Accumulation Plan

If you’re a member of any ESSSuper’s defined benefit funds, you or your spouse can open an Accumulation Plan account today. The Accumulation Plan allows you to top up your super, consolidate other super funds or apply for extra insurance cover.

How the Accumulation Plan can work for you

With flexible contributions, insurance, investment and beneficiary options, you can manage your super to meet your retirement goals with an Accumulation Plan. And if eligible, both you and your employer can contribute and, you can apply for Income Protection cover to age 65 or Death and Total and Permanent Disablement (TPD) cover to age 70. An Accumulation Plan is available to you while you're working or retired.

The Accumulation Plan provides lump sum benefits (with the exception of some insurance benefits). If you change careers you can choose for your new employer to make superannuation guarantee contributions into your Accumulation Plan. Spouse accounts are also available so you and your spouse can both have your super with ESSSuper.

If you're a member of one of ESSSuper's defined benefit funds, the Accumulation Plan lets you top up your super or apply for extra insurance cover.

Why choose an Accumulation Plan?

ESSSuper's Accumulation Plan has a range of features:

• accepts contributions from you or any of your employers
• allows you to keep your super with ESSSuper if you change jobs
• enables you to consolidate other super funds^*
• provides optional insurance cover up to age 65 or 70^** (subject to eligibility)
• allows binding death benefit nominations
• gives you the option to select from nine investment options
• offers competitive fees
• your spouse is also eligible to join ESSSuper.

Working part-time in the transition to retirement

Planning for your future can be a daunting task, but you're not alone. Contact us for expert information and financial advice about your super from one of our Financial Advisers.^† You may also benefit from meeting with a Member Education Consultant for general advice about your ESSSuper account.

As you approach retirement, it can be helpful to make changes at work to ease the transition.

One way to do this is by reducing your hours or changing to a more flexible role. To make the transition gradual, you can consider:

• Talking to your employer about your options, e.g. purchasing extra leave
• Discussing your needs with your family, and
• Meeting with a Financial Advisor^† to make a plan.

On the other hand, if you want to increase your take-home pay before retiring, you could:

• Work extra hours at your current job
• Look for additional work outside of your current job (which may be subject to approval by your current employer),  or
• Ask for a pay rise.

However, before taking any action to increase your take-home pay, it's important to consider:

• Talking to your employer about overtime options
• Checking your conditions of employment
• How much tax you will need to pay on any extra income
• The impact on your work/life balance.

Accessing your superannuation while working

If you'd like to reduce your work hours without decreasing your income, accessing your super while working could be an option. You may be able to access a transition to retirement pension such as our Working Income Stream to do this.

To access a Working Income Stream you need to:

• Have some or all of your super in an accumulation account (not a defined benefit), and
• Have reached your superannuation preservation age.

It's crucial to be aware that drawing on your superannuation while still working will mean having less money when you retire.

You can learn more about transitioning to retirement on the Government's Moneysmart website.

Emergency Services Superannuation Board ABN 28 161 296 741 (ESSB), the Trustee of the Emergency Services Superannuation Scheme ABN 85 894 637 037 (ESSSuper). The information contained on this web page is of a general nature only. It should not be considered as a substitute for reading the relevant ESSSuper Product Disclosure Statement (PDS) that contains detailed information about ESSSuper products, services and features. Before making a decision about an ESSSuper product, you should consider the appropriateness of the product to your personal objectives, financial situation and needs. It may also be beneficial to seek professional advice from a licensed financial planner or adviser. An ESSSuper PDS is available on our PDS and handbooks page or by contacting us.

^* You should check any relevant exit fees you may incur, or any insurance arrangements that may be forfeited, or any other effects this transfer may have on your benefits, before rolling your money into our fund.

^** Insurance cover is subject to eligibility criteria and other terms and conditions in the Policy. Please read the Product Disclosure Statement relevant to your particular fund, available from ESSSuper, for more information.

^† ESSSuper Financial Advisers are authorised representatives of Link Advice Pty Ltd (Link Advice). Link Advice holds a current Australian Financial Services Licence No. 258145 and is responsible for the financial services provided to you. ESSSuper has an arrangement with Link Advice Pty Ltd to provide financial advice to ESSSuper members. ESSSuper pays Link Advice a fee for this service. Neither the Board, nor the Victorian Government, guarantee or endorse any recommendations made by Link Advice, or are responsible for the advice and actions of Link Advice.