Fee rebate to members on 31 May 2023

ESSSuper - 23 Jun 2023

We're proud to be the dedicated, profit-to-members super fund serving Victorian emergency services and state employees. That means we give profits back to our members when we can, so that it helps to increase your retirement benefits.

As we've gained efficiencies from our new administration system this financial year, we were able to rebate a portion of this year's administration fees. This rebate was applicable to all members with an Accumulation Plan, Beneficiary Account, and Income Stream account that was open on 31 May 2023.

This rebate was automatically applied to all investment option unit prices on 31 May 2023 - you don't need to take any action.

How were the rebates calculated?

The rebate was applied by increasing the 31 May 2023 unit prices of all Accumulation Plan, Income Stream, and Beneficiary Account investment options by 0.05%.

To understand how that will amount to a rebate, you first need to know how your balance is calculated. In non-defined benefit super, your balance each day is calculated using the following formula:

Number of units you hold  x  the daily unit price

There's much more information about this on our Daily unit pricing web page, but basically – your number of units goes up when money goes into your super (e.g. a contribution or rollover) and goes down when money goes out (e.g. a withdrawal or insurance premiums). Even if you have the same number of units each day, your balance will change if the unit price does.

Here are some examples that show how adjusting the unit price on 31 May 2023 gave you a rebate.

Important notes:

• The examples above have been created to demonstrate the broad impact of this fee rebate on different account balances in Accumulation Plan, Beneficiary Account, and/or Income Stream accounts.
• These examples are provided for illustrative purposes only and are not a promise or guarantee of the rebate you may receive.

How to calculate your rebate

This method of applying the rebate means there isn't a transaction or amount you can refer to and identify how much you received.

If you know how many units you held on 31 May 2023, you can use the examples above as a guide and the unit prices below to calculate what your original balance was, what the adjusted balances was, and therefore the difference between them (i.e. your rebate).

You can find the current number of units you hold in each investment option in the Investments / Investment valuation menu when logging into Members Online. If you have more than one ESSSuper account (in the Accumulation Plan, Income Stream, and Beneficiary Accounts), don't forget to check all your accounts using the drop-down box at the top of that Members Online screen.

Original unit prices on 31 May 2023:

Adjusted unit prices on 31 May 2023 with the 0.05% fee rebate:

Here to help

We understand that confirming whether you received a rebate or not, and how much you received, can be complex. If you have any queries, please contact us.

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. ESSSuper comes under the jurisdiction of the Victorian Civil and Administrative Tribunal.

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.

The information contained in this article 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 at esssuper.com.au/pds or by calling 1300 650 161.