Further important information about the administration fee in the ESSSuper Beneficiary Account and Income Streams

Our Significant Event Notice dated 22 November 2021 outlined changes to our administrative systems and their impacts on you, and is available online at esssuper.com.au/next-level-service. We would like to provide you with further important information regarding the impact to your administration fees in the ESSSuper Beneficiary Account and Income Streams.

We advised you that effective from Tuesday 1 February 2022, administration fees on Beneficiary Account and Income Stream accounts will be calculated on your end of month balance and deducted monthly from your account.

These fees are currently calculated on your average monthly balance before earnings are applied. This change will impact the administration fee amount deducted from your account. If your overall account balance increases during the month, your fee will be slightly higher than if the current calculation method were used, due to the application of earnings included within the unit price applied to your end of month balance. Conversely, if your account balance reduces during the month due to withdrawals and/or a reduction in the unit price, the calculated fee will be slightly lower than if the current calculation method were used.

The changes will be implemented automatically from Tuesday 1 February 2022 and you will be able to see the fees deducted from your account in your Annual Benefit Statement, and by logging into your Members Online account and navigating to the Account / Transaction history menu (from mid-March 2022, when the new Members Online system is in place).

Need more information?

If you have any questions, please contact us via email at info@esssuper.com.au

We're closed over the festive period from 2:00pm (Melbourne time) on Friday 24 December 2021 until 8:00am Tuesday 4 January 2022. For details of how regular payments and cash withdrawals will be impacted, please visit our Festive season 2021 web page.

To find out more about the changes we are making to fees and our systems, and the limited service period from Monday 24 January 2022 to mid-March 2022, please visit esssuper.com.au/next-level-service. There are supplementary FAQs and webinars to provide extra information.

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

Normal terms and conditions and waiting periods apply. 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.