The governments review into Australia’s superannuation regime, nicknamed ‘The Cooper Review’...
Family Law - Military Superannuation & Benefits Scheme
Background to Fund
The fund took over from the DFRDB. The Military Superannuation and Benefits Scheme (MSBS) was established by the Military Superannuation and Benefits Act 1991 (the MSB Act).
Retirement Benefits
The scheme pays two types of benefits:
- Members Benefit being member contributions plus interest
- Employer Benefit being a function of years of service and final salary. It is payable as a lump sum but at least 50% must be converted to a pension.
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
