This is the first is a series of articles in which we examine common defined benefit superannuation...
Background to Fund
The Defence Force Retirement and Death Benefits Scheme (DFRDB) is a fully defined unfunded superannuation scheme which was closed to all new members on 1 October 1991.
Retirement Benefits
The retirement benefits are payable after 20 years of service, so a member may be eligible for retirement pay under age 40. The scheme pays a CPI indexed pension that can be commutable in part to a lump sum. The level of pension is dependant upon the years of service and the final salary of the member.
Alternate Methods of Valuation
In May 2004, the alternate methods of valuation were approved for the Scheme. The trustees however do not provide a valuation of the fund. It is therefore necessary to obtain a valuation of the fund based on the family law information provided by the trustee.
The Form 6 application is available on the website and they charge $150 for each calculation date requested.
The website provides a great deal of information of Family Law including applications for information, fact sheets and sample orders.
Where can the non-member funds be transferred.
The non-members interest cannot be transferred to another fund. The interest is classed as an associate interest with Military Superannuation & Benefits Scheme until a condition of release for the associate member is satisfied.
Relevant Legislation and Information
website: www.comsuper.gov.au
