Flexibility move on part
AUSTRALIAN Defence Force members will soon be able to work part- time, following the introduction of a new military superannuation scheme and accompanying legislation this week.
The superannuation scheme, to be known as ADF Super, will for the first time allow ADF members to join the superannuation fund of their choice.
They will also have access to a default military superannuation fund.
ADF Super fixes one of the longest- running grievances of the veteran and ex- service community – the lack of flexibility and portability of a member’s superannuation benefit.
In recognition of the unique nature of military service, ADF Super members will receive an employer contribution rate of 16.4 per cent, regardless of the superannuation fund they choose.
This rate is higher than that offered to Australian public servants ( 15.4 per cent) and significantly higher than the 9.5 per cent available to the majorit Australians through the sup annuation guarantee.
ADF Super will apply to A members who join on or a July 1, 2016.
Additionally, members of current Military Superan ation and Benefits Sche ( MSBS) may choose to mov the new scheme or remain in current scheme.
But they will not be co pelled to move to ADF Super
The MSBS will be closed new entrants from July 1, 201