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Retirement Scheme

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Please note: The Retirement Scheme is a split-benefit or ‘hybrid’ scheme–it is a mixture of accumulation and defined benefits. Upon exiting the Retirement Scheme a member is entitled to a lump sum comprising:

  • A Contributor Financed Benefit, which is made up of a member’s defined contributions and their investment earnings, less fees and charges. It is an accumulation style account.
  • An Employer Financed Benefit, which is a defined benefit, funded by the employer and calculated at the time of exit using a formula.
  • A Basic Benefit, which may consist of two parts:

    1. A defined Basic Benefit, calculated using a formula as 3% of a member’s salary at exit for every superable year (or part-year) of service since 1 April 1988.

    2. Another accumulation component, known as the Other Contributions account, which accepts funds that can’t be paid into the Contributor Financed Benefit account, such as co-contributions, 180 Benefit Points contributions, award contributions, other top-up contributions and rollovers.

As an alternative to requesting a lump sum payment upon exiting the Retirement Scheme, a member may choose leave all of their benefit in the Scheme as a Deferred Benefit. The entire value of a Deferred Benefit, including the Employer Financed Benefit and defined Basic Benefit, is invested in line with the member’s investment choice.

The information on this website is of a general nature only and does not take into account your personal objectives, situation or needs. You should consider obtaining professional financial, taxation and or legal advice tailored to your personal circumstances prior to making any financial decision.