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You may have an unfunded Compulsory Preservation Account if you exited
from:
- the RBF Contributory Scheme; or
- the closed Non-Contributory Scheme;
before you reached preservation age.
Tasmanian legislation requires that your entitlements must stay in this
unfunded account until you reach preservation age.
Members with a Compulsory Preservation Account can make contributions to
the RBF Investment Account at any time provided they remain eligible to contribute to super.
Balances in the Compulsory Preservation Account are indexed in line with
inflation or movements in average wages, whichever is the greater. During
the past 12 months RBF applied the following crediting rates to the account:
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1 July 2007 to 31 December 2007
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3.99% pa for the six-month period
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1 January 2008 to 30 June 2008
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5.91% pa for the six-month period
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The rate is currently set at 4.59% pa until 31 December 2008 at which time it will be reviewed.
No fees or charges are applied to your Compulsory Preservation Account balance.
The investment performance of the Retirement Benefits Fund does not affect benefits held in the Compulsory Preservation Account.
When you reach preservation age, the Tasmanian Government funds your Compulsory Preservation Account and RBF transfers the money into the RBF Investment Account. You can then choose an investment profile from a range of Member Investment Choice options. Your benefit will accrue a return at the rate applicable to the option(s) you choose. This continues until you retire and RBF pays you a retirement benefit.
Once you reach your preservation age, you may choose to commence Transition to Retirement using funds in your RBF Investment Account.
Further information about the Compulsory Preservation Account is available in the fact sheet or by contacting us.
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