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EISS Superannuation | Super fund review
EISS Super is an authorised MySuper product which gives you freedom to manage your investments.
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-3.13%
Past performance - 1 year
4.79%
Past performance - 5 Years
$445
Annual fees on $50k balance
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Details
| Product Name | EISS Super |
|---|---|
| Past performance - 5 Years | 4.79% |
| Annual admin fee | 0.39% of balance p.a. |
| Insurance included | Death,TPD |
| Number of members | 21,000 |
Key features
- Low fees
- Choice of five managed investment options
- Take control of your super through the Direct Investment Option
- Automatic death and TPD insurance
- Access to financial advice
- Member benefits program
- MySuper authorised
Investment options
EISS Super offers two ways to invest your super depending on how hands-on you want to be. These two options are detailed below:
Option 1: EISS MySuper Conservative Balanced Option
Once you apply to become an EISS Super member, the fund will automatically place you in the MySuper Conservative Balanced Option. This will only change if you choose to move to a different investment option (see below). The product has a mix of both growth and defensive assets such as fixed income, cash, property and shares. The option aims to achieve a return of CPI + 2.5% p.a. over five years.
| Product | Risk level | 3 year average return* | Asset allocation (by target) |
|---|---|---|---|
| MySuper Conservative Balanced | Medium | 5.58% | Growth Assets 18.5% Australian equities 17.5% International equities 4% Infrastructure 5% Property 14% Growth alternatives 0% Private equity Defensive Assets 20% Fixed income 11% Defensive alternatives 10% Cash |
Option 2: Alternative investment options and Direct Investment Option
If you want to switch out of the default option, EISS Super offers four other investment options – High Growth, Balanced, Conservative and Cash.
If you want to be actively involved in managing your own super, you can switch to the Direct Investment Option** which gives you more flexibility and choice in managing your super, with access to shares listed on the S&P/ASX 300 and a selection of term deposits.
With Direct Investment you will have access to the following features to manage your account:
- Online reporting
- Online trading
- Up-to-date market and investment information
| Product | Risk level | Three-year average return* | Asset allocation |
|---|---|---|---|
| Cash | Low | 1.77% | Cash: 100% |
| Conservative | Low to medium | 4.48% | Australian equities: 8.1% International equities: 9.6% Infrastructure: 7.1% Property: 3.8% Growth alternatives: 12.9% Private equity: 0% Fixed income: 26.0% Defensive alternatives: 17.6% Cash: 14.9% |
| Balanced | Medium to high | 6.73% | Australian equities: 23.9% International equities: 23.6% Infrastructure: 9.4% Property: 5.5% Growth alternatives: 9.9% Private equity: 1.4% Fixed income: 9.8% Defensive alternatives: 9.5% Cash: 7.0% |
| High-growth | High | 7.91% | Australian equities: 31.2% International equities: 35.3% Infrastructure: 8.3% Property: 4.6% Growth alternatives: 9.9% Private equity: 3.8% Fixed income: 0% Defensive alternatives: 2.7% Cash: 3.3% |
*The investment performance and asset allocation was correct as at October 2017. Past performance is not an indicator of future performance.
* Note: to invest in this option you must have at least $10,000 in your account. Direct Investment is provided through Macquarie Investment Management Limited.
Fees
EISS Super has a number of fees and other costs which will be deducted from your superannuation.
Fees relate to the administration of your account and the management of your investments. Other costs may be charged for additional services including personal financial advice and insurance premiums.
| Type of fee | Amount |
|---|---|
| Investment fee | Nil |
| Administration fee | Nil |
| Buy-sell spread | Nil |
| Exit fee | $35 |
| Other fees and costs | Advice fee, if you agree a fee with your financial adviser Insurance premiums if you have insurance cover in EISS Super Any advice fees or insurance premiums amounts may vary |
| Indirect cost ratio | MySuper Conservative Balanced: 0.82% p.a. Cash: 0.35% p.a. Conservative: 0.77% p.a. Balanced: 0.93% p.a. High Growth: 1.02% p.a. |
Example of annual fees and other costs for EISS Super (based on a balance of $50,000)*
| Type of fees/ costs | Amount |
|---|---|
| Investment fees | $0 |
| Administration fee | $0 |
| Indirect costs | $410 (0.82% p.a) |
| Total product cost | $410 |
*Fee calculation is based on the MySuper Conservative Balanced Option. For a more detailed breakdown of fees and charges always read the PDS available on the website.
Insurance
EISS Super offers three different insurance options; default cover, life event cover, or voluntary additional cover.
Default cover
EISS Super’s default insurance cover automatically includes death and total and permanent disability cover, which covers you for death, total and permanent disablement or terminal illness.
| Cover | Benefit |
|---|---|
| Death Cover | Provides you with a lump sum in the event of death or if you have a terminal illness with less than 12 months to live. |
| TPD Cover | Provides a lump sum if you become totally and permanently disabled. |
The level of default cover you’ll receive is based on your age next birthday and the amount ranges from $332,000 (at age 40) and $8,000 (at age 70).
To be eligible to receive cover you must be:
- An Australian resident
- Between 15 and 70 years of age
The cost of default cover will range between $6.04 per month to $11.30 per month dependent on your age, and there is no need to complete medical checks.
If you’d like to apply for additional insurance cover you may do so without the need to provide any health information up to 120 days after joining.
Insurance offered through EISS Super is provided by TAL Life Limited.
Life Event Cover
Life Event Cover is additional insurance cover you can apply for if your circumstances change in a way that affects your household or financial situation, such as:
- Birth or adoption of a child
- Marriage or commencement of a de facto relationship
- Divorce or termination of a de facto relationship
- Taking out or increasing a mortgage
Voluntary Cover
You may also apply for voluntary insurance cover which is either in addition to or instead of the default cover. You may apply for:
- Lump sum death-only cover
- Lump sum death and TPD cover
- Salary continuance insurance, which provides you with a regular income should you become temporarily disabled or incapacitated
The cost of voluntary cover is dependent on your age, sex, occupation and health status.
Note: there may be exclusions and/or restrictions which apply to your insurance cover. Check the “Insurance in your super document” available via the EISS Super website.
Pros and Cons
Pros:
- MySuper authorised
- Low fees
- High levels of control via the Direct Investment Option
Cons:
- No mobile app available
- EISS will consider environmental, social and governance factors in their investments but the product does not have an ethical investment commitment
How do I apply?
EISS was originally a super fund exclusively available to the energy industry in NSW, but in 2013 it became a public offer super fund so anyone can apply.
If you’ve decided to select this fund you can apply online by clicking the green "Go to Site" button at the top of this page.
Make sure you have with you:
- Your personal details, including your name, address, date of birth and contact information
- Your Tax File Number (it's unnecessary to give your super fund your TFN, but without it your fund won’t be able to accept certain types of contributions from you and your benefit payments may be taxed at a higher rate than would otherwise apply)
- Your employer’s details
Consolidating your super
If you’ve changed jobs or moved industries it’s likely that you’ll have multiple super accounts and be paying fees on all these accounts.
You can find and consolidate all of your super into EISS Super via the website. Login to MemberAccess, click on “Consolidate Super” and follow the prompts.
Managing your account
You can access your super balance, make extra contributions into your super and change your investment options online 24/7.
Nominate your beneficiaries
Once you sign up for an account you’ll be asked to nominate your beneficiaries. The person/s nominated will receive your super and any insured death benefit if something happens to you.
You can nominate one or more dependents.
DISCLAIMER: This article may contain general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.