Types of HESTA super accounts
HESTA offers three retirement-related products to choose from:
- Employee super – available for any employed individuals
- Personal super – available for individuals and the self-employed
- Income stream super account – converts superannuation into regular income payments for retirees and workers in the transition to retirement (TTR) stage
There are a lot of benefits available to HESTA members who have a personal super account, including:
- Competitive investment performance
- Flexible investment options
- No establishment fees and low administration fees
- Automatic insurance cover including:
- Default Death Cover (up to 75 years)
- Lump-sum Total and Permanent Disability (TPD) cover to age 70
- Default Income Protection Cover (up to Pension age of 67)
- Up to 12 months free cover during parental leave (conditions apply).
- Over-the-phone financial advice
- Easy online account access
- Access to ME Bank’s Member Benefits Program, which gives members special interest rates on home loans, credit cards and everyday banking
- 5% off GMHBA Private Health Insurance premiums
Eligibility to join HESTA
Any person is eligible to join HESTA as an employee or HESTA Personal Super where they have satisfactorily completed a new HESTA member application form. This is subject to terms and conditions, for further information read the Product Disclosure Statement.
How to join HESTA
If you satisfy all of the above eligibility criteria, then you can apply to join HESTA. You can sign up for a HESTA super account by clicking on its products in Canstar’s superannuation comparison tables ,and then sign up online at hesta.com.au/about-us/join-
Yes, HESTA has a dedicated online portal for super fund members. You can view your account balance online, access statements for your account, download super fund information and more. Access the online portal here.
The money in your HESTA account is invested by your super fund. It offers a variety of investment options including pre-mixed, sector and direct investment options like shares, bonds, property and cash.
HESTA has four possible investment pools, each of which carries a varying degree of risk:
- Core pool: a diversified mix of balanced assets (MySuper default option).
- Conservative Pool: suits defensive investors.
- Shares Plus: aggressive, aims to provide higher long-term returns than Core Pool.
- Eco Pool: Invests in companies with the best combination of financial, environmental, social and governance performance as assessed by our managers.
When choosing an investment option, it is important to take into account your investment time frames and goals, and your personal risk tolerance for market fluctuations. Learn more about how to choose between different investment options on the Canstar website.
Yes, HESTA offers a consolidation service for members who have super in other funds.
It’s important to check with your old super funds for information regarding costs such as exit fees and insurance cover you may lose if you switch super funds. If you have any questions or concerns about the rollover process, give HESTA a call on 1800 813 327.
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 for the year is not too high
- Insurance in super is still adequate coverage for your needs
- 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?
HESTA is the national industry super fund dedicated to people working in health and community services. HESTA members include people working in aged care, private and public hospitals, community services, primary health care and early childhood education and care.
As an industry super fund, HESTA is run only to benefit its members. Its goal is to maximise the retirement savings of every member, not shareholders. HESTA members benefit from low fees and commission-free advice.
HESTA also has a strong Reconciliation Action Plan. It understands the importance of Aboriginal and Torres Strait Islander cultures in Australia and is an advocate for equity outcomes between non-Aboriginal and Aboriginal and Torres Strait Islander peoples.
HESTA is focused on making a difference to the lives of their members, and for women in Australia. Subsequently, HESTA is a strong advocate for gender equality and is one of Australia’s largest investors in renewable energy and climate solutions.