History of EISS


Below is a brief summary of the history of the Electricity Industry Superannuation Scheme.

The ETSA Staff Super fund (which covered white collar workers and provided pension benefits) and the ETSA Retiring Gratuities Scheme (which covered blue collar workers and provided lump sums) date back, in one incarnation or another, to the 1920s.

Changes were made to the pension fund in the 1960s, and again as at 4 October 1975.

In 1988, the Pension Scheme (Division 3) and the RG Scheme (Division 4) were closed. A new Lump Sum defined benefit Scheme (Division 2) was commenced in 1992, and all the Divisions were combined into the ETSA Contributory Scheme. In 1999, the non-contributory accumulation scheme (Division 5) was also included.

Following privatisation of ETSA in 2000, the Scheme came under the umbrella of the Electricity Act 1994, with the appointment of a Board to manage the Scheme. At this point the employers commenced funding the unfunded liability that developed during public ownership. The Scheme became taxed in 2002.

 

Electricity Industry Superannuation Board ABN 57 923 283 236 as Trustee of the Electricity Industry Superannuation Scheme.

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