Equip - Account Based Pension

Equip is an industry fund founded in 1931 as the Provident Fund of the State Electricity Commission of Victoria with membership now open to the general public. Most recently, Equip partnered with Catholic Super in a joint venture under a shared trustee. The fund was nominated a finalist for the 2020 Pension of the Year award.The investment menu consists of 5 Diversified and 6 Single Sector options, including the Sustainable Responsible Investment option for the ethical investor. The Balanced Growth option underperformed the SuperRatings Index over the 1 year period to 30 June 2019, however, outperformed over the longer term.Fees are lower than the industry average across all member account balances assessed, and the asset administration fee is capped at $1,250 pa. Members can switch investment options at no cost.Equip provides good flexibility, with members having the ability to receive pension payments fortnightly through to annually, and members are able to nominate the investment option(s) from which pension payments are to be taken. Members can also select from reversionary pension, binding death nomination and non-binding lump sum death benefits.Equip members can take advantage of free retirement seminars, as well as comprehensive financial planning services. The fund also offers a range of online tools, calculators, factsheets and educational videos. The fund's website further allows members to view and update account details, as well as perform transactions.