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Payment requirements vary according to what type of prior service you are applying for, and in particular, what period of service you are wishing to have recognised.
Age Retirement
If you had prior service recognised before 1 December 1993, the cost at age retirement will be shown on your annual benefit statement.
The cost of your prior service must be paid immediately prior to your retirement, you can choose from two ways:
Other Benefits
You may also have prior service used to calculate other benefits, such as fully deferred resignation, retrenchment, death and disability.
The cost of prior service in these cases will differ from that for age retirement and depends on the basis of your termination of employment. The cost may be substantial and must be paid prior to ceasing employment.
Your prior service may only affect your resignation and retrenchment benefit if you elect for a total deferred pension.
Paid In Full
If you had your prior service recognised from 1 December 1993 and you have paid for it in full, your annual benefit statement will indicate the date from which your benefits have been calculated.
Not Paid In Full
If you did not pay for your approved prior service within 30 days of receiving your approval quote, the prior service will not be included in any benefit calculation.
If you decide in the future that you would like to pay for your prior service you will need to contact ESSSuper for a new summary of how your benefits will be affected and a new costing will be issued.
Check the contribution types accepted
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