The Tasmanian Ambulance Service Superannuation Scheme (TASSS) is a Defined Benefit Scheme. Members may also hold funds in the accumulation style RBF Investment Account. Membership was open to permanent employees of the Tasmanian Ambulance Service who were employed prior to 30 June 2006. The Scheme was closed to new members from 30 June 2006.

The TASSS was transferred to RBF on 30 June 2006 under a Successor Fund arrangement. This arrangement involved the trustee, fund administration and investment functions of the scheme being transferred to the RBF Board.

Can I still join TASSS?

How is my TASSS Retirement Benefit calculated?

How is my TASSS Resignation Benefit calculated?

What happens to my money if I resign?

What happens to my money if I retire?

What tax will I pay when I retire?

Can I still join TASSS?

No. The TASSS was closed to new members from 30 June 2006.

How is my TASSS Retirement Benefit calculated?

Your normal retirement age is prescribed as age 65. However the Scheme rules allow you to access your Retirement Benefit if you retire on or after age 55.

Your Retirement Benefit is calculated by multiplying your Final Average Salary (FAS) by your Accrued Retirement Multiple, which is the sum of your Accrual Rates.

The Accrual Rate will depend on the level of contributions that you have made during your period of membership. The following table shows the percentage of FAS accruing for each year of contributory membership. Membership is calculated in years and complete months.

You can calculate your Accrued Retirement Multiple by determining how many years you have contributed at each of the Contribution Rates (shown in the left hand column of the table above), then multiplying these by the corresponding Accrual Rate (shown in the right hand column). You then add the answers to obtain the Accrued Retirement Multiple.

By law, certain superannuation benefits must be maintained in a super fund until the member reaches preservation age and retires from the work force.

How is my TASSS Resignation Benefit calculated?

If you leave the Tasmanian Ambulance Service and do not qualify for any other benefit, you will be entitled to a Resignation Benefit.

Your Resignation Benefit is the Accrued Retirement Benefit multiplied by the Factor shown below (according to the member's age at the date of calculation). The Factor represents a discount equivalent to 2% per annum compound for each year (pro-rata for complete months) between the member's resignation date and 50th birthday. The maximum discount is 25%.

The Resignation Benefit is calculated as the Accrued Retirement Multiple multiplied by the Factor (see below) multiplied by Final Average Salary (FAS).

What happens to my money if I resign?

If you resign from the Tasmania Ambulance Service and you are under the preservation age, your TASSS 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 count towards your Non-concessional Contribution Limit.

By law, certain superannuation benefits must be maintained in a super fund until the member reaches 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 TASSS 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 TASSS or the Investment Account will become tax exempt when you reach age 60.

If you retire and access your super benefit 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:

* Taxation rates and thresholds effective 1 July 2007 and are subject to change.