Super Funds Comparison Fact Sheet

Transcription

1 Super Funds Comparison Fact Sheet This fact sheet has been prepared for new and prospective members of. However, it is not relevant to: members who have been issued with a Part Two Information former ESI Super or SPEC Super members (who became members on 1 April 2011), or Income Stream, Market Linked Pension or Defined Benefit members. This fact sheet 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 at fido.gov.au by clicking on Superannuation and Super comparison worksheet under the About financial products tab. 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 and Information (if applicable). recommends that members considering changing s read the Super decisions booklet, also available from fido.gov.au, and seek financial advice before acting. Please note: If you are employed by an participating or registered employer, you may have arrangements that differ from those outlined in this fact sheet. Please contact us to confirm the specific arrangements that apply to your membership. Super Funds Comparison Worksheet Questions to ask when comparing s Extra employer contributions 1 Some employers make additional contributions for employees who are members of. An Energy Super Information provides information about these arrangements, if applicable. Redundancy benefits Fees & costs as at 1 April 2011 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 percentage based administration fee of 0.22% plus the asset management fees that apply to each investment option. The 0.22% is capped at $2,200 in a financial year for your total account balance including any linked accounts. Updated estimates are posted on our website from time to time, when updated information about fees and expenses becomes available. provides support services (education and advice) for members facing redundancy. 0.22% for the Cash Deposit option (annual cost is $2.20 per $1,000) 0.32% for the Cash Enhanced option (annual cost is $3.20 per $1,000) 0.54% for the Stable option (annual cost is $5.40 per $1,000) 0.58% for the Capital Managed option (annual cost is $5.80 per $1,000) 1 of 6

2 Fees & costs as at 1 April 2011 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 0.68% for the Balanced option (annual cost is $6.80 per $1,000). 0.99% for the SRI Balanced option (annual cost is $9.90 per $1,000). 0.72% for the Growth option (annual cost is $7.20 per $1,000). 0.31% for the Australian Shares option (annual cost is $3.10 per $1,000). 0.71% for the International Shares option (annual cost is $7.10 per $1,000). $52.00 p.a. fixed administration fee per member account, deducted monthly. One free switch annually, then $25.00 per switch. An agreed fixed dollar fee (with a possible subsidy 2 ) may be charged for advice from ESI Financial Services. 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. This is not a fixed fee. will charge members for this service on a cost recovery basis. Indicative cost is between $30-$50 per lost member found. 2 of 6

3 Insurance Automatic cover or subject to medical questionnaire or examination Death Only insurance: $ cost per annum for the amount of cover you want or cost of compulsory cover Death and Total & Permanent Disability (TPD): $ cost per year for the amount of cover you want or cost of compulsory cover Automatic cover provided to members joining through an participating or registered employer. If joining by direct application (public offer) to the Fund cover may be subject to medical questionnaires and possible medical checks. Standard cost of $34.32 per unit per annum for Death Only (age based amount covered/unit). 3 Discounted costs apply if a member works in a White Collar/Professional occupation. Standard cost of $57.20 per unit per annum for Death and TPD (age based amount covered/unit). 3 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 Cost of default IP cover with a 14 day wait period is $1,040 per annum 4. (Default IP cover is valued at $104,000 per annum). Any members who are not eligible for Workers Compensation pay a higher cost for IP cover. Any relevant restrictions on benefit payments, e.g. age limits, dangerous jobs, maternity leave Death and 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, any preexisting sickness within the first 2 years after cover commences. Please note: Some employers have different insurance cover and cost arrangements through. Read your Information (if applicable) to determine your employer s insurance arrangements. 3 of 6

4 Investment options At least one growth and one conservative (defensive) option Defensive options: Cash Deposit, Cash Enhanced, Stable, Capital Managed Growth options: Balanced, SRI Balanced, Growth, Australian Shares, International Shares Enough investment options for you? Yes or No? Investment performance % each year, based on average five-year performance of your investment option. (performance figures are compound average annual returns, net of administration & management fees.) Please see our latest Annual Report for more comprehensive investment return information. Past performance is not indicative of future performance. 5 year investment performance as at 30 June 2010: Cash Deposit (This option commenced on 17 December Therefore five year performance data is not available.) Cash Enhanced 4.56% Stable 4.97% Capital Managed investment option 5.07% Balanced 3.57% SRI Balanced (This option commenced on 24 July Therefore, five year performance data is not available.) Growth 4.55% Australian Shares 5.04% International Shares -0.82% services Member access to view and make changes to your account on the web Interactive online education modules Income streams including Transition to Retirement Subsidised financial advice Yes Yes Yes, Income Streams or Transition to Retirement Income Streams available. members have access to subsidised in-house financial advice. Please note: Advice subsidy is based on the member s account balance. For more information, go to the Financial Advice section at energysuper.com.au 4 of 6

5 services Anti detriment benefit On the death of a member an anti-detriment benefit is payable to eligible beneficiaries. It is only payable as an addition to a lump sum death benefit. Anti-detriment benefits generally apply if a member dies when they are in the accumulation phase of super. 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 free of charge to members. You can also receive personal financial advice at an agreed fee from ESI Financial Services. may provide a subsidy (between $300-$800) to eligible members to reduce the cost of the advice where it is related to and/or retirement planning. 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 a premium for each unit of insurance cover. The level of cover is age based, shown in the table below. 4. Your Income Protection cover is accessed by paying a premium based on your level of cover. IP payments are made fortnightly in arrears and 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. Please note: For more information about the Fund please read the Member Guide Product Disclosure Statement (PDS) available on the website. For more information about s income stream please read the Income Stream PDS also at energysuper.com.au. Or you can request a hard copy of either PDS by contacting our team on ENERGY ( ). Cost of Death & Total and Permanent Disablement (TPD) insurance cover Insurance cover depends on your age and the amount of insurance cover you wish to have. Insurance premiums are deducted each year from your account. The amount deducted is shown on your Annual Statement. The table below shows the amount of insurance cover for each unit of insurance cover you have. The level of cover is based on your age next birthday. Age next birthday More information Amount of cover per unit Age next birthday Amount of cover per unit Age next birthday $108, $34, $5, $103, $31, $4, $98, $27, $4, $97, $24, $4, $97, $21, $3, $83, $18, $3, $77, $16, $3, $71, $14, $2, $66, $12, $2, $60, $10, $2, $55, $9, $2, $49, $8, $1, $44, $7, $1, $39, $6,300 Amount of cover per unit Example: Calculating the cost of Death & TPD Insurance cover A Member of the Fund is 44 years old and has 5 units of Death & TPD cover. At this age (45 next birthday) their insured amount is $155,000 (5 x $31,000). The member s standard insurance cost is $ per annum (5 x $1.10/week x 52 = $286 per annum). 5 of 6

6 Cost of Income Protection insurance cover The cost you pay for your insurance depends on the level of cover you choose and whether or not you are covered by a Workers Compensation scheme (such as WorkCover Queensland). Cost of cover for a benefit payment period of 2 years Standard cover Description Income Protection benefit 1, 2 up to: Cost for members with Workers Cost for members without Workers A Major Projects or income up to $173,333 p.a. $3,000 per week $36 per week $57.60 per week B (default) Commercial Construction or income up to $115,555 p.a. $2,000 per week $20 per week $32.00 per week C Construction or income up to $92,444 p.a. $1,600 per week $16 per week $25.60 per week D Power Generation or income up to $69,333 p.a. $1,200 per week $12 per week $19.20 per week E /Office workers or income up to $57,777 p.a. $1,000 per week $9 per week $14.40 per week F Apprentices/Office workers or income up to $46,222 p.a. $800 per week $7 per week $11.20 per week Additional cover Income Protection benefit 1, 2 up to: $4,000 per week $5,000 per week $6,000 per week $7,000 per week Cost for members with Workers Additional $12 per week for each $1,000 of cover above Category A Cost for members without Workers Additional $19.50 per week for each $1,000 of cover above Category A 1 To a maximum benefit of 90% of income plus 10% super contribution 2 Indexed annually by 5% 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 April We recommend that you seek help from 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 ). 6 of 6