SYD
Enthusiast
- Joined
- Oct 5, 2009
- Posts
- 10,153
- Qantas
- Platinum
- Virgin
- Gold
- Oneworld
- Emerald
That’s what I have. Took my contributions before they got fully preserved (and reinvested elsewhere and haven’t looked back).That is how MSBS works (Military - closed to new members in 2016).
5% mandatory contribution which may be increased to 10%. Defined benefit is based on final average salary over the last three years.
If you convert to a pension that is only from the defined benefit. Member contributions are treated like normal super - can't be converted to a pension.
Very good deal though (pension conversion rate is usually /12 I believe) - understandable why they changed it. It however did penalise those who weren't lifers.
I now also have a modest pension (spending money)! Although taxed until I reach preservation age. But even then, it might still be taxed a bit despite the nominal value going against my TBC. Thus leaving a lower remaining figure I can convert to a tax free pension stream in due course.
Last edited: