1 A Submission to the Treasurer on the Funding Status of The Defence Forces Retirement Benefits and Defence Forces Retirement and Death Benefits Funds AIM To Achieve the Reclassification of the DFRB/DFRDB Funds as Funded, or Partly Funded INTRODUCTION General. 1. As part of the 2006 Federal Budget, the Treasurer introduced a Plan to Simplify and Streamline Superannuation. The Treasurers response to inquiries on this matter, for DFRB /DFRDB /Contributors/ Superannuants was given in a letter dated 14 th of July 2006: In some superannuation funds no employer contributions are made until the person is ready to retire and no contributions or earnings tax has been paid on this element of their superannuation benefits. Funds with members interests
2 2 containing untaxed elements mainly effect military personnel and public servants. Under the Government s plan, an individual's own personal (after tax) contributions to superannuation would continue to be received tax free in retirement. In addition, from 1 July 2007, any investment earnings and employer contributions that have been taxed in the fund would also be paid tax free to a person aged 60 or over. Benefits paid from an untaxed source would still be taxed under the government s plan. To remove the tax on these benefits would mean that members of these funds would pay no tax on this part of their superannuation. This would be an unfair advantage to members of these funds as they have not paid the contributions and earnings tax that 90 per cent of Australians have paid on their benefits. However, in recognition that the tax on superannuation has been reduced for people receiving benefits from taxed sources, taxes will also be reduced on benefits paid from untaxed sources for people aged 60 and above. The 30 per cent rate of tax on lump sums will be reduced to 15 per cent up to a total of $700,000, with any excess taxed at the top marginal rate. A 10 per cent offset will apply to pensions paid from an untaxed source.
3 3 There are substantial benefits for retirees receiving benefits from untaxed sources. Under the plan it is proposed, for people aged 60 and over, pensions,(including existing pensions) received from an untaxed source would be taxed at marginal rates, but would receive a tax offset of 10 per cent of the total taxable part of the pension. Currently such pensions are taxed at the individual s marginal rate with no offset. For example, a person who receives a pension of $56, with a deductible amount of $6000 (for contributions made from their after-tax income) would have a taxable pension of $50,000. The deductible amount of $6000 would be paid tax-free. The tax offset would be 10 per cent of $50,000 (that is $5, 0000). The actual reduction in tax payable would depend on the person s circumstances including the impact of other tax offsets. I note finally that it does not matter when the military pension was commenced for individuals to benefit from these changes. From 1 July 2007, as long as the individual is aged 60 or over they will receive the benefit of the changes outlined above. I trust this information will be of assistance to (name suppressed). (Signed) Peter Costello 1 1 Treasurer s letter to The Hon Philip Ruddock dated 14 th of July 2006
4 4 A Differing Opinion 2. Another opinion has been given to me by Robert Hodge B.Tax FASFA, the Senior Advisor (Tax), Association of Superannuation Funds of Australia, as follows: Our understanding is that prior to 1988 superannuation funds were not taxed on either the contributions to the fund or the investment earnings on those contributions. The Australian taxation office may be able to confirm the taxation arrangements at the relevant point in time. Generally, benefits paid out of superannuation schemes run by the Commonwealth Government for their own employees, judges and parliamentarians have two components. One component represents a member financed benefit (paid for out of the member's own 'after tax' contributions and earnings on those contributions); the other part represents the employer financed benefit (which is paid out of consolidated revenue). Where a benefit is paid out of consolidated revenue this is referred to as an 'untaxed element' - the money has never been subject to income tax. The term 'unfunded' also relates to these benefits because the money has never been separately put aside by the employer for the specific purpose of funding these liabilities as they arise. My understanding is that the DFRDB scheme is a part contributory, part unfunded defined benefit scheme. That is, the
5 5 benefits paid are in part financed by member contributions and in part by the employer, the Government, out of consolidated revenue. As such, benefits paid from the scheme would thus have a 'taxed' and an 'untaxed element'. Our understanding is that under current taxation arrangements, the member financed component of a pension benefit is fully assessable but is subject to a 15% pension rebate and a further separate deduction (referred to as the undeducted purchase price or UPP) related to the employee's own contributions and calculated using the pensioner's life expectancy. The employer financed component is fully assessable at marginal tax rates. The differential taxation treatment arises from the fact that the member financed component is paid out of money that has previously been subject to taxation (either in the hands of the employee or in the fund) while the employer financed component has never been subject to taxation. Robert Hodge B Tax FASFA Senior Policy Adviser Association of Superannuation Funds of Australia dated 1 September AM
6 6 BACKGROUND TO THE DFRB SCHEME 3. The Defence Forces Retirement Benefits Scheme legislation was introduced in 1948 in conjunction with a general review of policy to the Defence forces The possibility of a uniform scheme of retirement benefits for permanent members of the Defence Force was assisted by the introduction of a pay code for the Forces in July 1947, bringing members of the Navy, Army and Air Force on to a uniform base of pay and allowances. Associated with the revised pay code, was the introduction of lower retiring ages for Army Officers, more in line with those for officers of Navy and Air and the reduction of the compulsory retiring age for other ranks of the Army and Air Force from 60 to 55 years. The DFRB Scheme was introduced to meet the special needs of the Defence Force for retirement benefits under the new conditions of service.. 4. The type of scheme that resulted was similar to other public sector schemes in existence, particularly the Commonwealth Superannuation Scheme (CSS). Broadly this involved the establishment of an actuarially based superannuation scheme, the membership of which was compulsory, financed partly by members contributions and partly by government subsidy and administered by an independent statutory authority. The scheme was based on recommendations of a committee under the
7 7 chairmanship of the Minister for Defence and Post War Reconstruction, the Honourable J.J. Dedman, M.P. 2 Costs. 5. It was accepted that the scheme would be ultimately funded on a full actuarial basis, but the novelty of some of the provisions led to an interim arrangement for financing the benefits. 6. The cost of providing the benefits was not apportioned between the contributors and the Commonwealth in strict shares, but the accumulated contributions of the member were paid into a pension account, the Commonwealth meeting the cost of the benefit once the contributions of the member were exhausted. Some adjustments were legislated to make the scheme more equitable for members The method of financing the member s share of 22 ½ % of the cost by means of a percentage rate of contribution was consistent within numbers of private superannuation plans, in the 60 s. Pre 1959 contributors had to pay additional contributions to obtain the same benefits as those who entered after that date. 4 2 From Joint Select Committee on Defence Forces Retirement Benefits Legislation, dated May 1972, Chapter 1, paragraph From Joint Select Committee on Defence Forces Retirement Benefits Legislation, dated May 1972 Chapter 1, page 9, paragraph From Joint Select Committee on Defence Forces Retirement Benefits Legislation, dated May 1972 Chapter 1, page 11, para 26.
8 8 Review of the DFRB Scheme. 8. The Report from the Joint Select Committee on Defence Forces Retirement Benefits Legislation of May 1972 (Jess Report) concluded the original scheme, although providing a short term answer of providing retirement benefits for Defence personnel had not provided a lasting solution. In fact, the remedies had tended to create their own problems. In particular, problems had arisen in regard to Officer Retirement and the provision of retirement benefit for invalidity Jess also stated it is also clear that the arrangements that have been made for financing the cost of benefits have worked to the disadvantage of contributors. This is particularly the case with those members of the scheme who entered before The relief afforded to members confronted with very high rates of contribution of allowing pre entrants to freeze their contributions at selected levels thereby rejecting the Fund s share of further entitlement has created its own problems The plight of certain pre 1959 contributors was of concern to private members and of Senators of all parties with the operation of the legislation There is little doubt that Jess rectified many of the problems in the Act, particularly for pre-59 contributors. Most Military personnel, of that time, respected Jess. 5 From Joint Select Committee on Defence Forces Retirement Benefits Legislation, dated May 1972 Introduction, page 7, paragraph 7. 6 From Joint Select Committee on Defence Forces Retirement Benefits Legislation, dated May 1972 Introduction, page 7, paragraph 7.
9 9 Indexation of Defence Force Pensions. 11. Defence Force Superannuants, who have made an important contribution to the quality of life enjoyed by this country, are falling behind in their retired incomes that are the basis of their standard of living and quality of life. If average weekly earnings are increasing at a faster rate than the CPI then those whose income is tied to the CPI will be left behind in the quality of life they can afford. 12. It is understood that Federal Parliamentarians and Reserve Bank officers have access to schemes that, which ensure that superannuants maintain relativity, as retirees, to the present day workforce but this is not deemed necessary, by the Government, for others. 13. A comparison of the reversionary benefits for a surviving spouse shows that the reversionary benefit of a surviving spouse of a parliamentarian is 83%, and of a military superannuant of 62.5%. Reversion on Completion of Repayment of Commutation 14. There is no provision, for reversion to the full value of retired pay once the Commutation Lump Sum has been repaid. Once the Commutation Lump Sum has been repaid, in the interests of equity, the pension should revert to the full value. However the government seems to hold retired Defence personnel in contempt, and natural justice apparently counts for little.
10 10 The Principle of Funding. 15. At the time of presentation of the Jess Report, the DFRB scheme was pronounced to be partly funded by that Committee, along similar lines to those stated by Mr. Robert Hodge, earlier in this paper. 7 The DFRB was only partly funded because the Commonwealth did not fund its share This meant that the Commonwealth did not contribute to the DFRB Fund but met its liability on an pay as- you- go basis. Investment of funds. 16. Members contributions were invested mainly in Commonwealth Government bonds. Earnings were in the range of 6.0 to 6.1/2 percent. The earnings were not taxed. No tax was payable on the earnings of Superannuation funds, Public or Private Sector, until The Commonwealth did not contribute toward the DFRB/DFRDB Fund, thus not contributing to the health of it. 7 From Joint Select Committee on Defence Forces Retirement Benefits Legislation, dated May 1972 Chapter 1, page 13, paragraph 39.
11 11 Taxation of Superannuation Funds. 18. Taxation of funds, both Public Sector and Private sector, did not come into effect until Up until 1988, the taxation treatment of Private and Public Sector Superannuation schemes was the same ie, There was no tax on earnings of either type of fund; There was no tax on the funds themselves; and All contributors were treated in the same manner in their annual Taxation Returns; and all were treated in the same manner, by the Taxation Department, on retirement. Refund of Surplus Contributions. 19. Section 22 of the principal Act required the Commonwealth Actuary to undertake periodical reviews of the state and suffiency of the DFRB Fund as at 13 June 1964 and thereafter at intervals of not less than five years. A surplus of contributions to pre-1959 contributors was made to them in the early 70 s. The surplus existing at the time of the transfer of members contributions, in 1972, was appropriated by the government of the day. At that same time the PM stated that he would ensure that it would be made impossible for any future determination as to whether
12 12 contributions were in surplus. The Fund was still in surplus at the time of transfer, but Jess could not report on that as the Report of 1965, by the Commonwealth Actuary, had still not been made available at the time of the Report. 8 Disposal of DFRB Fund and Assets. 20. The total DFRB assets were transferred to consolidated revenue at the time of establishment of DFRDB, including surplus contributions that had been reported by the Commonwealth Actuary in There was a further surplus at the time of establishment of the DFRDB Scheme, also reported by the Commonwealth Actuary. All DFRB serving contributors were transferred to the DFRDB Scheme, without choice. Comparative Benefits between Commonwealth Superannuation Schemes. DFRB/DFRDB The basic entitlements are: Pension. A pension determined by the person s rank and years of service; Commutation An ability to commute four years of pension and accept a reduced pension; 8 From Joint Select Committee on Defence Forces Retirement Benefits Legislation, dated May 1972 Chapter 5, page 46, paragraph 180.
13 13 Surviving Spouse s Pension On the death of the contributor, of 5/8ths of contributor s pension, before commutation; Lump Sum. There was no entitlement to a lump sum by a refund of member contributions on reaching pension-able age and having the required years of service, as there is for an MSBS member, or for the Public Service. MSBS. The basic entitlements are: An Employer Benefit. The employer benefit is that part of the benefit paid by the Department of Defence, including the productivity benefit If a member has reached age 55 and is genuinely retiring from the workforce,, he/she may take the employer benefit as a full lump sum or convert 50% or more of it to pension; 9 9 Retirement Benefits Office Leaflet M20
14 14 Member Benefit. The member benefit is made up of the member contributions and interest accrued at the earning rate of the MSBS Fund. Member benefits can.be taken as an immediate lump sum. If the member transferred from the DFRDB Scheme the member benefit includes the member s DFRDB contributions. Public Service Scheme (PSS). 23. It is enough to say that eligible Public Servants also receive a total refund of their contributions, with interest, under similar conditions of contributors to MSBS, and have done so for very many years. Thus, they have, ultimately, contributed nothing to their pensions. This scheme can fairly be classified as unfunded. A Fair Go 24. The Prime Minister recently appeared on the media asking for a fair go from the public regarding the recent Parliamentary Superannuation amendments. That scheme includes indexation to Parliamentary Superannuants based on current remuneration
15 15 rates of serving parliamentarians, and reversionary benefits for widows of MPs. Well, how about a fair go for the Government s very own employees? CONCLUSION 25. The DFRB/DFRDB Schemes are not unfunded Superannuation Schemes but, at least, part funded schemes. The Government has never met its share of contribution of its employees during their service, but on a pay-as you-go basis after discharge. Taxation on Funds, or earnings was not introduced until 1988, on Public or Private Sector Funds. Members who retired prior to the date in 1988, when taxation on Funds and earnings were introduced should be treated in the same manner as their Private Sector counterparts, as DFRB /DFRDB contributors had no advantage over them ( in relation to the Treasurers point). It is wrong of the Government to classify all Public Sector pension schemes as the same. 26. The DFRB and DFRDB were/are very different schemes to the PSS and MSBS, and in the interests of equity, DFRB/DFRDB contributors should benefit more than those members in other schemes, that is, better than the ten percent offset in the Government s proposed changes to taxation/ reform of superannuation. MSBS and PSS members have paid nothing, in the end, towards their pension; DFRB/ DFRDB contributors have.
16 16 Post 1988 DFRDB Contributors 27. Post 1988 contributors should be given due consideration, on the amount of offset/ tax exemption, for the time they had been in the scheme prior to 1988 when no superannuation levied on funds, or on earnings of funds. Differing Benefits Between Public Sector Funds 29. Public Service retirees receive a full refund of their contributions, with interest, on retirement. 30. MSBS Defence retirees receive a full refund of their contributions, with interest, that have been paid to the MSBS Scheme. Their contributions to DFRB and DFRDB were ultimately absorbed into the MSBS for those who elected to join the new scheme ie, they receive a refund of their contributions from their first day of eligible service. 31. DFRB/DFRDB superannuants paid for their Superannuation schemes and, therefore, cannot fairly be classed as unfunded, whereas PSS and MSBS contributors will ultimately have paid nothing towards their pensions. Accordingly, it is felt those schemes can fairly be classified as unfunded. 32. Parliamentary Superannuation benefits include continued alignment with current Parliamentary remuneration, something
17 17 that has been deemed essential for them, but not for the Government s very own employees. 33. There has been a perception of incredible discrimination against Defence Personnel in many matters, over the years, and this incorrect classification of DFRB/DFRDB is a further example of this attitude by government that is not, in 2006, too late to rectify. Recommendation 34. That a review of the Government s classification of the DFRB/DFRDB fund, currently incorrectly classified as unfunded, be conducted with a view to granting the members of these funds equity in the proposed superannuation changes proposed by the Government, for introduction on July 1 st, J.A Graham Tel th November 2006
MB09 04/12 Taxation of lump sums What you need to know Under current tax law both, your Employer and Member Benefits may be subject to tax if withdrawn as either a rollover or cash lump sum. The only exception
SUBMISSION TO THE REVIEW OF INDEXATION ARRANGEMENTS IN AUSTRALIAN GOVERNMENT CIVILIAN AND MILITARY SUPERANNUATION SCHEMES August 2008 TABLE OF CONTENTS Executive Summary 3 Chapter 1 The Occupational Nature
General Manager Superannuation, Retirement and Savings Division The Treasury Langton Crescent PARKES ACT 2600 Dear Sir/Madam A PLAN TO SIMPLIFY AND STREAMLINE SUPERANNUATION Thank you for your invitation
CSF27 04/12 Tax and your CSS benefit Who should read this? All contributing CSS members. What is in this fact sheet? > > What should I know up front? > > My benefits in the CSS > > How are contributions
PSSFAQ1 10/13 Redundancy FAQ PSS Members How do I request a benefit estimate? In order to obtain a benefit estimate for redundancy, voluntary or involuntary retirement, we require your employer to complete
AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information
Employee Information Leaflet The Retained Firefighters Pension Settlement Introduction of the new modified pension arrangements APRIL 2014 This information leaflet sets out the pension benefits on offer
Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to retirement planning.
Understanding retirement income Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to understanding retirement.
General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK which qualify to receive tax relief
SRR1 04/12 Involuntary retirement Benefit application form and information leaflet Before completing this benefit application form, you are advised to read the PSS Product Disclosure Statement at www.pss.gov.au
PSSFAQ1 10/13 Redundancy FAQ PSS Members How do I request a benefit estimate? In order to obtain a benefit estimate for redundancy, voluntary or involuntary retirement, we require your employer to complete
The Hon. Kevin Rudd, MP, Minister for Foreign Affairs Parliament House Canberra ACT 2600 6 June 2011 Dear Minister, We should like to bring to your attention discrimination in the taxation system adversely
SR1 04/12 Cessation of employment Benefit application form Before you start Before you complete this benefit application form, please read the CSS Product Disclosure Statement. This form and the Explanatory
[05.05.19] Payments on Termination of an Office or Employment or a Change in its Functions Contents Sections 123 and 201, and Schedule 3 of the Taxes Consolidation Act, 1997 Updated April 2014 1. Introduction...3
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits accrued by individuals in the UK which qualify to receive tax relief
IOOF Technical Advice Solutions Client strategies for advisers Superannuation and death benefits in the Simpler Super environment Adviser use only IOOF Technical Advice Solutions Since 1 July 2007, the
CHAPTER 27 Taxation of Retirement Lump Sums Revised September 2015 Introduction 27.1 Section 790AA Taxes Consolidation Act 1997 (TCA 1997) provides a regime for the taxation of the excess portion of retirement
Introduction for paying benefits from an SMSF Paying benefits from a self-managed super fund NAT 74124-04.2013 Our commitment to you We are committed to providing you with accurate, consistent and clear
Understanding superannuation Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to superannuation. This
FACT SHEET RETIREMENT ANNUITY TRUST SCHEMES (RATS) With only a limited number of retirement annuity contracts (RAC) and personal pension schemes (PPS) available in Guernsey, the popularity of RATS is growing
Chapter 2 The Temporary Budget Repair Levy 2.1 This chapter discusses the legislation introduced by the package of Temporary Budget Repair Levy (the Levy) bills. 2.2 The committee first gives a brief overview
Public Sector Superannuation Scheme Trust Deed as amended made under section 4 of the Superannuation Act 1990 This compilation was prepared on 8 October 2009 taking into account the Thirty-Third Amending
2016/17 Budget Superannuation reform changes 1. Effective Budget Night 7.30pm (AEST) 3 May 2016 1.1 New lifetime cap for non-concessional superannuation contributions The government will introduce a $500,000
SRR1 01/14 Redundancy Benefit application form Before completing this benefit application form, you are advised to read the PSS Product Disclosure Statement at pss.gov.au or call 1300 000 377. This form
Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation
SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.
THE INSTITUTE OF ACTUARIES OF AUSTRALIA A.C.N. 000 423 656 GUIDANCE NOTE 450 - COST OF DEATH AND DISABILITY BENEFITS - CERTIFICATES BY ACTUARIES UNDER SUB-SECTION 279(3) OF THE INCOME TAX ASSESSMENT ACT
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions AUSTRALIA Australia: pension system in 2008
Fact sheet RBF Tasmanian Accumulation Scheme Redundancy Important note This information is only for members of the RBF Tasmanian Accumulation Scheme. Please refer to the Membership Category as shown on
RESEARCH PAPER NO. 3, 2010 11 9 September 2010 Superannuation 2010 2011 Leslie Nielson Economics Section Executive summary This paper, updated for the 2010 11 financial year, is designed to provide readers
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK, which qualify to receive tax relief,
A GUIDE TO RETIREMENT ANNUITY TRUST SCHEMES ( RATS ) IN GUERNSEY TABLE OF CONTENTS INTRODUCTION... 3 WHAT IS A RETIREMENT ANNUITY TRUST SCHEME?... 3 THE TRUSTEES... 4 APPROVAL... 4 TRANSFERS FROM OTHER
CPA Australia Tax and Social Security Guide: 2013-2014 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July
It pays to belong TM Key Focus A tax of 15% applies to concessional (i.e. before tax) contributions. All employer and salary sacrifice contributions will be taxed at the top marginal rate if your super
FAQ 1 Established Civil Servants (including Prison Officers) who pay Modified (Class B) PRSI and are not making an employee contribution in respect of personal superannuation benefits Introduction: A scheme
CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July
FEDERAL BUDGET 2009 SUMMARY 13 May 2009 As widely expected, last nightʼs Federal Budget contained a number of proposals that will affect clients. Importantly, the proposals will require passage of legislation
2012-2013 Federal Budget Report May 2012 This year s Federal Budget was returned to surplus while ensuring families and small business share in the benefits of the resource boom. Cor sae por restiam adis
THE TAX-FREE SAVINGS ACCOUNT The 2008 federal budget introduced the Tax-Free Savings Account (TFSA) for individuals beginning in 2009. The TFSA allows you to set money aside without paying tax on the income
SUPERANNUATION FACT SHEET 1 A superannuation system that is sustainable, flexible and has integrity In the 216-17 Budget, the Government announced a package of reforms designed to improve the sustainability,
INTRODUCTION WESTERN AUSTRALIA SALARIES AND ALLOWANCES ACT 1975 (As Amended) DETERMINATION of the SALARIES AND ALLOWANCES TRIBUNAL PURSUANT TO SECTION 6A PARLIAMENTARY SUPERANNUATION (25 February 1987)
15 October 2007 Taxation of Pension Schemes Income Tax (Pensions) Bill 2007 Proposal Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.
CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2015 2016 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July
Simplification of the Tax and National Insurance Treatment of Termination Payments Consultation document Publication date: 24 July 2015 Closing date for comments: 16 October 2015 Subject of this consultation:
GUIDE ON THE TAXATION OF LUMP SUM BENEFITS GUIDE ON THE TAXATION OF LUMP SUM BENEFITS Another helpful guide brought to you by the South African Revenue Service. Foreword This document is a general guide
Family law and splitting super How it s done and what happens next Your Government Super at Work Any financial product advice in this document is general advice only and has been prepared without taking
Part 30 Occupational Pension Schemes, Retirement Annuities, Purchased Life Annuities and Certain Pensions CHAPTER 1 Occupational pension schemes 770 Interpretation and supplemental (Chapter 1) 771 Meaning
SENTINEL RETIREMENT FUND RULES November 2013 TABLE OF CONTENTS PAGE 1. INTRODUCTION... 1 2. DEFINITIONS... 2 3. MEMBERSHIP... 8 4. CONTRIBUTIONS... 11 4.1 Contributions by MEMBERS and EMPLOYERS... 11 4.2
Self Directed Personal Retirement Bond Personal Retirement Benefits Brochure Contents Section 1: What is a Personal Retirement Bond? 2 Section 2: Definitions 3 Section 3: Contributions 4 Section 4: Charges
How super is taxed Date of issue: 1 July 2015 mtaasuper.com.audate Phone: 1300December 362 415 2014 Fax: 1300 365 142 of issue: The information in this document forms part of the Product Disclosure Statement
Latest revision date: 23 July 2009 Pension-related deduction from the remuneration of public servants Frequently Asked Questions Updated to reflect revised rates/bands effective 1 May 2009 Frequently Asked
exchanging your pension for a lump sum Throughout this fact sheet: exchange is used to mean commutation of your pension to a lump sum apply or application are used to mean elect or election. Contents page
Defence Bank Pension Pension Tax File Number Declaration < Instructions This declaration is NOT an application for a tax file number. Please print neatly in BLOCK LETTERS and use a BLACK pen. Print X in
LOCAL GOVERNMENT SUPERANNUATION SCHEME SUPERANNUATION SCHEMES (REPRODUCED WITH THE KIND PERMISSION OF THE SUPERANNUATION SECTION, DEPT. OF THE ENVIRONMENT AND LOCAL GOVERNMENT) 1 The pensions legislation
Structuring & Tax Ensuring your plans for your super become a reality By Ben Andreou Partner Head of Structuring & Tax December 2015 Table of Contents Page Why should you read this paper?... 3 Background...
SUMMARY OF RATES AND THRESHOLDS 2015/16 CONTENTS Superannuation rates and thresholds Concessional contributions Non-concessional contributions Capital Gains Tax (CGT) cap amount Untaxed plan cap amount
Version: 27.8.2015 South Australia Southern State Superannuation Act 2009 An Act to continue the Triple S contributory superannuation scheme for persons employed in the public sector; and for other purposes.
FAQ 3 Non Contributory Pension Scheme for Non-Established State Employees (as applicable to Non-Established Civil Servants) Introduction: A member s entitlement to information annually. 1. Who is eligible
STATUTORY INSTRUMENTS. S.I. No. 292 of 2015 EDUCATION AND TRAINING BOARD TEACHERS SUPERANNUATION SCHEME 2015 2  S.I. No. 292 of 2015 EDUCATION AND TRAINING BOARD TEACHERS SUPERANNUATION SCHEME 2015
Superannuation is a tax advantaged way of saving for retirement and makes up two of the three pillars of the Government s retirement income policy. The three pillars are: A Government funded means-tested
STATUTORY INSTRUMENTS. S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME MEMBERS REGULATIONS 2014 2  S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME
Pensions Information for Scheme Members in the format of Frequently Asked Questions Designed & Printed by the Revenue Printing Centre January 2015 RPC005668_EN_PR_L_1.indd Preface The information in the
CHAPTER 23 APPROVED RETIREMENT FUNDS Revised July, 2013 Introduction 23.1 Flexible options on retirement for pension arrangements were introduced by Finance Act 1999. Rather than purchase an annuity or
How super is taxed VicSuper FutureSaver Member Guide Date prepared 1 July 2015 The information in this document forms part of the VicSuper FutureSaver Product Disclosure Statement (PDS) dated 1 July 2015.
Version: 1.7.2013 South Australia Payroll Tax Act 2009 An Act to re-enact and modernise the law relating to payroll tax; to harmonise payroll tax law with other States; and for other purposes. Contents
Wealth Management Federal Budget 2009 FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY The Government has delivered what it says is one of the most difficult Budgets since the great depression, with many winners
RBF family law This brochure covers the treatment of your RBF super for family law purposes Contents Introduction 2 If a couple separates or divorces must super be split? Can all super be split? Who can
Introduction for paying benefits from an SMSF Paying benefits from a self-managed super fund NAT 74124-06.2013 NAT 72579-03.2013 NAT 11032-04.2013 NAT 71923-04.2013 NAT 8107-08.2012 Our commitment to you
MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide Preparation date 1 July 2015 Issued by The Trustee, MLC Nominees Pty Limited (MLC) ABN 93 002 814 959 AFSL 230702 The
Super income stream strategies webinar Presented by: Brett Ricchini, Financial Advisor, 2 December 2014 Create your retirement plan Maximise your Super Income Stream to fund your future lifestyle aspirations
Lump Sum My Retirement General advice warning The schemes administered by Super SA are exempt public sector schemes and therefore we are not required to hold an Australian Financial Services licence to
Guernsey Practice Notes Requirements for Approved Retirement Annuity Trust Schemes and Approved Retirement Annuity Schemes April 2015 These notes have been prepared by the BWCI Group in conjunction with
Item 12 Council 5 December 2013 GDC 1970 Pension and Life Assurance Plan Purpose of paper Action Public/Private Corporate Strategy 2013-15 Business Plan 2013 Decision Trail Recommendations Authorship of
Current as at 1 July 2014 Adviser use only Technical guide: Challenger Lifetime and Term Annuities Table of contents Introduction 1 Challenger Lifetime Annuities 2 Product features 3 Centrelink treatment
s of Tax 2011/12 Resident Individuals The following rates apply to individuals who are residents of Australia for tax purposes for the entire income year. 1 Tax Payable 2, 3 0 6,000 Nil 6,001 37,000 15
The National Health Service Superannuation Scheme in Scotland Scottish Teachers Superannuation Scheme PENSIONS ON DIVORCE or DISSOLUTION OF CIVIL PARTNERSHIP 1. Introduction This leaflet describes what
Saving with SSRSS and This information is based on legislation current at 1 April 2013. Save with SSRSS Effective 1 October 2008 the SSRSS stopped accepting applications for membership. The SSRSS schemes
CUBS SUPERANNUATION FUND Trust Deed The Trust Company (Superannuation) Limited (Trustee) Table of contents Part 1A - The Cubs Superannuation Trust... 1 Section 1 - Normal Operation of the Fund... 1 1 Joining