The Fire and Emergency Services Superannuation Fund provides a range of accounts with different sets of rules.
There are two basic styles of superannuation accounts offered by the Fund:
The Fund also offers other accounts, those being an Account Based pension , a Retained Benefit account and Spouse accounts .
This account operates like a superannuation savings account. Into this account will go:
There will be deductions from this account for:
The balance of this account will be paid to you on leaving the Fund.
In January 2000, Member Investment Choice was introduced, and provides for the investment earnings to be
credited to your member account according to the option/s you have chosen. You may apply to change your choice
at any time.
A Defined Benefit account provides benefits that are linked to your final average salary, rather than movements in investment markets. For example, the defined benefit on retirement is calculated as a membership multiple times final average salary.
The membership multiple is currently calculated as:
In most cases members with a Defined Benefit account will also have an Accumulation account, where their voluntary contributions and roll-overs are invested.
A Retained Benefit gives retiring Accumulation Account and Defined Benefit Account members the best of both worlds. With a Retained Benefit, your funds stay invested in a tax-effective environment, while allowing you to easily withdraw all or part of your money whenever it suits you.
You have seven (7) investment options to choose from, so you can select the investment mix that best suits your
needs. By leaving your funds invested in the Fund, you can also tax advantage of the concessional tax rates that apply to investments in superannuation.
You don't have to find a new fund to manage your super just because you retire. By choosing the Retained Benefit, you stay with the Fire and Emergency Services Superannuation Fund – the same people that managed your super
while you were working. With the Fund, you will continue to enjoy the peace of mind that comes with knowing your super is secure. You will also save the inconvenience of finding a new fund to manage your investment.
Stay with the Fund you trust!
Retirement is a time of change, and everyone's circumstances are different. The Retained Benefit is flexible enough
to meet your needs – whether you are looking to grow your super for a few more years, manage your money until pension age, or you simply need a holding account while you work out your options. You can arrange a regular
income stream such as an Account Based pension , pay off loans, pay for a holiday, or use the account as a source of
funds for unexpected expenses. What you do with the Retained Benefit is up to you.
A Retained Benefit lets you withdraw all or part of your funds at any time and you can also make contributions or transfer money from other super funds. There are no entry, exit or withdrawal fees. The only restriction on the Retained Benefit is that you can make eight (8) withdrawals each financial year, and the minimum amount is $2,000.
LOW FEES
Many funds charge fees for entry, exit, withdrawals, advisers or switching your investment choice. With the Retained Benefit, one simple management fee covers all investment and administration costs. Because the Fire and
Emergency Services Superannuation Fund has no commissioned sales people, all returns are channeled back to our members. That's why the Fund has a competitive fee of up to 0.8% of assets per annum (and often even less). Another reason for staying in a low-cost superannuation fund.
When you retire, the Fire and Emergency Services Superannuation Fund allows you to invest in an Account Based pension. The advantages of investing in an Account Based pension are:
You can tailor your Allocated Pension to give you the level of annual income that is right for you (within
Commonwealth Government limits). It is also up to you whether you choose to receive your income monthly,
quarterly, six-monthly or yearly. This is completely flexible and can be changed at any time.
Enjoy peace of minding knowing that you can easily withdraw a lump sum amount if you need it. There is no charge
for withdrawing. You may make eight (8) withdrawals each financial year and the minimum amount per withdrawal is $2,000.
There are seven (7) investment options to choose from: Cash , Capital Stable , Smoothed , Growth , Shares, Australian Shares and the SRI option.
Part of your Account Based pension may be tax-free if you are aged between 55 and 60 years of age. The remainder will receive a tax rebate of up to 15%. In addition, your investment earnings are tax-free.
If you are over the age of 60 your Account Based pension is tax free.
The Fire and Emergency Services Superannuation Fund accepts spouse contributions. The Federal Government introduced this initiative to encourage families to save for a better standard of living in retirement. You can pay contributions into your spouse's account.
If you wish to contribute superannuation for your spouse, just download the spouse application form , complete it
and send it in to us.
Tax rebates are available to taxpayers who make contributions to superannuation funds for their non-waged or low income-earning spouse. The maximum rebate is $540, calculated as 18% of contributions up to $3,000. The rebate reduces where your spouse's annual assessable income exceeds $10,800 and ceases when the annual assessable income exceeds $13,800.
Once the spouse account is finalised, you can also transfer other superannuation accounts into the spouse account.
Note: A spouse is defined by law as a person of the opposite sex who is in either a married or de facto married relationship with the taxpayer. Federal law does not recognise same sex relationships as marriages or de facto marriages.