Energy Super – You Don’t Need to Be Working in the Energy Industry to Join

CommBank

A leading fund for the workers of the Australian energy industry, Energy Super is committed to bringing their members flexible investment options.

The Energy Super super fund was established in order to provide retirement planning solutions for all Australians, with a strong focus on those who are an active part of the energy industry.

It’s established funds are competitively priced, with a track record of having consistent returns for members.

This industry super fund is worth comparing to others if you want to see a good value for the investment of your superannuation.

Why you may want to consider Energy Super
  • SuperRatings awarded Energy Super with a seven year platinum performance rating for the years 2009 through 2016.
  • The Choice Super account was recognised by SuperRatings with a platinum award in 2016.
  • In the same year, Energy Super’s pension account also received a platinum award as did the MySuper fund.
  • Selecting Super rates Energy Super with AAA for quality in their superannuation products.

What do I need to know about Energy Super?

Energy Super is responsible for close to $6 billion in funds for over 49,000 members, providing each one with access to ten different asset classes. The individual managed super funds are made up of varying percentages of the following assets:

  • Australian shares
  • International shares
  • Property
  • Growth Alternatives – Infrastructure
  • Growth Alternatives – Private equity
  • Growth Alternatives – Total return funds
  • Global fixed interest
  • Defensive alternatives
  • Cash enhanced
  • Socially responsible

With these assets you can construct a super fund that best suits your current circumstance. You can also change your options as you approach preservation age, or if your needs change through Energy Super’s online portal.

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What’s internet banking like for Energy Super?

It’s easy to sign up for online access to your Energy Super super account. Once you have contacted Energy Super and supplied your email address you will receive your online access pin, which will allow you to login and:

  • Review and change your personal account details
  • View your annual statements
  • Change investment options

With these features you are able to keep track of how your super fund is performing and assess whether you are on the right track towards building a retirement fund.

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What super funds are offered by Energy Super?

Energy Super has developed options to suit whatever your investment needs may be. As a member, you choose from ten different managed funds that suit your current financial goals. Each fund is specially designed to meet a certain risk level and rate of return for your investment:

  • Cash enhanced. Your lowest risk option with the lowest rate of return.
  • Stable. A low risk option that is designed for those who are closer to retirement age.
  • Fixed interest. This low risk super fund relies solely on products that provide a consistent rate of return.
  • Capital managed. A low to medium risk investment that utilises a number of different assets.
  • Balanced. A carefully constructed super fund that gives you a fairly consistent rate of return.
  • MySuper. The default option that gives Australian workers a diverse managed fund to grow their superannuation in.
  • SRI Balanced. A riskier investment plan if you are just starting out in the workforce and want to aggressively begin growing your retirement now.
  • Growth. Designed to give you the best rate of return when the funds are kept invested for an extended period of time.
  • Australian shares. A high risk option that concentrates all of your superannuation funds into Australian stocks.
  • International shares. Another risky alternative that investments your money into various international markets.

Each of your choices does have a different objective, and past performance is not an indicator of what could happen with the fund in the future. You do have the choice to invest entirely into one super fund, or spread your superannuation across a number of different funds.

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What pension accounts are offered by Energy Super?

Whether you are starting to think about retirement, or have left the Australian workforce behind, Energy Super has various products that can match your goals and needs. You can set up a tax friendly income stream as you transition to retirement, or allow your pension give you a steady cash flow once you are done working. In either case you will be required to invest at least $10,000 and have the money paid into your nominated bank account each month. These types of accounts are not an option for temporary residents of Australia.

  • Transition to retirement. You are able to open this type of account once you reach preservation age, but will be continuing to earn an income from an employer. You will receive regular payments from your super paid to you fortnightly, monthly or quarterly, along with your regular salary.
  • Income stream. For Australians who have completely retired, the income stream pays you from your super fund fortnightly, monthly, quarterly, biannually or yearly. This is done while you are still making investment returns on the money. Plus, so long as they are above the government minimum, you are permitted to choose the amount and frequency of your payments.
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How you can get more out of the Energy Super super fund application process

It only takes a few minutes to complete the Energy Super online application to become a member. To make the process easier it is recommended that you have the following information ready:

  1. Your tax file number (TFN)
  2. Details of your beneficiaries, including their full names, address and date of birth
  3. Your employment details including your employer’s contact details, and when you began employment.

You will also need to be able to make an initial contribution of $1,000 into the account in order to start having regular contributions. You will also be offered various insurance covers while completing the application in addition to the default option.

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