Can I make contributions to the RBF Investment Account?
You can save for your retirement by making contributions to the RBF
Investment Account if you are an RBF member and you are:
- under age 65 regardless of whether you are in paid employment; or
- under age 65 and ceased employment at any age due to total and permanent
invalidity; or
- aged 65 but less than 75 and were employed for at least 40 hours in any
period of not more than 30 consecutive days in the financial year in which the
contribution is to be made.
Up to the age of 75, you can roll over superannuation money into the Investment
Account. You cannot contribute to your account once you have reached the age of 75, although
you can contribute for your partner's account provided he or she satisfies the criteria.
Personal contributions will be subject to your annual Non-concessional Contributions Limit.
Salary Sacrifice contributions, together with any employer contributions you receive will count towards your Concessional Contributions Limit.
For further details about the RBF investment Account, please contact us.
How can I contribute to the RBF Investment Account?
The following transactions are allocated to the RBF Investment Account:
All contributions to the Investment Account are subject to your contributions limit.
Can I make contributions on behalf of my partner to the RBF Investment
Account?
You can make contributions on behalf of your partner to the RBF Investment
Account if you are an RBF member and your partner is:
- under age 65; or
- aged 65 but less than 75 and was employed for at least 40 hours in any period of not more than 30
consecutive days in the financial year in which the contribution is to be made
If you wish to claim a tax deduction for these contributions, certain conditions apply - see Spouse contributions
What are the advantages of keeping my money in super?
By keeping your money in RBF when you change jobs or retire, you can
defer Lump Sum tax on your benefits. Also, the earnings in super funds
are taxed at a low rate no higher than 15%, which means your money can
grow at a faster rate than other investments.
Staying in RBF also enables you to access other tax-effective investments
such as RBF Allocated Pensions to provide an income in retirement.
Remember, the main aim of super is to save for your retirement (so you
have money to spend, when you stop earning it).
How secure is my money?
RBF is Tasmania's largest financial institution. The fund consists of over
70,000 members and has over $3.3 billion in assets. The members are current
and former public sector employees (including retirees) and their spouses,
parliamentarians and their spouses. RBF has provided a continuous service
to members for close to one hundred years. RBF has recently introduced
many new products and services to ensure it remains one of Australia's
top-performing superannuation funds.
What is the difference between the RBF Investment Account and my normal
bank savings account?
The RBF Investment Account is a superannuation accumulation plan which
is subject to Commonwealth rules regarding the acceptance of contributions,
the preservation of contributions and the payment of benefits. The Investment
Account is not a bank account and you cannot withdraw funds until you have
satisfied certain criteria.
As with all superannuation accounts, all contributions and investment returns
received after 1 July 1999 are preserved until you reach the preservation
age applicable to you and retire from the workforce.
The RBF Investment Account is designed to enable you to accumulate your retirement
savings in the concessionally taxed superannuation environment. Bank accounts
are not concessionally taxed and interest earned on a bank account must
be declared each year as income.
The RBF Investment Account gives you a choice of investment options. The RBF
Member Investment Choice brochure will provide you with further information.
RBF has a specialised investment team that ensures your money is invested
with professional investment managers who invest in different assets according
to the objectives and strategies of the particular investment option. The
Tasmanian investment team oversees the options on a daily basis.
Can I withdraw my money from the RBF Investment Account?
You may be able to withdraw some of your money in the RBF Investment Account
if you have:
- resigned from the public sector; and
- any unrestricted non preserved amounts.
You can withdraw all or part of your money from the RBF Investment Account
at any time if you have:
Once you have reached your preservation age, you may also access your money in the RBF Investment Account by commencing Transition to Retirement.
RBF will pay withdrawals from the RBF Investment Account into a bank, credit
union or building society account wherever you live.
Withdrawals are usually processed within 10 working days of receipt.
You may have to pay tax on the amount you withdraw unless you roll over
the money to another superannuation or rollover fund, or you purchase an
annuity, a pension, a term allocated pension or an Allocated Pension. For further details about the tax payable please contact us or the Australian Taxation Office.
How long can I keep my money in the RBF Investment Account?
You can leave your money in the RBF Investment Account as long as you want and the maximum tax paid on earnings will be a low 15%. Even after you become eligible to draw on your super, you can withdraw as much or as little as you want.
|
