Annual report to members 2009 - QSuper - Queensland Government

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QSuper investment optionsYour Choice optionsFixed Interest Australian Shares International SharesInvestment objectivesSuited to short to medium-term investors whoare seeking steady returns – and who have aninvestment timeframe of three to five years.Investors in the Fixed Interest option shouldalso be prepared to accept small to moderatefluctuations in the value of their investment inthe short term.ObjectiveTo capture the return of a broadly diversifiedportfolio of global fixed interest investmentsafter fees and tax.Suited to long-term investors who have aninvestment timeframe of more than tenyears, and who want exposure to assets withpotentially higher returns. Investors in theAustralian Shares option should also be preparedto accept fluctuations in the value of theirinvestment over the short to medium term.ObjectiveTo capture the return of a broadly diversifiedportfolio of Australian shares after fees and tax.Suited to long-term investors who have aninvestment timeframe of more than ten yearsand who want potentially higher returns overthe long term. Investors in the InternationalShares option should also be prepared to acceptfluctuations in the value of their investment overthe short to medium term.ObjectivesTo capture the return of a broadly diversifiedportfolio of international shares after feesand tax.Asset allocations RiskNegative return expected1 year in every 11 years.Actual asset allocations (%)Year ended 30/06/09Actual asset allocations (%)Year ended 30/06/08Ranges (%)from 1 July 2009Cash 0.0 0.0 0–5Fixed interest 100.0 100.0 95–100Property 0.0 0.0 0Negative return expected1 year in every 3 years.Actual asset allocations (%)Year ended 30/06/09Actual asset allocations (%)Year ended 30/06/08Ranges (%)from 1 July 2009Cash 0.0 0.0 0–5Fixed interest 0.0 0.0 0Property 0.0 0.0 0Negative return expected1 year in every 3 years.Actual asset allocations (%)Year ended 30/06/09Actual asset allocations (%)Year ended 30/06/08Ranges (%)from 1 July 2009Cash 0.0 0.0 0–5Fixed interest 0.0 0.0 0Property 0.0 0.0 0Australian shares 0.0 0.0 0Australian shares 100.0 100.0 95–100Australian shares 0.0 0.0 0International shares 0.0 0.0 0International shares 0.0 0.0 0International shares 100.0 100.0 95–100Alternative assets 0.0 0.0 0Alternative assets 0.0 0.0 0Alternative assets 0.0 0.0 0Investment returnsAccum 1 QP 2Crediting rate (%)12 months 5.97 6.243 years p.a. 4.66 5.275 years p.a. n/a n/a10 years p.a. n/a n/aAccum 1 QP 2Crediting rate (%)12 months -19.38 -20.823 years p.a. -2.92 -3.085 years p.a. n/a n/a10 years p.a. n/a n/aAccum 1 QP 2Crediting rate (%)12 months -26.53 -28.663 years p.a. -8.02 -8.705 years p.a. n/a n/a10 years p.a. n/a n/aFeesMER for 2008/20090.41% p.a.MER for 2008/20090.34% p.a.MER for 2008/20090.35% p.a.1 Accumulation account.2 QSuper Pension account.12 | QSuper Annual report to members
Defined benefit accountsQSuper’s Defined Benefitaccounts include memberswith Parliamentary, State orPolice accounts.About these accountsA defined benefit is calculated using aformula of a multiple times your salaryfor superannuation purposes. Each yearyour multiple grows relative to your rateof contributions. Members with DefinedBenefit accounts generally contributebetween 2% and 5% of their salary forsuperannuation purposes. If you workpart‐time, your multiple growth is adjustedto reflect your part-time hours.The way a defined benefit is calculatedis fixed. This means you can be certain ofthe benefit you will receive, dependingon your salary, the contribution rate youchoose, and your length of membership.The employer is required to pay thebalance of all defined benefits that arenot paid from member contributions andinterest earned.Members with Defined Benefit accountsdo not choose their own investmentstrategy for their Defined Benefit account.However, as part of our commitment tocomprehensive reporting, details of thedefined benefit investment strategy andobjectives are reported below.The Queensland Government passedlegislation to close the Defined Benefitaccount to new members, effective12 November 2008. This means that nonew Defined Benefit accounts can beopened. Parliamentary, State or Policeaccounts are also closed to new members.Investment objectiveThe table below shows the investment objective for QSuper’s Defined Benefit accounts.The asset allocation ranges applying from 1 July 2009 are also set out below. The actualamounts invested in different asset types vary from time to time. The management of theseasset allocations occurs within set ranges (as shown below) and gives QIC the flexibility totake advantage of investment opportunities.Investment objectivesObjectivesTo achieve an average returnover rolling 10-year periods ofAWOTE 1 plus 3.0% p.a., after feesand tax.Asset allocationRanges (%)from 1 July 2009Actual allocation (%)as at 30 June 2009Actual allocation (%)as at 30 June 2008Cash 0 – 15 6.8 0.8Fixed interest 15 – 45 34.3 38.9Property 5 – 15 13.1 12.6Australian shares 2 15 – 25 16.9 20.4International shares 15 – 25 16.7 20.4Alternative assets 0 – 25 12.2 6.9Total n/a 100.0 100.01 AWOTE is a measure of wage and salary levels of employees in Australia, as measured by the Australian Bureauof Statistics and published quarterly.2 The allocation to Australian shares includes an investment in Q Invest Limited.2008/2009 returnsThe crediting rates are net of the fees deducted for management, insurance, and taxexpenses, and apply to your compulsory personal contributions for your Defined Benefitaccount. As part of our commitment to comprehensive reporting, the details below areprovided for the information of members.Investment returnsDefined Benefit Parliamentary State PoliceCrediting rate (%)Crediting rate (%)Resignation creditingrate (%)Preservation creditingrate (%)Resignation creditingrate (%)Preservation creditingrate (%)12 months -11.96 -11.96 -12.36 -11.96 -12.36 -11.963 years p.a. -0.44 -1.98 -1.45 -1.04 -1.45 -1.045 years p.a. 5.15 4.40 4.36 4.76 4.36 4.7610 years p.a. 5.86 n/a 5.33 5.65 5.34 5.66QSuper Annual report to members | 13
Page 1 and 2: 2009 Annual report to members Impor
Page 3 and 4: Chairman’s reportby Bob ScheuberC
Page 6 and 7: The Commonwealth Governmentbudget a
Page 8 and 9: Changes to your investment optionsC
Page 10 and 11: QSuper investment optionsDefault op
Page 14 and 15: More important informationSalary sa
Page 16: 2009 Annual report to membersMajor

Annual report to members 2009 - QSuper - Queensland Government

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