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Drawing
together the desirable characteristics of military superannuation from best
practice contemporary superannuation, the potential impact on recruitment and
retention and the unique nature of military service, the Review Team has
applied the following Guiding Principles for any new arrangements for
military superannuation:
- Flexibility, to meet individual member preferences
regarding both contribution arrangements and the form of benefits and to
respond to future changes to the broader superannuation or ADF
environments.
- Simplicity, to enable ADF members to clearly
understand and measure the value of their current employer contributions
to superannuation and the potential future benefits.
- Adequacy, for all members of the ADF, both
short-term and long-term, with a level of benefit that facilitates the
maintenance of living standards, both on and through retirement.
- Tailored, to address the unique nature of military
service by providing generous life-time support for dependants in the
event of death or disability and rewarding long and arduous military
service.
- Visibly attractive, forming an
integral part of the remuneration package, enhancing the ADF conditions
of service package and, in particular, supporting retention at critical
points for the ADF and attracting former ADF members to re-enlist.
- Financially sustainable, with stable
employer contributions over time and no increasing unfunded liability.
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