Equip superannuation

Who owns Equip?

As an industry super fund, Equip is a member-owned, not-for-profit fund, with profits returned to its members.

How is my super invested with Equip?

Equip allows you to choose a mix from two different investment products. One offers six diversified asset classes ranging from growth to conservative options, the other offers six sector-specific options such as Australian shares, overseas shares, property or cash.

If you don’t choose any investment option(s), your super will be invested in the Equip MySuper investment option.

Does Equip offer an ethical investment option?

Equip has a Responsible Investment Policy which says it should be inclined to favour investments that contribute to positive environmental and social outcomes and will be inclined to avoid investments that have the opposite impact.

Equip superannuation members can access a Sustainable Responsible Investment (SRI), one of the sector specific options, that invests almost entirely in Australian shares.

The investments in this option comprise a portfolio that replicates the Dow Jones Sustainability Index Australia, which includes companies assessed as leading their industry peers in terms of sustainable business practices.

What fees does Equip charge?

Equip charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, some of its ongoing annual fees and costs include:

• Investment fee: estimated to be 0.28% p.a.
• Administration fee: $1 per week (only if the account balance is $3,000 or more at the end of each month) plus 0.25% p.a. (up to a maximum of $1,250).
• Indirect cost ratio: estimated to be 0.33% p.a.
• Financial advice: A fee may apply for some advice but members will be told what that will be upfront.
• No switching fees.

The total combined amount of administration fees, investment fees and indirect costs charged is capped at 3% of the account balance if a member’s account balance is less than $6,000 at the end of a financial year. Any amount charged in excess of that cap is refunded.

To learn more about super fees and what the various fees are charged for, you can read our explainer on super fees.

Consider checking the relevant Equip PDS for details on all fees and charges for its superannuation products. You can also compare the annual fees for Equip’s default investment option to other super funds’ fees on Canstar’s database.

Can I consolidate my super with Equip?

Yes, Equip says you can search for and consolidate your super by logging into  your Equip account online and using its SuperMatch option to search for any lost or forgotten super.

It also offers the option of a roll-in form you can print out, complete and then post to its Melbourne office. You can also use the ATO’s SuperMatch service and you may be able to consolidate any multiple accounts via your MyGov account.

It’s important to check with your current super fund(s) for information regarding any related costs you may incur and any insurance cover you may lose if you switch super funds. Also consider whether consolidating your super is a suitable decision for your life stage and retirement goals.

What should I check on my annual superannuation statement from Equip?

To help you stay on top of your super, it may be beneficial to check your regular super statement closely. Here are some of the factors that could be worth paying attention to:

• Are your personal details up-to-date?
• Are your nominated beneficiaries up-to-date?
• Is your Tax File Number (TFN) correctly recorded?
• Are the super contributions from your employer and/or your voluntary contributions correct?
• Are your investment asset class choices appropriate for your life stage?
• Are you happy with the amount you’re paying in fees?
• Is your insurance still adequate for your needs?
• Have you decided whether to consolidate your super, after checking whether there is insurance or any other benefits attached to the account you may lose and if you’re comfortable to do so?
• The big picture – are you happy with your super fund overall?

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About Equip

Equip has $34 billion in assets under management for 149,000 member accounts as of June 2021, according to the Australian Prudential Regulation Authority.   The fund was originally founded in 1931 as the Provident Fund of the State Electricity Commission of Victoria and changed its name to Equipsuper in 1998, before rebranding as simply Equip in 2012.