ESSSuper extends services to retirees

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.”