We apologise to our members for the extended hold/wait times and delays to withdrawals from defined benefit accounts. We expect to resolve most issues by the end of May 2022 and are confident the majority will be resolved much sooner. Please read our service update for more information.

Also note: The ESSSuper mobile app has been updated and is available to download. Visit our Members Online web page for more details.

State super crediting rates


Investment returns generally don’t impact defined benefit funds. However, if your retirement options include resignation or retrenchment benefits, crediting rates may affect the refund of contributions plus interest.


State super interim crediting rate*: 5.48% per year
Effective date: 20 May 2022

Crediting rates history

Effective date State super interim crediting rate*
21 April 2022  5.88%
21 March 2022  6.02%
21 February 2022  6.69%
21 January 2022  7.52%
21 December 2021  7.26%
22 November 2021  7.03%
21 October 2021  7.28%
22 September 2021  7.85%
20 August 2021  7.52%
21 July 2021  7.30%
22 June 2021  6.50%
21 May 2021  6.31%
23 April 2021  5.80%
19 March 2021  5.24%
19 February 2021  5.17%
21 January 2021  5.30%
21 December 2020  5.21%
20 November 2020  3.99%
21 October 2020  4.01%
21 September 2020  4.34%
21 August 2020 4.03%
20 July 2020 3.88%
19 June 2020 4.77%
21 May 2020 4.37%
21 April 2020 3.71%
20 March 2020 6.90%
21 February 2020 8.15% 
21 January 2020 7.46% 
20 December 2019 7.89%
22 November 2019
7.37%
21 October 2019
7.48%
20 September 2019 
7.33%
21 August 2019
7.72%
19 July 2019 7.45%
24 June 2019 8.13%
21 May 2019 8.50%
23 April 2019 8.02%
21 March 2019 7.91%
21 February 2019 7.13%
21 January 2019 6.54% 
21 December 2018  7.21%
21 November 2018 7.77%

* An interim crediting rate is applied in the year a member leaves the fund for the period up to the date of exit. The interim crediting rate is calculated in the same way as the declared crediting rate except that an estimated rate is used for the current financial year. The estimated rate will be the actual investment earnings (net of expenses and tax) for the year to date, plus an assumed rate (net of expenses and tax) for the remainder of the financial year. The interim crediting rate will also be no less than zero.

 

Declared annual crediting rates

Financial year Gross earning rate Net earning rate Final (declared) crediting rate
2020-2021 19.26% 16.83% 7.00%
2019-2020 -1.06% -1.09% 4.71%
2018-2019 7.00% 6.02% 8.75%
2017-2018 10.92% 9.47% 7.63%
2016-2017 12.45% 10.82% 7.75%
2015-2016 3.33% 2.78% 8.68%
2014-2015 11.90% 9.82% 13.10%
2013-2014 15.81% 13.74% 10.32%
2012-2013 18.10% 15.84% 9.50%
2011-2012 2.74% 1.91% 7.95%
2010-2011 12.72% 11.21% 2.04%

Crediting rates are used when the benefit payable consists of a refund of contributions plus interest (generally resignation or retrenchment benefits).

Crediting policy for state super defined benefit assets

The earnings are calculated and applied annually at 30 June using the declared crediting rate calculated as the compound average of the current and previous two years' annual investment earnings (net of expenses and tax).

It's important to note that the declared crediting rate will never be less than 0.0% p.a.

For example, if the result of the compound average calculation is -1.0% p.a. then the declared crediting rate for that year would be 0.0% p.a. Any shortfall is not considered in future years' calculation of rates.

Administration costs and investment management fees

No fees apply for New Scheme members unless they receive a benefit that comprises a refund of contributions and earnings. Administration costs and investment management fees are deducted prior to calculating the annual rate of earnings. The following table shows the investment and administration cost fees deducted from crediting rates prior to the crediting of earnings to member accounts.

Effective date Indirect administration fees %
1 July 2021 0.18
1 July 2020 0.18
1 July 2019 0.18
1 July 2018 0.18
1 July 2017 0.18
1 July 2016 0.18
1 July 2015 0.18
1 July 2014 0.18
1 July 2013 0.18
1 July 2012 0.18
1 July 2011 0.18
1 July 2010 0.18

This investment commentary does not constitute advice. All investment figures quoted relate to before-tax performance of the relevant industry benchmark. Investment returns cannot be guaranteed as investment markets can be volatile. As a consequence, returns can be positive or negative. Past investment performance is not a reliable indicator of future performance. 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 (AFCA).

More investment performance