Fire and Emergency Services Superannuation Fund - Accumulation Account
QSuper Lifetime
Pay no transaction or switching fees and enjoy a range of different investment options
$0
$530
Fire and Emergency Services Superannuation (FESS) Fund Acumulation was established in 1985 to service the retirement needs of members employed within the Fire and Emergency Services. The fund is only available to current and former employees, as well as their spouses.FESS' Accumulation account offers three diversified and four single sector options for members to choose. The default option is the Smoothed option which may have a smoothing averaging process to reduce the impact of market fluctuations on members. The Growth option underperformed the relevant SuperRatings Index over the 10 years to 30 June 2019.Fees are lower than the industry average across all account balances assessed. The fund does not charge buy-sell spread, although an investment switching fee may be charged.FESS Accumulation's insurance offering allows eligible members to apply for up to $10 million of Death cover and $3 million of TPD cover. Members can also apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. Income Protection is available covering up to 75% of salary with a 2-year benefit period. The fund provides members with online account access, periodic newsletters and educational materials on the fund's website.
Admin fee $0 | Health insurance |
Administration fee (%) 0.2% | Binding nominations |
Indirect cost ratio (%) 0.38% | Anti-detriment payments |
Exit fee $0 | Switching fee $50 |
Financial planning service | Employer size discount |
Credit cards | Home loans |
Insurance life event increases | Non-lapsing binding nominations |
Investment fee 0.48% | 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 | |
|---|---|---|---|---|---|---|---|---|
New Fund | $0 | Fire and Emergency Services Superannuation Fund - Accumulation Account | $530 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details |
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FAQs
Ethical investment funds limit themselves to making ‘ethical’ investments (which each fund defines according to its own principles). For example, ethical funds might avoid investing in companies or industries that are linked to human suffering or environmental damage.
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.
Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.
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.
A majority of Australians are in accumulation funds. These funds grow according to the amount of money invested and the return on that money.
A minority of Australians are in defined benefit funds – many of which are now closed to new members. These funds give payouts according to specific rules, such as how long the worker has been with their employer and their final salary before they retired.
Before you create a superannuation account, you’ll need to check if you’re allowed to choose your own fund. Most Australians can, but this option doesn’t apply to some workers who are covered by industrial agreements or who are members of defined benefits funds.
Assuming you are able to choose your own fund, the next step should be research, because there are more than 200 different superannuation funds in Australia.
Once you’ve decided on your preferred superannuation fund, head to that provider’s website, where you should be able to fill in an online application or download the appropriate forms. You’ll need your tax file number (assuming you don’t want to be charged a higher tax rate), your contact details and your employer’s details (if you’re employed).
Superannuation funds can charge a range of fees, including:
- Activity-based fees – for specific, irregular services, such as splitting an account after a divorce
- Administration fees – to cover the cost of managing your account
- Advice fees – for personal investment advice
- Buy/sell spread fees – when you make contributions, switches and withdrawals
- Exit fees – when you close your account
- Investment fees – to cover the cost of managing your investments
- Switching fees – when you choose a new investment option within the same fund
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.
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.