Significant Event Notice (SEN) Summary

EISS is responsible for informing members of any significant events that may affect them or any of the services they receive. A SEN is sent out to members prior to any change that may affect a member’s account or their entitlements. The type of change determines the amount of prior notice that is required and may be either 30 or 90 days.

The following is a summary of SEN’s that have been sent to members.

May 2017
Division B – Retirement Scheme

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.

June 2016
Division P – EISS Super

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.

May 2016
Division F – Rollover Plan

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

May 2016
Division E – Executive Scheme

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

May 2015
Division B – Retirement Scheme

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.

November 2013
Division F - Account Based Pension and Rollover Plan

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.

November 2013
Division E - Executive Scheme

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.

October 2013
‘MySuper’ default option

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.

July-December 2012
Sale of FuturePlus and transition to the new administrator of the Scheme Link Super  

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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