About the ESSS DB Fund Retirement Multiple Estimator Calculator

For ESSS DB Fund members, the percentage of your salary you contribute to your super whilst you are a member has a direct effect on the final retirement benefit you receive.

Your retirement benefit multiple

Your retirement benefit is equal to a multiple of your final average salary, and that multiple is dependent upon the level of contributions you make and the length of your membership. The higher your contribution rate over your membership, the greater your final retirement benefit can be (subject to reaching the maximum benefit multiple).

The retirement multiple estimator

This calculator is designed to:

• show how extra years of service will affect your retirement benefit multiple,
• illustrate how changes in your contribution rate over your membership changes your retirement benefit multiple, and
• identify whether you can lower your contribution rate and still reach the maximum multiple by an expected retirement date.

Due to changes to the accrual rates from 1 July 2005, this calculator provides only approximate results that will generally be understated by up to 2%. For some members who make no contributions for a period of time, the true accrued multiple may be up to 5% higher than the result shown by this calculator.

Your annual benefit statement provides more accurate information based on your current salary and elected contribution rate.

More Information

For further information refer to the ESSS Defined Benefit Product Disclosure Statement.

Assumptions:

This calculator is intended for members who joined the ESSS DB Fund after 30 June 1988. Members who joined earlier will have accrued benefits at a higher rate for membership before 30 June 1988. The maximum allowable multiple shown by this calculator is 7.5 but in reality, a slightly higher maximum applies for each year of service prior to 1 July 1988.

• Full-time continuous service is assumed.
• It is assumed that benefits are paid from a taxed source. If you elect to be paid a benefit from an untaxed source, the benefit paid will be higher, but the tax payable by you will also be higher.
• No allowance is made for any Accumulation Plan (Top up) account, surcharge debt or payments previously made as early release or Family Law split payments.

Note:

• After-tax contribution rates are shown. If you elect to make salary sacrifice contributions, there is an equivalent salary sacrifice contribution for each contribution rate. For example, a 5.9% contribution rate by salary sacrifice is equivalent to a 5% contribution rate after tax (the 0.9% difference is an allowance for tax on the 5.9% contribution).
• Where appropriate, the calculated results will be displayed with a message to indicate that the retirement benefit multiple of 7.5 applies.
• Non-operational members cannot contribute over 5% of salary. Operational members may contribute 8% only if they are members of a prior fund or if past contributions have fallen below 7% and it is a catch up rate. To achieve the maximum benefit on 7% takes 30 years.