Welcome to Brighter Super
12 December 2022
Following the transfer of Energy Super’s member systems to Brighter Super, we are delighted to take the opportunity to officially welcome you, and all our valued energy members, to Brighter Super.
Thank you for the patience and support that we have received from our members through this process. We know that disruptions and change can be frustrating, and we appreciate the understanding and feedback you have given us.
Becoming one fund
Brighter Super is an industry fund built on the foundations and heritage of Energy Super, LGIAsuper, plus the acquisition of Suncorp Portfolio Services Limited (SPSL).
We remain a member-owned, not-for profit industry fund for the energy and electrical sectors, while we have added size and scale to deliver better services and lower costs for you.
Benefits for you
As a combined fund, we are stronger and have delivered:
- Improved products. Members now have a single set of investment options, which consists of the strongest options previously provided by Energy Super and LGIAsuper.
- Access to more investment options. All members now have access to a Property option, a Socially Responsible Australian Shares option, a Defensive option and an Indexed Balanced option.
- Reduced fees and costs. In the 12 months post-merger, Energy Super members’ fees reduced by up to 29%1.
- Removed your weekly administration fee. You are now charged only the fixed 0.18% annual administration fee.
- Reduced the investment fee and Indirect Cost Ratios for most of our investment options, including MySuper.
- Introduced a tax refund of 15% of the annual percentage-based administration fee.
- Accessible member services. We have increased our in-person services and regional presence across Queensland, offering a member call back service, expert financial advisory sessions, workplace drop-in sessions and public seminars. In just three months we’ve connected with more than 36,000 Brighter Super members, 2,581 of these in person, helping them realise their retirement dreams.
- We come to where you work. We have more than 40 team members working directly with energy industry employers and employees all across Queensland.
- Long term performance. We remain focused on solid, long-term returns for your superannuation. Over the past 10 years, our default investment option, MySuper, has delivered average returns of 7.38%2.
- Insurance for energy workers. We continue to offer tailored insurance for members who work in the energy and electrical sector.
- Strong partnerships. We have strong partnerships with MATES in Energy, MEA (Master Electricians Australia), The Services Union, ElectroGroup and NECA (National Electrical Contractors Association Qld), among others.
Supporting MATES in Energy
Brighter Super’s commitment to suicide prevention and promoting mental and financial wellbeing through MATES in Energy is our fund’s single largest partnership investment – and one that is very close to the hearts of our team and our energy members.
This partnership began under the Energy Super banner and has continued through our merger and beyond. Earlier this year, we sent this letter3 confirming the continuation of the partnership from 1 July 2022 until 2025. This partnership went through the review process required under new laws introduced in late 2021.
While this process was different, slower and more onerous than in previous years, our support and funding for MATES never wavered. Over the past two months, the Brighter Super team has visited at least 12 sites with MATES in Energy across Queensland.
Our board, executives and team members are united in supporting MATES, and we are looking forward to everything we will achieve together for our members in the next 2.5 years. You can read more about our partnership with MATES including frequently asked questions.
Brighter Super’s investment strategy
Our investment strategy is focused on delivering the best financial outcomes for our members, but we also believe in building a sustainable future where our members can enjoy their retirement. We care about the energy industry and want to ensure that our investments support and contribute to the energy transition.
We do this by taking a responsible approach to all of our investing.
Again, welcome to Brighter Super.
The future is bright for our members. We are proud to be the fund that will be right by your side to help you realise your retirement dreams.
If you have any questions, please do not hesitate to contact our friendly team on 1800 444 396 or email@example.com.
- This is the maximum possible reduction and is based on a comparison of the Energy Super Accumulation Account Product Disclose Statement for the MySuper investment option dated 31 December 2020 (pre-merger) and the Brighter Super Accumulation Account Product Disclosure Statement for the MySuper Option dated 1 July 2022. Exact cost outcomes and any reduction will be difference for every member based on their individual circumstances and investment option selection. This amount is used for illustration purposes only and is based on an account balance of $50,000 for 12 months post-merger.
- Return is for MySuper option based on the former LGIAsuper MySuper option over 10 years to 30 June 2022. Past performance is not a reliable indicator of future performance.
- Published with permission from MATES in Energy.