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Revised Scheme

August 05 2021

Thinking about retirement?

Contact us to discuss your options today.

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No one knows your Revised Scheme better than we do.

The Revised Scheme is a defined benefit fund that was introduced in 1975 and was closed to new members in 1988. Members are permanent employees of the following organisations prior to 30 June 1988:

  • The Victorian Public Service
  • The Teaching Service, and
  • Other participating agencies.

The end benefit for defined benefit fund is calculated differently from accumulation-style super funds, that some of your peers may have. As a Revised Scheme member, your benefit depends on a number of elements such as: your salary, age, period of service, contribution rates, and full or part-time employment status.

Your benefits are generally not impacted by investment performance.

 

Benefits and risks

There are a range of benefits to your Revised Scheme membership, including:

  • Your benefit is generally not impacted by investment performance
  • You can make beneficiary nominations
  • Benefits are payable on retirement, resignation, dismissal, retrenchment, death, and disability (provided you meet a release requirement)
  • You may have access to the 54/11 resignation option.

There is a risk that your nominated contribution rate and/or period of service may not result in a high enough benefit to sustain you in retirement. However, there are ways to increase your final benefit.

How your Revised Scheme works

Throughout your working life, your employer will make contributions to your Revised Scheme on your behalf.

You are also required to contribute to the fund, at a rate determined by your age as at 1 May, and calculated as a percentage of your superable salary.

You can elect to pay your contributions from either your pre-tax salary (salary sacrifice) or post-tax salary. For more information, please read the Revised Scheme Handbook on our PDS and handbooks page.

Your end benefit is calculated using a formula which takes into account a number of elements, including your:

  • Salary
  • Age
  • Period of service, and
  • Full- or part-time employment status.

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The 54/11 resignation option, exempt officers, and other benefits

Once eligible, Revised Scheme members have a number of benefit options:

  • Life pension
  • Part lump sum payment, part life pension
  • Lump sum payment.

The 54/11 resignation option

As a member of the Revised Scheme, you also have access to the 54/11 option. This option allows you to elect to resign just prior to your 55th birthday (at age 54 and 11 months) and receive a refund of all of your personal contributions to date, plus interest. At your 55th birthday you will also be eligible to apply for your pension.

Learn more: 54/11 benefit option (PDF 321.7KB)


Exempt officers

Exempt officers are members who cease active membership of the Revised Scheme without having to terminate their employment with their current employer. They may be entitled to deferred benefits without terminating their employment.

Before exempting out of the Revised Scheme, you first need to:

  • Confirm with your employer whether you’re eligible to become an exempt officer.
  • Receive exempt officer information/estimates from ESSSuper.

The formal eligibility requirements vary. Please refer to the Revised Scheme Handbook on our PDS and handbooks page or contact us for more details.

Partnering your Revised Scheme with an Accumulation Plan

You can open an Accumulation Plan today, even if you are still working.

There are some potential benefits to doing this, such as topping up your insurance*, consolidating your super**, increasing your end benefit, or accessing a Working Income Stream.

We recommend checking out the Accumulation Plan page or contacting us for further information about partnering your defined benefit with an Accumulation Plan.

Find out more about our award winning Accumulation Plan

Thinking about retirement?

Your entitlements and options are dependent on your circumstances, and the complexities can be confusing. It's important that you receive accurate information - remember, no one knows your Revised Scheme better than ESSSuper.

We will help you understand your options in detail, and if you need, we can advise you on which option is best for your personal situation through our financial planning service.

We also run regular webinars which can help you to understand your options in more detail.

Be in the know: Find out more about our advice and education services today

 


Before making any decisions about ESSSuper products or services, you should read the applicable PDS or Handbook. You can access all of our publications here.

* Insurance cover is subject to eligibility criteria and other terms and conditions in the Policy. Please read the Product Disclosure Statement relevant to your particular fund, available from ESSSuper, for more information.

** You should check any relevant exit fees you may incur, or any insurance arrangements that may be forfeited, or any other effects this transfer may have on your benefits, before rolling your money into our fund.

ESSSuper Financial Advisers are authorised representatives of Link Advice Pty Ltd (Link Advice). Link Advice holds a current Australian Financial Services Licence No. 258145 and is responsible for the financial services provided to you.  ESSSuper has an arrangement with Link Advice Pty Ltd to provide financial advice to ESSSuper members. ESSSuper pays Link Advice a fee for this service. Neither the Board, nor the Victorian Government, guarantee or endorse any recommendations made by Link Advice, or are responsible for the advice and actions of Link Advice.