Energy Industries Super Scheme Superannuation

Energy Industries Super Scheme (EISS) is a provider of investments, pension payments, and corporate and personal superannuation for all members of the community.

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Types of EISS Super accounts

EISS Super offer superannuation solutions to three main groups – members, employers and pensioners.

A corporate fund is typically arranged by an employer for their employees to use, a personal fund can be a more flexible option, and pension payments convert your super into regular income payments. There are a lot of benefits coming from being a member of an EISS super fund, including:

  • Competitive investment performance
  • All profits returned to, or for the benefit of members
  • Flexible and cost effective
  • Protected online account access
  • Income streams for retired members
  • Over-the-phone financial advice
  • Total and Permanent Disability (TPD) Cover
  • Death Cover

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Eligibility to apply for an EISS superannuation account

To apply for any of the EISS super funds, you must be able to satisfy the following criteria:

  • You must be an Australian resident
  • You must be over 18 years of age
  • You must be earning at least $450 before tax per month from an employer

If you are under the age of 18, but earning more than $450 before tax per month, you must be working more than 30 hours per week to qualify for super.

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How to apply for an EISS super fund

If you’ve satisfied the above criteria, you are eligible to apply for a super fund.  The first step in applying for an EISS super account is choosing the type of membership that best suits you. Ask yourself the following questions:

  • “Am I still working, and not yet ready to retire?” – Join as a super member
  • “Am I about to retire or have already retired?” – Join as a pension member
  • “Am I contributing for employees?” – Join as an employer

Once you’ve made a decision, you can either sign up online, in one of its many branches or utilise the live chat option on its website.

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Energy Industries Super Scheme FAQs

Yes, EISS Super have a dedicated online portal for its super fund members. By clicking here, you can access statements of your savings, download super fund information and view your account balance.

Most of the time, the money in your super fund account is invested by your super fund, and EISS Super is no different. It offers a variety of investment options including property, infrastructure, private equity, fixed income and more.

It is important to take into account investment time frames, and your personal tolerance for market fluctuations when choosing an investment option. The returns from your investment directly impact how quickly or slowly your super grows.

The table above shows the total fee cost to have an EISS Super account per year. Compare these fees to the average super fund fees on our database.

EISS Super offers a consolidation service for members who have super in other funds. It’s important to check with your old funds for information regarding costs such as exit fees and insurance cover. If you have any questions or concerns, call 1300 369 901.

Be sure to check these nine things on your superannuation statement:

  • Personal details are up-to-date
  • Nominated beneficiaries are up-to-date
  • Tax File Number (TFN) is recorded
  • Super contributions from employer and/or your voluntary contributions are correct
  • Investment asset class choices are appropriate for your life stage
  • Amount paid in fees
  • Insurance still adequate
  • Super is consolidated, after checking whether there is insurance or any other benefits attached to the account you may lose and you’re comfortable to do so
  • The big picture – are you happy with your super fund overall?

Established in 1997, EISS Super was originally only available to members of the energy industry but has since opened its fund up to anyone who wishes to join.

As an industry super fund, EISS Super is a non-for-profit organisation that exists for the benefit of its members. Its goal is to maximise retirement benefits for members who are dedicated to the energy industry. By providing quality superannuation, retirement, education and financial services for members, EISS Super is proud to be one of the lowest cost super funds on the market.

Written by: Regina Collins | Last updated: September 26, 2018