Super Funds Comparison Worksheet

Transcription

1 Super Funds Comparison Worksheet This worksheet has been prepared for new and prospective Defined Contribution members of. However, it is NOT relevant to Income Stream, Market Linked Pension or Defined Benefit members. Please note: If you are employed by an employer who has a corporate arrangement, you may have arrangements that differ from those outlined in this worksheet. Please contact us to confirm the specific arrangements that apply to your membership. This worksheet aims to help you compare the costs and benefits of to another super. It is modelled on the Australian Securities and Investments Commission s (ASIC) comparison table, which is available for download by visiting moneysmart.gov.au and typing super s comparison worksheet into the search engine. To complete the worksheet, you will need to obtain information about the other super you are comparing us with by contacting that or referring to their Product Disclosure Statement. Any further information you require on s product and services offering can be obtained from the Member Guide Product Disclosure Statement (PDS) or your Corporate Member Guide PDS (as applicable) and the documents referred to within (which form part of the PDS). recommends that members considering changing s read the Super decisions booklet, also available from moneysmart.gov.au, and seek financial advice before acting. Questions to ask when comparing s Extra employer contributions 1 Some employers make additional contributions for employees who are members of. Your employer will provide information about these arrangements, if applicable. Redundancy benefits Fees and costs as at 1 September 2013 Management costs for your investment option as % of your total account. Please note: In this is the amount deducted from the earnings of the Fund before returns are applied to your account. It includes a percentagebased administration fee of 0.22% plus the investment management fees and estimated performance fees (where relevant) that apply to each investment option. The 0.22% is capped at $2,200 in a financial year for eligible amounts in linked accounts. Any fees charged above $2,200 are rebated to your account in the next financial year. Updated estimates are posted on our website from time-to-time, when updated information about fees and expenses becomes available. See the Fees and Costs Guide for more information about linked accounts. provides support services (education and advice) for members facing redundancy. 0.30% for the Cash Deposit option (annual cost is $3.00 per $1,000) 0.34% for the Cash Enhanced option (annual cost is $3.40 per $1,000) 0.60% for the Stable option (annual cost is $6.00 per $1,000) 0.66% for the Capital Managed option (annual cost is $6.60 per $1,000) 0.79% for the MySuper option (annual cost is $7.90 per $1,000) 1 of 5

2 Fees and costs as at 1 September 2013 Continued... Amount of any additional dollar-based management costs Contribution fee, as % of contribution Withdrawal fee, as % of each amount withdrawn Termination fee, as % of your total account on closing it Service fees switching fee (changing investment options) Service fees withdrawal fee Service fees adviser service fee Service fees international transfer fee Service fees finding a lost member fee 0.79% for the Balanced option (annual cost is $7.90 per $1,000). 1.07% for the SRI Balanced option (annual cost is $10.70 per $1,000). 0.84% for the Growth option (annual cost is $8.40 per $1,000). 0.67% for the Australian Shares option (annual cost is $6.70 per $1,000). 0.90% for the International Shares option (annual cost is $9.00 per $1,000). $52.00 p.a. fixed administration fee per member account, deducted monthly. A termination (exit) fee of $65 will apply if you withdraw all your money and close your Energy Super account. This fee is not applicable when transferring between products. No investment switching fee is applied on your first switch each financial year. Any additional switches will cost $28. An agreed fixed dollar fee may be charged for advice from ESI Financial Services 2. This is not a fixed fee. will charge members for this service on a cost recovery basis. Indicative cost is between $300-$400 per transfer. 2 of 5

3 Insurance Automatic cover or subject to medical questionnaire or examination Automatic cover provided to members employed by an employer. If joining by direct application (public offer) to the Fund, cover may be subject to eligibility requirements. Death Only insurance: $ cost per annum for the amount of cover you want or cost of compulsory cover 3 Unit-based cover: Standard cost of $33.80 per unit per annum. Fixed-dollar cover: Cost varies based on age. Discounted costs apply if a member works in a White Collar/Professional occupation. Death and Total & Permanent Disability (TPD): $ cost per year for the amount of cover you want or cost of compulsory cover 3 Unit-based cover: Standard cost of $51.48 per unit per annum. Fixed-dollar cover: Cost varies based on age. Discounted costs apply if a member works in a White Collar/Professional occupation. Income Protection cover for up to 2 years of income protection payments: $ cost per year for the amount of cover you want If joining through an employer, cost of default IP cover of $2,205 per week with a 14 day wait period is $1, per annum 4. benefit levels are available subject to your income. Any members who are not eligible for Workers Compensation pay a higher cost for IP cover. Income Protection cover for payments to age 65: $ cost per year for the amount of cover you want Cost of IP cover with a 2 year and 14 day wait period depends on your age 5. Discount costs apply if a member works in a White Collar/Professional occupation. Any relevant restrictions on benefit payments, e.g. age limits, dangerous jobs, maternity leave Death & TPD Insurance cover stops at age 70. Cover ceases if a member joins the armed forces of any country. Income Protection No benefit is payable for a disability arising from intentional self-inflicted injuries, any consequence of war, invasion or civil war, normal pregnancy and maternity leave, and, if joining by direct application, any pre-existing sickness within the first 2 years after cover commences. Please note: Some employers have different insurance cover and cost arrangements through. Read your Corporate Member Guide PDS (if applicable) to determine your employer s insurance arrangements. 3 of 5

4 Investment options At least one growth and one conservative (defensive) option Broad range of investment options? (Yes/No) Defensive options: Cash Deposit, Cash Enhanced, Stable, Capital Managed Growth options: MySuper, Balanced, SRI Balanced, Growth, Australian Shares, International Shares Investment performance as at 30 June 2013 % each year, based on average five-year performance of your investment option. (performance figures are compound average annual returns, net of tax, the percentage-based administration fee and investment management fees.) Please see our latest Annual Report for more comprehensive investment return information. Past performance is not indicative of future performance. services Member access to view and make changes to your account on the web Tools and calculators Income streams including Transition to Retirement Financial advice Increased death benefit (Anti detriment benefit) Investment option Cash Deposit Cash Enhanced Yes Yes 5 year (% p.a.) Since inception (% p.a.) Yes, Income Stream or Transition to Retirement Income Stream available. Inception date n/a* /12/ /03/2002 Stable /02/2000 Capital Managed /02/2000 MySuper n/a** n/a** 01/09/2013 Balanced /02/2000 SRI Balanced /07/2007 Growth /02/2000 Australian Shares International Shares /03/ /03/2002 *This option commenced on 17 December Therefore 5 year performance data is not available. **This option commenced on 1 September Therefore 5 year and since inception performance data is not available. professional financial advisers can provide members with low cost comprehensive financial advice on a wide range of financial matters. We also offer limited phone-based single issue advice for no extra cost. 2 On the death of a member an anti-detriment benefit may be payable to eligible beneficiaries. It is only payable as an addition to a lump sum death benefit. 4 of 5

5 1. Your employer may have conditions for making extra contributions or may have an arrangement with about extra contributions. You should check with your employer regarding this issue. 2. can provide information and general advice at no extra charge to members. Members can also receive personal financial advice on their investment choice and insurance options from ESI Financial Services (ESI FS) at no extra cost. ESI FS can also provide comprehensive advice at an agreed fee. For more information, please go to the Financial Advice section of our website at energysuper.com.au 3. You access Death & TPD insurance by paying either a cost for each unit of cover or a fixed-dollar amount of cover. 4. Your Income Protection cover is accessed by paying a cost based on your level of cover. IP payments are limited to the lesser of 90% of your income, plus a 10% contribution or the amount you are insured for plus a 10% contribution. 5. Your Income Protection cover to age 65 is accessed by paying a cost based on your level of cover. IP payments are limited to the lesser of 85% of your income, plus a 15% contribution or the amount you are insured for plus a 15% contribution. Please note: For more information about the Fund please read the Member Guide Product Disclosure Statement (PDS) (available on the website) or the Corporate Member Guide PDS (as applicable). For more information about s income stream please read the Energy Super Income Stream PDS also at energysuper.com.au or you can request a hard copy of either PDS by contacting our team on ENERGY ( ). More information Call ENERGY ( ) [email protected] or visit energysuper.com.au This document provides general financial product advice only and should not be relied on as legal or taxation advice, nor does it take the place of such advice. It has been prepared for the general information of members of. It does not take into account any member s individual financial objectives, financial situation or needs. Any statements of law or proposals are based on our interpretation of the law or proposals as at 1 September We recommend that you seek More help from information a licensed financial adviser before acting on any information in this fact sheet or making any decision about your benefit. You should obtain a Product Disclosure Statement (PDS) and consider the PDS before making any decision. While all due care and diligence has been taken in the preparation of this document, the Trustee reserves the right to correct errors or omissions. If there are inconsistencies between the terms of s Trust Deed and this document, the terms of the Trust Deed prevail. Any information or advice included in this Fact Sheet is provided by ESI Financial Services Pty Ltd (ABN AFSL ). Electricity Supply Industry Superannuation (Qld) Ltd (ABN AFSL ) is the Trustee for (ABN ). 5 of 5