Notification of closure of the Direct Investment Option (‘DIO’)
Members invested in the DIO facility were notified of the closure. Detailed information on these changes can be found here.
Notification of changes to the investment option names, the maximum fee allowable and the consolidation of three unit series within the Retirement Scheme.
Retirement Scheme members were notified of changes which will be implemented on 26 May 2017. Detailed information on these changes can be found here.
Notification of changes to insurance benefit design, premium rate changes and insurance definition changes
EISS Super members were notified of changes to their insurance cover which will be implemented on 1 July 2016. Detailed information on these changes can be found here.
Notification of closure of the Rollover Plan
Rollover Plan members were notified that their Rollover Plan were going to be transferred to EISS Super. Detailed information about the change can be found here
Notification of closure of the Executive Scheme
Executive Scheme members were notified of the upcoming transfer of their accounts to EISS Super. Detailed information about the change can be found here
Notification of changes to fees and investment options
Contributor Financed Benefit members were notified of an increase in the maximum Management Fee (Indirect Cost Ratio) and updated on changes to the investment options. Detailed information about these changes can be found here.
Notification of changes to fees, Division name, strategic asset allocation and legislated member protections.
EISS Account Based Pension and Rollover Plan members were notified that, in accordance with legislative reforms, the names of certain fees were changed, namely the Management Fee was renamed the ‘Indirect Cost Ratio.’ Legislative changes also removed the protection for members from fees where their account balances were less than $1,000. EISS changed the strategic asset allocation for the Balanced investment option and introduced a $35 exit fee on full or partial withdrawals. Additionally financial advisers are now able to charge members a fee for services provided upon instruction by the member. EISS Account Based Pension members were notified that the name of their Account Based Pension will be renamed EISS Pension. A supplementary PDS was issued reflecting these changes. Detailed information about these changes can be found here.
Notification of changes to fees, strategic asset allocation, insurance, insurance cost changes and legislated member protections.
EISS Executive Scheme members were notified of legislative changes that removed the protection for members from fees where their account balances were less than $1,000. Additionally financial advisers are now able to charge members a fee for services provided upon instruction by the member. The Management Fee name has been changed to ‘Indirect Cost Ratio.’ EISS changed the strategic asset allocation for the Balanced investment option. Members were also notified of an increase in basic death and TPD cover premiums and salary continuance premiums. Detailed information about these changes can be found here.
EISS became a public offer fund in October 2013, enabling members of the public to join the Scheme. The accounts for members of the Electrical Contractors Scheme and Accumulation Scheme were consolidated into the newly created public offer accumulation division, which was launched on 22 October 2013. Members who had not made an investment choice in the past were transferred to the default MySuper Balanced investment option. Detailed information provided to members about these changes can be found here.
EISS members were notified in July 2012 that EISS had determined that its continued ownership of its administrator FuturePlus was not in the best interest of members. In December 2012 FuturePlus was sold to Australian Administrative Services which is owned by Link Super. Link Super is now the administrator for EISS.
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