Energy Industries Superannuation Scheme Retirement
QSuper Lifetime
Pay no transaction or switching fees and enjoy a range of different investment options
$39
$554
EISS Super is a public offer industry fund that was established in 1997 to provide retirement benefits to public sector employees of the NSW Energy Industry. Initially introduced as a split benefit type scheme for certain employees of participating employers within the industry, EISS Retirement Scheme is currently closed to new members. Members have access to 5 Diversified options and a Cash option. The Balanced option underperformed the SuperRatings Index over the 10 years to 30 June 2019.Fees for the Balanced option are lower than the industry average across all assessed account balances. Members can switch investment at no cost.EISS Retirement Scheme provides members with access to additional benefit cover on an optional basis, which is subject to meeting prescribed medical standards. It is payable when members cease employment due to total and permanent invalidity or death prior to Early Retirement Age. Income Protection cover is not available, although it can be accessed through EISS Super. Members have access to financial advice services, seminars, online calculators and educational material, as well as a member benefits program. Further, the secure online facility allows members to view and updated account details, as well as perform transactions.
Admin fee $39 | Health insurance |
Administration fee (%) 0.47% | Binding nominations |
Indirect cost ratio (%) 0.3% | Anti-detriment payments |
Exit fee $0 | Switching fee $0 |
Financial planning service | Employer size discount |
Credit cards | Home loans |
Insurance life event increases | Non-lapsing binding nominations |
Investment fee 0.26% | Long term income protection |
Account size discount |
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
Product | Past 5-year return | Admin fee | Company | Calc fees on 50k | Features | SuperRatings awards | Go to site | |
|---|---|---|---|---|---|---|---|---|
7.11% | $0 | Energy Industries Superannuation Scheme MySuper | $475 | Advisory services Death insurance Income protection Online access Term deposits Variety of options |  | More details | ||
7.11% | $0 | Energy Industries Superannuation Scheme Super | $475 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details | ||
6.55% | $39 | Energy Industries Superannuation Scheme Retirement | $554 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details |
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FAQs
Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.
Superannuation is designed to provide Australians with money in their retirement. The government has strict rules around when people can take that money out of their fund because it wants to prevent people eroding their savings before they reach retirement.
As a general rule, you can only take money out of your superannuation fund when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
That said, you can take money out of your superannuation fund early based on one of these seven special conditions:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
First home buyers are the only people who can use their superannuation to buy a property. The federal government has created the First Home Super Saver Scheme to help first home buyers save for a deposit. First home buyers can make voluntary contributions of up to $15,000 per year, and $30,000 in total, to their superannuation account. These contributions are taxed at 15 per cent, along with deemed earnings. Withdrawals are taxed at marginal tax rates minus a tax offset of 30 percentage points.
Voluntary contributions to the First Home Super Saver Scheme are not exempt from the $25,000 annual limit on concessional contributions. So if you pay $15,000 per year into the First Home Super Saver Scheme, you have to make sure that you don’t receive more than $10,000 in superannuation payments from your employer and any salary sacrificing.
Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.
According to the Association of Superannuation Funds of Australia (ASFA), here is how much you would be able to spend per week during retirement:
| Lifestyle | Singles | Couples |
|---|---|---|
| Modest | $465 | $668 |
| Comfortable | $837 | $1,150 |
Here is the superannuation balance you would need to fund that level of spending:
| Lifestyle | Singles | Couples |
|---|---|---|
| Modest | $50,000 | $35,000 |
| Comfortable | $545,000 | $640,000 |
These figures come from the March 2017 edition of the ASFA Retirement Standard.
The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.
Here is how ASFA defines retirement lifestyles:
| Category | Comfortable | Modest | Age pension |
|---|---|---|---|
| Holidays | One annual holiday in Australia | One or two short breaks in Australia near where you live | Shorter breaks or day trips in your own city |
| Eating out | Regularly eat out at restaurants. Good range and quality of food | Infrequently eat out at restaurants. Cheaper and less food | Only club special meals or inexpensive takeaway |
| Car | Owning a reasonable car | Owning an older, less reliable car | No car – or, if you do, a struggle to afford the upkeep |
| Alcohol | Bottled wine | Casked wine | Homebrew beer or no alcohol |
| Clothing | Good clothes | Reasonable clothes | Basic clothes |
| Hair | Regular haircuts at a good hairdresser | Regular haircuts at a basic salon | Less frequent haircuts or getting a friend to do it |
| Leisure | A range of regular leisure activities | One paid leisure activity, infrequently | Free or low-cost leisure activities |
| Electronics | A range of electronic equipment | Not much scope to run an air conditioner | Less heating in winter |
| Maintenance | Replace kitchen and bathroom over 20 years | No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom | No budget to fix home problems like a leaky roof |
| Insurance | Private health insurance | Private health insurance | No private health insurance |
The amount of superannuation you need to have at retirement is based on how much money you would expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement.
The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week:
| Lifestyle | Singles | Couples |
|---|---|---|
| Modest | $465 | $668 |
| Comfortable | $837 | $1,150 |
Here is the superannuation balance you would need to fund that level of spending:
| Lifestyle | Singles | Couples |
|---|---|---|
| Modest | $50,000 | $35,000 |
| Comfortable | $545,000 | $640,000 |
These figures come from the March 2017 edition of the ASFA Retirement Standard.
The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.
Here is how ASFA defines retirement lifestyles:
| Category | Comfortable | Modest | Age pension |
|---|---|---|---|
| Holidays | One annual holiday in Australia | One or two short breaks in Australia near where you live | Shorter breaks or day trips in your own city |
| Eating out | Regularly eat out at restaurants. Good range and quality of food | Infrequently eat out at restaurants. Cheaper and less food | Only club special meals or inexpensive takeaway |
| Car | Owning a reasonable car | Owning an older, less reliable car | No car – or, if you do, a struggle to afford the upkeep |
| Alcohol | Bottled wine | Casked wine | Homebrew beer or no alcohol |
| Clothing | Good clothes | Reasonable clothes | Basic clothes |
| Hair | Regular haircuts at a good hairdresser | Regular haircuts at a basic salon | Less frequent haircuts or getting a friend to do it |
| Leisure | A range of regular leisure activities | One paid leisure activity, infrequently | Free or low-cost leisure activities |
| Electronics | A range of electronic equipment | Not much scope to run an air conditioner | Less heating in winter |
| Maintenance | Replace kitchen and bathroom over 20 years | No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom | No budget to fix home problems like a leaky roof |
| Insurance | Private health insurance | Private health insurance | No private health insurance |
Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.
Pension payments can be reduced due to the income test and asset test (see ‘What is the age pension’s income test?’ and ‘What is the age pension’s assets test?’).
Here are the maximum fortnightly payments:
|
Category |
Single |
Couple each |
Couple combined |
Couple apart due to ill health |
|
Maximum basic rate |
$808.30 |
$609.30 |
$1,218.60 |
$808.30 |
|
Maximum pension supplement |
$65.90 |
$49.70 |
$99.40 |
$65.90 |
|
Energy supplement |
$14.10 |
$10.60 |
$21.20 |
$14.10 |
|
TOTAL |
$888.30 |
$669.60 |
$1,339.20 |
$888.30 |
You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
The preservation age – which is different to the pension age – is based on date of birth. Here are the six different categories:
| Date of birth | Preservation age |
|---|---|
| Before 1Â July 1960 | 55 |
| 1 July 1960 – 30 June 1961 | 56 |
| 1 July 1961 – 30 June 1962 | 57 |
| 1 July 1962 – 30 June 1963 | 58 |
| 1 July 1963 – 30 June 1964 | 59 |
| From 1Â July 1964 | 60 |
A transition to retirement allows you to continue working while accessing up to 10 per cent of the money in your superannuation account at the start of each financial year.
There are also seven special circumstances under which you can claim your superannuation:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
The amount of superannuation you should have at age 40 is based on how much money you need to have at retirement. That, in turn, is based on how much money you expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement.
The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week:
| Lifestyle | Singles | Couples |
|---|---|---|
| Modest | $465 | $668 |
| Comfortable | $837 | $1,150 |
Here is the superannuation balance you would need to fund that level of spending:
| Lifestyle | Singles | Couples |
|---|---|---|
| Modest | $50,000 | $35,000 |
| Comfortable | $545,000 | $640,000 |
These figures come from the March 2017 edition of the ASFA Retirement Standard.
The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.
Here is how ASFA defines retirement lifestyles:
| Category | Comfortable | Modest | Age pension |
|---|---|---|---|
| Holidays | One annual holiday in Australia | One or two short breaks in Australia near where you live | Shorter breaks or day trips in your own city |
| Eating out | Regularly eat out at restaurants. Good range and quality of food | Infrequently eat out at restaurants. Cheaper and less food | Only club special meals or inexpensive takeaway |
| Car | Owning a reasonable car | Owning an older, less reliable car | No car – or, if you do, a struggle to afford the upkeep |
| Alcohol | Bottled wine | Casked wine | Homebrew beer or no alcohol |
| Clothing | Good clothes | Reasonable clothes | Basic clothes |
| Hair | Regular haircuts at a good hairdresser | Regular haircuts at a basic salon | Less frequent haircuts or getting a friend to do it |
| Leisure | A range of regular leisure activities | One paid leisure activity, infrequently | Free or low-cost leisure activities |
| Electronics | A range of electronic equipment | Not much scope to run an air conditioner | Less heating in winter |
| Maintenance | Replace kitchen and bathroom over 20 years | No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom | No budget to fix home problems like a leaky roof |
| Insurance | Private health insurance | Private health insurance | No private health insurance |