August 05 2021
Thinking about retirement?
Contact us to discuss your options today.
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:
- 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 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