Can I still join SFCSS?
No. The SFCSS was closed to new members from 1 July 2005.
How is my SFCSS Retirement Benefit calculated?
Your normal retirement age is prescribed as age 65. However the Scheme's rules allow access to a Retirement Benefit if you retire on or after age 55.
Your Retirement Benefit is calculated by multiplying your Final Salary by your Accrued Retirement Multiple, which is the sum of:
- 15% for each year of Membership before 30 June 1990,
- 20% for each year of Membership from 1 July 1990 to 30 June 2005, and
- 16% for each year of Membership after 1 July 2005.
Your retirement benefit will also include the balance of your RBF Investment Account.
How is my SFCSS Resignation Benefit calculated?
If you leave the Fire Service and do not qualify for any other benefit, you will be entitled to a Resignation Benefit.
If you joined the SFCSS after 30 June 1990, your benefit is the sum of your Member Contributions (other than your voluntary contributions) together with interest (since 1990) at the declared crediting rates, plus a percentage of that amount. For further details about the calculation of benefits for members who commenced prior to 30 June 1990, refer the SFCSS Fact Sheet.
The percentage depends on your period of membership, ie 10% for each year with a maximum of 100%.
Membership |
Factor |
1 |
10% or 0.10 |
2 |
20% or 0.20 |
3 |
30% or 0.30 |
4 |
40% or 0.40 |
5 |
50% or 0.50 |
6 |
60% or 0.60 |
7 |
70% or 0.70 |
8 |
80% or 0.80 |
9 |
90% or 0.90 |
10 or more years |
100% or 1.00 |
|
If you joined the scheme before 1 July 1990, your benefit is calculated as the sum of your Member Account (other than your voluntary contributions) without interest plus a multiple of these where the multiple depends upon your period of Membership. If you have completed 15 or more years of Membership then the multiple is equal to 0.20 for each year of Membership. For further details about the calculation of benefits for members who commenced on or after 30 June 1990, refer the SFCSS Fact Sheet.
Membership |
Multiple |
15 |
3 |
20 |
4 |
25 |
5 |
30 |
6 |
35 |
7 |
40 |
8 |
|
The benefit paid will not be less than the amount calculated using the first method shown above.
Plus your RBF Investment Account balance.
What happens to my money if I resign?
If you resign from the Tasmania Fire Service and you are under your preservation age, your SFCSS benefit will be transferred to your RBF Investment Account. You can roll over all or part of the money to another complying superannuation fund.
If you are working outside the Public Sector, you may continue to make non-concessional (personal) contributions to the RBF Investment Account. This is subject to satisfying certain conditions. These contributions will be counted towards your Non-concessional Contributions Limit.
By law, certain superannuation benefits must be maintained in a super fund until the member reaches their preservation age and retires from the work force.
Once you reach your preservation age, you may choose to commence Transition to Retirement using funds in your RBF Investment Account.
What happens to my money if I retire?
When you reach preservation age and retire, your SFCSS benefit will be transferred to your RBF Investment Account. The benefit may be used to purchase a range of retirement products.
The Planning Retirement section has some useful information on this topic. You may also be entitled
to make contributions to the RBF Investment Account.
What tax will I pay when I retire?
When you reach preservation age and choose to access your benefit, taxation will be determined by both your age and the type of benefit you choose to access.
Super benefits coming from SFCSS or the Investment Account will become tax exempt when you reach age 60.
If you retire and access your super before age 60 you will continue to pay some tax until your 60th birthday.
The table below shows the impact of taxation to member's benefits:
SFCSS & Investment Account benefits |
Income |
Tax
component |
Accessed by members
aged 55 to 59* |
Accessed by members
aged 60 and over |
Lump Sum |
Tax-exempt |
Tax-free |
Tax-free |
|
Taxable
(taxed) |
$0 - $140,000 will be tax-free
Above $140,000 taxed at 15% plus the Medicare levy |
Tax-free |
Allocated Pension |
Tax-exempt |
Tax-free |
Tax-free |
|
Taxable
(taxed) |
Taxable at marginal tax rate, less 15% pension offset (rebate) plus the Medicare levy |
Tax-free |
|
* Taxation rates and thresholds effective 1 July 2007 and are subject to change.
|
