Understanding Your Super
MilitarySuper - What is it?
MilitarySuper is an employer-subsidised superannuation scheme set up to provide you with a retirement benefit when you leave the workforce. It provides you and your family with security during your Australian Defence Force (ADF) career by giving you comprehensive invalidity retirement and death cover.
Unlike other schemes, MilitarySuper is specifically designed to meet the needs of members of the ADF.
Who Manages the Scheme?
A Board of five Trustees is responsible for managing the MilitarySuper Scheme. These five Trustees include:
- An independent chairperson (appointed by the Minister Assisting the Minister for Defence)
- Two employee representatives (one officer and one other-rank member) nominated by the Chief of the Defence Force and appointed by the Minister Assisting the Minister for Defence
- Two employer representatives who are experienced in government policy and administration (appointed by the Minister Assisting the Minister for Defence).
With the exception of the two current employer representatives, Trustees hold office for a period of up to three years, and can be re-appointed to these positions. When the two current employer representatives cease office, their replacements will be appointed for terms of up to three years. Trustees are removed in the same way they are appointed.
The MSB Board ensures that the Scheme is operating according to the rules specified in the Scheme’s Trust Deed, and according to superannuation law. The Trust Deed is the Scheme’s governing legal document. It sets out the duties of the Trustees to all Members and the responsibilities and powers of the MSB Board. These include directing the Scheme’s investments, managing Member communications and ensuring the smooth administration of the Scheme.
To assist in fulfilling its duties, the Board delegates specialist responsibilities to committees. The committees give additional focus to significant functions, monitor and evaluate the effectiveness and performance of these functions and make recommendations to the Board. The committees comprise:
- Investment Committee
- Audit and Risk Management Committee
- Communication Committee
- Reconsideration Committee
- Invalidity Classification Committee
What are the highlights of my Scheme?
- A significant Employer Benefit paid for by the Australian Government that is not affected by investment returns while you are a comtributing Member. This benefit provides you with between 18% and 28% of your final average salary for every year you have served
- Generous death and invalidity benefits that provide you and your family with financial protection if you are injured or die while a Member of MilitarySuper
- A pension option that is fully indexed by the Consumer Price Index for life
- No administrative fees or charges as these are currently paid for by your employer
- A choice of five investment options for your Member Benefit, which accumulates separately from your Employer Benefit
- The ability to make salary sacrifice and additional voluntary contributions and rollover superannuation benefits from other schemes into the Fund, with no administration fees or charges for these transfers within MilitarySuper, as the costs are currently paid for by your employer.
More Information
Customer Service Centre
MilitarySuper Members can obtain more information about their eligibility to contribute to, and receive benefits from, Military Super by phoning the Customer Service Centre on 1300 006 727.