Significant Event Notices

December 10 2024

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
11 October 2024 The default investment option for Accumulation Plan accounts and Beneficiary Accounts will change from Balanced to Balanced Growth Managed on 21 November 2024. Members with an Accumulation Plan and/or a Beneficiary Account who have not made an investment choice and are invested in the Balanced investment option by default will be switched to the new default investment option, Balanced Managed Growth, unless you opt out of this switch. For affected members:
  1. Any super you have in an Accumulation Plan and/or a Beneficiary Account will be switched from the Balanced investment option to the Balanced Growth Managed investment option on 22 November 2024, using the unit price for each option effective on 21 November 2024.
  2. Any future contributions made to your account(s) after this date, will be invested in the Balanced Growth Managed investment option, until you choose another investment option(s).
Click here for more information
17 September 2024 Increase to the annual administration fee cap for Income Stream accounts from $750 to $1,000. Effective 1 November 2024, ESSSuper is increasing the annual administration fee cap for members with a Retirement Income Stream account or a Working Income Stream account from $750 to $1,000.
 
Click here for more information
23 July 2024 1. Introduction of a new investment option, Balanced Growth Managed, available to members with an Accumulation Plan, Beneficiary Account, or Income Stream account.
 
2. Increase to the employer additional contribution rate for ESSS Defined Benefit (DB) Fund accounts.
Effective 23 July 2024, members with an Accumulation Plan, Beneficiary Account or Income Stream account are able to switch all or part if their investments in these accounts to our new investment option, Balanced Growth Managed.
 
Effective 1 July 2024, the employer additional contribution rate into the Accumulation Plan will increase from 8% to 9% for members of the ESSS DB Fund who have reached the maximum benefit multiple.
 
Accumulation Plan, Beneficiary Account or Income Stream members
 
ESSS DB Fund members with an Accumulation Plan account
25 May 2023 Increase to the employer additional contribution rate for ESSS Defined Benefit (DB) Fund accounts. Effective 1 July 2023, the employer additional contribution rate into the Accumulation Plan will increase from 6% to 8% for members of the ESSS DB Fund who have reached the maximum benefit multiple.
 
Click here for more information
25 May 2023 Changes to fees, investments, and insurance for Accumulation Plan accounts. Effective 1 July 2023, we are making some important changes to your ESSSuper Accumulation Plan account(s) regarding:
  1. Ongoing administration fee reduction from 0.25% to 0.20% per year, and the administration fee cap reduction from $2,120 to $750 per year
  2. Administration fee rebate for members with an open Accumulation Plan account at 31 May 2023, applied by adjusting the unit prices for all investment options
  3. Six of our nine investment options will be renamed, and all investment options will be put into two classifications: diversified options and single asset class options
  4. The Group Insurance contract will be renewed with AIA with ten policy changes that may benefit members, and no changes to insurance premiums.
Click here for more information
25 May 2023 Changes to fees, investments, and drawdown rates for Income Stream accounts. Effective 1 July 2023, we are making some important changes to your ESSSuper Income Stream account(s) regarding:
  1. Ongoing administration fee reduction from 0.25% to 0.20% per year, and the administration fee cap reduction from $2,120 to $750 per year
  2. Administration fee rebate for members with an open Accumulation Plan account at 31 May 2023, applied by adjusting the unit prices for all investment options
  3. Six of our nine investment options will be renamed, and all investment options will be put into two classifications: diversified options and single asset class options
  4. Minimum drawdowns reverting back to pre-pandemic rates.
Click here for more information
25 May 2023 Changes to fees and investments for Beneficiary Account accounts. Effective 1 July 2023, we are making some important changes to your ESSSuper Beneficiary Account regarding:
  1. Administration fee rebate for members with an open Beneficiary Account at 31 May 2023, applied by adjusting the unit prices for all investment options
  2. Six of our nine investment options will be renamed, and all investment options will be put into two classifications: diversified options and single asset class options.
Click here for more information
24 October 2022 Changes to strategic asset allocations (SAA) in the Accumulation Plan, Beneficiary Account and Income Streams. Effective 5 December 2022, SAA and SAA ranges for the High Growth, Growth, Ethically Minded, Basic Growth, Balanced, Defensive, and Conservative investment options will change. The Fund's existing Alternative strategies and Multi-asset strategies asset classes have been consolidated to form a new asset class called Alternative growth. The changes are aimed at optimising member outcomes by increasing the likelihood of meeting investment option objectives.
 
Click here for more information
28 January 2022 Change to how late payment interest is applied to the Accumulation Plan accounts of ESSS Defined Benefit Fund members who also hold an Accumulation Plan. Effective 1 February 2022:
  1. If a member of the ESSS Defined Benefit (DB) Fund has an Accumulation Plan account at the time they terminate employment with an emergency services employer, their Accumulation Plan account will continue to accrue earnings based on the daily unit price of their nominated investment option, or the current default investment option if they have not selected an investment option. Their ESSS DB Fund lump sum will continue to have late payment interest, at the ESSS DB Fund earning rate, applied to it until their combined ESSS DB Fund lump sum and Accumulation Plan account is paid according to their instructions or 60 days elapses, whichever occurs first.
  2. If a member does not provide payment instructions for their combined accounts within 60 days, their Accumulation Plan account and their ESSS DB Fund lump sum benefit will be transferred to a new Accumulation Plan account and the combined amount invested in the default investment option (currently the Growth investment option).
  3. If a member dies, their Accumulation Plan account will be switched to the Cash investment option on the date ESSSuper is notified of the death and will accrue earnings based on the daily unit price of the Cash investment option.
Click here for more information
24 January 2022 Change to the way we deduct fees from Income Stream accounts. From 1 February 2022, fees are deducted from Income Stream accounts based on the proportion of money a member holds in each investment option at the date of deduction, instead of the current method of fees being deducted from the lowest risk investment option first, and when there is no money remaining in an investment option, fees are withdrawn from the next lowest risk investment option.
 
Click here for more information
20 December 2021 Further information about changes to the administration fee in the ESSSuper Beneficiary Account and Income Streams products. Effective from 1 February 2022, the way we calculate the administration fee deductions in the Beneficiary Account and Income Streams products will change. From 1 February 2022, the administration fee deduction will be based on your end of month account balance instead of the current method of using your average monthly account balance. This will result in a slightly higher or lower administration fee deduction depending on the activity in your account during the month.
 
Click here for more information
22 November 2021 Appointment of Iress as service partner and changes to the administration platform. ESSSuper has appointed Iress (Financial Synergy Holdings Pty Ltd, ABN 66 126 127 197) as their service partner.
Effective from 1 February 2022, changes to the administration platform will impact the following ESSSuper products as listed:
  • Introduction of daily unit pricing and switching for Accumulation Plan, Beneficiary Account and Income Streams investment options
  • Changes to administration fees and insurance premium deduction frequency for Accumulation Plan, Beneficiary Account and Income Streams products
  • Changes to Income Streams withdrawal window.
Effective from March 2022, there will be enhancements to ESSSuper's Members Online system.
A limited service period will be in place, where member online access and transaction processing will be restricted, between 24 January 2022 to mid-March 2022 to facilitate the transition.
 
Click here for more information
19 October 2021 Changes to investment return objectives, risk objectives, strategic asset allocations and ranges for some investment options in the Accumulation Plan, Beneficiary Account, Working and Retirement Income Streams. Effective from 19 October 2021, 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 for more information
1 July 2021 1. Changes to insurance premiums and cover in the ESSSuper Accumulation Plan

2. Indexation of transfer balance cap

3. Indexation of contribution caps
Effective 1 July 2021:
  1. On 1 April 2021, the Accumulation Plan Insurer, CommInsure, was acquired by AIA. AIA is now the Insurer for all our Accumulation Plan life insurance products. The cost of Death and TPD cover will increase. The maximum eligibility age for Death and TPD cover will increase from age 65 to 70. The definition of TPD will be broadened.
  2. The transfer balance cap will increase from $1.6 million to $1.7 million.
  3. The concessional contributions cap will increase from $25,000 to $27,500 per financial year. The non-concessional contributions cap will increase from $100,000 to $110,000 per financial year.
Click here for more information
11 January 2021 1. Appointment of Fund Manager for the Ethically Minded option

2. Changes to the ESSSuper investment options
Effective 11 January 2021:
  1. The ESSSuper Board has approved the appointment of Pendal Fund Services Limited (Pendal) as the sole investment manager of the Ethically Minded option. From that date, all new and existing proceeds for the Ethically Minded option managed under the interim arrangements will be transferred across to be managed by Pendal.
  2. Changes will be made to the strategic asset allocations and investment objectives for some investment options available to ESSSuper members in the Accumulation Plan, Beneficiary Account, Working Income Stream and/or Retirement Income Stream.
Click here for more information
15 September 2020 Changes to Ethically Minded investment option in the Accumulation Plan, Beneficiary Account and Income Streams Account ESSSuper has terminated AMP Capital Ethical Leaders Balanced Fund as the sole investment manager effective from 15 September 2020 for the Ethically Minded Option. While the Board carefully considers alternative investment managers with a strong focus on ethical investing, members in the Ethically Minded Option will have their super reinvested in a portfolio that very closely matches the risk and return objectives of the Ethically Minded Option. The portfolio will comprise a 70% allocation to the Growth Option and 30% allocation to the Shares Only Option. Click here for more information
1 April 2020 Changes to the ESSSuper Investment options and Insurance From 1 April 2020, 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. 
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.
8 May 2017 Introduction of Federal Budget Changes On 23 November 2016, the Federal Parliament passed legislation relating to a number of superannuation reforms proposed in the 2016 Federal Budget. 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.