Barry Leddicoat

The $70 billion public service superannation battle

QSUPER boss Michael Pennisi is sitting in his office high above Eagle St confident the $70 billion public service nest egg his fund manages is safe in his hands.

Queensland public servants from this Saturday will no longer have to use QSuper as their default fund, potentially putting into play the billions held with the Brisbane-based superannuation giant.

Mr Pennisi, who has spent most of his career at Qsuper, said his fund had performed well enough in the past to keep the loyalty of its members.

Public servants are traditionally a fairly conservative group so no one is expecting a holus bolus desertion of QSuper to other funds.

But other funds are gearing up their marketing efforts to lure QSuper's 565,000 members - everyone from humble hospital cleaners to retired police and heads of government departments.

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