Beneficiary Account

April 25 2024

Thinking about retirement?

Not sure whether you should choose a Beneficiary Account, or an Accumulation Plan?

Contact us

The Beneficiary Account is available to ESSS Defined Benefit Fund members to transfer an untaxed benefit. The Beneficiary Account can receive rollovers (or transfers in), but cannot accept any other contributions (except for Government co-contributions).

How your Beneficiary Account works

The Beneficiary Account allows you to roll over an untaxed lump sum super benefit that can be invested in any one of nine investment options. You can rollover1 additional super benefits into your Beneficiary Account at any time.

Your account balance will increase through rollovers from other funds, Government co-contributions and positive investment returns. Deductions for tax, fees, withdrawals, and negative investment returns will decrease your account balance.

Benefits and things to be aware of

If you choose to open a Beneficiary Account, you will be able to:

  • Defer contributions tax payable on the untaxed component of your benefit
  • Make choices about how your funds are invested, using our investment choice options, and
  • Accept transfers and rollovers1 in from other accounts and funds.

However, our Beneficiary Account doesn't offer insurance options, and you can't make regular contributions other than lump sum transfers and rollovers in. This means that the Beneficiary Account can't accept your employer contributions. If those benefits are important to you and your circumstances, then our Accumulation Plan is another option you may wish to consider.

The Accumulation Plan differs from the Beneficiary Account because it:

  • Accepts contributions from you or your employer
  • Enables you to consolidate1 other super funds
  • Provides optional insurance cover up to age 65 or 702 (subject to eligibility), and
  • Allows binding death benefit nominations, however
  • You cannot maintain your untaxed benefit in an Accumulation Plan.



Emergency Services Superannuation Board ABN 28 161 296 741 (ESSB), the Trustee of the Emergency Services Superannuation Scheme ABN 85 894 637 037 (ESSSuper). The information contained on this web page 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 on our PDS and handbooks page or by contacting us.

1. You should check any insurance arrangements that may be forfeited, or any other effects this transfer may have on your benefits, before rolling your money into our fund.

2. Insurance cover is subject to eligibility criteria and other terms and conditions in the Policy. Members under age 65 may be eligible for Income Protection cover. Members under age 70 may be eligible for Death and Total and Permanent Disablement (TPD) cover. Please read the Product Disclosure Statement relevant to your particular fund, available from ESSSuper, for more information.