PDS and handbooks

September 30 2020

Our Product Disclosure Statements (PDS) and Handbooks contain detailed information about your fund - such as costs, benefits and risks.

PDS: Accumulation Plan

Important notices:

Changes to Ethically Minded investment option:

ESSSuper has terminated AMP Capital Ethical Leaders Balanced Fund effective 15 September 2020 as the sole investment manager for the Ethically Minded Option. ESSSuper felt that it was in members’ best interests to end the relationship after carefully considering the appropriateness of the investment and taking into account recent organisational changes at AMP which have increased investment risks for members in our Ethically Minded Option. 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 Ethically Minded Option in the interim will comprise a 70% allocation to the Growth Option and 30% allocation to the Shares Only Option. Please refer to our product disclosure statements available on this page for further details about the Growth Option and the Shares Only Option.

From 16 September 2020, Investment fees for members in the Ethically Minded Option will temporarily decrease from 0.73% per annum to 0.47% per annum while a new investment manager search is underway. The temporary investment will be made in accordance with ESSSuper’s Responsible Investment Policy. This excludes tobacco and controversial weapons investments but has fewer ethical exclusions than the Ethically Minded Option’s investment with AMP.

We’re working very hard to protect members’ super and identify an alternative investment manager for the Ethically Minded Option in the near term. Once we have done this, we will update our Product Disclosure Statement.

Amendment to work test effective from 1 July 2020:

Previously, if you were aged between 65-74, you must work a minimum of 40 hours over a 30 day period in the financial year if you wish to contribute. Effective 1 July 2020, individuals aged 65 and 66 will now be eligible to make concessional and non-concessional voluntary contributions into superannuation without having to meet the work test. This age extension does not currently apply to the bring-forward non-concessional contributions arrangement as the legislation pertaining to that rule has not yet passed into law.

Incorporated guides

PDS: ESSS Defined Benefit Fund

PDS: Income Streams

Important notices:

Changes to Ethically Minded investment option:

ESSSuper has terminated AMP Capital Ethical Leaders Balanced Fund effective 15 September 2020 as the sole investment manager for the Ethically Minded Option. ESSSuper felt that it was in members’ best interests to end the relationship after carefully considering the appropriateness of the investment and taking into account recent organisational changes at AMP which have increased investment risks for members in our Ethically Minded Option. 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 Ethically Minded Option in the interim will comprise a 70% allocation to the Growth Option and 30% allocation to the Shares Only Option. Please refer to our product disclosure statements available on this page for further details about the Growth Option and the Shares Only Option.

From 16 September 2020, Investment fees for members in the Ethically Minded Option will temporarily decrease from 0.73% per annum to 0.47% per annum while a new investment manager search is underway. The temporary investment will be made in accordance with ESSSuper’s Responsible Investment Policy. This excludes tobacco and controversial weapons investments but has fewer ethical exclusions than the Ethically Minded Option’s investment with AMP.

We’re working very hard to protect members’ super and identify an alternative investment manager for the Ethically Minded Option in the near term. Once we have done this, we will update our Product Disclosure Statement.

Changes to minimum drawdown rate for Working Income Stream and Retirement Income Stream:

As part of the Government’s economic response to coronavirus, the Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions by 50 per cent for the 2020 and 2021 financial years. This measure will benefit members of the ESSSuper Working Income Stream and Retirement Income Stream by reducing the required minimum pension payment from your investment option(s) to fund income stream payments.

All income streams members must elect to receive a pension payment amount which is at least the minimum percentage amount required according to the age bracket you fall into. The minimum drawdown rate for your age bracket has been reduced by 50% for the 2020 and 2021 financial years. The new reduced drawdown rates are shown in the following table below.

Age Previous minimum drawdown rates % New reduced rates for the 2020 and 2021 financial years (%) 
Under 65 4 2
65-74 5 2.5
75-79 6 3
80-84 7 3.5
85-89 9 4.5
90-94 11 5.5
95 or more 14 7

For new members, if you select the ‘Minimum payment amount’ option, the new reduced rates will be used for 2020 and 2021 financial year.

For existing members, you can complete the following form to reduce your payments to the new minimum rate for 2020 and 2021 financial year. Income Stream Payment Change Form (E137) (PDF 76.8KB) . The completed form can be posted back to us or emailed to info@esssuper.com.au

 

PDS: Beneficiary Account

 

Important notice:

Changes to Ethically Minded investment option:

ESSSuper has terminated AMP Capital Ethical Leaders Balanced Fund effective 15 September 2020 as the sole investment manager for the Ethically Minded Option. ESSSuper felt that it was in members’ best interests to end the relationship after carefully considering the appropriateness of the investment and taking into account recent organisational changes at AMP which have increased investment risks for members in our Ethically Minded Option. 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 Ethically Minded Option in the interim will comprise a 70% allocation to the Growth Option and 30% allocation to the Shares Only Option. Please refer to our product disclosure statements available on this page for further details about the Growth Option and the Shares Only Option.

From 16 September 2020, Investment fees for members in the Ethically Minded Option will temporarily decrease from 0.73% per annum to 0.47% per annum while a new investment manager search is underway. The temporary investment will be made in accordance with ESSSuper’s Responsible Investment Policy. This excludes tobacco and controversial weapons investments but has fewer ethical exclusions than the Ethically Minded Option’s investment with AMP.

We’re working very hard to protect members’ super and identify an alternative investment manager for the Ethically Minded Option in the near term. Once we have done this, we will update our Product Disclosure Statement.

Incorporated guides

Handbooks: State super funds