The Defined Benefit Scheme is a split benefit scheme which contains both defined benefit and accumulation components. Contributing members and their employers make contributions to fund units which can be either converted to a fortnightly lifetime pension or withdrawn as a lump sum upon retirement.
During membership, both the member and the employer contribute to pension units in order to fund a member’s eventual pension, which is payable upon retirement or on ceasing employment.
The pension benefit consists of two components:
The final pension benefit payable to a member will be calculated based on the reason for leaving employment with a Scheduled Employer, the member’s final salary and the units purchased throughout the life of membership in the Defined Benefit Scheme.
Please note, the pension benefit may be converted to a lump sum. For more information please refer to the ‘Benefits’ section of the Defined Benefit Scheme PDS from eisuper.com.au/pds.
The lump sum benefit is called the Basic Benefit. The Basic Benefit is made up of two (2) components:
Please note, it is not compulsory to contribute to this account. Please note, the lump sum benefit cannot be amalgamated with the pension benefit.
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