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Superannuation and Financial Planning FAQs

Frequently Asked Questions

Super

What is MySuper?

MySuper is a type of superannuation product that is used by employers as a default super fund for their employees.

When you start a job with a new employer, if you don’t tell them where to pay your super then they will pay it to the default super fund that they have chosen and your super will be paid to that fund and invested in the default investment option for the MySuper product.*

EISS Super’s MySuper product is invested in our Balanced option. You can use our MySuper product dashboard to compare EISS Super’s MySuper product with other MySuper products.

* The Federal Government’s Your Future, Your Super reforms commencing on 1 July 2021 include you keeping your current super fund when you change jobs, unless you select another fund. You can find a factsheet on these changes here.

What fees do EISS Super charge?

EISS Super are proud to be one of the lowest cost funds in the market*.

EISS Super charge an investment fee, administration fee and indirect cost ratio in relation to the management of your super account and related investments. Read our Fees and Costs document for full details.

*Rainmaker Benchmarking Report, March 2020.

How can I access my account online?

You can log in to your EISS Super account at eisuper.com.au/login, you’ll just need your member number and PIN/Password. If you don’t have these, or need any help logging in, please call us on 1300 369 901. You can also reset your PIN/Password from the log in screen.

When you log in you’ll be able to view your current balance, manage your investment options, check your insurance cover and binding nomination.

What’s the difference between my Member Number and Account Number?

Your Member Number is unique to you, and allows you to be identified across the systems that we use to manage your super.

Your Account Number relates to your EISS Super account (some members have more than one account). 

If you’re a Retirement Scheme or Defined Benefit Scheme member and also have a super or pension account with us, you’ll have two Member Numbers (relating to the two accounts). 

I’ve changed jobs – do I need to open a new super account?

No, you can keep your super with EISS Super, and in most cases, you don’t need to open a new account with your new employer. You can just let your new employer know that you’d like to stay with EISS Super by providing them with a completed Pay My Super into My EISS Super Account form.

By staying with EISS Super, and taking your super account on your employment journey, you can continue to enjoy the benefits of your membership and you won’t have fees from multiple super funds eroding your retirement savings.

I think I’ve got super elsewhere – how do I find out?

With the ATO reporting almost $21 billion of super in Australia being lost or unclaimed, if you’ve moved jobs a few times, joined more than one super fund, or even just forgotten to update your contact details, some of that might be yours!

You can easily track down your lost super and add it to your current account, where your hard earned money can start working for you.

If you’re a member of EISS Super, just log in to your online account and select ‘Find My Super’ from the menu. It should take you no more than a couple of minutes.

Alternatively, you can search online via myGov or contact the ATO.

Can I consolidate all of my super accounts into one?

Yes! It’s easy to bring all of your super together into your EISS Super account. One account will help you gain control of your money, and you could also pay less fees, and definitely have less paperwork to worry about.

The easiest and quickest way to combine your super is to log in to your online account,  select ‘Find My Super’ and follow the prompts. It should take you no more than a couple of minutes. Don’t forget though, you should consider all relevant information before you combine your super, including other benefits you have with other super funds, such as insurance.

I’d like to add more to my super, on top of what my employer contributes – can I do this?

Making additional contributions to your super, on top of the Super Guarantee amount that your employer contributes, is a great way to take control and grow your retirement savings.

There are a few options if you’d like to make extra contributions to your super.

  • Firstly, you can ‘salary sacrifice’ – this is an arrangement with your employer where you agree to have some of your pre-tax income paid into your super. It’s simple to set up, and a tax-effective way to boost your super. Find out how here.
  • You can make a personal, or ‘after tax’ contribution to your super. These types of contributions are known as non-concessional contributions, and you generally won’t pay tax when you make these contributions, however there are rules around how these work and how much you can contribute each year. You can find more information here.

If you’re a low or middle income earner and make a personal (after-tax) contribution to your super, the Government may also make a contribution (known as a co-contribution) up to a maximum amount of $500.

  • If you’re a couple, and your spouse earns an income under a certain threshold, you can make a personal (or spouse) contribution to your spouse’s account. Find out more, including the eligibility criteria here.

You don’t need to contribute a lot to make a real difference in the future. The more you have in super, the better your lifestyle will be in retirement. To find out how much you’ll need check out our Retirement Projection Calculator.

Do I get insurance with my super?

EISS Super provides eligible members with a package of insurance called Default Cover which includes four units of Death and Total and Permanent (TPD) Cover. This cover provides you and your family with protection in the event of death, total and permanent disablement or terminal illness.

If you’re under age 25 and/or have a super account balance less than $6,000, you’re not automatically eligible for Default Cover, but you can let us know you want it by opting in.

EISS Super members can also apply for additional insurance known as ‘Voluntary Cover’.

You can find out more about default and voluntary cover in the Insurance in Your Super document.

If you’d like to find out if the cover you have is right for you, try our Insurance Calculator  or  visit our e-learning platform Money Matters. If you’re an EISS Super member, you can review the details of the insurance cover you have through your account by logging in.

Can I change how my super is invested?

Yes, you can change how your super is invested at any time. With EISS Super you can choose between 5 (6 if you’re in our Retirement Scheme product) different investment options – High Growth, Balanced (MySuper), Conservative Balanced, Conservative or Cash.

You can change your investment option online at any time – just select ‘My investments’ at the bottom of the Current Investments section. Or, you can call us on 1300 369 901 and we’ll be able to help.

As a member of EISS Super you can get personal advice from a specialist superannuation adviser about how your super is invested at no additional cost (and it’s all done over the phone). You can request an appointment on our website or by calling us on 1300 369 901 (select option 2).

You can change how your super is invested as often as you like at no extra cost - it’s covered by your membership.

Can I choose who benefits from my super?

Yes, you can choose where your super is paid following your death. This is known as a binding nomination, and EISS Super provides you with the option of making a binding nomination to a dependent and/or to a Legal Personal Representative.

As super is generally one of our biggest assets, it’s important to plan ahead and make sure your super ends up where you want it to. To make your binding nomination, complete the Binding Nomination form or contact us on 1300 369 901

Does EISS Super invest in ESG options?

We’re committed to delivering solid long-term investment outcomes for our members and we believe that responsible investing is a key part of achieving this.

Our responsible investing framework helps guide the decisions we make across our investment portfolios and includes considering environmental, social and governance (ESG) related issues when determining investment strategies and selecting the investment managers we employ.

Find more information on EISS Super’s responsible investing approach here.

Is EISS Super an industry super fund?

Yes, we’re a proud profit-to-member industry super fund which means rather than paying shareholder dividends we keep fees low and reinvest in the products and services we provide to you.

We started out back in 1997 as a super fund for energy and electrical workers, then in 2013 we opened our fund to hard working Australians, in all industries. Now everyone can join an award-winning industry super fund, run only to benefit members.

If EISS Super is an industry fund, why don’t I see your logo in the Industry Super Fund advertising?

EISS Super is an industry fund, but you won’t see us included in the Industry Super Fund (ISF) marketing campaigns. Our members are unique and we have a good understanding of their needs, so we choose to focus on them and tailor information, products and services to suit those specific needs.

Even though we don’t use the ISF logo, we’re committed to providing our members with value for money, outstanding service and solid long-term investment returns.

We keep our fees low, and ensure all profits go back to members. No employee of EISS Super receives commissions, bonuses, incentives or performance-based remuneration, so what’s right for you is what’s right for them.

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Retirement

How much money/super will I need to retire?

Great question. It’s different for everyone, and depends on how long you’ll spend in retirement, and the type of lifestyle you’d like to have during this time. You also need to find out if you’re eligible for any government entitlements such as the Age Pension that will help fund your retirement.

The Association of Superannuation Funds of Australian (ASFA) publishes a Retirement Standard that estimates the yearly budget needed by Australians to fund either a comfortable or modest standard of living in their retirement years. It might be worth taking a look at this to get an idea of how much money you’ll need. Alternatively our Money Matters e-learning platform provides information on the various income sources to consider when it comes to funding your retirement.

You can check if you’re on track for a comfortable retirement with our Retirement Projection Calculator.

If you need help in planning your retirement, you can speak to one of our financial planners on 1300 369 901 (select option 2) or contact us here.

How do I plan for retirement?

Planning for your retirement might seem like an overwhelming task, but as with any goal the best way to achieve it is to work out where you want to go, and then plan the best way to get there.

There are a number of simple things you can do to get on the right track to the retirement lifestyle you want, such as making extra contributions to your super or combining your super accounts.

You can check if you’re on track for a comfortable retirement with our Retirement Projection Calculator. Alternatively, you can find a financial planner to discuss your retirement goals, and make a plan for when you finish working. Retirement for you might be near or far, but it’s always a good time to assess your situation to make sure you’re on the right track.

Do I have to stop working completely to access my super?

No, once you reach your preservation age you can make a transition to retirement by continuing to work in some capacity and use some of your super via a pension account (it’s commonly called a Transition to Retirement (TTR) pension).

A transition to retirement strategy can provide benefits such as increasing your super, saving on tax and allowing you to access some of your super early to replace income you may have lost by changing to part time work.

There are a number of considerations around activating a TTR pension account including the effect on your Centrelink benefits, minimum initial transfer sum, minimum and maximum drawdown amounts as well as how you’ll invest that money. It’s best to find a financial planner that you can discuss your individual situation with if you’re thinking of starting to transition to retirement.

If you’d like to make an appointment with an EISS Super financial planner click here.

What’s ‘preservation age’?

Preservation age is the age at which you can start accessing your super if you are retired or starting a transition to retirement income stream. Preservation age is based on your date of birth – see below table.

Date of birth
Preservation age
Before 1 July 1960 55
1 July 1960 - 30 June 1961 56
1 July 1961 - 30 June 1962 57
1 July 1962 - 30 June 1963 58
1 July 1963 - 30 June 1964 59
From 1 July 1964 60

 

What is a Pension account?

A Pension account, or account-based pension, allows you to use your super on retirement, or when transitioning to retirement, to provide a regular and tax effective stream of income. Once you’ve reached preservation age you can decide if you’ll withdraw all of your superannuation, move it into an account-based pension, or a combination of these – withdraw some and move the remainder into an account-based pension.

You can find more information on EISS Super account-based pensions here or if you need advice about planning you retirement our financial planners can provide you with personal advice

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Advice

Do I need to see a financial planner if I only have my super account and no other assets?

A financial planner will help you make the most of your assets, even if it’s just your super, which is often one of the biggest assets you’ll have. They’ll explain how you can maximise your super and any other assets you may have and eventually fund the retirement lifestyle you want.

It’s never too soon to start planning where you’re heading and making sure your super is working for you is a good place to start.

What is the cost of seeing a financial planner?

The cost of seeing a financial planner varies based on the advice that you need.

If you’re a member of EISS Super, and you’d like some advice on how your EISS Super account is invested, we have specialist superannuation advisers that can provide this advice at no additional cost.

For advice around other areas the cost is largely dependent on the type and complexity of the advice you need.

EISS Super financial planners provide advice on a wide variety of areas, such as retirement planning, insurance, investing money you have outside super, Centrelink and aged care, and in these cases advice will generally be on a fee for service basis.

Our financial advice offering is flexible, so you only pay for the advice you need and if you’re an EISS Super member, your first appointment is at no additional cost.

What happens when I meet a financial planner?

It might feel a little overwhelming when you first see a financial planner, but don’t worry you’ll be looked after by a qualified and experienced professional who is interested in helping you reach your goals.

Our planners will get a clear understanding of your financial situation, find out your goals, create a plan for you and help you put your plan into action. A planner will give you all the tools and information you need to make an informed decision about your finances.

Our financial planners, as with all EISS Super employees, are not paid commissions, bonuses or incentives, so what’s best for you is what’s best for them. 

What are my advice options? Is it a ‘one size fits all’?

EISS Super provide a wide variety of options when it comes to advice. Depending on your needs this may be anything from a single piece of advice around salary sacrificing, to more in-depth advice such as retirement planning or aged care. Or, a combination of both. Our advice offering is flexible so you only pay for the advice you need.

EISS Super also have an Ongoing Service Program, where you can get advice on any areas you need throughout the year, as well as regular market updates and reviews of your personal financial situation.

Get in touch if you’d like more information on the advice we offer.  

How much money/super will I need to retire?

Great question. It’s different for everyone, and depends on how long you’ll spend in retirement, and the type of lifestyle you’d like to have during this time. You also need to find out if you’re eligible for any government entitlements such as the Age Pension that will help fund your retirement.

The Association of Superannuation Funds of Australian (ASFA) publishes a Retirement Standard that estimates the yearly budget needed by Australians to fund either a comfortable or modest standard of living in their retirement years. It might be worth taking a look at this to get an idea of how much money you’ll need. Alternatively our Money Matters e-learning platform provides information on the various income sources to consider when it comes to funding your retirement.

You can check if you’re on track for a comfortable retirement with our Retirement Projection Calculator.

If you need help in planning your retirement, you can speak to one of our financial planners on 1300 369 901 (select option 2) or contact us here.

I'm already retired, how can advice help me?

Seeking advice in retirement, if you haven't done so before, could be helpful to make sure that you are taking advantage of any concessions available to you, that your finances are structured appropriately and importantly, you’re aware of new opportunities as they arise.

Even if you’ve had advice before, life doesn’t stop when you retire so advice is also a good way to make sure you’re continuing on the right track financially, and in turn maintaining your retirement lifestyle.

As you progress through retirement you’ll also want to think about what you’ll need as you get older and our aged care advice can help you plan for the later stages of retirement. 

How do I book an appointment with a financial planner?

To make an appointment with an EISS Super financial planner, click here or call us on 1300 369 901 (select option 2). We can meet with you over the phone, via video conference or at one of our offices. We also visit regional areas during the year, so get in touch and we can set up an appointment when we’ll be close to you.

How are EISS Super financial planners paid? Do they get commission?

As with all employees of EISS Super, our financial planners are salaried employees and do not receive any commissions, bonuses, incentives or performance-based remuneration. It means their focus is solely on what’s best for you.

What qualifications do financial planners have?

Generally, in order to provide personal advice, financial planners are required to satisfy and comply with initial and ongoing regulatory and professional (industry body) standards and requirements. Financial planners are also required to either hold an Australian Financial Services License (AFSL), which is issued by the Australian Securities and Investments Commission (ASIC), or otherwise be authorised as a representative of another person (or entity) who holds an AFSL. EISS Super holds an AFSL and all EISS Super financial planners are licensed by us and comply with relevant professional and regulatory requirements.

How is advice provided to me? Do I get anything in writing?

Financial planners can provide different types of advice. How that advice is provided to you will depend on requirements applicable to the type of advice you are receiving. However, any personal advice provided to you will be set out in a document called a Statement of Advice (otherwise known as a SOA) which outlines the advice, costs, benefits, any associated risks and important considerations, to help you make an informed decision.

I need to start thinking about Aged Care – can EISS Super help?

Planning a move into Aged Care for yourself or a loved one can be stressful, but some early planning and good advice can make a big difference.

EISS Super have specialist Aged Care financial planners who can help you assess your options, understand the costs involved, and consider what impact a move into Aged Care will have on your estate plans.

To make an appointment with an EISS Super specialist planner, click here or call us on 1300 369 901 (select option 2).

I’ve been made redundant – can I get advice on what I should consider?

Whether you’re considering taking a voluntary redundancy or being made redundant, the idea of leaving a job and losing an income is a big change that can be very unsettling. Some good financial advice will highlight some things you can do to make the most of the situation.

If you do have some indication that you’ll be made redundant it’s best to get advice beforehand so you can make sure you maximise any financial benefit and make the redundancy work for you. However, we know advance notice is not always the case, and getting advice at any stage of a redundancy will likely leave you better placed to tackle your future.

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Other

How do I lodge a complaint?

For more information view our complaints process page.

 

 

Make an appointment

Get in touch with an EISS Super financial planner today. We offer a variety of options when it comes to meeting – you may choose to meet your planner face-to-face either by video conference or in person at one of our offices, or a phone call may suit for something simpler.

Speak to us today