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Insurance cover in superannuation is important when it comes to protecting yourself against unforeseen health events.

Superannuation not only helps you save for retirement but can also include insurance cover to provide for you in times of illness or injury, or even to support your loved ones if you were to pass away.

Most super funds in Australia will offer insurance cover such as Death, Total and Permanent Disablement and Income Protection.

But it might surprise you that insurance cover is not automatically applied to your account unless you have met certain criteria.  In other cases, some insurance covers which are paid for by your employer, could be compulsory under your work arrangement.

Click here to read more.

Transitioning to retirement?

If you are approaching retirement, Brighter Super has an account that lets you start accessing some of your super while you are still working. It’s called a Transition to Retirement (TTR) Pension account, and it can give you a good way of easing yourself into retirement.

Learn more about the (TTR) Pension Account here.

Should I be changing my super investment for a brighter future?

With rising cost of living expenses top of everybody’s minds, a common question Brighter Super receives from their members is, should they also be considering changes to their superannuation investment options to keep up to date with market changes?

If you’re wondering that, you’re not alone.

During the first half of 2022, more than one in ten Australians switched their super to a more conservative risk profile, according to a nationally representative survey of 722 Australians by Finder¹, while eight percent of Australians switched their super to a more aggressive risk profile.

Read more about your options and Brighter Super recommendations here.

Brighter Super Member Offer

As a Master Electricians Australia (MEA) member, you can put the energy into your super with Brighter Super, the leading industry super fund for people who work in the energy industry.

As a Brighter Super member, you’ll benefit from:

  • Default industry-specific income protection* available when joining through an employer who is registered with Brighter Super
  • Default death and total permanent disablement cover* available with no underwriting*
  • Online access to your account
  • Fees and costs kept to a minimum
  • On-site presence through toolbox and/or seminars at the employer’s discretion
  • Phone-based advice to help you set up the five key building blocks of superannuation
Reduced Administration Fees

With Energy Super combining strengths with Brighter Super, annual fees and costs have been reduced by up to 29%, meaning more money going directly to support your future retirement. Members will now benefit from the following savings:

  • Removal of $1 weekly administration fee
  • Annual percentage-based administration fee now 0.18%
  • Tax refund of 15%
  • Members in the MySuper option investment and administration fees reduced by approximately 32%.

For help or further information, please contact the Brighter Super Contact Centre on 1300 444 396, or speak to John Curtin, MEA’s dedicated Fund Development Manager, on 0429 538 028.

*Subject to meeting eligibility requirements, please see the Brighter Super Insurance Guide for more information.

The information above is of a general nature only and does not consider your individual circumstances. MEA does not provide financial or tax advice. Always consult with your accountant.

Brighter Super Updates For MEA Members

  • Temporary Suspension of Brighter Super Services - Wednesday 31 May to Sunday 11 June 2023

    On 1 April 2022, Brighter Super acquired Suncorp Super, and on 1 June 2023, over 130,000 Suncorp Super members will officially become Brighter Super members as part of a Successor Fund Transfer (SFT).

    This is an exciting milestone on Brighter Super’s journey but will create some unavoidable outages while Suncorp Super members transition to Brighter Super. While we aim to keep this to a minimum, we will have to temporarily suspend account processing between Wednesday 31 May 2023 and Sunday 11 June 2023.

    To find out more about this temporary suspension period including key dates and the services affected please click here.

    IMPORTANT NOTE: If your staff hold a Brighter Super account, please view employer requirements here.

  • Outstanding Investment Performance in 2022 Means a Brighter Future for You

    As at 31 December 2022, three of Brighter Super’s investment options have performed in the top three in their class nationally for FY23 to date, well above the industry median.

    Learn what this means for your superannuation investment and how you can build a brighter nest egg for the future with Brighter Super.

  • Super Contributions

    Even small extra amounts paid into your super now could give you tax benefits and make a big difference to your retirement payment.

    Learn about the different options you can take to top up your super account to build a healthy nest egg for your retirement.

  • Energy Super now known as Brighter Super

    On 19 September 2022, Energy Super will officially become known as Brighter Super – the new name for the group that came about through the merger of LGIAsuper and Energy Super and the acquisition of Suncorp Super.

    Brighter Super will continue to be the fund for the energy and electrical industries, offering the same personal service.

    An essential part of continuing to be able to deliver cost savings to our members is moving our back-office systems to one provider and platform. This move will impact our services from Wednesday 14 September 2022 to Sunday 25 September 2022.

    Learn more about this change here and everything you need to know about the transition to Brighter Super including important information, changes and key dates. It will be regularly updated with useful information to guide you through the transition.

  • The Benefits of Salary Sacrificing Intro Super

    Depending on your income, salary sacrifice can be a tax-effective way to grow your super, on top of your employer’s regular Superannuation Guarantee contributions.

    How does salary sacrifice work?

    Salary sacrifice is an arrangement between you and your employer to make an additional contribution to your super from your before-tax pay.

    Salary sacrifice is generally only tax-effective for people with middle to high incomes, earning more than $45,000 per year (as at 2021/22).

    The potential benefits of salary sacrifice

    • Pay less tax
      A salary sacrifice contribution is taxed at 15% when it enters your super. This rate tends to be lower than the marginal tax rate if you earn more than $45,000 per year.
    • Reduce your taxable income
      As well as paying less tax on your salary sacrifice contributions, you will be reducing your taxable income – and this could mean you will pay less tax on the rest of your salary.
    • Grow your super
      Your super is a long-term investment which takes advantage of compound interest. Making additional contributions through salary sacrifice can give your super a boost and make a big difference to your future retirement.

    Learn more about salary sacrificing benefits and access Brighter Super’s salary sacrifice calculator here.

  • Changes to Superannuation for Employers as of July 2022

    On 1 July 2022, various changes to superannuation will come into effect that could benefit many of our members.

    • Superannuation Guarantee (SG) contribution rate to be increased to 10.5%.
    • First Home Super Saver scheme’s maximum withdrawal to be increased to $50,000.
    • Work test for retirees aged 67 and 74 years to be abolished.
    • Eligibility age for downsizer contributions to be lowered to 60 years.
    • $450 monthly income threshold for super contributions to be removed.

    We’ve summarised some of the key changes and what they could mean for you below. For the full list of changes impacting your employees on 1 July, visit here.

    Superannuation Guarantee Contribution Rate to be Increased

    The Superannuation Guarantee rate is scheduled to increase to 10.5% on 1 July 2022. This is the minimum percentage of a person’s salary (ordinary time earnings) that their employer must pay into their superannuation.

    Last year, the Government increased the Superannuation Guarantee to 10% on 1 July 2021, as part of its long-term plan to increase the rate to 12% by 2025.

    Higher contribution arrangements for eligible employees (as part of an enterprise agreement) are not expected to change on 1 July 2022.

    $450 monthly income threshold for super contributions to be removed

    The $450 monthly income threshold for employer contributions will be removed on 1 July 2022.

    Removing the minimum threshold would give more opportunities to low-income workers, or people working with multiple employers, to grow their super.

    Under this change, employers must pay the Superannuation Guarantee to employees who earn less than $450 per month. This means that all employees will be entitled to employer contributions into their super, regardless of how much they earn.

    We’re here to help

    If you would like to discuss how these changes might affect you or your employees, our team of superannuation specialists and financial advisers can help you.

    To speak with a superannuation specialist contact Brighter Super or call us on 1300 436 374 to discuss the type of appointment that would suit you best.

    * ESI Financial Services Pty Ltd (ESI Financial Services, ABN 93 101 428 782) (AFSL 224952) is a wholly owned entity of LGIAsuper. ESI Financial Services has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL No 232514 to facilitate the provision of financial advice to members of LGIAsuper. LGIAsuper Financial Advisers are Authorised Representatives of IFS. In limited circumstances, a LGIAsuper Financial Adviser may also be an Authorised Representative of ESI Financial Services. Additionally, LGIAsuper has also engaged Link Advice Pty Limited ABN 36 105 811 336, AFSL 258145 to provide LGIAsuper members with access to limited personal advice over the phone in respect to LGIAsuper and Energy Super products.

    This article has been produced by LGIAsuper Trustee (ABN 94 085 088 484, AFS 230511) as trustee for LGIAsuper (ABN 23 053 121 564) and may contain general advice, which has been prepared without taking into account your objectives, financial situation or needs. As such, you should consider the appropriateness of the advice to your objectives, financial situation and needs before acting on the advice. You should also obtain and consider the Product Disclosure Statement (PDS) for your account before making any decision to acquire or contribute additional amounts to your LGIAsuper account – available to download at https://energysuper.com.au/pds or call us on 1300 436 374 to request a copy. This email contains information that is up to date at the time of publishing. Some of the information may change following its release. Any questions can be referred to Energy Super (as part of LGIAsuper) by calling us on 1300 436 374 or by emailing us at [email protected] .

  • Superannuation Stapling - What You Need to Know as an Employer

    From 1 November 2021, employers will be required to meet new Your Future, Your Super legislative requirements known as
    ‘stapling’ or ‘stapled fund’ for any new employees after this date. Here is a summary of the requirements:

    • If a new employee does not actively choose a superannuation fund, their employer cannot create a new super account with its
      default fund (or a fund specified under an enterprise agreement) without first searching ATO online services to find out if the
      employee has an existing ‘stapled’ fund.
    • When searching for employee records using ATO online services:
      • if the employee has a stapled fund, the employer is required to contribute to this fund
      • if the employee has no stapled fund, the employer can make contributions to the employer’s default fund (i.e. the employee
        may be new to the workforce, or their existing fund may not be able to accept contributions).

    View Energy Super’s Stapling Fact Sheet here to find out more about the ATO requirements, and how you can prepare for this important change when hiring new employees from 1 November 2021 onwards.

    Download Fact Sheet

  • The Value of Financial Advice

    There’s plenty to consider when trying to get your finances in order and often it is left on the ‘to do’ list and you never get to it due to other commitments and pressures that get in the way day-to-day.

    There are a lot of questions that you may have, should I pay off the mortgage? Should I put money into super? When can I do those renovations? How old will I be when can I stop work and how can I afford the children’s education?

    Good financial advice will help answer all these questions by mapping out your goals, where you are today and where you would like to be in the future, especially when it comes to retirement.

    Retirement is the main trigger for most people to review their super and seek help, but by then it may be too late.

    How much super do I need?

    Do you know how much super you will have when you retire? Will it be enough? According to Association of Superannuation Funds of Australia’s Retirement Standard, to have a ‘comfortable’ retirement, single people will need $545,000 and couples will need $640,000 in retirement savings^.

    So, the earlier to start to reflect on what your retirement looks like for you, the more control you may have on what that looks like in the future.

    Everyone’s financial journey is unique, so individual professional guidance can give you the knowledge you need to make confident choices to help you live the life you want in retirement.

    You only retire once in your life, so make sure you get it right!

    Think about all the other plans and milestones you achieve throughout your life. You invest in the maintenance of your car, your wedding, your children’s education and your home, so why not invest in your future retirement?

    For many, retirement seems a long way off, but we often hear our members say it goes so quickly and it is here before you know it!

    Don’t get caught out!

    Energy Super offers a wealth of experienced financial advisers* to help you plan for the future. We can be flexible and meet with your directly with many of our advisers located regionally and easy to access when it suits you. We’re the industry super fund that’s super personal. That’s why we talk to almost half our members every year.

    We get to know you, what your financial circumstances are and then determine what your plans are for the future. We then work with you to develop your plan and assist you every step of the way to help you meet your goals. It’s not just advice, we help you put it into action, taking the stress out of your plans for your money and ultimately your retirement.

    So don’t wait until it’s time to retire, take time review your financial situation early.

    Your happiness in retirement is a small price to pay and remember you only retire once so make it count!

    Energy Super are here to help

    If you’d like some personalised expert advice about your Energy Super over the phone you can access our Single Issue Advice service at no extra cost to you or you can speak to one of our Financial Advisers*. Book an appointment or call us on 1300 436 374 between 8am to 6pm (AEST) Monday to Friday.

    *Energy Super offers financial advice through ESI Financial Services (AFSL 224952), a wholly owned entity of Energy Super.

    ^According to Association of Superannuation Funds of Australia’s Retirement Standard, to have a ‘comfortable ‘ retirement, single people will need $545,000 in retirement savings and couples will need $640,000.

    This document does not provide personal financial advice and should not be considered the sole or primary basis on which you make financial decisions. You should consider your financial situation before acting on the advice. You should also obtain and consider the Product Disclosure Statement (PDS) for  more information or call us on 1300 436 374.

    Electricity Supply Industry Superannuation (Qld) Ltd (ABN 30 069 634 439) (AFSL 336567) is the Trustee and issuer of Energy Super (ABN 33 761 363 685). Financial advice is provided by ESI Financial Services Pty Ltd (ABN 93 101 428 782) (AFSL 224952), a wholly owned entity of Energy Super.