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The ESSSuper Defined Benefit (DB) fund has specific rules about how your super benefit is calculated. These vary slightly depending on which fund you are in, but the general rule is that the super benefit for your DB fund is based on:
Some funds have a set contribution rate you must make, while others allow you to choose the rate at which you want to contribute. You can see whether your DB fund gives you a choice by checking here.
If you can choose your contribution rate, and you are not currently contributing at the maximum, you may be able to change your contribution rate or take advantage of ‘catch up’ rates. Contributing to your DB fund at the maximum contribution rate is the quickest way to reach your maximum benefit multiple.1 And while it’s good to start early, it’s never too late as any increases at any time while you are working will increase the rate at which your defined benefit is accrued.
If you’re contributing at the maximum rate for your ESSSuper DB Fund, you could consider making extra super contributions to another account. ESSSuper members are able to open an Accumulation account if they want to make contributions in addition to their Defined Benefit scheme contributions.2 When you contribute more when you’re younger, you have more years to allow the benefits of compounding interest to grow your retirement funds.
Most people have a number of different jobs in their working life, even if it was working at a bakery or pub when you were younger, and that means you may have some lost super. Each account may have an administration fee of at least $100 a year.3 The more accounts you have, the more fees you will pay.
You can quickly find any lost super you may have by requesting an ATO super search, and then consolidate it into your ESSSuper Accumulation Plan account4 all via Members Online in just a few clicks.
1. How your ESSS DB Fund works. 2. 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 Superannuation Complaints Tribunal.3. Young people and superannuation, Super Guru, ASFA. 4. You should check any relevant fees you may incur, or 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. The information contained in this article 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 on our website or by calling 1300 650 161.
Members Online allows you to gain full access to your super account securely, anytime, anywhere.
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ESSSuper holds a range of free webinars, run by people who understand the type of work you do and who are the experts in your fund.
ESSSuper members have the option to consolidate other super via Members Online. Consolidate now in just a few simple steps.
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Book an appointment with one of our Member Education Consultants to find out if you’re doing everything you can with your super to ensure you'll have the lifestyle you want in retirement.
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As an ESSSuper member, your spouse or de facto partner is eligible to open an ESSSuper Accumulation Plan account.
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