6 questions from our users
Can you access some of your super money
Thank you for getting in touch.
The Australian Taxation Office have conditions of release in Superannuation that would determine whether an individual can access their Superannuation. ESSSuper has a great fact sheet on Access to Super and Tax that can be found here: https://bit.ly/2SdSDYg
Alternatively you can give us a call on 1300 650 161 to discuss your circumstances and we'll be happy to help.
Has anyone from ESSSuper explained why the fees have quadrupled over the past 3 or 4 years? I'm in the Accumulation Fund and paid $820 in fees for a balance of around 320,000 in 2017. In 2018/19 I have been charged $3,796 in fees with only a $45,000 increase in my balance. How did this gross increase happen without members creating an enormous stink?
What happens to the rest of my dad's super as I am his benafactor don't they have to pay out what's left over ..if any was.?
No, my family experienced this as well with my mothers fund. Unless a binding beneficiary form is signed by the account holder (something they didn’t tell my mother even in meetings close to her death), then the money actually belongs to the fund to disperse as they see fit. Your beneficiary preference is non binding. They are only obligated to disperse to your spouse or dependent children. If your children are all adults and there is no spouse or defacto partner they control the money. They do reassure that in the event of your death your non binding beneficiary nomination will be an important consideration when the board determines who should receive your death benefit and in what proportion.
I have my superannuation in ESSS accumulation fund. My wife has hers in another fund which paid more than 4% higher return for the previous financial year than ESSS. Can anyone tell me why ESSS returns are so much lower than other funds? They say that they are a "Platinum Fund" but what does that mean? It must be just a title meaning something else. Maybe the colour of their brochures or likes. The returns are certainly not platinum, Gold or anything near that.
My wife's super account is also in another fund and also appears to have a higher return than ESSS. The reason for this appears to be that most accounts in super funds are High Growth. ( Make some inquiries ) You take the risk of good returns as against the higher losses. I originally had my investment split between Balanced / Growth. Early last year I put it all in Growth and the benefits were noticeable. If I had of gone to High Growth it would have been even more substantial. The share market seems to go 'dormant' between April to September and becomes more active between Sept to March. You can change your investment at anytime and online at ESSS. Check the returns and you will find ESSS, and I still maintain they are a little bit conservative, are quiet comparable to all other funds. Hope this helps.
I had taken this into account and checked the returns on the 'Balanced Fund' of both ESSS and my wifes fund for both the 16 -17 financial year and also the YTD monthly returns. The comparison was based on the balanced fund not the higher growth options. When I checked all of the investment options of both funds her fund paid higher returns at all levels of investment.
My problem with esssuper was the final interview after 35 year with them, went for about 10 minute with the financial adviser just given a few books and telling us to make up our own mind. The financial advisor we end up going with spent 90 minutes with us and mapped it out on a white board, and ask a lot of questions about what we want and what we need, His professional interview was incredible and it didn't cost us anything. Esssuper was amateurish and we went all the way in to the City for a 10 minute interview. Please advise?
ESSSUPER was once a stand alone fund but was rolled over into the State Fund by the Labor Government of the time and since then performance and customer service has gone down hill. They are reluctant to give 'financial advice' as they person giving same has to be a registered financial planner and they probably don't want to spend a few bucks on one. I am with them and am seriously considering giving them the flick for their poor customer service and performance. Even their own graphs show that they consistently underperform the industry average.
Your experience is similar to a number of members I have spoken to. The fund is great while you are working (Defined Benefit) but you seriously need to get some advice from a professional (as you have done) before you commit to staying with this fund.
PS: You won't get an answer from them as they probably do not monitor this portal.
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