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Transport Scheme

August 05 2021

Thinking about retirement?

Contact us to discuss your options today.

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No one knows your Transport Scheme better than we do.

The Transport Scheme is a defined benefit fund established in 1988 and closed to new members since 31 December 1993.

The Transport Scheme is made up of employees of a transport authority as defined by the Transport Superannuation Act 1988, who joined the scheme between 1 July 1988 and 31 December 993. The scheme also includes members who have transferred from other funds.

 

How your Transport Scheme works

Throughout your working life, both you and your employer will make contributions to your Transport Scheme.

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

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

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Benefit options

As a Transport Scheme member, once you have met a conditions of release, you will generally be entitled to a lump sum benefit. In limited circumstances, a pension may be payable.

You can transfer* your lump sum benefit into our award-winning Accumulation Plan or take out an Income Stream. Our Accumulation Plan will give you the flexibility to continue to receive contributions if you are still working, increase your insurance** cover and nominate beneficiaries.

Find out more about our Accumulation Plan

In limited circumstances, Transport Scheme members may be eligible for a part-pension. For more information refer to the Transport Scheme Handbook on our PDS and handbooks page.

Thinking about retirement?

Your entitlements and options are dependent on your circumstances, and the complexities can be confusing. Remember, no one knows your Transport Scheme better than we do.

Let us help you to understand your options in detail, and even advise you on which option is best in your personal situation.

Contact us to talk about your retirement options

Exempt officers

Exempt officers are members who cease active membership of the Transport 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 Transport 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 Transport Scheme Handbook on our PDS and handbooks page or contact us for more details.

 


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.

* 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.

** 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.