Accessing your Defined Benefit
The amount of super Defined Benefit members can access is calculated by multiplying the Final Average Salary (FAS) by the multiple built up during the period of Corporate (non CSS) Membership. The rate at which your benefit multiple builds depends on your average contribution rate over that period. Examples of calculations are shown below.
The multiple accrued at the time you cease Defined Benefit membership (whether through retirement, resignation, retrenchment or transferring to an accumulation account) applied to your FAS is the amount you are entitled to withdraw.
Members withdrawing their money after reaching their preservation age can choose to take their money as a lump sum or transfer it into an income stream. Younger members can only access non-preserved amounts and roll the preserved savings into another super account.
Note that while Air Traffic Controllers and Flight Services Officers have a retirement age of 50, they are subject to the same preservation rules as other members.
Benefit calculation examples
Example where average contribution rate is less than 5% |
|
Retirement age 58 FAS of $50,000 Member paid: 2% for 5 years |
|
(2 x 5) + (6 x 4)
+ (5 x 25) |
= Average contribution rate of 4.7% |
 |
|
34 years |
|
Benefit Multiple |
|
5 years x 2% |
= 0.70 (5 x 14%) |
| 4 years x 6% | = 0.88 (4 x 22%) |
| 25 years x 5% | = 5.00 (25 x 20%) |
| Benefit multiple TOTAL | = 6.58 |
| Benefit | = benefit multiple x FAS = 6.58 x $50,000 |
Example where average contribution rate is greater than 5% |
|
Retirement age 60 FAS of $50,000 Member paid: 4% for 15 years |
|
(4 x 15) + (10 x
15) |
= Average contribution rate of 7% |
|
|
30 years |
|
Benefit Multiple |
|
30 years x 7% |
= 6.72 (30x22.4%) |
| Benefit | = benefit multiple x FAS = 6.720 x $50,000 |
These calculations are simple examples. In some cases the calculation will vary and will use a formula set out in the AvSuper Trust Deed.
You accrue a benefit multiple for every day of service, not just for completed years.
