ESSSuper extends services to retirees

insurance superannuation fund members superannuation funds

11 January 2008
| By George Liondis |

The Victorian Minister for Finance Tim Holding has granted the Emergency Services and State superannuation Fund ESSSuper approval to offer members accumulation products, effectively enabling them to stay with the fund after retirement.

The approval means members, who include emergency services workers, teachers and public servants, can now access pre and post retirement products from their superannuation fund instead of having to roll their super into a commercial fund upon retirement.

Details of the new products are being finalised and potentially include allocated pensions, top up accounts and insurance options. ESSSuper, which is also working with the Department of Treasury and Finance on legislative amendments and governance issues, expects to launch the new products in about six months time.

ESSSuper, which is one of the largest super funds in the country with more than 160,000 members and $19 billion in funds under management, is also tendering for a financial planning firm to partner with so that members will be able to access tailored financial advice.

Commenting on the changes, Holding said: “In making this decision, the government is enabling state superannuation fund members to have a full range of options when making one of their most important decisions — what to do with their superannuation funds when they retire.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

1 month 1 week ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month 2 weeks ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month 2 weeks ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

3 weeks 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

2 weeks 6 days ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

2 weeks 5 days ago

TOP PERFORMING FUNDS