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November 23 2024
Supplementary information
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Updated: 26 November 2021
The information on this page is supplemental to the Significant Event Notice dated 22 November 2021.
Our mission at ESSSuper is to assist Victorian emergency services and state employees achieve the best possible retirement outcomes.
We are committed to providing exceptional education and advice services, over the phone, via video calls and through online webinars. To further enhance the services we deliver, we have partnered with Australian technology company, Iress, to further improve the services we provide you and to make it even easier for you to manage your super online.
About our new partnership
Yes, we're still your super fund.
Iress will help us handle the day-to-day operations of your ESSSuper account.
Iress is an Australian company headquartered in Melbourne, providing global software and super administration resources.
With origins dating back to 1993, they're now an ASX listed company with more than 2,000 staff.
Iress supports a range of services and solutions including technology, consulting, and administration for over 50 super funds.
Iress has a proven track record of being digitally progressive. This enables ESSSuper to provide better online systems for members and their employers, and to focus on serving and engaging with you.
ESSSuper's partnership with Iress has no impact on members' defined benefit funds.
We are, and remain, the only exclusively Victorian state public sector superannuation fund. We continue to proudly serve Victorian emergency services and state employees just like you.
No, your member number will not change in the transition to Iress.
Each account you have with ESSSuper has a unique account number that links to your member number.
All account numbers will change in March 2022. You may notice this when you're using Members Online (e.g. downloading pre-populated forms) or on your next Annual Benefit Statement.
If you only have one account with ESSSuper, you will continue to only have one account number linked to your member number.
1. Limited service period (LSP)
What is a limited service period (LSP)?
We need time to ensure the details, transactional data, and other historical records of over 128,000 members are accurately transferred from our current system to Iress' system.
The LSP is essentially a period during which member and account details won't be available and requests can't be processed. Any requests received during the LSP will be processed when this period is over.
Why does there need to be a limited service period?
When transferring data to the new system, the information on the new system must exactly match the information on the current system.
We'll be rigorously checking the transferral of your details, so no data is lost or incorrect.
Why can't I access Members Online during the limited service period?
As we can't process changes to your account during the LSP, we need to close the current Members Online system to avoid issues or mismatched data when your account details are transferred to Iress.
How will I know if my request or contribution has been processed during the limited service period?
Any requests processed during the limited service period will be visible as transactions in the new Members Online system available in March 2022.
Will regular payments (e.g. for Income Streams and Defined Benefit Pensions) still be made during the limited service period?
Yes, all regular pension and income stream payments will continue to be paid according to the current schedule.
Pensions: You should still expect fortnightly payments every second Thursday.
Income Streams: Fortnightly payments are due every second Thursday, with all other payments due on the 28th day of the relevant month (or the previous business day if that's a weekend).
Please refer to the pay day calendars available from the Publications page of our website for more information.
I want to convert my Lifetime Pension to a lump sum. Will the LSP impact me?
If you receive a letter regarding an opportunity to convert your pension into a lump sum, it will advise the date we need to receive your request by. If you want to submit that request, please return it to us by that date.
If your request is received during the LSP, we'll take action when processing resumes in late February 2022, with your request backdated to the appropriate commutation date. Any pension payments you receive between the commutation date and the date your request is processed will be deducted from the lump sum amount.
How do I apply for an Income Stream? How long does it take?
The type of Income Stream you can apply for is based on your personal circumstances:
- Working Income Streams are designed to provide a regular income to members who have reached the preservation age, are under age 65 and have not yet retired permanently from the workforce. The minimum investment required to open an ESSSuper Working Income Stream account is $50,000.
- A Retirement Income Stream allows you to convert your lump sum super benefits into a flexible income stream to suit your lifestyle in retirement. You must have permanently retired from the workforce after reaching the preservation age, reached age 65 or met another condition of release in order to transfer your super to a Retirement Income Stream. The minimum investment required to open an ESSSuper Retirement Income Stream account is $50,000.
To apply for a Working Income Stream, please provide:
- A completed Income Stream application form, and
- A certified copy of your proof of ID documents.
To apply for a Retirement Income Stream, please provide:
- If you are currently an active member of an ESSSuper DB fund and wish to use proceeds from this membership to commence a Retirement Income Stream, we require a cessation advice from your employer with your service history details, and the date and reason for leaving the defined benefit account. This is usually sent to ESSSuper by your employer up to two weeks after your retirement date/ final date of service.
- A completed retirement application (contact us for the form appropriate to your fund)
- A completed Income Stream application form, and
- A certified copy of your proof of ID documents.
Please note:
- We usually recommend you allow between three to five weeks for processing your request after all completed requirements are received. This will be extended when processing stops during the Income Stream limited service period from 17 January 2022 to mid-March 2022.
- A Retirement Income Stream cannot be set up until we receive your cessation advice. e.g. If we receive all other requirements before 17 January 2022, and receive your cessation advice after 17 January 2022, we won't be able to set up your Retirement Income Stream until we start processing requests in mid-March, after the limited service period.
The Income Stream application form is attached to the ESSSuper Income Streams Product Disclosure Statement, available on our PDS and handbooks page. When our new Members Online system goes live in mid-March you can only apply for an Income Stream by logging into your Members Online account and navigating to the Account / Open Income Stream menu.
If my request for a new Lifetime Pension or Disability Pension is received after the date processing stops during the LSP, when will I receive my first payment and how much will it be?
Applications for new pension accounts won't be processed after 5:00pm (Melbourne time) on Monday 24 January 2022. If your request is received after this, we'll take action when processing resumes in late February 2022, with your request backdated to the appropriate pension start date.
When your pension starts you'll receive your first payment on the next pay day. Pay day calendars are available on the Publications page of our website.
The amount you receive will be based on how much time has passed between the time we process your first pension payment and the date you elect to commence a pension.
If my request for a new Income Stream is received after the date processing stops during the limited service period, when will I receive my first payment and how much will it be?
Applications for new Income Stream accounts won't be processed after 5:00pm (Melbourne time) on Monday 17 January 2022. If your request is received after this, we'll take action when processing resumes in late February 2022.
Your incoming money will be invested into your chosen investment option(s) at the unit price(s) that was applicable on the date the money was received. From the date your Income Stream application is processed, you will begin receiving your nominated payment amount based on the payment frequency you specified in your application.
When your new account is opened, you'll receive your first payment on the next pay day. Pay day calendars are available on the Publications page of our website.
What if I receive an additional pension or Income Stream payment or it's paid to a closed bank account during the limited service period?
If you get an additional payment or it's paid to a closed account during the LSP, this will be corrected when processing resumes. For example, we will identify money bounced back from a closed account and contact you, or handle overpayments as part of the account settlement process.
2. A new and improved Members Online system
Why is Members Online changing?
We're committed to providing exceptional service to our members, and will continue to investigate new technologies to ensure we meet contemporary member expectations.
The move to the new technology platform means we can provide additional features in Members Online. These include improved flexibility, transaction speed and security. Our members will be able to manage their accounts and self-serve at any time of the day or night through this system.
Will I be disadvantaged by choosing not to use Members Online?
We must evolve with the expectations of most members, however we appreciate that you may not want to use Members Online in all circumstances. If that's the case, our Member Service Centre and Member Education Consultants are still here to support you.
Why is two-factor authentication (2FA) required to access Members Online?
While cybercrimes such as identity theft, malicious attacks, data breaches, and phishing are still happening through the internet, it's important to do everything we can to improve your online account security.
Two-factor authentication (2FA) adds an additional layer of security to your online account. It requires an additional login credential beyond just the username and password - a PIN - to gain access to your account, and getting that PIN requires access to your mobile phone or email.
How does two-factor authentication work if you don't have my email address or mobile phone number on file?
Two-factor authentication is most effective when the second randomly-generated factor (in addition to your password) is provided to you through a non-internet based method, such as a text message (SMS) or email.
This means you won't be able to access Members Online from 5:00pm (Melbourne time) on Monday 24 January 2021 without your mobile phone number or your email address on file.
If we don't have these details on file, you can provide your email address through the current Members Online system, or by contacting us. You can also update all your contact details through the new Members Online available in mid-March 2022.
Is two-factor authentication the only security feature added to Members Online?
If you attempt to log in more than twice within one minute, you'll need to complete an additional reCAPTCHA security feature. reCAPTCHA helps protect you from spam and password decryption by asking you to complete a simple test that proves you are human and not a computer trying to break into a password protected account.
Why aren't you sending quarterly statements for Income Streams and Beneficiary Accounts anymore?
Members Online gives you access to the same information a quarterly statement provides. You don't need to wait for your account information (it can be accessed via Members Online at any time), and quarterly statements will no longer be sent. Annual Benefit Statements will still be provided once a year.
How does electronic verification of my ID work?
In the new Members Online system, you'll be asked to provide details of your ID documents (e.g. your driver's license, passport, and/or Medicare card) for requests involving movement of your super money, such as consolidating your super from another fund or withdrawals from your super.
By providing your details as they appear on your ID documents, Iress will submit a request through Equifax Pty Ltd to the agencies who issued your ID, via the Attorney General's Document Verification Service Hub. They will determine if the document details are valid and will return a verification back to you the same way. This process is nearly instant, and removes the need for you to copy your ID documents and have them certified.
However, requests that can't be submitted through Members Online, such as claimant details on insurance or Family Law payments, will continue to require physical hard copies of certified proof of ID documents.
Why do I still need to download, print, complete, and return some of the forms? Why can't I complete them online?
Some documents still need to be physically signed and witnessed to meet legal requirements. For example, when making a binding death benefit nomination, the form still needs to be printed and sent to us with the original signatures of you and your witnesses. A digital signature is not sufficient for this process.
Why will some forms only be available through Members Online?
Members Online is a secure environment. When forms are pre-populated with your personal details such as your member and account numbers, it is best that they are available for you to access in this secure environment.
If you don't have access to Members Online, contact us – we can help.
3. Withdrawals delayed before regular Income Stream payments
Why will withdrawals from my Income Stream account be delayed until after the processing of my regular payments?
This withdrawal delay will be in place to avoid amounts larger than the available balance being paid out.
As investment markets fluctuate, your available balance may also change. This is especially important with the introduction of daily unit pricing for Income Streams.
4. Moving from crediting rates to unit prices for all Accumulation Plan, Beneficiary Account, and Income Stream investments
When will my request to switch investment options take effect? Does it matter what time of day I submit my request online?
Investment switch requests received before 11:00am (Melbourne time) will take effect on the following business day. Switch requests received after 11:00am (Melbourne time) will be regarded as being received on the next business day, and will take effect on the business day after that.
For example, if you submit your request before 11:00am on a Tuesday the investment switch will be effective on the Wednesday, using Wednesday's unit price. Requests submitted after 11:00am on a Tuesday will be effective on the Thursday, using Thursday's unit price.
What other changes will this move to daily unit pricing bring?
- After an investment switch has been processed, there are no restrictions on when a lump sum withdrawal can be made.
- Members transitioning from a defined benefit account into an accumulation account will fall under the accumulation account unit pricing (removing reference to crediting rate).
Will there be a difference in the unit pricing calculation for members in the accumulation phase compared to members in the retirement phase?
Yes, investment tax is deducted from the unit prices of Accumulation Plan, Beneficiary Account, and Working Income Stream investment options before the unit prices are declared. Retirement Income Stream accounts are free of investment income tax.
How does unit pricing work for contributions and withdrawals?
Example:*
John contributes $100,000 into his super, which is invested in the Growth option.
If the unit price for the Growth option is $1.00, then John's investment will purchase a total of 100,000 units.
Total unit purchased = $100,000 ÷ $1.00 = 100,000 units
If John wants to withdraw $5,000 from his ESSSuper account invested in the Growth option, the number of units he redeems is determined by the current unit price for the Growth investment option.
If the unit price for the Growth option has increased to $1.1575, then John will redeem a total of 4,319.65 units.
The units redeemed = 4,319.65 units x $1.1575 = $5,000
If the unit price for the Growth option has decreased to $0.8425, then John will redeem a total of 5934.72 units.
The units redeemed = 5934.72 units x $0.8425 = $5,000
How does unit pricing work for investment switching?
Example:*
Sally has 20,000 units in the Conservative option which has a unit price of $1.50. Sally wants to switch from the Conservative investment option to the Ethically Minded investment option with a unit price of $3.00.
Switching from Conservative option = 20,000 units x $1.50 unit price = $30,000
Switching to Ethically Minded option = $30,000 ÷ $3.00 = 10,000 units
The overall investment balance remains the same but the number of units Sally will hold changes depending on the unit price of the investment options she switches from and switches to.
5. Fees and insurance premiums will be deducted monthly (Accumulation Plan, Beneficiary Account, and Income Streams)
Why is the frequency of insurance premiums changing?
Deducting insurance cover costs monthly improves the timeliness of the premium deduction, reflecting changes to your insurance coverage more quickly. This method brings them in line with your birthday, meaning you know approximately how much will be deducted each month, or if you leave ESSSuper.
Does my annual insurance premium change because of this?
No, your total annual insurance premium will remain the same and will not be impacted by the change in deduction frequency. Any changes such as your age or underwriting application acceptance, will be calculated pro rata during the month.
6. Swapping the default correspondence preference from mail to digital
Why is this changing?
Each year, we print and post thousands of letters confirming account transactions as well as Annual Benefit Statements for members. Going digital means a faster, easier and more environmentally friendly way to get information to you.
What does "digital communications" mean?
Digital communications are sent via email or text message (SMS) instead of post.
We're going to publish the letter you've previously received via mail straight to your Members Online inbox. You'll then get an email or SMS letting you know it's there. This way you'll have quick and easy access to communications whenever it suits you.
Am I impacted by this change?
As the default is changing, the correspondence preference of all members will be switched to digital when the new Members Online system is in place in March 2022.
If we don't have your mobile phone number or email address on file, we'll continue to contact you by mail. When you add them to your records, we'll start sending correspondence to you digitally.
If we have your digital communication details on file but you prefer to receive your correspondence via mail, you can change your contact preferences through our Members Online system from mid-March 2022.
What type of correspondence does this impact?
Usually, we'll send digital notifications about Annual Benefit Statements and transaction confirmations.
Where possible, important information about your account (which can include Significant Event Notices or other updates about our products, fees, and services) will be emailed to you directly, rather than as a notification directing you to Members Online.
You'll also start getting more information from us, such as Super News with easy-to-read news articles which are also available on the News page of our website.
We're here to help
To ensure you have enough information to understand the impacts of these changes, you should carefully read the Significant Event Notice dated 22 November 2021.
If you have any questions, please contact us via email at info@esssuper.com.au