Division 3: Superannuation (This Division is policy guidance)

2.1.14   Disclosure Statement
2.1.15   About Superannuation
2.1.16   Military Superannuation
2.1.17   Additional information

2.1.14   Disclosure Statement

1.

Any financial product advice in this chapter is general advice only and has been prepared without taking account of members' personal objectives, financial situations or needs

2.

Before acting on any such general advice, a member should consider the suitability of the advice, having regard to their own objectives, financial situation or needs.

3.

A member may wish to do so with or without the assistance of a licensed financial adviser.
2.1.15   About Superannuation

1.

Belonging to a superannuation scheme ensures that a member will have an income when they stop working.

2.

It also covers the member for death and disability during their working life. In this way the member will have an income should they need to stop working before reaching retirement age, and their family will receive a benefit if the member dies before retirement.
2.1.16   Military Superannuation

1.

Military Super is the common name for the Military Superannuation and Benefits Scheme. All new members of the ADF must become members of Military Super.

2.

The funds which will be paid to the member when they stop working will come from the following two sources.

 

a.

A member benefit made up of the member’s fortnightly contributions and the interest it earns.

 

b.

An employer benefit which is the Government's contribution, to the member’s superannuation. This includes a productivity benefit.

3.

ADF members pay into one of two superannuation schemes.

 

a.

Military Superannuation and Benefits Scheme.

 

b.

Defence Force Retirement and Death Benefits Scheme.

Note: The Defence Force Retirement and Death Benefits Scheme was closed to all new ADF members on 1 October 1991 with the introduction of the Military Superannuation and Benefits Scheme.
2.1.17   Additional information

1.

From 1 July 2003 Military Super has offered a range of investment strategies to members in which they can choose how to invest their member benefit.

2.

ComSuper undertakes the general administration of the military superannuation schemes. It has several tools to give members information.

 

a.

The Military Super website.

See: www.militarysuper.gov.au

 

b.

Military Super books, leaflets, videos or forms, which can be ordered on-line.

See: www.iorder.com.au/comsuper

 

c.

Military Super seminars, held throughout Australia.

See: www.militarysuper.gov.au/pages/seminars.htm

 

d.

Annual statements, sent to members every year. These can also be viewed and printed online.

See: www.comsuper.gov.au

 

e.

The ComSuper help line.

Telephone: 13 23 66.

 

f.

An online benefit estimator.

See: www.militarysuper.gov.au/pages/i_estimator.htm

 

g.

The Defence Force Retirement and Death Benefits Scheme website.

See: http://www.dfrdb.gov.au/pages/member/benefits.htm

 

PACMAN                                                    AL9 (September 2007)                                Chapter 2 – Part 1 Division 3 – 1