Financial services guide
Our Financial services guide (FSG) is provides you with important information about the financial services provided by the Queensland Local Government Superannuation Board to LGsuper members. It is designed to help you decide whether to use the financial services we provide, by giving you information about:- the types of financial services offered by LGsuper representatives
- the different types of documents we may provide to you in different circumstances
- how representatives are remunerated
- how complaints are handled
Other documents
If you are considering investing in an LGsuper product or if you are required to invest in one of our products as a condition of your employment, you will also receive a Product Disclosure Statement (PDS). The PDS contains information about the product and will assist you in making an informed decision about that product.
If we provide you with personal advice, rather than general advice, we will provide you with a Statement of Advice. This Statement of Advice will contain the personal advice and the basis on which it is given. More information about what is personal advice can be found in the ‘Types of advice’ section.
Financial services
The financial services offered to LGsuper members include advice on:
- LGsuper products
- investment choice
- superannuation rollovers and transfers
- voluntary contributions
- salary sacrifice and co-contributions
- spouse contributions
- splitting benefits with a spouse
- death and disablement insurance benefits
- superannuation tax issues
- superannuation surcharge
- Retained Benefit accounts
- Pre-retirement Pension accounts
- Term Allocated Pension accounts
- Pension accounts
- other superannuation matters
Licence
The Queensland Local Government Superannuation Board has been issued with Australian Financial Services (AFS) licence number 230511. Under the terms of this licence, the Board’s nominated representatives are authorised to provide financial advice to LGsuper members on superannuation-related matters.
The Board has professional indemnity insurance cover in place (Trustee liability insurance), and the Board believes this will cover claims in relation to the conduct of its representatives during the time they are employed by the Board.
Information or advice?
A financial services licence is not needed to provide you with purely factual information that is not intended to influence your decision-making. However, if a LGsuper representative provides you with a recommendation or information that may influence you in making a financial decision, then it constitutes financial advice for which an AFS licence is required.
Types of advice
Where an LGsuper representative, in providing you with a recommendation or financial advice about your LGsuper entitlements, takes into account (or reasonably should take into account), your financial objectives, your financial situation or your financial needs (or a combination of these), this constitutes personal advice and the representative must provide you with a copy of this guide as well as a Statement of Advice.
Where the LGsuper representative provides broad-based recommendations or advice and does not take account of your personal financial circumstances, the financial advice is regarded as general advice only and it is not necessary for you to receive a statement of the advice. However, you are entitled to receive a copy of this guide.
Some LGsuper representatives are authorised only to provide general advice whilst others are authorised to provide both general and personal advice. Your LGsuper representative must disclose to you the level of authorisation that they possess.
Advice restricted to LGsuper
The Board restricts LGsuper representatives in relation to the scope of the financial advice they can provide to Scheme members. Representatives may provide advice only in respect of LGsuper products. If you want financial advice beyond this, you may need to seek out the services of a qualified financial planner.
Limited advice
If you want the LGsuper representative to provide you with a recommendation or other personal advice in regard to your LGsuper entitlement, you may be asked to disclose to the representative that part of your financial objectives, financial situation and financial needs that are relevant to your request.
You are not obliged to disclose any personal financial details to the LGsuper representative. However, if you choose to withhold some or all of the relevant personal financial details, the Statement of Advice provided by the representative will indicate that the financial advice provided has been limited to the financial details that have been disclosed.
Remuneration
LGsuper representatives are fully remunerated with an annual salary and they receive no fees, commissions or bonuses in respect of the financial information, product recommendations or advice they provide to members.
Fees
LGsuper does not charge a separate fee for the provision of financial advice to members. The administration fee covers the cost of all member services (including the provision of financial advice). More information can be found in the Fees section of the PDSs.
Complaints
If you are unhappy with the financial service provided by the Board or its representatives, there is an internal complaints handling process. Read more…
Privacy
The Board respects the privacy of members.
Contacting a representative
LGsuper representatives may be contacted by telephone, email, in person or in writing. Read more…
