Transport Scheme

March 27 2017

Thinking about retirement?

Contact us to discuss your options today.

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No one knows your Transport Scheme better than ESSSuper.

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 1993. 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 transfer1 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 insurance2 cover and nominate beneficiaries.

Find out more about our award winning Accumulation Plan

In limited circumstances, Transport Scheme members may be eligible for a part-pension. For more information refer to the ESSSuper Transport Scheme Handbook (PDF 1.1MB).

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 ESSSuper.

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


 

 


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.

1. 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.

2. 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.

3. ESSSuper Member Education Advisers and Financial Planners are authorised representatives of Adviser Network Pty Ltd (Adviser Network). Adviser Network holds a current Australian Financial Services Licence No. 232729 and is responsible for the financial services provided to you. ESSSuper has an arrangement with Adviser Network Pty Ltd to provide financial advice to ESSSuper members. ESSSuper pays Adviser Network a fee for this service. Neither the Board, nor the Victorian Government, guarantee or endorse any recommendations made by Adviser Network, or are responsible for the advice and actions of Adviser Network.