Energy Industries Superannuation Scheme

Energy Industries Superannuation Scheme Super

Past 5-year return
7.20% p.a
Admin fee

$0

Calc fees on 50k

$445

SuperRatings awards
MyChoice Silver
Past 5-year return
7.20% p.a
Admin fee

$0

Calc fees on 50k

$445

SuperRatings awards
MyChoice Silver

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • No contribution and establishment fees
  • Access to five Diversified & Single Sector options, including a MySuper Balanced option
  • Cost-effective insurance provided automatically - without the need for medical evidence
  • Choice of service and support - Client Relationship Managers, call centre and online self-service

Summary

EISS Super is a public offer industry fund, which was established in 1997 to provide retirement benefits to public sector employees of the NSW Energy Industry. Members have access to 4 Diversified options and a Cash option. Effective November 2019, the fund changed the default MySuper investment option from the Conservative Balanced option to the Balanced option. The Balanced option underperformed the relevant SuperRatings Index over all assessed time periods to 30 June 2020. Fees for the Balanced option are lower than the industry average across all assessed account balances. Members can switch investment options at no cost.EISS Super offers a full suite of insurance cover, with eligible members automatically provided with Default Death and TPD Cover upon joining the fund. Members can apply for unlimited Death cover and a maximum of $3 million Death & TPD cover. IP covers up to 84.5% of salary (including SG contributions), over a benefit period of either 2 years or until age 65, with a choice of 30, 60- or 90-day waiting periods. 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.

Features and Fees

EISS Super Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$0

Administration fee (%)

0.39%

Switching fee

$0

Investment fee

0.26%

Indirect cost ratio (%)

0.24%

Exit fee

$0

Pros and Cons

  • No contribution and establishment fees
  • Access to five Diversified & Single Sector options, including a MySuper Balanced option
  • Cost-effective insurance provided automatically - without the need for medical evidence
  • Choice of service and support - Client Relationship Managers, call centre and online self-service

EISS Super is a public offer industry fund, which was established in 1997 to provide retirement benefits to public sector employees of the NSW Energy Industry. Members have access to 4 Diversified options and a Cash option. Effective November 2019, the fund changed the default MySuper investment option from the Conservative Balanced option to the Balanced option. The Balanced option underperformed the relevant SuperRatings Index over all assessed time periods to 30 June 2020. Fees for the Balanced option are lower than the industry average across all assessed account balances. Members can switch investment options at no cost.EISS Super offers a full suite of insurance cover, with eligible members automatically provided with Default Death and TPD Cover upon joining the fund. Members can apply for unlimited Death cover and a maximum of $3 million Death & TPD cover. IP covers up to 84.5% of salary (including SG contributions), over a benefit period of either 2 years or until age 65, with a choice of 30, 60- or 90-day waiting periods. 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.

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EISS Super Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$0

Administration fee (%)

0.39%

Switching fee

$0

Investment fee

0.26%

Indirect cost ratio (%)

0.24%

Exit fee

$0

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Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
BALANCED
HIGH GROWTH
CONSERVATIVE BALANCE
CAPITAL STABLE
CASH
+ View additional option performance information
Past 5-year return
7.20% p.a
Admin fee

$0

Company
Energy Industries Superannuation Scheme
Calc fees on 50k

$445

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Silver
Go to site
More details
Past 5-year return
6.61% p.a
Admin fee

$39

Company
Energy Industries Superannuation Scheme
Calc fees on 50k

$524

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details
Past 5-year return
7.20% p.a
Admin fee

$0

Company
Energy Industries Superannuation Scheme
Calc fees on 50k

$445

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Silver
Go to site
More details

FAQs

What is superannuation?

Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.

When did superannuation start?

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.

Am I entitled to superannuation if I'm a contractor?

As a contractor, you’re entitled to superannuation if:

  • The contract is mainly for your labour
  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

Please note that you’re entitled to superannuation even if you have an Australian business number (ABN).

Can my employer use money from my superannuation account?

No, your employer can’t touch the money that is paid into your superannuation account.

How do you open a superannuation account?

Opening a superannuation account is simple. When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:

  • The name of your preferred superannuation fund
  • The fund’s address
  • The fund’s Australian business number (ABN)
  • The fund’s superannuation product identification number (SPIN)
  • The fund’s phone number
  • A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund

You might want to provide your tax file number as well – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.

How is superannuation regulated?

The Australian Prudential Regulation Authority (APRA) regulates ordinary superannuation accounts. Self-managed superannuation funds (SMSFs) are regulated by the Australian Taxation Office.

How many superannuation funds are there?

There are more than 200 different superannuation funds.

Who can open a superannuation account?

Superannuation accounts can be opened by Australians, permanent residents and temporary residents. You’re automatically entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

What happens to my insurance cover if I change superannuation funds?

Some superannuation funds will allow you to transfer your insurance cover, without interruption, if you switch. However, others won’t. So it’s important you check before changing funds.

When can I access my superannuation?

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 1 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 1 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

 

What superannuation details do I give to my employer?

When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:

  • The name of your preferred superannuation fund
  • The fund’s address
  • The fund’s Australian business number (ABN)
  • The fund’s superannuation product identification number (SPIN)
  • The fund’s phone number
  • A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund

You should also provide your tax file number – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.

How do you get superannuation?

You’re automatically entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

What happens to my superannuation when I change jobs?

You can keep your superannuation fund for as long as you like, so nothing happens when you change jobs. Please note that some superannuation funds have special features for people who work with certain employers, so these features may no longer be available if you change jobs.

What is a superannuation fund?

A superannuation fund is an institution that is legally allowed to hold and invest your superannuation. There are more than 200 different superannuation funds in Australia. They come in five different types:

  • Retail funds
  • Industry funds
  • Public sector funds
  • Corporate funds
  • Self-managed super funds

Retail funds are usually run by banks or investment companies.

Industry funds were originally designed for workers from a particular industry, but are now open to anyone.

Public sector funds were originally designed for people working for federal or state government departments. Most are still reserved for government employees.

Corporate funds are arranged by employers for their employees.

Self-managed super funds are private superannuation funds that allow people to directly invest their money.

Can I choose a superannuation fund or does my employer choose one for me?

Most people can choose their own superannuation fund. However, you might not have this option if you are a member of certain defined benefit funds or covered by certain industrial agreements. If you don’t choose a superannuation fund, your employer will choose one for you.

Am I entitled to superannuation if I'm not an Australian citizen?

Yes, permanent and temporary residents are entitled to superannuation.

How do I combine several superannuation accounts into one account?

The process used to consolidate several superannuation accounts into one is the same process used to change superannuation funds. This can be done through your MyGov account or by filling out a rollover form and sending it to your chosen fund.

What are concessional contributions?

Concessional contributions are pre-tax payments into your superannuation account. The payments made by your employer are concessional payments. You can also make concessional contributions with a salary sacrifice.

What is the superannuation rate?

The superannuation rate, or guarantee rate, is the percentage of your salary that your employer must pay into your superannuation fund. The superannuation guarantee has been set at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

What are personal contributions?

A personal contribution is when you make an extra payment into your superannuation account. The difference between personal contributions and salary sacrifices is that the former comes out of your after-tax income, while the latter comes out of your pre-tax income.