Equip - Account Based Pension

Equip is an industry fund founded in 1931 as the Provident Fund of the State Electricity Commission of Victoria, and has originated from a merger with the Gas and Fuel Superannuation Fund, The Water Industry Superannuation Fund, and most recently with Rio Tinto Staff Super Fund, with membership now open to the general public. The fund was a finalist for the 2019 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 has provided strong investment returns to members, outperforming the SuperRatings Index over each time period assessed to 30 June 2018. Fees are competitive and lower than the industry average across all member account balances assessed, and the asset administration fee is capped at $750 pa. Members can switch investment options and make withdrawals at no cost.Equip provides good flexibility, with members having the ability to receive 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.