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Important information about an upcoming change to the way we deduct fees from your Income Stream account

April 19 2024

Effective 1 February 2022, we're making a change to how the administration fee and account keeping fee are deducted from your Income Stream account if you hold more than one investment option.

Currently, fees are deducted from the lowest risk investment option first. When there is no money remaining in an investment option, money will be withdrawn from the next lowest risk investment option. That is, the order of deducting the administration fees from investment options is Cash, Defensive, Conservative, Balanced, Growth, Basic Growth, Ethically Minded, High Growth, Shares Only.

From 1 February 2022, administration fees will be deducted from your account based on the proportion of money you hold in each investment option at the date of deduction. For example, if you hold 50% of your money in the Growth option and 50% in the Balanced option, then 50% of your fees will be deducted from each of your investment options. This means that 50% of your administration fees will be paid from the Growth option and the remaining 50% paid from the Balanced option.

This change will be implemented automatically on 1 February 2022. From mid-March 2022, you will be able to see the fees deducted from your investment options by logging into your Members Online account and navigating to the Account / Transaction history menu, or in your Annual Benefit Statement.

We're here to help

To find out more about the changes we are making to our systems and the limited service period from Monday 24 January 2022 to mid-March 2022, please visit esssuper.com.au/next-level-service

 

Emergency Services Superannuation Board (ABN 28 161 296 741) (ESSB), the Trustee of the Emergency Services Superannuation Scheme (ABN 85 894 637 037)  (ESSSuper).

Benefits in ESSSuper's Accumulation Plan, Income Streams and Beneficiary Account products are not guaranteed or underwritten by the Victorian Government or ESSSuper, and ESSSuper does not come under the jurisdiction of the Australian Financial Complaints Authority

Normal terms and conditions and waiting periods apply. The information contained in this document is of a general nature only. It should not be considered as a substitute for reading ESSSuper's 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 at esssuper.com.au/pds or by calling 1300 650 161.