Changes to fees and investments for your Beneficiary Account

Significant event notice

ESSSuper acts in our members' best interests and is committed to optimising our members' superannuation outcomes.

Effective 1 July 2023, we are making some important changes to your ESSSuper Beneficiary Account regarding:

1. Administration fee rebate to members with an open Beneficiary Account account at 31 May 2023
2. Investment option name and classification changes

1. Administration fee rebate to members with an open Beneficiary Account at 31 May 2023

As we have gained efficiencies from our new administration system this financial year, we are able to rebate a portion of this year's administration fees for Beneficiary Accounts. This is in line with our 'profit-to-member' ethos and will help to increase members' retirement benefits.

This rebate will be calculated as 0.05% of your 31 May 2023 Beneficiary Account balance and applied by adjusting the unit prices of your Beneficiary Account investment options on 31 May 2023.

What this means for you

This rebate will be applied to the Beneficiary Account investment options' unit prices automatically on 31 May 2023, meaning you don't need to take any action.

2. Investment option name and classification changes

We are renaming six of our nine investment options for Beneficiary Accounts from 1 July 2023.

Additionally, from 1 July 2023 our investment options will be put into two classifications: diversified options and single asset class options.

We are making these changes to our investment options to make them easier to understand and the terminology more compatible with that used by other super funds.

What this means for you

These are changes to investment option names and classifications only. The underlying strategic asset allocations and target returns will not be impacted. They will come into effect automatically on 1 July 2023, meaning you don't need to take any action.

We’re here to help

You can book an appointment with one of our expert Member Education Consultants for general advice about your ESSSuper account(s). If you’re looking for personal advice relating to your financial situation or needs, our qualified Financial Advisers^* can help. To request an appointment, please call us or use our online enquiry form.

A copy of this significant event notice will be available to download by logging into your Members Online inbox.

From 1 July 2023, the changes described in this document will be updated in the relevant Product Disclosure Statement (PDS) and associated guide(s), on our website, and in Members Online where applicable.

If you have any questions, please contact us on 1300 650 161 between 8:00am and 5:00pm Monday to Friday, or email us at info@esssuper.com.au

Warm regards

Duncan Winton
Group Executive, Strategy, Brand & Insights

* ESSSuper Financial Advisers are authorised representatives of Link Advice Pty Ltd (Link Advice). Link Advice holds a current Australian Financial Services Licence No. 258145 and is responsible for the financial services provided to you. ESSSuper has an arrangement with Link Advice Pty Ltd to provide financial advice to ESSSuper members. ESSSuper pays Link Advice a fee for this service. Neither the Board, nor the Victorian Government, guarantee or endorse any recommendations made by Link Advice, or are responsible for the advice and actions of Link Advice.

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 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.

Investment returns are not guaranteed. All investments carry risks and past investment performance gives no indication 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. ESSSuper comes under the jurisdiction of the Victorian Civil and Administrative Tribunal.