Preserved benefits
If you leave the Scheme without an entitlement to retirement or invalidity pay, you may be entitled to elect for what is called ‘preservation of rights’. On such election, continuity of your accumulated superannuation rights is maintained when you move from one employment to another.
The preservation provisions are designed to enable you to either:
- transfer your superannuation entitlements from the Scheme to another eligible superannuation scheme by means of a transfer value or
- retain your entitlements in the Scheme and, on meeting certain conditions, receive a deferred benefit.
What is a transfer value?
A transfer value is a lump sum amount, comprising your total contributions plus an amount contributed by the Commonwealth, which is payable to another eligible superannuation scheme to receive additional benefits from that scheme.
A transfer value is only available if you become a Member of an eligible superannuation scheme within 90 days of your discharge from the Defence Force, and if that scheme is prepared to accept the transfer value. ComSuper can advise you of the schemes that are considered to be eligible superannuation schemes. Top
What is a deferred benefit?
If a transfer value does not apply, you may be eligible for a deferred benefit. A deferred benefit is similar to retirement pay and is calculated at the rate of 1.75% of your salary for superannuation purposes at the date of your discharge for each completed year of effective service in the Defence Force.
To be eligible for a deferred benefit, you must engage in public employment within 90 days of your discharge from the Defence Force. Also, you must remain in public employment without a continuous break of more than 89 days until your combined Defence Force and public employment totalled 20 years, or 15 years where you reach your retiring age for your rank at discharge.
Public employment includes employment with the Commonwealth, State or Territory governments and certain bodies established for a public purpose. In some circumstances where you have a period of previous eligible employment, or you are in receipt of a pension in respect of previous employment, you may not be required to engage in public employment. Please contact ComSuper for further information.
If you do not stay in public employment until your deferred benefit becomes payable, or if you have a break of more than 89 days, you will cease to be entitled to a deferred benefit and you will receive a refund of your contributions and, if applicable, a gratuity.