Checklist: Important questions to ask when choosing a super fund

We know we stack up well against other superannuation funds. But don't take our word for it. Here are some important questions to ask when comparing the different superannuation offers out there.

Q: Who makes money out of the fund?

Is the fund run by a for-profit company that has to meet the demands of its shareholders?

The Energy Industries Superannuation Scheme returns all of its profits to its members. The Energy Industries Superannuation Scheme also owns a half share in FuturePlus Financial Services, which provides members with a wide range of products and services. Any profits made by FuturePlus flow back to members as well.

Q: How has my fund performed?

Will another fund provide you with the same level of investment returns you get from your current fund?
Over a long period of time, even a small difference in investment returns can make a huge difference in what you have to retire on.

Here is how the Energy Industries Superannuation Scheme has performed over the past five years to date.

The Energy Industries Superannuation Scheme has assets of approximately $1.7billion in funds under management and over 12,000 members (predominantly in NSW). Whilst this is not a guarantee of security or performance, this level of assets gives the Trustee continuous and cost effective access to professional advice and monitoring services.

In addition to this, the Trustee is solely engaged in the management and control of the Scheme and its assets for the benefit of its members.

Q: What fees are charged?

Fees and charges can vary widely from superannuation fund to superannuation fund. It can also be expensive to move in and out of some funds which have hefty entry and exit fees. If you want to make a change, you should examine the Product Disclosure Statement of any superannuation fund to assess their fees and charges. But make sure you are comparing apples with apples. And, most importantly, compare what you are getting in return for these fees.

At the Energy Industries Superannuation Scheme, we:

• Competitive administration fee charges.
• DON'T charge any entry fees.
• Allow you one free switch of investment options per year.
• Have a varying management fee according to what investment option you are in and aim to keep fees to a minimum and competitive with comparable funds.

Please contact the Member Services Contact Centre on 1300 369 901 for a Product Disclosure Statement so that you have all the information you need. Alternatively you can download the Product Disclosure Statement.

Q. What backup and support does the fund offer me?

The Energy Industries Superannuation Scheme offers you:

• Access to no cost financial planning with fully qualified financial planners, who are paid a salary and do not receive a commission. All fees are disclosed up front. This is what is important… in other words there are no hidden commissions.
• A Member Services Contact Centre that you can call during work hours with any questions about your superannuation
• A website with fact sheets, newsletters and investment updates, as well as tools and calculators, to help you make investment decisions
• Access to one-on-one consultations at branches close to you
• Access to free Pre-Retirement and Wealth Creation seminars
• Access to Estate Planning
• Updates through regular newsletters and statements and annual reports

Q. What extras do I get from the fund?

The Energy Industries Superannuation Scheme offers you:

• Access to home loans
• Voluntary Insurance options
• Savings on a variety of every day items such as health insurance, phone contracts and pharmaceuticals and specials on a host of lifestyle benefits such as travel, accommodation and entertainment through our loyalty program, Fair Go Member Benefits.

Q: How much investment choice do I actually want?

Some superannuation funds offer a huge array of investment options, but charge you more for this. This may suit you if you wish to change your investments regularly and enjoy getting involved in investing. If you would prefer an investment option based on the stage of life you are at or your risk tolerance (i.e. how you react to the volatility of share markets), you should consider whether you want to pay more for investment choices you may never use.

Q. Will I lose insurance cover if I move superannuation funds?

Insurance is vital in protecting you and your family in the case of unexpected misfortune. It's important to check what level of cover you will get with another superannuation fund and how much this will cost you.

At the Energy Industries Superannuation Scheme, you enjoy a competitive group insurance rate which the Scheme has negotiated on your behalf using its large buying power. You might not get the same deal if you join another superannuation fund as an individual. You may also not be given insurance cover automatically at another superannuation fund and may have to provide satisfactory medical evidence before insurance cover is granted (if at all).

Q. Where do I get more information?

It's important to compare apples with apples when comparing superannuation funds. If you need any more details about what the Energy Industries Superannuation Scheme offers you, phone our Member Services Contact Centre on 1300 369 901.

You can also send us an e-mail to info@eisuper.com.au.