IOOF Essential Pension is a Division of the IOOF Portfolio Service Superannuation Fund and is an account-based pension which provides members a tax effective pension in retirement. A minimum account balance of $10,000 is required to commence an IOOF Essential Pension account.The investment menu consists of a range of diversified and single sector multi-manager options. The IOOF MultiSeries 70 option outperformed the SuperRatings Index over the 1-year period to 30 June 2020.Fees are lower than the industry average across all account balances assessed, with a reduced asset administration fee applicable on account balances over $250K. Members can switch investment options without incurring a switching fee, although, a buy-sell spread may apply.IOOF Essential Pension provides good flexibility, with members having the ability to receive payments fortnightly through to annually, on a date set by the fund. Pension payments can be indexed each year by a specific percentage or in-line with CPI. Beneficiary options include both binding and non-binding nominations, as well as reversionary pensions.A range of online tools, calculators and educational resources are available through the fund's website. The fund’s secure online facility, IOOF Online, allows members to view and update account details as well as perform transactions, including switching investments. Portfolio summaries, record of transactions, statements and reports are also available.

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