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To receive all you can from your defined benefit fund, we’ve created new options to help you save more super for the retirement you want.
A recent Australian study by the Association of Superannuation Funds of Australia (AFSA), shows the average super payout is just $155,000 for men and $73,000 for women. Far less than the lump sum of over $500,000 that many super experts tell us is needed to reach a ‘comfortable’ retirement income if you retire at age 65.
Most ESSSuper members have a defined benefit fund; this means that there are legislated restrictions on how much you can put in. Defined benefit entitlements are based on a member’s service, time fraction worked and final average salary. Defined benefit entitlements are generally considered more generous, however personal financial circumstances do differ.
All ESSSuper members now have the option of setting up an Accumulation Plan to put in additional contributions and/or rollovers. ESSSuper’s Accumulation Plan has a range of features that help you save more super for the retirement you want. The Accumulation Plan is an accumulation account with the overall objective to increase the balance in your account to help support you in retirement.
Independent superannuation research and rating organisation SuperRatings, has given our Accumulation Plan a Platinum rating (the highest rating possible). Check out the SuperRatings report which is a quick snapshot of the plan and how it compares to others.
The Accumulation Plan allows you to save for your retirement in a low cost tax-effective environment. It offers you:
- competitive fees
- lump sum benefits paid on resignation, dismissal, retirement or retrenchment
- benefits paid on death and total & permanent disablement, as well as income protection cover
- a choice of six ready-made investment options
- the ability to change your investment choice for your existing account balance on a monthly basis - free of charge
- the ability to change your investment choice for future contributions at any time - free of charge
- the ability to vary how much you contribute at any time
- the ability to rollover super benefits from other super funds
- the ability to further increase your insured death and disablement benefits (within limits) at competitive rates
- flexible options for nominating who is to receive your benefit upon death, and
- the flexibility to keep your super with ESSSuper when you leave your job.
You need to be aware that the value of benefits from an accumulation fund may rise or fall. You may receive back less than the amount of contributions paid due to the level of investment returns earned (including negative returns) and the Plan's fees, charges, taxes and insurance premiums. The benefits in the ESSSuper Accumulation Plan are not guaranteed or underwritten by the Victorian Government or the Emergency Services Superannuation Board.
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