Energy Industries Superannuation Scheme

Energy Industries Superannuation Scheme Super

Past 5-year return
5.38%
Admin fee

$0

Calc fees on 50k

$445

SuperRatings awards
MyChoice Silver
Past 5-year return
5.38%
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.

Read More

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
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
4.88%
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
5.38%
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
Past 5-year return
5.38%
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

FAQs

How can I increase my superannuation?

You can increase your superannuation through a ‘salary sacrifice’. This is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Like regular superannuation contributions, salary sacrifices are taxed at 15 per cent when they are paid into the fund.

Is superannuation compulsory?

Superannuation is compulsory. Generally speaking, it can’t be touched until you’re at least 55 years old.

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.

Can I take money out of my superannuation fund?

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

Do I have to pay myself superannuation if I'm self-employed?

No, self-employed workers don’t have to pay themselves superannuation. However, if you do pay yourself superannuation, you will probably be able to claim a tax deduction.

When is superannuation payable?

Employers must pay superannuation at least four times per year. The due dates are 28 January, 28 April, 28 July and 28 October.

How much is superannuation in Australia?

Superannuation in Australia is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary.

The ‘superannuation guarantee’, as it is known, has been 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 should I know before getting an SMSF?

Four questions to ask yourself before taking out an SMSF include:

  1. Do I have enough superannuation to justify the higher set-up and running costs?
  2. Am I able to handle complicated compliance obligations?
  3. Am I willing to spend lots of time researching investment options?
  4. Do I have the skill to make big financial decisions?

It’s also worth remembering that ordinary superannuation funds usually offer discounted life insurance and disability insurance. These discounts would no longer be available if you decided to manage your own super.

Is superannuation paid on unused annual leave?

If your employment is terminated, superannuation will not be paid on unused annual leave.

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.

What are reportable employer superannuation contributions?

Reportable employer superannuation contributions are special contributions that an employer makes on top of the regular compulsory contributions. One example would be contributions made as part of a salary sacrifice arrangement.

How do you claim superannuation?

There are three different ways you can claim your superannuation:

  • Lump sum
  • Account-based pension
  • Part lump sum and part account-based pension

Two rules apply if you choose to receive an account-based pension, or income stream:

  • You must receive payments at least once per year
  • You must withdraw a minimum amount per year
    • Age 55-64 = 4%
    • Age 65-74 = 5%
    • Age 75-79 = 6%
    • Age 80-84 = 7%
    • Age 85-89 = 9%
    • Age 90-94 = 11%
    • Age 95+ = 14%

If you want to work out how long your account-based pension might last, click here to access ASIC’s account-based pension calculator.

How is superannuation calculated?

Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.

The ‘superannuation guarantee’, as it is known, has been 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 is superannuation?

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

Is superannuation taxed?

Superannuation is taxed. It is generally taxed at 15 per cent. However, if you earn less than $37,000, you will be automatically reimbursed up to $500 of the tax you paid. Also, if your income plus concessional superannuation contributions exceed $250,000, you will also be charged Division 293 tax. This is an extra 15 per cent tax on your concessional contributions or the amount above $250,000 – whichever is lesser.

How many superannuation funds are there?

There are more than 200 different superannuation funds.

How do I choose the right superannuation fund?

Different superannuation funds charge different fees, offer different insurances, offer different investment options and have different performance histories.

So you need to ask yourself these four questions when comparing superannuation funds:

  • How many fees would I have to pay and what would they cost?
  • What insurances are available and how much would they cost?
  • What investment options does it offer? How would they match my risk profile and financial needs?
  • How have these investment options performed historically?

What are government co-contributions?

A government co-contribution is a bonus payment from the federal government into your superannuation account – but it comes with conditions. First, the government will only make a co-contribution if you make a personal contribution. Second, the government will only contribute a maximum of $500. Third, the government will only make co-contributions for people on low and medium incomes. The Australian Taxation Office will calculation whether you’re entitled to a government co-contribution when you lodge your tax return. The size of any co-contribution depends on the size of your personal contribution and income.

How much extra superannuation can I add to my fund?

There is an annual limit of $25,000 for concessional contributions – that is, money paid by your employer and extra money you pay into your account through salary sacrificing. There is also a limit on non-concessional contributions. Australians aged between 65 and 74 have a limit of $100,000 per year. Australians aged under 65 have a limit of $300,000 every three years.

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.