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If you retire or resign after your minimum retirement age, you are entitled to the Age Retirement Benefit. Certain ‘prescribed class members’ may retire from age 50.
Retiring or resigning after your minimum retirement age
Your age retirement benefit is a lump sum based on:
- your Final Average Salary (FAS),
- your personal contribution rate, and
- your recognised service.
If you turned age 65 prior to 1 July 2010, service after you reach age 65 is not taken into account when determining your retirement benefit. However, any salary increase will be reflected in your FAS.
If you turned age 65 after 1 July 2010, service until you reach age 75 is taken into account.
Benefits available to you upon retirement
Generally, all of your benefits will be available to you upon retirement. However, if you have not satisfied the conditions of release for the preserved portion of your benefit when you become eligible to receive your benefit, the preserved amount of your benefit payment must remain within the Scheme or be rolled over to a complying superannuation fund, like ESSSuper's Accumulation Plan.
If the benefit remains within the scheme, the preserved portion will be held in a notional account earning interest at the Fund's crediting rate until we are able to pay it to you when a condition of release for preserved benefits is satisfied.
Preservation ages
| Date of birth |
Preservation age |
| Before 1 July 1960 |
55 |
| 1 July 1960 - 30 June 1961 |
56 |
| 1 July 1961 - 30 June 1962 |
57 |
| 1 July 1962 - 30 June 1963 |
58 |
| 1 July 1963 - 30 June 1964 |
59 |
| From 1 July 1964 |
60 |
Are you over 65 years old?
If you turned age 65 prior to 1 July 2010, service after you reach age 65 is not taken into account when determining your retirement benefit. However, any salary increase will be reflected in your FAS.
Further, any benefit you have accrued in the Accumulation Plan account (including personal and employer SG contributions paid after you turned 65), can be paid as a component of your final benefit.
Members turning age 65 on or after 1 July 2010 are able to remain active and any service until age 75 will accumulate towards retirement. If you no longer wish to contribute after age 65, you may wish to consider nominating to become an exempt officer.
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