New super packages
By Andrew Stackpool
THE
Military Superannuation and Benefits Board has introduced an ancillary
package to the Military Superannuation Benefits Scheme to allow
members to add extra amounts to their contributions.
The new feature, which took effect from August 1, is open to all
current MSBS and Defence Force Retirement and Death Benefits contributors.
To have access to this new package, DFRDB members must use the
MSBS facility, as the DFRDB has no fund that can accept these
contributions.
Other new ways to invest extra money with MSBS include:
- Salary
sacrifice to make extra contributions using pre-tax income.
- Spouse
contributions by setting up an MSBS account for their spouse’s
retirement.
- Extra
contributions out of post-tax income.
- Surcharge
Guarantee payments and Government Co-contribution vouchers can
also be paid into MSBS accounts.
Members
may also be able to transfer money to their MSBS accounts from
other retirement accounts.
These are other regulated superannuation funds, retirement savings
accounts, approved deposit funds and the Special Account (a special
Australian Taxation Office holding account).
Any transfers must comply with superannuation laws.
Ancillary contributions that are received by the MSB Board will
be invested in the MSB Fund. Their value will rise and fall in
line with the returns achieved by the fund. Ancillary contributions
will not change the amount of members’ employer benefit.
The MSB Board recommends members consult with a licensed professional
for financial advice before making any decisions.
For
more information, visit the websites listed below:
Ancillary package fact sheets and forms for MSBS members:
http://www.militarysuper.gov.au/news/ancillary_package.htm
Fact
sheets and forms for DFRDB members:
http://www.dfrdb.gov.au
– click “Publication” on the left-hand menu and
look under “Fact sheets”
Choosing
a financial adviser:
http://www.fido.asic.gov.au/fido/fido.nsf
– click “Getting Advice” on the left-hand menu
This
article was provided by Defence Personnel Executive.
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