The Military Superannuation and Benefits Scheme (MSBS) is designed for eligible Australian Defence Force (ADF) personnel.
Australian Defence Force’s main responsibility is to render defence service to the country by protecting and keeping it safe at all times.
Not only are the members of the ADF dubbed as real-time heroes; they’re also considered as employees. But unlike workers in a regular office set up, militaries have a greater responsibility that they need to comply with for the rest of their lives.
That’s the simple reason they are also well-deserving of a superannuation benefit when it’s time for them to retire.
The Military Superannuation and Benefits Scheme (MSBS) is a partly funded, defined benefit superannuation scheme that was established under the Military Superannuation and Benefits Act 1991 to replace the Defence Force Retirement and Death Benefits (DFRDB) Scheme. The fund has approximately $8.5 billion in funds under management and is managed by the Commonwealth Superannuation Corporation.
MilSuper offers super accounts exclusively to members of the Permanent Forces and Reservists who began service on or after 1 October 1991. Military Super was closed to new members in 2016. The new ADF Super was created to supersede it. Current Military Super members have a choice to transfer to ADF Super.
Nonetheless, MilSuper is still active and continues to invest and grow its member’s retirement savings.
Since it’s a hybrid defined contribution and benefits scheme, Military Super doesn’t have traditional retail super account options.
MSBS is essentially a lump sum scheme with 2 basic components:
MilSuper offers members 4 different investment options, from which they can pick the mix they prefer.
· Cash
· Balanced
· Income Focused
· Aggressive
When selecting an investment option, it’s vital to consider your risk tolerance for market fluctuations and your investment time frames and goals.
MilSuper has a dedicated online portal for super fund members. Here, you can access statements for your account, view your account balance online and download super fund information.
1. Member Benefit. This includes contributions and their investment returns. If that part of this benefit accrued before 1 July 1999, members can access it. The balance is compulsorily kept in the super system until the minimum preservation (retirement) age.
2. Employer Benefit. The Australian government provides an unfunded employer component that’s not linked to investment performance. This is a multiple of the member’s final average wages over the preceding 3 years. It is based on the length of service of the member.
5 per cent of salary is the basic contribution rate and includes superannuate allowances as deemed by the Department of Defence.
As a member, you can elect to contribute up to 10 per cent of your superannuation salary.
Ancillary contributions (both pre-tax and post-tax) are also accepted. They include spouse contributions and salary sacrifice.
MilSuper members exiting the scheme are entitled to wide-ranging benefits depending on their circumstances.
Typically, a member’s employer benefit is preserved until age 55. If the member exits MSBS under redundancy or invalidity, the employer benefit may be paid as a pension.
Members may access their super before preservation age on the grounds of financial suffering, compassionate, or permanent invalidity.
MilSuper provides partial invalidity, full invalidity and death benefits.
Members who become disabled and cannot continue their ADF service can use invalidity benefits to resettle into civilian employment.
Here are some of the benefits of MilSuper:
Zero establishment and administration fees
Flexible investment options
Competitive investment performance
Easy online account access
Built-in death and invalidity benefits for your family
When you receive your MilSuper statement, confirm that:
Tax File Number (TFN) is recorded
Personal details and nominated beneficiaries are up-to-date
Voluntary and/or MilSuper contributions from your employer are correct
Amount paid in fees is reasonable
Investment asset class choices reflect your life stage
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Imagine a military member who has served their country throughout life. And due to the harsh conditions, he/she had to go through, the officer has developed some impairment or disability, which has rendered him/her handicapped. Don’t you think such a person deserves special care and respect for giving their youth to the country?
Incapacity payments compensate you for lost income due to incapability (or reduced ability) to work because of a disease or injury that has been established as service-related under the MRCA and the DRCA. Eligibility Criteria To be eligible for incapacity payments, you have to meet these two conditions: 1. Be a former or current member of the ADF (Permanent or
Australian Defence Force’s main responsibility is to render defence service to the country by protecting and keeping it safe at all times. Not only are the members of the ADF dubbed as real-time heroes; they’re also considered as employees. But unlike workers in a regular office set up, militaries have a greater responsibility that they need to
Suppose you’re a former or current ADF member with a condition or injury as a result of your ADF service, and that condition or injury has left you with some permanent impairment. In that case, you may be entitled to receive compensation (permanent impairment payment) from DVA under the Military Rehabilitation and Compensation Act
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Representative of AMAFA │ AFS License No. 389206
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Imagine a military member who has served their country throughout life. And due to the harsh conditions, he/she had to go through, the officer has developed some impairment or disability, which has rendered him/her handicapped. Don’t you think such a person deserves special care and respect for giving their youth to the country?
Incapacity payments compensate you for lost income due to incapability (or reduced ability) to work because of a disease or injury that has been established as service-related under the MRCA and the DRCA. Eligibility Criteria To be eligible for incapacity payments, you have to meet these two conditions: 1. Be a former or current member of the ADF (Permanent or
Australian Defence Force’s main responsibility is to render defence service to the country by protecting and keeping it safe at all times. Not only are the members of the ADF dubbed as real-time heroes; they’re also considered as employees. But unlike workers in a regular office set up, militaries have a greater responsibility that they need to
Suppose you’re a former or current ADF member with a condition or injury as a result of your ADF service, and that condition or injury has left you with some permanent impairment. In that case, you may be entitled to receive compensation (permanent impairment payment) from DVA under the Military Rehabilitation and Compensation Act
Team Wealth Pty Ltd t/a Veteran Wealth is authorised Representative of AMAFA │ AFS License No. 389206
Contact Info
Trading Hours
Mon - Fri 9:00 am - 5:00 pm
Sat - Sun Closed
© 2025
All Rights Reserved | Veteran Wealth
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