Military Super

D

Dabloodymess

Active Member
Ok guys I am young and honestly know very little, so please be gentle.

I am still on the army payroll, but am on the way out. I think the military super fund is alright, and I had intended to just stick with it.... until I realised that it isnt fully funded (is this correct)?

So, even though its a pretty well performing fund should I be getting my super the hell out right now? As I imagine it could prove difficult down the track.

I would appreciate your thoughts on this.

(also, just to note I don't have anywhere near enough to consider a SMSF at this stage, so I would just be rolling it over to another fund)
 
Ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhh bugger, this doesnt sound good....

Some points to note

Preservation and the MSBS

If you leave the MSBS without an entitlement to pension
you must preserve your employer and productivity
components in the MSBS until at least age 55. From age
55 onwards you can take the employer component as a
pension or keep it preserved. Lump sum benefits must
remain preserved within the MSBS or a rollover fund until
you reach your preservation age.

So if I read that right, any employer contributions have to stay in the fund..... thats f***ed.
 
I was lucky I got out on a redundancy and coverted my MSBS to a pension paid fortnightly indexed. But yeah a mate fell on hard times and tried to access his MSBS and they told him it was a notional sum not actual dollars :(
 
Big A.D. said:
How long to you have to serve to be entitled to a pension?
Click to expand...

It *used* to be after 20 years of service, but AFAIK they did change that and I don't know what the current rule is.

Or you can also get a pension for going out on an injury which is fair enough.

hiho said:
I was lucky I got out on a redundancy and coverted my MSBS to a pension paid fortnightly indexed. But yeah a mate fell on hard times and tried to access his MSBS and they told him it was a notional sum not actual dollars :(
Click to expand...

Yeah thats what I realise the more I read, the money really isnt there, and I cant get at it even though it supposedly belongs to me.

This really cheeses me off, its not a lot of money by any means..... but its mine god damnit..... :(
 
http://forums.silverstackers.com/topic-6177-australian-government-fraud.html

why not coose to use your own fund and get contibutions paid into that.... oh that's right you can't do that you MUST become a MSBS member :rolleyes:

In 2007 a review was conducted on Military superannuatuion which made a whole heap of recommendations to the government to allow:

All employer contributions to be funed
Members can choose their own fund including SMSF where employer contributions can be paid
and other recommendations but nothing has happened since...
 
mt1lad said:
As far as i was aware we can't even roll these funds into another super fund,is this correct?
Click to expand...

I am of the same understanding, as in theres no money to roll over
 
mt1lad said:
As far as i was aware we can't even roll these funds into another super fund,is this correct?
Click to expand...

If you are still a serving member then no. If you are no longer a serving member then you can only roll over your personnal contributions. Employer contributions (unfunded) can't be touched.
 
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