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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.