Significant Event Notices

June 16 2019

To ensure our members remain well informed of material changes and significant events which may impact them, the following provides a summary of recent notices (SENs) issued to members.

Notice date Nature of event or change Impact of the change
1 July 2019 Insurance for inactive accounts
From 1 July 2019, ESSSuper will no longer offer life insurance on ‘inactive’ accounts, without explicit consent from members. This is in response to the recent Protecting your Superannuation Package act introduced by the Federal Government, which guards against members paying unnecessary premiums on ‘inactive’ accounts.
1 July 2019 Changes to fees for Accumulation Plan, Beneficiary Account, Income Streams

Administration fee for accounts with balances under $6,000

  • Current arrangement: administration fees are limited to the amount of interest earned p.a. for accounts with balances under $1,000 in the Accumulation Plan. This is known as Member Benefit Protection. 
  • From 1 July 2019: for all Accumulation, Beneficiary and Income Stream accounts with a balance under $6,000 on the last day of the financial year, total fees (including all administration, investment and indirect costs) will be capped at a maximum of 3%.

Maximum administration fee 

  • Current arrangement: administration fee is capped at $1,500. 
  • From 1 July 2019: administration fee will be capped at $2,000, with annual indexation of CPI or 3% (whichever is greater, rounded to the nearest $10).
1 July 2019
Tax deductions on insurance and administration fees for Accumulation Plans Effective 1 July 2019, ESSSuper may withhold the 15% tax deduction claimed on insurance premiums and administration fees by the Scheme, which are currently rebated to Accumulation Plan members who make a concessional contribution. The change will offset insurance administration costs across the Scheme in a more consistent and equitable manner.
1 July 2019
Closure of Term deposits Investment Option
From 1 July 2019, Term Deposits will no longer be offered as an investment option. ESSSuper is focussed on delivering better retirement outcomes for members. To do this, we regularly assess and where necessary, adjust investment options to best meet the needs of members. The Term Deposit option is being discontinued as it no longer meets the objective of managing volatility, while achieving better investment outcomes over the longer term. 
1 July 2019 Changes to Strategic Asset Allocation (SAA) 
Effective from 1 July 2019 the SAA and the asset class ranges for the Conservative, Defensive and Ethically Minded investment options will be adjusted. The new SAAs are expected to increase the likelihood of all three options meeting their risk and return objectives. 
1 July 2017 Changes to the ESSSuper Investment options, and Insurance From 1 July 2017, changes were made to the investment options available to ESSSuper members who have an Accumulation Plan, Beneficiary Account, Working Income Stream and/or Retirement Income Stream. Click here to find out more.
8 May 2017 Introduction of Federal Budget Changes Click here to find out more about the changes have been legislated to commence on 1 July 2017.
1 January 2016

Changes to Insurance for Accumulation Plan.

The following insurance changes were made to the Accumulation Plan:

  • The Total and Permanent Disability (TPD) definition was changed.
  • The requirement for a member to be ‘at work’ at the end of the two year pre-existing condition exclusion was replaced by an ‘active employment’ test.
  • The maximum age for transferring insurance cover from another fund in to ESSSuper was changed to 55.
  • The ability to claim a Terminal Illness benefit was changed from a 12 to a 24 month certification period. The maximum insured benefit payable on Terminal Illness is limited to $1 million.
  • The maximum cover for both Death and TPD is $2 million for new members. Existing members with higher cover can retain their cover at the higher level.
  • A 24 month suicide exclusion clause was added for Death, TPD and Terminal Illness cover for members whose cover increases either through normal underwriting or the Life Events Option.
1 January 2016

Changes to Transaction Reporting for Accumulation Plan, Beneficiary Account and Income Streams.

Accumulation Plan, Beneficiary Account and Income Streams:

  • The way the indirect cost ratio is reported was changed to make it easier for members to clearly see the costs involved in investing their super.
  • Members will no longer be sent confirmation of investment switches, contributions and other transactions by mail unless specifically requested to receive confirmations by mail. Confirmations will be made via Members Online.
1 January 2016

Changes to Investments for Accumulation Plan, Beneficiary Account and Income Streams.

Accumulation Plan, Beneficiary Account and Income Streams:

  • The investment objective for the Defensive, Term Deposit and Cash investment options were changed.
  • Changes were made to the strategic asset allocations of the Shares Only, High Growth, Growth, Balanced, Conservative and Defensive investment options, and at the same time some asset class names were changed to better reflect the underlying assets held within the investment option. This resulted in the allocation of assets between Growth assets and Defensive assets changing for the Growth, Balanced and Conservative investment options.
  • The risk/band label and the estimated number of negative annual returns over any 20 year period for both the High Growth and the Conservative investment options were updated.
1 July 2014

Introduction of product changes under the Superannuation Legislation Amendment Act 2013 (SLAA).

SLAA amends the governing rules to provide for:

For ESSS Defined Benefit Scheme, New Scheme and Transport Scheme

  • the introduction of a binding death benefit nomination facility in respect to lump sum defined benefit schemes.

ESSS Defined Benefit Scheme

  • the introduction of an exempt out option for members aged 65 years and over, enabling them to withdraw their benefit without resigning from emergency services employment
  • A new entitlement for all members to allow retrospective disability claims to be made up to a maximum of 6 years after ceasing employment.

For all State Super Fund members

  • a restriction of 6 years to retrospective disability claims made by state super members who cease employment after 1 July 2014 (state super members who cease employment prior to 1 July 2014 continue to have an unrestricted ability to claim retrospectively).
29 May 2014

Changes to administration and account keeping fees for Accumulation Plan and Income Streams.

Accumulation Plan members:

  • $52 p.a., plus
  • 0.25% p.a. of a member's account balance (subject to a combined maximum of $1,500 p.a.)
  • For emergency services employees and their spouses the administration fee is subject to a combined minimum of $78 p.a.1

Income Stream members:

  • $52 p.a., plus
  • 0.25% p.a. of a member's account balance (subject to a combined maximum of $1,500 p.a.)

1. A discount may apply for emergency services employees and their spouses where the administration fee is above $78 p.a.

1 January 2014

The Beneficiary Account was closed to new taxed members.

The Beneficiary Account was closed to new taxed members (still open for members transferring 100% of their benefit under an untaxed arrangement) from 1 Jan 2014. New defined contribution members are allocated to the Accumulation Plan.

10 December 2013

The Parliamentary Contributory Superannuation Fund (PCSF) was integrated into the Emergency Services Superannuation Scheme (ESSS).

The Parliamentary Contributory Superannuation Fund (PCSF) was integrated into the Emergency Services Superannuation Scheme (ESSS), effective 1 April 2014. This resulted in the transfer of the trusteeship of the PCSF to the Emergency Services Superannuation Board and the merger of the assets of the PCSF into the state scheme defined pool of assets.

28 November 2013

Insurance changes made to the Accumulation Plan.

Effective 1 January 2014, the following insurance changes were made to the Accumulation Plan:

  • Default Death and TPD cover increased from 2 to 3 units for new and existing members.
  • The Automatic Acceptance Limit for income protection increased from 10 to 15 units for non-operational and teacher/professional categories.
  • Life Events cover was made available allowing members to increase their level of existing Death and TPD or Death Only insurance cover without the need for underwriting.