By Kanika Sood | Financial Standard | Friday, 3 July 2020 12.37 pm
As a result of ceasing the comprehensive advice service, 23 paraplanning-related roles will be made redundant from the end of August 2020 and 32 other support roles will also be affected by October 2020.
“Right now, our focus is on supporting affected staff and, as a first option, finding a new role for them within the QSuper Group where we can. We will work with each staff member affected to support their wellbeing and their career,” QSuper said.
Pennisi said the decision to cull comprehensive advice was made carefully and was in the best interests of the QSuper membership.
“Overwhelmingly, our members have told us that they need advice about their investment strategy, ways to make the most of their QSuper account, and help with retirement planning,” Pennisi said in a press release this morning.
“As a result of the review, QSuper has significantly expanded the personal, over the phone financial advice service available to members which is provided at no additional cost to the member.”
The fund has added topics on establishing an account-based pension, commencing a Transition to Retirement strategy and advice related to retirement income projections.