand your current supersituationbetter,ourwebsitehasarangeofcalculatorsandonlinetools you can use to explore your options.

We're here to helpIf youneedanything,our in-houseMemberServices teamis justa phone call away.When you contact us, you'll deal directly withone of our representatives. Enjoy the feeling of speaking withsomeonewho knows your account like no one else.

Protecting your futureAs aQSupermember, you can have peace ofmind that we’vegot you covered when it comes to insurance. Youmay beautomatically covered for death cover, total and permanentdisability (TPD)cover,and incomeprotection ifyoumeeteligibilitycriteria including:

You are aged 25 or overYourAccumulationaccountbalancehasbeen$6,000ormoreYou receivedmoney into your Accumulation account withinthe last 13months.

Youmayalsoreceiveautomaticcover if youwork inQueenslandemergency services, beingQueensland Police Service (QPS),QueenslandAmbulance Service (QAS), orQueensland Fire andEmergency Services (QFES), as they are covered by thedangerous occupation exception. If you work for one of theseemployers and have receivedmoney into your Accumulationaccount in the last 13months, you’ll receive insurance even ifyou’re under age 25 or have a balance under $6,000.

You can also permanently opt in or personalise your insuranceto better suit your needs, by increasing or decreasing your levelof cover or occupationally rating your premiums.

See ourAccumulation Account InsuranceGuide for details.

Long-term supportWeunderstand that super is part of the bigger picture when itcomestoyour finances.That’swhyweoffera rangeof toolsandservices that help you get a better understanding of yourwholefinancial situation.We’rededicatedtoworkingwithyouoveryourlifetime, becausewe know that getting your finances in a betterposition todaymeans there could bemore for you tomorrow.

Howwe invest your superRisks of superFor informationabout investmentoptionsandhowyourmoneyis invested, see ourQSuper Product Disclosure Statement forAccumulation Account (PDS) or Investment ChoiceGuide.Download them from qsuper.qld.gov.au/pds or call us torequest a copy, free of charge.

For informationabouttherisks involved insuper,seeourQSuperProduct Disclosure Statement for Accumulation Account (PDS)or Investment ChoiceGuide. Download them fromqsuper.qld.gov.au/pds or call us to request a copy, free ofcharge.

1 This award was received beforeQSupermerged with Sunsuper to becomeAustralian Retirement Trust. This QSuper product has kept the same relevant featurespostmerger. For further information, refer to qsuper.qld.gov.au/awards.These awards are solely statements of opinion and do not represent a recommendation topurchase, hold, or sell anysecurities, ormakeanyother investmentdecisions.Ratingsandawardsaresubject tochangeandareonlyone factor that youshouldconsiderwhen deciding how to invest your super. Past performancemay not be a reliable indicator of future performance.

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Fees and costs

To find outmoreIf youwould like to findoutmoreor seethe impact of the fees based on yourown circumstances, the AustralianSecurities and InvestmentsCommission (ASIC) website(moneysmart.gov.au) has asuperannuation fee calculator to helpyou check different fee options.

Did you know?Smalldifferencesinbothinvestmentperformanceandfeesandcostscanhave a substantial impact on your long term returns. For example, totalannual feesandcostsof2%ofyouraccountbalance,ratherthan1%couldreduceyour final returnbyupto20%overa30-yearperiod (forexample,reduceitfrom$100,000to$80,000).Youshouldconsiderwhetherfeaturessuch as superior investment performance or the provision of bettermember services justify higher fees and costs. You or your employer, asapplicable,may be able to negotiate to pay lower fees. Ask the fund oryour financial adviser.

Fees and other costsThis section shows the fees and other costs that youmay be charged. These fees and other costsmay be deducted from youraccount, from the returns on your investment, or from the assets of the Fund as a whole. Other fees, such as activity fees, advicefees for personal advice, and insurance feesmay also be charged, but these will depend on the nature of the activity, advice, orinsurance chosen by you.

Taxes, insurance fees, and other costs are set out in another part of this document. You should read all the information about feesand other costs because it is important to understand their impact on your investment. The fees and costs for each investmentoption are set out from this page onward.

Fees and costs for the Lifetime optionHowmuch andwhen paidAmountType of fee or cost1

TotalPerformance-basedInvestment base

Investment feeFeesaredeductedeachdaybeforetheunit price is declared.

0.55%p.a.0.24%p.a.0.31% p.a.Outlook0.47%p.a.0.20%p.a.0.27% p.a.Aspire 10.47%p.a.0.20%p.a.0.27% p.a.Aspire 20.39%p.a.0.16%p.a.0.23% p.a.Focus 10.39%p.a.0.16%p.a.0.23% p.a.Focus 20.39%p.a.0.16%p.a.0.23% p.a.Focus 30.27%p.a.0.10%p.a.0.17% p.a.Sustain 10.27%p.a.0.10%p.a.0.17% p.a.Sustain 2

Deducted daily before the unit price isdeclared. Capped at $900 p.a.

0.16%p.a.Administration fee

The Trustee fee of 0.017%p.a. isdeductedfromthegeneral reserveanddoesnot affect your account balance.

0.017%p.a.Trustee fee

Nil.Buy-sell spreadNil.Switching fee

Included in the administration fee.Nil.Advice fees (relating to allmembers inQSuperLifetime)Other fees and costsIndirect cost ratio

Indirectcostscoveramountsthathavereducedthereturnonyour investment

0.10%p.a.Outlook0.09%p.a.Aspire 1

but are not charged as a fee and arereflected in the unit price.0.09%p.a.Aspire 2

0.08%p.a.Focus 10.08%p.a.Focus 20.08%p.a.Focus 30.04%p.a.`Sustain 10.04%p.a.Sustain 2

7

Accumulation Account Guide

Additional explanation of fees and costsOther fees, such as activity fees, advice fees for personal advice, and insurance feesmay also be charged, but thesewill depend onthenatureof theactivity, advice, or insurance youchoose. Formore informationonhowsuper is taxed in anAccumulation account,see page 13 of this guide. Formore information on insurance fees, see the Accumulation InsuranceGuide.Note:The investment fee and indirect cost ratio are based on the fees and costs for the financial year ended 30 June 2021, andmay differ from future fees and costs.

1 Formore information see the Additional explanation of fees and costs on pages 9 and 10.

Fees and costs forQSuper Diversified and Single Sector optionsThe fees and costs that apply to other QSuper investment options are provided below.

AustralianShares

InternationalShares

DiversifiedBondsCashAggressive

SociallyResponsibleBalancedModerate

Fees

0.08%0.08%0.14%0.06%0.30%0.22%0.27%0.17%Investmentbase fee (p.a.)

0.00%0.00%0.07%0.00%0.22%0.01%0.19%0.10%Performance-based fee (p.a.)

0.08%0.08%0.21%0.06%0.52%0.23%0.46%0.27%TotalInvestmentfee (p.a.)

0.16%0.16%0.16%0.16%0.16%0.16%0.16%0.16%Administrationfee (p.a.)

0.00%0.02%0.28%0.00%0.10%0.10%0.08%0.04%Indirect costratio (p.a.)

0.24%0.26%0.65%0.22%0.78%0.49%0.70%0.47%Total fees andcosts (p.a.)

Note:The investment feesand indirectcost ratioarebasedonthefeesandcosts for thefinancial yearended30June2021,unlessadvisedotherwise, andmay differ from future fees and costs. The Trustee fee of 0.017%p.a. is deducted from the general reserve and does notaffect your account balance.

Fees and costs for Self InvestAs Self Invest is a direct investment option that lets you choose how your super is invested (from term deposits, exchange tradedfunds (ETFs), and/or shares), fees are deducted differently to our other investment options.

Because Self Invest is amember-directed investment option that lets you choose how your super is invested (from termdeposits, exchange traded funds (ETFs) and shares), fees are deducted differently to our other investment options.

Howandwhen paidAmountType of fee or costInvestment fee

This is calculated daily and deductedmonthly fromyour Self Investtransactionaccount. If youhavebothanAccumulationaccountandaRetirement IncomeaccountandhaveselectedSelf Invest ineach,the access fee will apply to both of your transaction accounts.

$299 p.a.Access fee

Fees are calculated daily and deducted from your Self Investtransaction accountmonthly.

0.16% p.a.Administration fee

If youpaymore than$900 in a financial year (totalled across all yourAccumulation and Income accounts), we will refund any amountyou pay in excess of $900 into your account in July of the followingyear, as long as you still have an accountwithQSuper at the timeofthe refund.

TheTrusteefeeof 0.017%p.a. isdeductedfromthegeneral reserveand does not affect your account balance.

0.017%p.a.Trustee fee

Other fees and costs

Activity fee

This fee applies every time you buy and sell shares and ETFs and isdeducted from your Self Invest transaction account when yourorders are successfully completed.

Fees per trade1

$19.50$29.50$29.50 plus 0.11%on amounts over$27,500

Order valueup to $10,000$10,001 – $27,500$27,501+

Brokerage fee

8

Howandwhen paidAmountType of fee or costIndirect costs

This is the ETFmanagement fee range. The fee is deducted fromthe ETF by the ETFmanager before the return of the underlyingETF investment is declared. Details of the applicable ETFmanagementfeescanbefoundontheSelf Invest investmentmenuavailable at qsuper.qld.gov.au/selfinvest.

Nil.Nil.0.00% p.a. - 1.00% p.a.

Term depositsSharesETFs(management feerange)

N/AIndirect cost ratio

Additional explanation of fees and costsHow it applies toQSuperType of fee or cost

The investment fee covers the costs ofmanaging the investmentof assets for each option. It’s made up of an investment base feeand a performance-based fee (except for Self Invest, see below).

Investment base fee:This covers themanagement of assetswithin each investment option.Performance-based fee:This is paid to investmentmanagerswhentheir investment returnsareaboveanagreed return target.

We typically work it out by applying a percentage to the part of thereturn that’s above the agreed target. The performance-based feeforourLifetimeoptionsandourDiversifiedandSingleSectoroptionsare provided on pages 7 and 8.

Investment fees for Self InvestAccess fee:TheSelf Invest access feecovers thecostof accessingall of the online facilities that let you trade andmanage yourinvestments. It also includes access to our comprehensive shareresearch. IfyouhavebothanAccumulationaccountandaRetirementIncome account and have selected Self Invest in each, the accessfee will apply to both of your transaction accounts.

Investment feesAn investment fee is a fee that relates to the investment of theassets of a superannuation entity and includes:

a) fees in payment for the exercise of care and expertise in theinvestmentof thoseassets (includingperformancefees); and

b) costs that relate to the investment of assets of the entity,other than:i) borrowing costs; andii) indirect costs that arenot paidoutof the superannuation

entity, which the trustee has elected in writing will betreated as indirect costs and not fees, incurred by thetrustee of the entity or in an interposed vehicle2 orderivative financial product; and

iii) costs thatareotherwisechargedasanadministration fee,abuy-sell spread,aswitching fee,anactivity fee, anadvicefee, or an insurance fee.

This fee covers the general cost ofmanaging your super. Theadministration fee is deducted daily from the unit price (except forSelf Invest)andplaced inareserve, fromwhichthecostsofmanagingyour super are paid.QSuper administration fees are capped at $900 in any financial yearacross all your QSuper Accumulation and Income accounts . Thismeans you’ll get a refund of any amount you pay over the cap intoyour account in July of the following financial year, as longas youstillhaveaQSuper IncomeorQSuperAccumulationaccountatthetimeof the refund.Any refund for fees related to your Accumulation account will betaxed. If the refundpaid toyourAccumulationaccount is5%ormoreof the account balanceon theday it’s paid, it will count towards yourconcessional contributions cap. Any investment fees you pay forQSuperLifetime,DiversifiedandSingleSectoroptionsoranyaccessand brokerage fees paid in Self Invest aren’t included in the cap.TheadministrationfeeforSelf Invest iscalculateddailyanddeductedfrom your transaction accountmonthly.The Trustee fee is a fee charged by the Trustee to create andmaintain a trustee capital reserve for its ongoing financial stability.While required tobedisclosedas anadministration fee, this amountispaid fromourgeneral reservesandnot fromyourQSuperaccountand does not impact your investment.

Administration feesAn administration fee is a fee that relates to the administration oroperationof thesuperannuationentityand includescoststhat relateto that administration or operation, other than:

a) borrowing costs; andb) indirect costs that are not paid out of the superannuation

entity, which theTrustee has elected inwritingwill be treatedas indirect costs and not fees, incurred by the trustee of theentity or in an interposed vehicle2 or derivative financialproduct; and

c) costs that are otherwise charged as an investment fee, abuy-sell spread, a switching fee, an activity fee, an advice fee,or an insurance fee.

Buy-sell spreadsA buy-sell spread is a fee to recover transaction costs incurred bythe Trustee of the superannuation entity in relation to the sale andpurchase of assets of the entity.

We currently do not charge buy-sell spreads.

1These rates don’t includeGST. GST is applied to the brokerage fee and you’ll be entitled to a credit of 75%of any of theGST you pay. This is deducted from your SelfInvest transaction account once your orders are successfully completed.2An interposed vehicle is a body, trust or partnership which is a vehicle tomake further investments in underlying assets or investments (including through otherinterposed vehicles).

9

Accumulation Account Guide

How it applies toQSuperType of fee or cost

Switching feesA switching fee is a fee to recover the costs of switching all or partof amember’s interest in a superannuation entity fromone class ofbeneficial interest in the entity to another.

We currently do not charge switching fees.

Advice feesA fee is an advice fee if: Wedonotchargeadvice fees.However, additional feesmaybepaid

to a financial adviser if a financial adviser is consulted and will bedetailed in the Statement of Advice your adviser has given you. Thea) the fee relates directly to costs incurred by the trusteeof the

superannuation entity because of the provision of financialproduct advice to amember by:

tax benefit from any income tax deduction andGST claimed by uswhenwe deductedmoney from your account to pay your adviserwill be paid to your account.i) a trustee of the entity; or

ii) another person acting as an employee of, or under anarrangement with, the trustee of the entity; and

b) those costs are not otherwise charged as an administrationfee, an investment fee, a switching fee, an activity fee or aninsurance fee.

Other fees and costsHow it applies toQSuperType of fee or cost

Activity feesA fee is an activity fee if:

We don’t currently charge you an additional fee for:a) the fee relates to the costs incurred by the Trustee of the

superannuationentity thataredirectly related toanactivityof the Trustee:

Investment switchesFamily law transactionsContribution splittingi) that is engaged in at the request, or with the consent,

of amember; or Obtaining information about your Accumulation accountii) that relates to amember and is required by law; and Dishonoured contributions or rollover payments

b) thosecostsarenototherwisechargedasanadministrationfee, an investment fee, a buy-sell spread, a switching fee,an advice fee, or an insurance fee.

Attending aQSuper seminarWe have the right to introduce these fees in the future, but if we do,wewill notify you.

Indirect cost ratioThe indirect cost ratio (ICR) for aMySuper product or aninvestment option offered by a superannuation entity, is the ratioof the total of the indirect costs for theMySuper product or

Indirect costs reduce theunit priceand investment return, but arenotincluded in our investment fee or administration fee. Indirect costsinclude transactional costs (such as brokerage and stamp duty),operational andadministrativecosts.The indirectcostsdonot includeborrowingcostsor bid-ask spreads for exchange traded instruments.

investment option, to the total average net assets of thesuperannuation entity attributed to theMySuper product orinvestment option.Note:Afeededucted fromamember’s accountorpaidoutof thesuperannuation entity is not an indirect cost.

Insurance feeA fee is an insurance fee if:

Wededuct a fee fromyour account tocover thecostof any insuranceyou have withQSuper. Premiums are net of any tax deductions weclaim.

a) the fee relates directly to either or both of the following:i) insurance premiums paid by the trustee, or the trustees,

of a superannuation entity in relation to amember ormembers of the entity;

ii) costs incurred by the trustee, or the trustees, of asuperannuation entity in relation to the provision ofinsurance for amember ormembers of the entity; and

b) the fee does not relate to any part of a premium paid or cost,incurred in relation toa lifepolicy,oran insurancecontractwitha benefit to themember based on the performance of aninvestment rather than the realisation of a risk; and

c) the premiums and costs to which the fee relates are nototherwise charged as an administration fee, an investmentfee, a switching fee, an activity fee, or an advice fee.

10

How it applies toQSuperType of fee or cost

Self Invest brokerage feeA brokerage fee is a fee to cover the cost incurred in buying orselling shares or exchange traded funds (ETFs).

TheSelf Investbrokeragefee isdeductedfromyourtransactionaccountevery time you buy or sell shares and exchange traded funds (ETFs).Brokerage fees are only charged when orders are successfully filled.Where an order requiresmore than one trade to be filled (includingwhere it takesmore than one day to fill an order), only one brokeragefee will apply per day.

Self Invest ETFmanagement feeAn ETFmanagement fee is a fee to cover the cost ofmanagingan exchange traded fund (ETF).

If you invest in ETFs throughSelf Invest, any investment fees andotherexpenses are included in the ETFmanagement fees and are deductedfrom the returns of the ETF investment by the ETFmanagers. Theprices quoted on the ASX are after fees and expenses have beendeducted by the ETFmanagers.

Transactional and operational costs1 (for investment options excluding Self Invest)Each investment option incurs transactional and operational costs, which includes items such as:

Brokerage:A fee charged by an agent or an agent’s company to conduct transactions between buyers and sellers for servicessuch as purchases, sales, or advice on a transaction.Stamp duty:A charge applied by a government in relation to the transfer of land or property.Settlement and clearing costs:Costs charged by a stock exchange through which assets are traded.Buy-sell spreads:Costs associated with the purchase or sale of assets.Operating costs:Other administrative costs incurred by interposed vehicles and in connection with investing in assets.Investmentmanager fees: Fees paid to investmentmanagers. The investment fee (explained on page 7 and provided on pages7 and 8 for each option) also includes other costs (such as fees for custodial services), which range from 0.00% to 0.03%p.a.andare included inthetablebelow.The investmentmanager fee is the investment feeminusthesecostsandtherefore is,dependingon the investment option, equal to, or close to equal to, the investment fee.

Themain transactional andoperational costs per investmentoption (other than investmentmanager fees) are identified in the tablebelow. They have already been included in the investment fee and/or indirect cost ratio, and are reflected in the unit price.

Transactional andOperational Costs1Investment optionOther(p.a.)Secondary Cost (p.a.)Principal Cost (p.a.)

Lifetime0.04%0.02%Transaction costs0.05%Operating costsOutlook0.04%0.02%Transaction costs0.04%Operating costsAspire 10.04%0.02%Transaction costs0.04%Operating costsAspire 20.03%0.02%Transaction costs0.03%Operating costsFocus 10.03%0.02%Transaction costs0.03%Operating costsFocus 20.03%0.02%Transaction costs0.03%Operating costsFocus 30.02%0.01%Transaction costs0.02%Operating costsSustain 10.02%0.01%Transaction costs0.02%Operating costsSustain 20.02%0.01%Transaction costs0.02%Operating costsModerate0.04%0.02%Transaction costs0.04%Operating costsBalanced0.02%0.04%Operating costs0.06%Transaction costsSocially Responsible0.04%0.02%Transaction costs0.05%Operating costsAggressive0.00%–0.01%Custody costsCash0.01%0.10%Operating costs0.10%Transaction costsDiversified Bonds0.01%0.01%Brokerage0.01%Custody costsInternational Shares0.00%0.00%Brokerage0.01%Custody costsAustralian Shares

Note: “Other” includes transactional andoperational costs not shown as principal or secondary costs or investmentmanager fees.Where actual costs are not available, reasonable estimates based on historical information have been used and included in theamounts shown in this section.

Undergovernment legislation, if your accountbalancewitha superannuation fund is less than$6,000at theendof the financial year(30 June), or on exit, the total combined amount of administration and investment fees, and indirect costs that can be charged toyou is capped at 3% (calculated using account balance as at 30 June, or for the proportionate period, if you exit). Any amountcharged in excess of this capmust be refundedwithin threemonths of the end of the financial year.

1Costs are based on 2020-21 financial year information andmay differ from future costs. We have relied on information and estimates supplied by our investmentmanagers and service providers.

11

Accumulation Account Guide

Transactional and operational costs for SelfInvestETFmanagement fees range between 0.00%p.a. and 1.00%p.a. Themanagement fee for eachETFcanbe foundon theSelfInvest investmentmenu available atqsuper.qld.gov.au/selfinvest

Operating costs of property investments1

Some of theQSuper investment options invest in propertyassets.Those investmentproperties incurcoststopayfor itemssuch asmaintenance, repairs, cleaning, and rates. Theseoperating costs (to the extent known) are not included in theinvestment feeor indirect cost ratio, but are reflected in thenetearnings and the unit price. The property operating costs foreach option, where applicable, are shown in the following table:

Property operating costs(%p.a.)Investment option

Lifetime0.22%Outlook0.19%Aspire 10.19%Aspire 20.15%Focus 10.15%Focus 20.15%Focus 30.10%Sustain 10.10%Sustain 20.11%Moderate0.19%Balanced0.22%Aggressive0.61%Socially Responsible

Borrowing costs1

Borrowing costs are incurred by our external investmentmanagers who invest in assets such as property andinfrastructure. Themain borrowing costs reflect interestpayments on loans entered into to acquire these assets, or fortheir ongoingmaintenance. Borrowing costs (to the extentknown) are not included in the investment fee or indirect costratio, but are reflected in the net earnings and the unit price.

Theborrowingcostsforeachoption,whereapplicable,areshownin the following table:

Borrowing costs (%p.a.)Investment optionLifetime

0.43%Outlook0.37%Aspire 10.37%Aspire 20.30%Focus 10.30%Focus 20.30%Focus 30.19%Sustain 10.19%Sustain 20.21%Moderate0.37%Balanced0.43%Aggressive0.56%Socially Responsible

Implicit trading costs1

Implicit trading costs are determined by an assessment of thedifferencebetween thepricepaid for acquiring anasset and theprice that would be payable if it were disposed of at that time.The implicit trading costs range between 0.00% and 0.10%p.a.

TaxationThe Trustee can claim tax deductions for certain costs ofoperating the Fund. Depending on the nature of the deduction,the tax benefit associated with these deductions are eitherdirectly passed back tomembers, indirectly passed back tomembers through the tax provisioning process, or are retainedin the Fund for the benefit of all members. Wewill let you knowif any deductions have applied, and how or if they have reducedyour fees.

Formore information on the tax that applies to your super, seepages 13 and 14.

Changes to our fees and costsTheTrusteecanchangethefeeswhichyoumaybecharged.Youwill be given at least 30 days’ notice before any increase inadministration, insurance, or advice fees takes effect. For thelatest information on fees, see our websiteat qsuper.qld.gov.au/fees

ReservesGeneral ReserveThe Trusteemaintains a General Reserve to ensure there aresufficient funds tomeet our current and future liabilities foradministration costs, strategic initiatives, and operational risk.TheGeneralReserve is fundedfromarangeofsources includingadministration fees, investment revenueearnedontheGeneralReserve, and tax credits.

Insurance ReservePrior to 1 July 2016, theQSuper Boardwhichwas the trusteeoftheQSuper fund at the time, self-insuredmembers. After theQSuper and Sunsuper fundsmerged to becomeAustralianRetirement Trust on 28 February 2022, there remains a liabilityforprojected futureclaimsthatarecoveredunder the insurancearrangements in place prior to 1 July 2016. This InsuranceReserve continues to hold insurance premiums previouslydeducted fromQSupermembers’ Accumulation accounts forself-insurance cover, so the Trustee canmeet theseongoing self-insurance obligations.

Unallocated Contributions ReserveTheUnallocated Contributions Reserve bears the risk of anymovement in investment earnings during the contributionsallocation process.

Operational Risk Financial Requirement ReserveTheTrusteemaintainsanOperationalRiskFinancialRequirement(ORFR) Reserve for the Fund tomake sure there are sufficientfundstocoverthecostofthemembercomponentofoperationalrisk events if these ever arise. Any funding required tomaintaintheORFR Reserve at the target amount is sourced from:

Surplus investmentearningswithin theORFRReserveandtheGeneral Reserve, orSurplus investmentearningsonallocatedmonies thatarenotattributable to anymember or employer group, orThe administration fees charged by the Fund.

1Costs are based on 2020-21 financial year information andmay differ from future costs. We have relied on information and estimates supplied by its investmentmanagers and service providers.

12

How super is taxed in an Accumulation accountEven though super is designed to be a tax-effective way to save for your retirement, it is not tax-free, and different tax rules apply indifferent circumstances.

Tax is usually payable:

15% On before-tax contributions you

make to your super (up to the concessional contribution cap)1

15% On investment earnings

on your super

0 – 20%On lump sum withdrawals you make

from your super (the rate will vary depending on your age)2

Withdrawals you make from your super have two components.

TaxableYou will pay between 0% and 15%2 if you’re between your preservation age and 60. It’s all tax-free after age 60.

Tax‑freeYou don’t pay tax.

As mentioned on page 2, there are two annual contribution caps:

Non‑concessional contribution cap$110,000 after tax4

Concessional contribution cap

$27,500 before tax3

You may have to pay additional tax on any contributions you make over and above these caps.

Contributions taxAs a recap, there are two types of contributions you canmake to your super:

Before-tax (concessional):These are taxed at 15%1 and include your employer contributions, salary sacrifice contributions and anycontributionsonwhichyouhaveclaimeda taxdeduction. Youmaypayhigher tax if youexceedyourcaporhaven’t givenusyourTFN.

After-tax (non-concessional):These aren’t taxed unless you exceed the cap.

If you exceed either cap, youmay be liable to pay extra tax. You have theoption towithdraw any excess contributions youmakeoverthe concessional contributions cap. Read the Tax Explanation factsheet formore information about this.

1 If youradjustedearnings (this isyour incomeforsurchargepurposesplusyourconcessionalcontributions, lessreportablesupercontributionsandexcessconcessionalcontributions) aremore than $250,000 per year, youmay be taxed at 30% for some or all of your before-tax contributions. Formore information, see our PersonalContributionsGuide.2 Plus applicable levies, such as the 2%Medicare levy.3 You can access any unused concessional contributions, carried forward since 1 July 2018, over a five year period if your total superannuation balance at 30 June ofthe previous financial year is less than $500,000.4 See page 2 of this guide formore information on the Bring forward rule.

13

Accumulation Account Guide

Tax on benefit paymentsAny tax wewithhold on withdrawals from your super usually takes into account your age, and the tax-free and taxable componentsof your super.

The taxable component of your superincludes:

Thetax-freecomponentofyoursuper includes:Usually the total of any personal after-tax contributions youmake Employer contributionsAny super co-contribution payments you received from theAustralian Government

Salary sacrificed contributionsContributions where a tax deductionwas claimed

Some components of your benefit that you accumulatedbefore 1 July 2007may also be included (see our TaxExplanation factsheet).

Any earnings on your Accumulation account.

The table below shows howmuch tax youwill pay on the tax-free and taxable components of your super when youwithdraw a lumpsum.

Age 60 or overReached preservation agebut under age 60Below preservation ageComponent

Nil.Nil.Nil.Tax-free

Nil.Nil tax up to the low cap rate of $225,0001You pay 20% tax, plus 2%Medicare levy.

TaxableAnyamountsover the low rate capare taxedatamaximumof15%,plus2%Medicare levy.

Any rollovers youmake out of your QSuper account will have the same taxable/tax-free split as your account balance.

Tax on total and permanent disability, andterminalmedical conditionsThe tax treatment for any benefits you receive due to total andpermanent disability or a terminalmedical condition is different.Formore information, see ourTax Explanation factsheet.

Tax on death benefitsWhen it comes to the tax paid on your death benefit, somedifferent rules apply.

Death benefit paid to a dependantWhenwe pay your death benefit directly to your dependant asa lump sum, it’s generally tax-free.

A dependant for tax purposes is:

Your current or former spouseYour child under age 18 (biological, adopted, a stepchild orex-nuptial child, your spouse’s child, or your child within themeaning of the Family LawAct 1975)Someone interdependent2 on you just before your deathAnyone else financially dependent on you just before yourdeath.

Death benefit paid to a non-dependantIf wepay your death benefit to a non-dependant as a lumpsum,the taxable component is taxedat amaximumrateof 15%, plus2%Medicare levy.3

Deathbenefitpaidtoa legalpersonal representativeWedo not deduct any tax whenwe pay your death benefit toyour legal personal representative, but theymust deduct taxfrom any amount they pay to a non-dependant beneficiary.

Military and police servicesIf amemberwasapoliceofficer,protectiveserviceofficer,ormember of the defence force, and they died in the lineofduty, their lumpsumdeathbenefitmaybetax-freeevenif it is paid to a non-dependant.

SurchargeOn 20 August 1996, the Australian Government imposed a taxon certain contributionsmade to your super if your incomereachedacertainthreshold.Althoughthesurchargewasreducedto zero from 1 July 2005, if you have an outstanding debt, youstill need to pay it.

If you have a surcharge debt, you have certain options as aQSupermember. You can either:

Decide to pay the debt at any time, orLet the debt increase with interest and pay it whenmaking awithdrawal.

Formore information, seeourSuperannuationSurchargeGuide.

1This is the low rate cap for the 2021-22 financial year.2 Someone is an interdependent if (a) they have a close personal relationship with you, (b) you live together, (c) you provide each other financial support, and (d) one oreach of you provides the other with domestic support and personal care. Someone is also an interdependent if you have a close personal relationship but none of theother criteria apply becauseeitheror bothof yousuffer fromaphysical, intellectual, or psychiatric disability.3 In somecircumstances, theremaybeanuntaxedelement,which is taxed at amaximum rate of 30%, plus 2%Medicare levy.

14

Insurance in your superFor information about insurance provided throughQSuper’sAccumulationaccount, seeourAccumulationAccount InsuranceGuide. Download it from qsuper.qld.gov.au/pds or call us torequest a copy, free of charge.

How to open an accountFor information about how toopen an account, see ourQSuperProduct Disclosure Statement for Accumulation Account (PDS).Download it from qsuper.qld.gov.au/pds or call us to requesta copy, free of charge.

Important information

Inactive low balance accountAn“inactive lowbalanceaccount”meansyouraccountbalanceis less than $6,000 and there has been no activity on theaccount in 16months, including:

LostmembersWe treat you as a lostmember if we cannot contact you or ifyoumeet the definition of an inactivemember. If we think youare a lostmember, we treat the security of your account veryseriously tomake sure no personal information about you issent tothewrongaddress (includingthewrongemail address).This is also true for small or insoluble lostmember accounts.Formoreinformation,seeourLostMembers factsheetavailableat qsuper.qld.gov.au/factsheets

No rollover from another fund or a contribution to youraccountNochangeshavebeenmade to your investmentoptionsorinsurance coverNo binding death benefit nomination has beenmade oramendedUnclaimed super

Under legislation,wemust reportandpayanyunclaimedsuperto the ATO. Your super account is generally consideredunclaimed if youturn65andnocontributionshavebeenmadeto your account for at least two years, and it’s been five yearssince we last had any contact with you.Your super is also considered to be unclaimed in the followingcircumstances.

When an amount is payable to your formerspousewhere:

No insurance is providedNo prescribed condition of release ismetYour Accumulation account is not attached to a DefinedBenefit account.

See our LostMembers factsheet for advice on how toprevent your account being transferred to the ATO.

Automatic account consolidationSometimesmore thanoneQSuper account is opened in yourname. This usually happens when you change employers andyournewemployer doesn’t giveus thesamedetails for youaswe already have on file. We check all our accounts annually tomake sure this hasn’t happened, and if we find it has, weautomatically consolidate your QSuper accounts under oneclient number for you.

Your super needs to be split for family law purposesYour formerspouse (or legalpersonal representative, if yourspouse has passed away) is entitled to be paid the amount,andWe are unable to ensure your former spouse or their legalpersonal representative will receive it.

Your privacyWetakeyourprivacyveryseriously. Formore information, seeour Privacy Policy, available from qsuper.qld.gov.au/privacy

Find your lost superSearch for your super with other super funds (includinglost super with the ATO) and transfer these toQSuperonline. Simply log in toMemberOnlineatmemberonline.qsuper.qld.gov.auandnominatewhichsuper accounts youwant to transfer to yourQSuperaccount.1

If you pass away and:Your super is immediately payable under the rules of theFund, andWehavenotreceivedanysuper intoyouraccount forat leasttwo years, andWecannotensureyoursuperhasbeenreceivedbyapersonentitled to it.

The Trusteemust provide a statement and pay unclaimedsuper to the ATO twice a year. If you think youmay haveunclaimed super with us, you can contact the ATOon 13 1020 or visit their website at ato.gov.au

1 Before you consolidate your super, you should check with your other super funds if there are any fees or tax implications, or loss of insurance or other benefits.15

Accumulation Account Guide

Phone1300 360 750 (61 7 3239 1004 if overseas)

Monday to Friday: 8.00am – 6.00pm (AEST)

Emailqsuper@qsuper.qld.gov.au

Postal addressGPOBox 200, BrisbaneQLD 4001

Fax1300 241 602 (61 7 3239 1111 if overseas)

Member Centres70 Eagle Street, Brisbane

63George Street, Brisbane

Sunshine Coast University Hospital,GroundFloor,MainHospital Building,6 Doherty Street, Birtinya

qsuper.qld.gov.auMoneymagazine awards are solely a statement of opinion and do not represent a recommendation to purchase, hold, or sell thisproduct,ormakeanyother investmentdecisions.Ratingsaresubjecttochange.Gotomoneymag.com.aufordetailsof itsratingscriteria.

The ratings/awards are issued by SuperRatings Pty LtdABN95100192283AFSL311880 (SuperRatings). Ratings are general adviceonly and have been prepared without taking account of your objectives, financial situation or needs. Consider your personalcircumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not arecommendation topurchase, sell or hold anyproduct. Past performance information is not indicativeof futureperformance.Ratingsare subject to changewithout notice and SuperRatings assumes no obligation to update. SuperRatings uses objective criteria andreceivesafeeforpublishingawards.Visitsuperratings.com.aufor ratings informationandtoaccessthefull report.©2022SuperRatings.All rights reserved.

About this guideThis guide and product(s) are prepared and issued by Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL 228975) astrustee for Australian Retirement Trust (ABN 60 905 115 063). Any reference to “QSuper” is a reference to theGovernment DivisionofAustralianRetirementTrust. The information provided in this guide is general informationonly anddoesnot take into account yourpersonal objectives, financial situation, or needs. You should considerwhether the information is appropriate for youbefore actingonit and, where necessary, seek professional financial advice tailored to your personal circumstances. You can also call us on 1300 360750 to request a copy of this guide, free of charge.

We do not guarantee the investment performance of theQSuper Accumulation account or the repayment of capital. If there is anydifference betweenwhat we say in this guide and the Trust Deed of Australian Retirement Trust (Trust Deed) and/or theGroup LifeInsurancePolicy, theTrustDeedand/ortheGroupLife InsurancePolicywill prevail.YoucanaccesstheTrustDeedatqsuper.qld.gov.au

PDS1. CMSO-448. 02/22.