The complexities of the defined benefit and accumulation plans managed by the Commonwealth Super Scheme including the Commonwealth Government, Defence Forces and some state Government Employees are many and varied.
Scott Malcolm has been working with clients who have government defined benefit superannuation memberships since commencing in the industry in 2000 so knows the ins and outs of these schemes.
In order to maximise your retirement income it is important to start planning early to ensure that you maximise the benefits provided by the superannuation funds while also staying with in your contribution limits. Each fund has benefits and limitations with regards to contribution amounts, insurance and disability protection and estate planning, transfer of benefits into the fund and how to maximise your retirement benefits based on your career plans and life goals.
Money Mechanics have experience working with clients who have the following public sector super scheme memberships:
- Commonwealth Superannuation Scheme (CSS) – this is described as a hybrid superannuation scheme which provides members with a defined benefit income stream and accumulation plan in one.
- Public Sector Superannuation Scheme (PSS) – this is a superannuation plan with a defined benefit formula.
- Public Sector Superannuation Accumulation Plan (PSSap) – this is the current superannuation plan for new employees to the public sector and is a standard accumulation benefit with boosted contribution amounts for members.
- Defence Force Retirement & Death Benefits Scheme (DFRDB) – provides an income stream after set service periods for members of the Australian Defence Force. There are additional benefits and limitations with this memberships such as options around returning to work for a period and having your pension recalculated after your service period.
- Military Super – is an employer subsidised superannuation scheme set up to provide members of the Australia Defence Force with a retirement benefit when they leave the workforce.
Contact our office to discuss your needs today and ensure you have maximised your superannuation benefits and entitlements for the future.